1 00:00:02,680 --> 00:00:06,960 Speaker 1: Live from our nation's capital. This is Bloomberg's sound on. 2 00:00:08,119 --> 00:00:10,639 Speaker 1: We want to get people back to work. We've got 3 00:00:10,640 --> 00:00:13,560 Speaker 1: to be paiding the path leaks. It is up to 4 00:00:13,680 --> 00:00:15,840 Speaker 1: Congress to kind of set the rules of the road. 5 00:00:15,960 --> 00:00:19,400 Speaker 1: But you have to wonder what Facebook final objective Isn't 6 00:00:19,400 --> 00:00:24,120 Speaker 1: that Bloomberg sound on politics, policy and perspective from DC's 7 00:00:24,200 --> 00:00:27,400 Speaker 1: tough name. So they just simply reopen the economy and 8 00:00:27,480 --> 00:00:29,520 Speaker 1: returned everyone back to work, we would be, I think 9 00:00:29,520 --> 00:00:32,960 Speaker 1: in a better situation. Today Washington may squander it's best 10 00:00:33,080 --> 00:00:36,720 Speaker 1: chance to make long overdue investments in our infrastructure. Bloomberg 11 00:00:36,880 --> 00:00:43,080 Speaker 1: Sound On with Joe Matthew on Bloomberg Radio. The billionaires 12 00:00:43,120 --> 00:00:45,960 Speaker 1: tax was out, Now it's back in, they say, Or 13 00:00:46,080 --> 00:00:49,080 Speaker 1: is it the millionaires sir? Tax is still on the table. 14 00:00:49,840 --> 00:00:52,680 Speaker 1: And there's no agreement at least not publicly on expanding 15 00:00:52,720 --> 00:00:55,880 Speaker 1: Medicare or extending the child tax credit, never mind climate 16 00:00:55,960 --> 00:00:58,640 Speaker 1: or paid leave. As I read the headline on the 17 00:00:58,760 --> 00:01:02,279 Speaker 1: terminal really said as at all. Biden agenda traces d 18 00:01:02,400 --> 00:01:07,920 Speaker 1: c arc from vision to sausage grinder. We take air 19 00:01:07,959 --> 00:01:10,880 Speaker 1: live from Washington today without knowing exactly how this program 20 00:01:10,959 --> 00:01:15,720 Speaker 1: will end. As chaos continues here inside the bubble. Coming up, 21 00:01:15,760 --> 00:01:18,360 Speaker 1: we'll get the latest on Capitol Hill from Bloomberg's Laura 22 00:01:18,440 --> 00:01:21,040 Speaker 1: Davison has spent owning the tax story today and we'll 23 00:01:21,040 --> 00:01:24,960 Speaker 1: talk about it with the panel. Bloomberg Politics contributors Jeannie 24 00:01:25,040 --> 00:01:27,000 Speaker 1: Chantano and Rick Davis with us for the hour, and 25 00:01:27,000 --> 00:01:29,880 Speaker 1: we'll dig into details later on this grand debate with 26 00:01:29,920 --> 00:01:33,520 Speaker 1: Congresswoman Hayley Stevens, Democrat from Michigan, and a lot more 27 00:01:33,560 --> 00:01:36,560 Speaker 1: ahead too in the fastest hour in politics, and we 28 00:01:36,600 --> 00:01:38,959 Speaker 1: start with a lot of questions today, not unusual on 29 00:01:39,000 --> 00:01:41,319 Speaker 1: this program, but the story has changed so many times 30 00:01:41,440 --> 00:01:45,440 Speaker 1: the last couple of hours. There's clearly frustration on both 31 00:01:45,520 --> 00:01:50,640 Speaker 1: ends of Pennsylvania Avenue as the Democratic leadership speaks optimistically 32 00:01:50,720 --> 00:01:53,360 Speaker 1: still at this late hour about a deal as soon 33 00:01:53,400 --> 00:01:57,200 Speaker 1: as today. Senate Majority Leader Chuck Schumer Yesterday was another 34 00:01:57,240 --> 00:02:01,560 Speaker 1: productive day as we make progress towards analizing President Biden's 35 00:02:01,560 --> 00:02:06,160 Speaker 1: built Back Better plan. After another very vigorous, spirited Caucus 36 00:02:06,240 --> 00:02:09,959 Speaker 1: lunch meetings continue with Senate colleagues and members of the 37 00:02:10,000 --> 00:02:13,560 Speaker 1: White House as well as with the President. An agreement 38 00:02:13,680 --> 00:02:16,240 Speaker 1: is within arm's length, and we are hopeful that we 39 00:02:16,280 --> 00:02:19,280 Speaker 1: can come to a framework agreement by the end of today. 40 00:02:19,520 --> 00:02:24,200 Speaker 1: It is a framework by the end of today. Day 41 00:02:24,240 --> 00:02:27,640 Speaker 1: is not over yet, sources telling Bloomberg President Biden is 42 00:02:28,120 --> 00:02:30,760 Speaker 1: or at least was at one point today still willing 43 00:02:30,800 --> 00:02:33,840 Speaker 1: to get in the motorcade go to the Capitol if 44 00:02:33,840 --> 00:02:36,440 Speaker 1: they got a deal. The view from Senator Joe Manchin 45 00:02:36,560 --> 00:02:38,880 Speaker 1: a bit earlier today, how confiding you that you can 46 00:02:39,200 --> 00:02:40,760 Speaker 1: I can pay for the whole pack. We're not doing 47 00:02:40,800 --> 00:02:43,560 Speaker 1: everything today. We're not going to have a completely This 48 00:02:43,600 --> 00:02:45,600 Speaker 1: is the Senate's going to take time. Do you think 49 00:02:45,600 --> 00:02:47,079 Speaker 1: it's going to happen to day? In the Senate, we're 50 00:02:47,080 --> 00:02:49,680 Speaker 1: basically trying to agree their framework, and the President has 51 00:02:49,720 --> 00:02:52,120 Speaker 1: been very clear he'll go over to the House and 52 00:02:52,120 --> 00:02:55,400 Speaker 1: he'll basically explain to the House that I have a framework, 53 00:02:55,639 --> 00:02:57,480 Speaker 1: but there's still an awful lot of work to be done, 54 00:02:58,000 --> 00:02:59,919 Speaker 1: and we're going to have something happening. He has to try. 55 00:03:00,400 --> 00:03:03,480 Speaker 1: Just imagine. Big questions remain still about the most critical 56 00:03:03,520 --> 00:03:06,240 Speaker 1: components of the bill, including some of the new tax 57 00:03:06,280 --> 00:03:09,160 Speaker 1: ideas we talked about at this time yesterday. That's why 58 00:03:09,360 --> 00:03:11,480 Speaker 1: we want to speak with Bloomberg's Laura Davison it's been 59 00:03:11,520 --> 00:03:14,160 Speaker 1: breaking news on this all day and she joins us. 60 00:03:14,160 --> 00:03:19,120 Speaker 1: Now Laura Senator Mansion called the billionaires tax convoluted, and 61 00:03:19,120 --> 00:03:21,280 Speaker 1: we know Democrats on the Ways and Means Committee are 62 00:03:21,280 --> 00:03:23,440 Speaker 1: not fans. Richie Neal said it was out then I 63 00:03:23,480 --> 00:03:27,360 Speaker 1: read it's back in. Where do we stand right now? Well, 64 00:03:27,400 --> 00:03:30,440 Speaker 1: it sounds like Democrats are still negotiating. This is sometimes 65 00:03:30,440 --> 00:03:32,400 Speaker 1: how the process goes of. You have, you know, sort 66 00:03:32,400 --> 00:03:35,200 Speaker 1: of a flurry of activity. Things are out there in UH, 67 00:03:35,240 --> 00:03:37,640 Speaker 1: you know, they're changed, and this is really the process 68 00:03:37,640 --> 00:03:39,080 Speaker 1: that we're at. You know, they have Democrats have a 69 00:03:39,080 --> 00:03:41,080 Speaker 1: lot of tough decisions to make. They have to figure 70 00:03:41,120 --> 00:03:44,040 Speaker 1: out on the spending side, what proposals they want to spend. 71 00:03:44,080 --> 00:03:46,600 Speaker 1: They you know, have less than two trillion dollars to 72 00:03:46,640 --> 00:03:48,720 Speaker 1: go around and they you know who started with you know, 73 00:03:48,760 --> 00:03:51,160 Speaker 1: six trillion dollars worth of ideas. So those are some 74 00:03:51,200 --> 00:03:53,800 Speaker 1: tough calls are making. We just learned that paid leave 75 00:03:53,960 --> 00:03:56,800 Speaker 1: is likely out of the packages. Is something that kirston 76 00:03:57,080 --> 00:04:00,280 Speaker 1: Senator Christian Chilibran, who's fighting for UH, one of the 77 00:04:00,480 --> 00:04:03,000 Speaker 1: key things that Biden has been talking about and progressive 78 00:04:03,240 --> 00:04:05,480 Speaker 1: UH that likely not in the package. They also have 79 00:04:05,520 --> 00:04:06,960 Speaker 1: to come up with the money to pay for it, 80 00:04:07,000 --> 00:04:09,480 Speaker 1: and some of their big revenue raisers, things like raising 81 00:04:09,480 --> 00:04:12,040 Speaker 1: the corporate tax rate. Who raising the top individual tax rate? 82 00:04:12,320 --> 00:04:14,920 Speaker 1: We're taken off the table. What's Kristen Cinema said that 83 00:04:15,040 --> 00:04:17,719 Speaker 1: she wouldn't support those tax increases. So they've been getting 84 00:04:17,720 --> 00:04:19,920 Speaker 1: creative in the past couple of days and coming up 85 00:04:19,920 --> 00:04:23,440 Speaker 1: with some workarounds. This billionaire's tax was was Widen's idea. 86 00:04:24,080 --> 00:04:25,840 Speaker 1: But this has really not gotten a lot of love 87 00:04:25,880 --> 00:04:28,159 Speaker 1: from Democrats of on both sides of the Capitol. It 88 00:04:28,320 --> 00:04:31,039 Speaker 1: is a very complicated idea, it's very novel idea, and 89 00:04:31,080 --> 00:04:33,400 Speaker 1: they say it's it's it's untested and doesn't have the 90 00:04:33,400 --> 00:04:36,120 Speaker 1: support to to get through Congress. We spoke with Congresswoman 91 00:04:36,279 --> 00:04:38,760 Speaker 1: Susan del Benny last evening on the program also on 92 00:04:38,760 --> 00:04:43,159 Speaker 1: Ways and Means. Didn't seem to love the idea. But 93 00:04:43,279 --> 00:04:45,920 Speaker 1: now we're hearing Laura that they they may be at 94 00:04:46,000 --> 00:04:50,159 Speaker 1: least speaker of Nancy Pelosi says this bill could go 95 00:04:50,240 --> 00:04:54,080 Speaker 1: to the Rules Committee tomorrow or at least what we 96 00:04:54,160 --> 00:04:55,719 Speaker 1: know about the bill, Does that mean there will be 97 00:04:55,720 --> 00:04:57,279 Speaker 1: a framework by the end of the day. Are you 98 00:04:57,360 --> 00:05:00,880 Speaker 1: are you starting to doubt that idea. It means there 99 00:05:00,920 --> 00:05:03,320 Speaker 1: could be a framework. So Nancy Polosi is setting up 100 00:05:03,320 --> 00:05:06,200 Speaker 1: the process for this bill to advance. Part of this 101 00:05:06,320 --> 00:05:10,279 Speaker 1: is to show progressives that they're advancing on this build 102 00:05:10,279 --> 00:05:13,400 Speaker 1: back better plan, getting closer to having a deal, having 103 00:05:13,400 --> 00:05:16,400 Speaker 1: a bill, because for many of them it's a requirement 104 00:05:16,480 --> 00:05:18,960 Speaker 1: to have this bill ready before they're willing to vote 105 00:05:18,960 --> 00:05:21,600 Speaker 1: in the infrastructure bill. Um. So this has really been 106 00:05:21,640 --> 00:05:24,240 Speaker 1: the drama all along. You know, we are now at 107 00:05:24,279 --> 00:05:27,120 Speaker 1: you know, five o'clock in the evening. It's unlikely that 108 00:05:27,279 --> 00:05:29,440 Speaker 1: you know, we can go from today to tomorrow having 109 00:05:29,440 --> 00:05:32,400 Speaker 1: a bill, but they could you know, make some some 110 00:05:32,440 --> 00:05:35,080 Speaker 1: of the advancements that have something on paper saying hey, 111 00:05:35,240 --> 00:05:37,680 Speaker 1: here are the bullet points of what we have agreed to. 112 00:05:37,920 --> 00:05:40,160 Speaker 1: So a lot of question marks remain. Could this be 113 00:05:40,200 --> 00:05:44,360 Speaker 1: an all nighter or people starting to get ready to leave? Uh, 114 00:05:44,400 --> 00:05:46,599 Speaker 1: there usually are all nights nighters and kind of a 115 00:05:46,720 --> 00:05:48,520 Speaker 1: you know, the week are still leading up there being 116 00:05:48,520 --> 00:05:49,960 Speaker 1: a deal. I'm not sure if tonight will be one 117 00:05:50,000 --> 00:05:52,880 Speaker 1: of those nights, but you know, certainly talks are still ongoing. 118 00:05:53,120 --> 00:05:56,039 Speaker 1: Richie Neal Uh is with a huddle with staff right 119 00:05:56,080 --> 00:05:58,400 Speaker 1: now writing the tax portion of the bill. There's there's 120 00:05:58,440 --> 00:06:00,479 Speaker 1: a lot going on, and it could be ahead of 121 00:06:00,960 --> 00:06:03,040 Speaker 1: doing a great job, great reporting. I'm really glad you 122 00:06:03,080 --> 00:06:06,040 Speaker 1: could join us. Laura Davison Bloomberg, let's get the view 123 00:06:06,040 --> 00:06:09,960 Speaker 1: of the panel. Bloomberg Politics contributors Jeannie Chanzano and Rick 124 00:06:10,040 --> 00:06:12,080 Speaker 1: Davis are with us right off the top here because 125 00:06:12,120 --> 00:06:15,200 Speaker 1: this is where we left off yesterday. Jeannie, still no deal, 126 00:06:15,279 --> 00:06:19,839 Speaker 1: still no framework. It's hard to tell even which components 127 00:06:19,839 --> 00:06:22,920 Speaker 1: are in ord out by the minute or hour you 128 00:06:22,960 --> 00:06:25,800 Speaker 1: look at the terminal. Does this sound like the night 129 00:06:25,839 --> 00:06:28,720 Speaker 1: we vote on infrastructure? You know, I'm listening to you 130 00:06:28,800 --> 00:06:31,480 Speaker 1: and Laura, and my my heart is palpitating, and this 131 00:06:31,560 --> 00:06:34,640 Speaker 1: is Laura said, it's right, it's so much drama. You know. 132 00:06:34,720 --> 00:06:38,000 Speaker 1: I think Brendan Boyle said it perfectly right to Bloomberg 133 00:06:38,040 --> 00:06:40,240 Speaker 1: yesterday when he said, we're missing just two things. What 134 00:06:40,320 --> 00:06:42,080 Speaker 1: exactly is in this bill? And how do you pay 135 00:06:42,160 --> 00:06:45,480 Speaker 1: for it? Otherwise than that they're otherwise, it's fine, it's fine. 136 00:06:45,760 --> 00:06:49,240 Speaker 1: You know. That's why I just still cannot imagine that 137 00:06:49,320 --> 00:06:52,800 Speaker 1: you get a framework before the president leaves. Because here's 138 00:06:52,839 --> 00:06:56,080 Speaker 1: the problem. We know about forty progressives has said they 139 00:06:56,120 --> 00:06:59,440 Speaker 1: won't vote for the bill unless they have They won't 140 00:06:59,440 --> 00:07:01,359 Speaker 1: for the Book of the Infrastructure unless they have to 141 00:07:01,360 --> 00:07:03,840 Speaker 1: build back better. And you have Joe Manchin the clip 142 00:07:03,880 --> 00:07:06,480 Speaker 1: you just played saying, oh, just go ahead and trust us. 143 00:07:07,080 --> 00:07:09,960 Speaker 1: There's not a lot of trust on either side. Now. 144 00:07:10,000 --> 00:07:12,520 Speaker 1: The one exception to that is I think if Bernie 145 00:07:12,520 --> 00:07:15,480 Speaker 1: Sanders got up with President Biden and told the Progressives 146 00:07:15,480 --> 00:07:18,000 Speaker 1: you can trust we can get this through, maybe that 147 00:07:18,000 --> 00:07:20,040 Speaker 1: would be a way. But that doesn't seem to be 148 00:07:20,080 --> 00:07:22,400 Speaker 1: in the offing in the next, you know, twenty four hours. 149 00:07:22,840 --> 00:07:25,119 Speaker 1: And they did meet today, right, we understand that Bernie 150 00:07:25,200 --> 00:07:28,760 Speaker 1: Sanders was meeting with President Biden. Uh though there will 151 00:07:28,800 --> 00:07:31,720 Speaker 1: likely be more meetings with the mansions and cinemas of 152 00:07:31,720 --> 00:07:34,400 Speaker 1: the world. But what does that tell you, Rick, when 153 00:07:34,440 --> 00:07:37,080 Speaker 1: you hear that Bernie Sanders is sitting down with the president. 154 00:07:37,160 --> 00:07:39,560 Speaker 1: Was that the last ditch attempt to get this done 155 00:07:39,600 --> 00:07:42,720 Speaker 1: before the big trip abroad? Yeah? I think that it's 156 00:07:42,720 --> 00:07:44,600 Speaker 1: not so much the last ditch attempt to get it done, 157 00:07:44,640 --> 00:07:47,520 Speaker 1: but probably Bernie Sanders last ditch attempt to get what 158 00:07:47,600 --> 00:07:50,000 Speaker 1: he wants out of this bill. I mean, my guess 159 00:07:50,040 --> 00:07:54,680 Speaker 1: is there's a cheat sheet that Speaker Pelosi, UM Majority 160 00:07:54,800 --> 00:07:57,640 Speaker 1: Leader Schumer and the President have I think they've got 161 00:07:57,680 --> 00:08:00,200 Speaker 1: the outlines of a bill already. They're trying to work 162 00:08:00,240 --> 00:08:02,720 Speaker 1: through the components of it, but I don't think they're 163 00:08:02,720 --> 00:08:05,280 Speaker 1: out there showing it to everybody. And I think that's 164 00:08:05,320 --> 00:08:07,400 Speaker 1: part of what Bernie Sanders was doing as part of 165 00:08:07,400 --> 00:08:12,360 Speaker 1: what the moderates and the Senate UH cinema and Mansion 166 00:08:12,600 --> 00:08:16,120 Speaker 1: Man cinema, we're doing with the President this morning or 167 00:08:16,120 --> 00:08:18,920 Speaker 1: with this with the staff this morning. I think there's 168 00:08:18,960 --> 00:08:22,600 Speaker 1: actually more down on paper than than we're seeing. What 169 00:08:22,640 --> 00:08:25,720 Speaker 1: we're seeing are people who are actually trying to lobby 170 00:08:25,760 --> 00:08:28,160 Speaker 1: to get their pieces in and and I think you 171 00:08:28,240 --> 00:08:31,160 Speaker 1: saw that with you know, the child tax credit stuff 172 00:08:31,280 --> 00:08:36,960 Speaker 1: that UH that Kristen Jillibrand was working with UH with 173 00:08:37,760 --> 00:08:40,160 Speaker 1: Joe Manchin on. So like there's a lot of one 174 00:08:40,240 --> 00:08:42,800 Speaker 1: offs going on here, and I think we focused on 175 00:08:42,840 --> 00:08:45,679 Speaker 1: that and not the core bill. My guess is by 176 00:08:45,760 --> 00:08:48,640 Speaker 1: Nancy Pelosi telling Richie Neal, you know, to get get 177 00:08:48,679 --> 00:08:51,320 Speaker 1: going with a bill tomorrow and starting to mark up 178 00:08:51,400 --> 00:08:52,960 Speaker 1: that he's going to have something to mark up and 179 00:08:53,000 --> 00:08:55,920 Speaker 1: that will be that will be in essence, the the 180 00:08:55,920 --> 00:08:59,080 Speaker 1: the the revenue of of of a bill that they're 181 00:08:59,080 --> 00:09:01,880 Speaker 1: still putting, you know, the policies together on are we 182 00:09:01,920 --> 00:09:04,000 Speaker 1: still are we going man cinema? I'm not sure we 183 00:09:04,080 --> 00:09:07,480 Speaker 1: ever declared that big politicos going with Cinna mansion, right. 184 00:09:07,880 --> 00:09:11,240 Speaker 1: I think I like Man cinema. Um. So this came up, 185 00:09:11,280 --> 00:09:13,400 Speaker 1: of course, in the White House briefing Jensaki on the 186 00:09:13,400 --> 00:09:17,120 Speaker 1: billionaires tax. The White House confidence that a billionaire's tax 187 00:09:17,240 --> 00:09:20,360 Speaker 1: with withstand the more challenges, which I guess is another 188 00:09:20,360 --> 00:09:24,200 Speaker 1: way of asking is illegal. We're not going to support 189 00:09:24,200 --> 00:09:26,160 Speaker 1: anything we don't think it's legal. But I will tell 190 00:09:26,160 --> 00:09:29,160 Speaker 1: you the President supports the billion attacks. Uh. He looks 191 00:09:29,200 --> 00:09:31,480 Speaker 1: forward to working with Congress in German widen to make 192 00:09:31,520 --> 00:09:35,240 Speaker 1: sure the highest income Americans pay their fair share. If 193 00:09:35,280 --> 00:09:38,439 Speaker 1: we're still asking questions like that at this late hour, Genie, 194 00:09:38,480 --> 00:09:41,480 Speaker 1: what does that tell you to me? It says they 195 00:09:41,480 --> 00:09:44,520 Speaker 1: have a long way to go. And I have to say, 196 00:09:44,720 --> 00:09:47,880 Speaker 1: Christine Barratto, the producer, saying that we should go cinema, 197 00:09:47,960 --> 00:09:51,760 Speaker 1: what did what did you say? Cinema mansion? Mansion a mansion. Yeah, 198 00:09:51,800 --> 00:09:54,280 Speaker 1: I agree with Christine. Um No, I think we have 199 00:09:54,320 --> 00:09:56,040 Speaker 1: a long way to go. And I think if they 200 00:09:56,080 --> 00:09:58,440 Speaker 1: don't get this done before the President leaves. One of 201 00:09:58,440 --> 00:10:00,240 Speaker 1: the big questions that's going to be asked in the 202 00:10:00,280 --> 00:10:03,720 Speaker 1: aftermath is why all the false deadlines? You know, October 203 00:10:03,760 --> 00:10:07,080 Speaker 1: thirty one, we're hearing surface transportation, and yet of course 204 00:10:07,440 --> 00:10:10,400 Speaker 1: you can pass that on a continuing resolution. The President 205 00:10:10,440 --> 00:10:13,760 Speaker 1: wants something to take overseas, but everybody overseas and knows 206 00:10:13,800 --> 00:10:15,760 Speaker 1: the state of what is going on in Congress. This 207 00:10:15,800 --> 00:10:17,679 Speaker 1: isn't like we're in a bubble and nobody outside of 208 00:10:17,679 --> 00:10:20,400 Speaker 1: the US knows. So I think the real question is here, 209 00:10:20,440 --> 00:10:23,360 Speaker 1: why the deadlines, if you know, because they keep setting 210 00:10:23,360 --> 00:10:26,199 Speaker 1: these expectations that keep getting blown out of the water. 211 00:10:26,920 --> 00:10:29,520 Speaker 1: Rick says, seniority is key in the Senate. We're going 212 00:10:29,600 --> 00:10:33,960 Speaker 1: manshinima and that is the respectful route to take. Uh. 213 00:10:34,120 --> 00:10:37,160 Speaker 1: With that said, now that we have cleared that up here, Rick, 214 00:10:37,200 --> 00:10:40,240 Speaker 1: we still have to deal with there is one real deadline. 215 00:10:40,240 --> 00:10:43,200 Speaker 1: That's the expiration of surface transportation funding on Halloween. Right. 216 00:10:43,200 --> 00:10:45,040 Speaker 1: Does that mean they just kick a cr at the 217 00:10:45,120 --> 00:10:47,560 Speaker 1: end of the week and move on they can, or 218 00:10:47,600 --> 00:10:49,640 Speaker 1: that you know, they stop the clock. I mean, the 219 00:10:50,160 --> 00:10:52,080 Speaker 1: House of Represents had a lot of way of dealing 220 00:10:52,080 --> 00:10:55,080 Speaker 1: with reality and and and they're in the fantasy world, right, 221 00:10:55,480 --> 00:10:58,120 Speaker 1: like a man from the Senate. Yeah, exactly. I'm sorry 222 00:10:58,320 --> 00:11:01,920 Speaker 1: to anybody who's representing the House are representative, but the 223 00:11:01,960 --> 00:11:04,160 Speaker 1: reality is that they have tricks that they can play, 224 00:11:04,160 --> 00:11:06,040 Speaker 1: and they can they can they can let it even 225 00:11:06,040 --> 00:11:08,760 Speaker 1: expire for for a little while before they fill it in. 226 00:11:08,840 --> 00:11:12,040 Speaker 1: So but I think these they I think there actually 227 00:11:12,080 --> 00:11:14,160 Speaker 1: is an attempt to use these as deadlines to get 228 00:11:14,200 --> 00:11:17,920 Speaker 1: something done. They realize this is unruly process. People are 229 00:11:17,960 --> 00:11:20,400 Speaker 1: not going to see this bill until they vote on it. 230 00:11:20,760 --> 00:11:22,959 Speaker 1: Let's just be totally clear about that. And it won't 231 00:11:22,960 --> 00:11:26,040 Speaker 1: be the first time that's ever happened. And so so 232 00:11:26,360 --> 00:11:29,880 Speaker 1: we'll be reading a bill when the vote is being 233 00:11:29,880 --> 00:11:33,240 Speaker 1: taken in the House of Representatives. Where's John Bayner when 234 00:11:33,280 --> 00:11:36,640 Speaker 1: you need him? Where's John McCain when you need him? Yelling? 235 00:11:36,760 --> 00:11:39,800 Speaker 1: Right now? All right, Rick and Jennie hang around for 236 00:11:39,880 --> 00:11:42,840 Speaker 1: the hour, and coming up, the retail industry is asking 237 00:11:42,880 --> 00:11:46,760 Speaker 1: Congress to pass infrastructure to try to save Christmas. We'll 238 00:11:46,760 --> 00:11:49,880 Speaker 1: talk about it with David French the National Retail Federation. Next. 239 00:11:50,240 --> 00:11:56,880 Speaker 1: Stay here, I'm Joe Matthew. This is Bloomberg. You're listening 240 00:11:56,920 --> 00:12:01,640 Speaker 1: to Bloomberg Sound on with Joe Matthew on Bluebird Radio. 241 00:12:03,440 --> 00:12:06,880 Speaker 1: The headline on the terminal US Retail Lobby sends s 242 00:12:06,920 --> 00:12:10,200 Speaker 1: O s to Congress on supply chain chaos. That would 243 00:12:10,200 --> 00:12:13,760 Speaker 1: be the National Retail Federation now calling on lawmakers to 244 00:12:13,880 --> 00:12:18,360 Speaker 1: update shipping and trucking laws to ease a crisis that's 245 00:12:18,440 --> 00:12:21,240 Speaker 1: raising prices and causing short shortages. You know about it. 246 00:12:21,320 --> 00:12:24,200 Speaker 1: You probably started ordering your gifts early. That's what they 247 00:12:24,240 --> 00:12:27,160 Speaker 1: keep telling us to do, right remembering this announcement from 248 00:12:27,160 --> 00:12:30,800 Speaker 1: President Biden earlier this month, after weeks of negotiation and 249 00:12:30,920 --> 00:12:34,600 Speaker 1: working with my team and with the major union retailers 250 00:12:34,640 --> 00:12:37,880 Speaker 1: and freight movers, the Ports of Los Angeles, the Port 251 00:12:37,880 --> 00:12:40,800 Speaker 1: of Los Angeles announced today that it's going to be 252 00:12:40,800 --> 00:12:44,720 Speaker 1: began operating twenty four hours a day, seven days a week. 253 00:12:45,440 --> 00:12:49,000 Speaker 1: Seven Now. The Retail Federation is asking the House to 254 00:12:49,040 --> 00:12:51,880 Speaker 1: get with it and pass the infrastructure bill to quote 255 00:12:51,880 --> 00:12:55,440 Speaker 1: save our shipments. Joining us to talk about how that 256 00:12:55,440 --> 00:12:58,320 Speaker 1: would work is David French, Senior VP of Government Relations 257 00:12:58,440 --> 00:13:02,760 Speaker 1: at the National Retail Federal Ration. David Welcome, there's money 258 00:13:02,760 --> 00:13:06,040 Speaker 1: to modernize ports and roads. I know inside the infrastructure 259 00:13:06,040 --> 00:13:08,640 Speaker 1: plan we've talked about it. A lot would that happen 260 00:13:08,679 --> 00:13:12,960 Speaker 1: though in time to save Christmas. Well, let's let's let's 261 00:13:12,960 --> 00:13:16,480 Speaker 1: think about it this way. The the US supply chain 262 00:13:16,760 --> 00:13:20,400 Speaker 1: operates uh in in in every corner of the country. 263 00:13:20,920 --> 00:13:26,400 Speaker 1: It's it's very it's very fragile, and disruptions like the 264 00:13:26,440 --> 00:13:31,800 Speaker 1: current pandemic have have made the challenges within the supply 265 00:13:31,880 --> 00:13:35,000 Speaker 1: chain even more challenging. Sure we need is we need 266 00:13:35,040 --> 00:13:39,520 Speaker 1: a supply chain that's sustainable and resilient. And in order 267 00:13:39,559 --> 00:13:42,560 Speaker 1: to build resiliency into the supply chain, we need to 268 00:13:42,559 --> 00:13:47,240 Speaker 1: modernize our roads, are rail, our ports, the basic infrastructure 269 00:13:47,280 --> 00:13:49,840 Speaker 1: goods move every day on Are you getting worried this 270 00:13:49,920 --> 00:13:51,640 Speaker 1: is not going to happen? We talk about this thing 271 00:13:51,640 --> 00:13:56,120 Speaker 1: every day on this program. Can't do infrastructure without reconciliation, 272 00:13:56,400 --> 00:13:59,760 Speaker 1: vice versa. A lot of weeks have gone by here, though, 273 00:13:59,760 --> 00:14:02,680 Speaker 1: and I wonder if the Federation is starting to think 274 00:14:02,679 --> 00:14:09,160 Speaker 1: this may not become law. We infrastructure remains very part 275 00:14:09,320 --> 00:14:13,040 Speaker 1: popular on a bipartisan In a bipartisan fashion, what we 276 00:14:13,080 --> 00:14:15,160 Speaker 1: have right now on Capitol Hill is a little bit 277 00:14:15,160 --> 00:14:18,480 Speaker 1: of a hostage drama. I think we might see that 278 00:14:18,600 --> 00:14:23,680 Speaker 1: drama break over the weekend. Perhaps the Senate has already 279 00:14:23,680 --> 00:14:29,240 Speaker 1: passed this bill. It passed with a strong bipartisan UH margin, 280 00:14:29,600 --> 00:14:31,880 Speaker 1: and it's ready to go in the House and sitting 281 00:14:31,920 --> 00:14:34,520 Speaker 1: on the shelf. It's sitting on the shelf. But as 282 00:14:34,560 --> 00:14:39,440 Speaker 1: soon as UH, as soon as the smoke clears, we 283 00:14:39,520 --> 00:14:41,400 Speaker 1: think the House can take it up and pass it 284 00:14:41,520 --> 00:14:43,800 Speaker 1: very quickly and get it to the President's desk for 285 00:14:43,880 --> 00:14:48,160 Speaker 1: his signature. This is obviously a core UH priority for 286 00:14:48,240 --> 00:14:51,120 Speaker 1: the for the National Retail Federation. This is how goods 287 00:14:51,120 --> 00:14:55,160 Speaker 1: get the stores. Reminding everyone that this is all private enterprise, right, 288 00:14:55,200 --> 00:14:57,800 Speaker 1: not just the ships that are lined up off the coast, 289 00:14:57,840 --> 00:15:00,040 Speaker 1: but those who run the ports, those who drive of 290 00:15:00,120 --> 00:15:03,840 Speaker 1: the trucks, those who run the warehouses, and the retail stores. 291 00:15:04,000 --> 00:15:06,480 Speaker 1: What's this Christmas? This holiday season? And look, like David, 292 00:15:08,280 --> 00:15:10,600 Speaker 1: we project this holiday season is gonna be very strong 293 00:15:10,640 --> 00:15:13,920 Speaker 1: for retailers. Consumer demand is very high. In fact, that's 294 00:15:13,960 --> 00:15:16,640 Speaker 1: one of the things that's driving the supply chain crunch 295 00:15:17,000 --> 00:15:21,080 Speaker 1: that we're experiencing today. Demand is up so much higher 296 00:15:21,080 --> 00:15:22,960 Speaker 1: than it was last year. In fact, is it's up. 297 00:15:23,480 --> 00:15:27,200 Speaker 1: The number of containers front in the United States from 298 00:15:27,280 --> 00:15:30,280 Speaker 1: last year to this year's up eight more. What do 299 00:15:30,320 --> 00:15:31,680 Speaker 1: you make of that? Is that the Is that a 300 00:15:31,720 --> 00:15:34,120 Speaker 1: side effect of COVID because we're all on Amazon ordering 301 00:15:34,160 --> 00:15:37,600 Speaker 1: stuff all day? Or is it is it simply more 302 00:15:37,800 --> 00:15:42,840 Speaker 1: demand that would have happened either way, You know, there 303 00:15:42,880 --> 00:15:44,760 Speaker 1: are a lot of factors that go into it. Um 304 00:15:44,800 --> 00:15:50,320 Speaker 1: the consumer COVID um made everybody change their behaviors and 305 00:15:50,480 --> 00:15:54,680 Speaker 1: people stop spending on meals out, They stopped traveling, they 306 00:15:54,680 --> 00:15:59,040 Speaker 1: stopped doing some things that were pretty common behaviors before, 307 00:15:59,080 --> 00:16:01,320 Speaker 1: and they saved a lot of money. Um, all of 308 00:16:01,400 --> 00:16:03,640 Speaker 1: all of the businesses as soon as they saw what 309 00:16:03,720 --> 00:16:07,680 Speaker 1: was happening with COVID, they took down their risks and 310 00:16:07,720 --> 00:16:11,680 Speaker 1: they and they saved their cash. Well, American households did 311 00:16:11,680 --> 00:16:14,880 Speaker 1: the same thing two years, almost two years into this. 312 00:16:15,120 --> 00:16:18,320 Speaker 1: We're ready. People are ready to spend. They are happy 313 00:16:18,360 --> 00:16:21,400 Speaker 1: to shop. They're coming to stores. Foot traffic and brick 314 00:16:21,440 --> 00:16:25,160 Speaker 1: and mortar retailers is up. Is at the same level 315 00:16:25,240 --> 00:16:29,840 Speaker 1: as online retail. People are shopping and they're enthusiastic about it. 316 00:16:30,560 --> 00:16:34,360 Speaker 1: But the supply chain, which has been disrupted at various 317 00:16:34,440 --> 00:16:36,960 Speaker 1: points along the way since the beginning of the pandemic, 318 00:16:37,280 --> 00:16:41,800 Speaker 1: the supply chain is it just can't keep up. I 319 00:16:41,840 --> 00:16:43,560 Speaker 1: wonder if you could talk to us as well about 320 00:16:43,560 --> 00:16:47,720 Speaker 1: the trucking laws. You're asking the the Congress to update 321 00:16:47,720 --> 00:16:50,080 Speaker 1: trucking laws that would be a little bit different than 322 00:16:50,080 --> 00:16:53,520 Speaker 1: the investments we're talking about imports, roads and bridges. As 323 00:16:53,560 --> 00:16:55,800 Speaker 1: I just learned based on on your report on your 324 00:16:55,840 --> 00:17:00,400 Speaker 1: blog post, that federal regulations prohibit truckers aged eighteen to 325 00:17:00,480 --> 00:17:03,240 Speaker 1: twenty from driving across state lines for instance. What kind 326 00:17:03,280 --> 00:17:06,280 Speaker 1: of a change would that make. Well, the average age 327 00:17:06,280 --> 00:17:08,240 Speaker 1: of a of a truck driver, a long haul truck 328 00:17:08,320 --> 00:17:11,000 Speaker 1: driver in the United States is is probably nearing sixty. 329 00:17:11,320 --> 00:17:15,600 Speaker 1: We have we're eighty thousand truck drivers short of what 330 00:17:15,800 --> 00:17:20,040 Speaker 1: we really need to keep this economy moving and and 331 00:17:20,400 --> 00:17:25,880 Speaker 1: legally legal. Legal. I'm sorry, that's not the right word. Um, 332 00:17:26,080 --> 00:17:30,920 Speaker 1: Trained truck drivers between the ages of across state lines understood, 333 00:17:31,119 --> 00:17:35,000 Speaker 1: licensed license. Thank you for the for the licensed truck 334 00:17:35,040 --> 00:17:37,919 Speaker 1: drivers can't cross state lines because of federal law. That 335 00:17:38,040 --> 00:17:40,560 Speaker 1: federal law needs to be modernized. Well, I know the 336 00:17:40,600 --> 00:17:44,280 Speaker 1: teamsters and others were at this profession that there were 337 00:17:44,400 --> 00:17:47,240 Speaker 1: union members at the union leaders at that event of 338 00:17:47,280 --> 00:17:49,000 Speaker 1: the White House. They say, we've got the labor to 339 00:17:49,040 --> 00:17:52,879 Speaker 1: make this happen. It sounds like we don't David. We 340 00:17:52,880 --> 00:17:56,040 Speaker 1: we we need younger drivers, We need we need to 341 00:17:56,119 --> 00:17:59,639 Speaker 1: bring more drivers online. This is this is affecting goods 342 00:18:00,160 --> 00:18:03,240 Speaker 1: between a warehouse and a store. Rice is affecting it's 343 00:18:03,359 --> 00:18:05,360 Speaker 1: you know, so when you think of the supply chain, 344 00:18:05,400 --> 00:18:09,000 Speaker 1: it's not just sports. David French, Senior vice president Government 345 00:18:09,040 --> 00:18:12,040 Speaker 1: Relations at the National Retail Federation, keep talking to us 346 00:18:12,119 --> 00:18:14,320 Speaker 1: about that. These are the guys knocking on the doors 347 00:18:14,760 --> 00:18:17,760 Speaker 1: on Capitol Hill trying to make something happen. Stay here, 348 00:18:17,760 --> 00:18:20,240 Speaker 1: we'll reassemble the panel next time. Joe Matthew, This is 349 00:18:20,280 --> 00:18:28,280 Speaker 1: Bloomberg broadcasting live from our nation's capital. Bloomberg to New York, 350 00:18:28,359 --> 00:18:32,520 Speaker 1: Bloomberg eleven Frio to Boston, Bloomberg one oh six one 351 00:18:32,680 --> 00:18:36,880 Speaker 1: to San Francisco, Bloomberg nine sixty to the country, Serious 352 00:18:37,040 --> 00:18:39,879 Speaker 1: x M General one nine and around the globe the 353 00:18:39,960 --> 00:18:44,199 Speaker 1: Bloomberg Business app. Then Bloomberg Radio dot Com. This is 354 00:18:44,200 --> 00:18:50,520 Speaker 1: Bloomberg Sound On with Joe Matthew. The Chairman of the 355 00:18:50,600 --> 00:18:53,960 Speaker 1: Joint Chiefs of Staff says, China's test of a hypersonic 356 00:18:54,000 --> 00:18:57,919 Speaker 1: missile has all of our attention. As the CEO of 357 00:18:58,000 --> 00:19:01,800 Speaker 1: Raytheon tells Bloomberg, we are b hind the Chinese when 358 00:19:01,880 --> 00:19:05,040 Speaker 1: it comes to military technology. We'll hear from both and 359 00:19:05,200 --> 00:19:08,600 Speaker 1: talk about the U S Military policy with Bloomberg Politics 360 00:19:08,600 --> 00:19:12,640 Speaker 1: contributors Genie Chanceino and Rick Davis all as we wait 361 00:19:12,680 --> 00:19:15,760 Speaker 1: for something to come out of Capitol Hill. Reports of 362 00:19:15,920 --> 00:19:18,600 Speaker 1: China launching a hypersonic missile spooked a lot of people, 363 00:19:19,800 --> 00:19:21,400 Speaker 1: especially since we didn't know about it for a couple 364 00:19:21,440 --> 00:19:24,720 Speaker 1: of months. Actually happened in August. Right the comments today 365 00:19:24,760 --> 00:19:27,160 Speaker 1: from General Mark Milley, the chair of the Joint Chiefs, 366 00:19:27,840 --> 00:19:32,119 Speaker 1: we're pretty scary too, As he sat down with David Rubinstein, 367 00:19:32,200 --> 00:19:35,480 Speaker 1: co founder of the Carlisle Group, host of Bloomberg's peer 368 00:19:35,480 --> 00:19:37,679 Speaker 1: to peer conversations, Man, does he make a trip to 369 00:19:37,720 --> 00:19:43,600 Speaker 1: Washington worth it? Let's get the general Millie always saw 370 00:19:43,680 --> 00:19:46,800 Speaker 1: was a very significant event of a test of a 371 00:19:46,920 --> 00:19:52,080 Speaker 1: hypersonic UH weapons system. UM, and it is very concerning. 372 00:19:52,400 --> 00:19:54,199 Speaker 1: I think I saw in some of the newspapers they 373 00:19:54,560 --> 00:19:57,520 Speaker 1: they used the term spot Nick moment. I don't know 374 00:19:57,560 --> 00:19:59,199 Speaker 1: if it's quite a spot nic moment, but I think 375 00:19:59,200 --> 00:20:03,560 Speaker 1: it's very close to that spot Nick moment. Follows similarly 376 00:20:03,640 --> 00:20:07,120 Speaker 1: stark comments on Bloomberg from the CEO at Raytheon Gregory Hayes. 377 00:20:07,160 --> 00:20:10,760 Speaker 1: He spoke with Bloomberg's David Weston about that missile. I 378 00:20:10,800 --> 00:20:13,359 Speaker 1: would tell you we are behind the Chinese from terms 379 00:20:13,400 --> 00:20:17,040 Speaker 1: of investment in the technology. We understand how hypersonic glide 380 00:20:17,119 --> 00:20:21,440 Speaker 1: vehicle works. We understand hypersonic missiles, how they work, We've 381 00:20:21,480 --> 00:20:25,760 Speaker 1: demonstrated it. The Chinese, however, have actually fielded hypersonic weapons. 382 00:20:26,240 --> 00:20:29,560 Speaker 1: They've tested the hypersonic glide vehicle. We are at least 383 00:20:29,680 --> 00:20:32,560 Speaker 1: several years behind. And we bring in the panel with 384 00:20:32,560 --> 00:20:38,399 Speaker 1: Bloomberg Politics contributors Genie Chantano and Rick Davis. Have we 385 00:20:38,520 --> 00:20:40,960 Speaker 1: had our eye off the ball here? Rick, we talked 386 00:20:41,000 --> 00:20:44,800 Speaker 1: about climate, we talk about human rights with regard to China. 387 00:20:44,840 --> 00:20:47,439 Speaker 1: I'm not sure a lot of Americans realize that we 388 00:20:47,480 --> 00:20:50,760 Speaker 1: are falling behind militarily. Is that fair to say? Yeah? 389 00:20:50,800 --> 00:20:53,119 Speaker 1: I think that it's starting to make its way into 390 00:20:53,160 --> 00:20:55,960 Speaker 1: the sort of, you know, normal cultural discussion. But a 391 00:20:56,000 --> 00:20:59,000 Speaker 1: lot of experts have been worrying about this, especially in 392 00:20:59,000 --> 00:21:02,280 Speaker 1: the last a decade, with the advancements in AI and 393 00:21:02,359 --> 00:21:06,160 Speaker 1: machine learning, the techniques that are used to be able 394 00:21:06,160 --> 00:21:09,600 Speaker 1: to operate a hypersonic missile like that, and and and 395 00:21:09,640 --> 00:21:11,120 Speaker 1: there have been a lot of people who have been 396 00:21:11,160 --> 00:21:14,159 Speaker 1: really worried about it, and commissions have written papers about it. 397 00:21:14,200 --> 00:21:18,320 Speaker 1: But you don't really see this kind of mobilization on 398 00:21:18,359 --> 00:21:21,400 Speaker 1: the part of the administration, either in the Trump administration 399 00:21:21,480 --> 00:21:25,440 Speaker 1: or the Biden administration, to try and you know, frankly, 400 00:21:25,480 --> 00:21:29,840 Speaker 1: play catch up on technology that is right now considered 401 00:21:29,880 --> 00:21:33,560 Speaker 1: deployable in China but not yet here. What we do here, though, 402 00:21:33,760 --> 00:21:35,879 Speaker 1: is that we don't want and we are not in 403 00:21:35,960 --> 00:21:39,920 Speaker 1: the beginning of a cold war with China. Genie comments 404 00:21:39,960 --> 00:21:42,560 Speaker 1: like this make you wonder if we should be, and 405 00:21:42,600 --> 00:21:46,160 Speaker 1: if we're at the dawn of a new arms race. Yes, 406 00:21:46,240 --> 00:21:49,800 Speaker 1: And I think what what General Millie said echoes what 407 00:21:50,080 --> 00:21:54,440 Speaker 1: President Biden has been saying since before he took office, 408 00:21:54,680 --> 00:21:58,199 Speaker 1: is that we need to turn our attention towards China. 409 00:21:58,280 --> 00:22:02,520 Speaker 1: They are expanding rapidly with you know, in all ways, 410 00:22:02,520 --> 00:22:05,159 Speaker 1: and I think this is one example of that. You know, 411 00:22:05,600 --> 00:22:09,639 Speaker 1: the President has been saying this. President Trump before him, 412 00:22:09,680 --> 00:22:12,000 Speaker 1: in a different way, was making the same case. So 413 00:22:12,119 --> 00:22:15,199 Speaker 1: I do think there is momentum there. That said, I 414 00:22:15,240 --> 00:22:17,280 Speaker 1: think when you look at the numbers, we have to 415 00:22:17,320 --> 00:22:21,399 Speaker 1: be clear, they have expanded very very quickly militarily, but 416 00:22:21,560 --> 00:22:26,400 Speaker 1: we still far outspend them. Are spending militarily is almost 417 00:22:26,480 --> 00:22:29,479 Speaker 1: eight hundred billion dollars compared to their's at about two 418 00:22:29,560 --> 00:22:32,680 Speaker 1: hundred and fifty billion by last count. So we're spending 419 00:22:32,720 --> 00:22:35,800 Speaker 1: a lot, but they are catching up very very quickly. 420 00:22:35,880 --> 00:22:39,560 Speaker 1: That's a concern. But we can still outpace them. Well, 421 00:22:39,600 --> 00:22:43,679 Speaker 1: we'll see. I suppose Rick, this is another dose of 422 00:22:44,160 --> 00:22:47,080 Speaker 1: General Millie's comments to your point, not just the missile 423 00:22:47,160 --> 00:22:51,480 Speaker 1: we're worried about. They're expanding rapidly in space, UH, in 424 00:22:51,600 --> 00:22:54,680 Speaker 1: cyber and then in the traditional domains of lance and air. 425 00:22:55,080 --> 00:22:57,680 Speaker 1: And they have gone from a peasant based infantry army 426 00:22:58,040 --> 00:23:01,239 Speaker 1: that was very very large in vent UH to a 427 00:23:01,359 --> 00:23:05,639 Speaker 1: very capable military that covers all the domains UH and 428 00:23:05,880 --> 00:23:10,160 Speaker 1: has global ambitions. So China is very significant on our horizon. 429 00:23:10,200 --> 00:23:12,200 Speaker 1: How important, Rick Davis, will it be to have this 430 00:23:12,280 --> 00:23:15,360 Speaker 1: summit which has been agreed to just no date between 431 00:23:15,359 --> 00:23:19,080 Speaker 1: Presidents Biden and she Well. I think keeping a good 432 00:23:19,080 --> 00:23:23,360 Speaker 1: conversation communications open with China is what will keep us 433 00:23:23,400 --> 00:23:28,160 Speaker 1: from entering into a a cold war as such. I mean, 434 00:23:28,160 --> 00:23:31,280 Speaker 1: we remember cold wars as being you know, post Soviet Union, 435 00:23:31,400 --> 00:23:35,800 Speaker 1: you know, pre Soviet Union, cold war with Russia but this, 436 00:23:35,800 --> 00:23:38,960 Speaker 1: this is actually I would argue, almost already in a 437 00:23:39,000 --> 00:23:41,240 Speaker 1: cold war. We we are. We are in a stimy 438 00:23:41,359 --> 00:23:44,440 Speaker 1: on climate with with with with China. They're not even 439 00:23:44,520 --> 00:23:49,359 Speaker 1: attending UH as a head of state. She uh the copy. Um, 440 00:23:49,520 --> 00:23:53,320 Speaker 1: We're in a stimy on trade UH, having advanced it 441 00:23:53,359 --> 00:23:56,280 Speaker 1: in a year since Biden has been president. UH. And 442 00:23:56,400 --> 00:24:01,879 Speaker 1: there are military maneuvers today UH over flights near Taiwan 443 00:24:02,119 --> 00:24:04,760 Speaker 1: that are very provocative that we don't really have an 444 00:24:04,840 --> 00:24:07,600 Speaker 1: answer for right now as a policy or as as 445 00:24:07,840 --> 00:24:13,760 Speaker 1: as a military operation to counter. So UH. Things seem 446 00:24:13,800 --> 00:24:16,600 Speaker 1: to be moving in a wrong direction. But I think 447 00:24:16,640 --> 00:24:20,200 Speaker 1: that communication, having a summit, opening up those lines of communication, 448 00:24:20,320 --> 00:24:24,000 Speaker 1: drawing some parameters around conduct, I think are gonna be 449 00:24:24,160 --> 00:24:27,480 Speaker 1: really key to how we set a new more competitive 450 00:24:27,480 --> 00:24:29,840 Speaker 1: agenda with China. You know, this is one of those 451 00:24:29,880 --> 00:24:33,520 Speaker 1: moments where the combined power of the terminal and Bloomberg 452 00:24:33,600 --> 00:24:36,199 Speaker 1: Radio and TV. As I'm reading and hearing these comments 453 00:24:36,200 --> 00:24:38,720 Speaker 1: throughout the day, you start connecting the dots in your 454 00:24:38,720 --> 00:24:42,840 Speaker 1: head say, boy, we have some things to worry about 455 00:24:43,400 --> 00:24:46,679 Speaker 1: coming up. We get back to infrastructure reconciliation and go 456 00:24:46,760 --> 00:24:50,600 Speaker 1: to the source. Congresswoman Hayley Stevens, Democrat from Michigan, will 457 00:24:50,680 --> 00:24:54,680 Speaker 1: join us for an update on the Grand Debate and 458 00:24:54,720 --> 00:24:57,359 Speaker 1: also helping to unwind the supply chain crunch. It's a 459 00:24:57,359 --> 00:25:00,960 Speaker 1: big priority for Congresswoman Stevens with us next on Bloomberg 460 00:25:01,080 --> 00:25:04,800 Speaker 1: Sound On. Stay here, I'm Joe Matthew and this is Bloomberg. 461 00:25:07,480 --> 00:25:11,280 Speaker 1: You're listening to Bloomberg. You Sound on with Joe Matthew 462 00:25:11,640 --> 00:25:17,760 Speaker 1: on Bloomberg Radio. Negotiations continue at this late hour on 463 00:25:17,920 --> 00:25:20,600 Speaker 1: Capitol Hill. I suppose it's not too late for something 464 00:25:20,640 --> 00:25:22,840 Speaker 1: to happen. The last we heard from the Democratic leadership, 465 00:25:22,880 --> 00:25:26,159 Speaker 1: there still could be an agreement on a framework for 466 00:25:26,200 --> 00:25:29,560 Speaker 1: the Biden economic agenda, the reconciliation bill tonight. That would 467 00:25:29,560 --> 00:25:33,600 Speaker 1: be something, but we remain open minded. Here on Bloomberg Radio, 468 00:25:33,640 --> 00:25:37,360 Speaker 1: as we welcome Congresswoman Hayley Stephen's, Democrat from Michigan. It's 469 00:25:37,400 --> 00:25:40,159 Speaker 1: great to have you back, Congresswoman, and I wonder if 470 00:25:40,200 --> 00:25:42,800 Speaker 1: you could just start with an update on what you're hearing, 471 00:25:42,840 --> 00:25:46,120 Speaker 1: whether the billionaires tax is in or out, and whether 472 00:25:46,119 --> 00:25:50,240 Speaker 1: you're getting closer to an actual bill. Well, I'll tell 473 00:25:50,240 --> 00:25:52,439 Speaker 1: you what I'm gonna do. I'm not voting on anything 474 00:25:52,520 --> 00:25:58,600 Speaker 1: until I could reach the check. So I ben, and 475 00:25:59,359 --> 00:26:01,199 Speaker 1: you know, we we are in the middle of an 476 00:26:01,240 --> 00:26:05,200 Speaker 1: intense negotiation. You know, a lot of respect for our 477 00:26:05,240 --> 00:26:09,280 Speaker 1: committee chairs and and people who UH and frankly the 478 00:26:09,280 --> 00:26:14,320 Speaker 1: committee staff who have been working really hard here UM. 479 00:26:14,800 --> 00:26:18,320 Speaker 1: But once we're at a hundred percent, then we'll have 480 00:26:18,440 --> 00:26:21,720 Speaker 1: something to look at. And I know that our Rules 481 00:26:21,760 --> 00:26:26,399 Speaker 1: Committee has been advised to be in session tomorrow. There's 482 00:26:26,400 --> 00:26:29,600 Speaker 1: certainly a deadline weighing on us in terms of what 483 00:26:29,640 --> 00:26:33,760 Speaker 1: we need to do UM to get surface transportation uh 484 00:26:33,960 --> 00:26:37,400 Speaker 1: reauthorized and funded. We don't want to see these rope 485 00:26:37,440 --> 00:26:41,600 Speaker 1: projects that have already UH been funded have to stop 486 00:26:41,640 --> 00:26:46,600 Speaker 1: because of you know, bureaucratic disruption. So we're gonna get 487 00:26:46,600 --> 00:26:50,680 Speaker 1: our act together. I look, there's a lot of things 488 00:26:51,040 --> 00:26:53,680 Speaker 1: uh in the Build Back Better Agenda. I'm going to 489 00:26:53,800 --> 00:26:56,119 Speaker 1: tell you that very honestly, there's a lot of things 490 00:26:56,119 --> 00:27:00,560 Speaker 1: in there. But there there's also some you know, very 491 00:27:00,640 --> 00:27:03,280 Speaker 1: relevant things going on in the place where I call 492 00:27:03,359 --> 00:27:06,560 Speaker 1: home in Michigan, which is we've got a microchip shortage 493 00:27:06,640 --> 00:27:10,359 Speaker 1: right now. So you know, that's a separate, you know matter. 494 00:27:10,520 --> 00:27:12,760 Speaker 1: I don't think that that's going to get into Build 495 00:27:12,760 --> 00:27:16,000 Speaker 1: Back Better. But it's got to get done, and and 496 00:27:16,000 --> 00:27:18,919 Speaker 1: and and so I am just eager to continue to 497 00:27:18,960 --> 00:27:21,920 Speaker 1: do and deliver for the people of the United States 498 00:27:21,960 --> 00:27:24,440 Speaker 1: of America. Well, I'm sure you're getting tired of being 499 00:27:24,480 --> 00:27:26,520 Speaker 1: asked the same question over and over again. But could 500 00:27:26,520 --> 00:27:28,120 Speaker 1: there be a vote this week or do you see 501 00:27:28,200 --> 00:27:35,199 Speaker 1: President Biden getting on Air Force one essentially empty handed? Well, look, 502 00:27:34,720 --> 00:27:40,000 Speaker 1: I expect there to be some activity. Um, and there's 503 00:27:40,080 --> 00:27:43,640 Speaker 1: a bunch of ways in which we began the process 504 00:27:43,680 --> 00:27:47,840 Speaker 1: of voting, we begin the you know, the rule process. 505 00:27:49,160 --> 00:27:52,399 Speaker 1: I think that there is a trust a cord going 506 00:27:52,480 --> 00:27:55,480 Speaker 1: on right now between the Senate and the House. That's 507 00:27:55,520 --> 00:28:00,679 Speaker 1: kind of unusual. Right, Usually the bodies act without a 508 00:28:00,760 --> 00:28:05,359 Speaker 1: lot of direct interaction with one another in this type 509 00:28:05,359 --> 00:28:08,760 Speaker 1: of way. And right now we're working together very closely. 510 00:28:09,080 --> 00:28:12,080 Speaker 1: And uh, that gives me some some optimism and that 511 00:28:12,760 --> 00:28:14,800 Speaker 1: that might get us to a place where you see 512 00:28:14,840 --> 00:28:17,760 Speaker 1: some votes being taken. But a lot of members I 513 00:28:17,800 --> 00:28:21,000 Speaker 1: think are feeling like how I am, which is, I 514 00:28:21,080 --> 00:28:23,440 Speaker 1: want to vote, but I want to read before I vote. 515 00:28:23,840 --> 00:28:26,080 Speaker 1: I think that makes you officially old fashioned. I mean 516 00:28:26,119 --> 00:28:29,800 Speaker 1: that in truly the best way. Uh, Congressman, I'll remind 517 00:28:29,800 --> 00:28:32,679 Speaker 1: our listeners that you served as chief of staff to 518 00:28:32,760 --> 00:28:36,880 Speaker 1: the US Auto Task Force. Gosh, that was it's hard 519 00:28:36,920 --> 00:28:38,680 Speaker 1: to believe that was over ten years ago now, but 520 00:28:38,760 --> 00:28:41,920 Speaker 1: helped the save GM and Chrysler during the Great Recession. 521 00:28:41,920 --> 00:28:44,120 Speaker 1: We got some big headlines today from the other big 522 00:28:44,200 --> 00:28:46,600 Speaker 1: name in the business. That would be Ford. Ford and 523 00:28:46,680 --> 00:28:49,400 Speaker 1: g I'm both reported today. Ford says the chip shortage 524 00:28:49,440 --> 00:28:53,600 Speaker 1: could extend into three I know that this is a 525 00:28:53,600 --> 00:28:56,400 Speaker 1: big deal for you in Michigan. You've been co sponsoring 526 00:28:56,480 --> 00:28:59,600 Speaker 1: legislation to get to this. Is that your expectation We've 527 00:28:59,600 --> 00:29:03,280 Speaker 1: got at another year of this. I have been steeped 528 00:29:03,320 --> 00:29:07,720 Speaker 1: in semiconductor work for a long time before we even 529 00:29:07,800 --> 00:29:12,640 Speaker 1: be you know, hit this pandemic, and and certainly I 530 00:29:13,080 --> 00:29:18,760 Speaker 1: think when the pandemic arrived, we weren't in March thinking 531 00:29:18,880 --> 00:29:21,840 Speaker 1: there was going to be a March of that there 532 00:29:21,880 --> 00:29:24,280 Speaker 1: was going to be a chip shortage. Well that's to 533 00:29:24,400 --> 00:29:27,160 Speaker 1: this level in this deep but it is going to 534 00:29:27,280 --> 00:29:30,320 Speaker 1: go for a while. It's not gonna be solved overnight. 535 00:29:30,440 --> 00:29:32,840 Speaker 1: I'm very proud of all the men and women who 536 00:29:32,840 --> 00:29:37,120 Speaker 1: are working on our automotive sectors, from our our suppliers 537 00:29:37,240 --> 00:29:40,920 Speaker 1: on on up. I know the dealers are are being 538 00:29:40,960 --> 00:29:44,640 Speaker 1: squeezed right now. I mean, it's really unbelievable. And I 539 00:29:45,080 --> 00:29:46,960 Speaker 1: do this work back home. I mean I go and 540 00:29:47,000 --> 00:29:50,840 Speaker 1: see these small businesses and it's been jaw dropping to 541 00:29:50,880 --> 00:29:55,760 Speaker 1: see the them innovating and eager to produce and yet 542 00:29:55,840 --> 00:30:00,280 Speaker 1: saying I gotta turn down work because I we have 543 00:30:00,320 --> 00:30:02,800 Speaker 1: the materials to meet that command. We're hearing about it 544 00:30:02,800 --> 00:30:05,280 Speaker 1: in earnings reports on a nightly basis. In this earning 545 00:30:05,320 --> 00:30:07,880 Speaker 1: it's not just the auto sector. It's my gosh, everything 546 00:30:07,880 --> 00:30:10,800 Speaker 1: needs a semiconductor to operate now. And if we're talking 547 00:30:10,800 --> 00:30:12,960 Speaker 1: about going all the way through next year again, this 548 00:30:13,000 --> 00:30:17,720 Speaker 1: could really keep the economy from growing well. It's certainly 549 00:30:18,240 --> 00:30:23,160 Speaker 1: going to be an assignment to UH what I think 550 00:30:23,360 --> 00:30:28,200 Speaker 1: is actually an economy with a lot of demand. We're 551 00:30:28,200 --> 00:30:34,280 Speaker 1: seeing productivity challenges on the material and human human capital side. 552 00:30:34,400 --> 00:30:38,800 Speaker 1: I am very enthusiastic about the full funding for the 553 00:30:38,880 --> 00:30:44,200 Speaker 1: Chips Act, in part because Chips Act legislation will provide certainty. 554 00:30:44,480 --> 00:30:49,640 Speaker 1: It provides permission two companies like Intel who want to 555 00:30:49,680 --> 00:30:54,440 Speaker 1: build these facilities during the United States want to also 556 00:30:54,520 --> 00:30:58,120 Speaker 1: have a competitive framework to be able to do so. 557 00:30:58,600 --> 00:31:03,040 Speaker 1: UH decide of these chips very small, but the weight 558 00:31:03,280 --> 00:31:07,959 Speaker 1: right now is quite significant in terms of what's taking place. 559 00:31:08,120 --> 00:31:11,400 Speaker 1: And by the way, folks have to predict and will 560 00:31:11,440 --> 00:31:14,000 Speaker 1: not predict that they have to make projections in terms 561 00:31:14,000 --> 00:31:17,480 Speaker 1: of the production you know, quarters out and the quarters out, 562 00:31:17,640 --> 00:31:21,640 Speaker 1: and so you just wonder, well, so people are going 563 00:31:21,680 --> 00:31:25,120 Speaker 1: to be not going as big as they would because 564 00:31:25,200 --> 00:31:29,160 Speaker 1: of this shortage? What does that mean for you know, 565 00:31:29,320 --> 00:31:33,120 Speaker 1: the quarters that will ensue once we get this legislation 566 00:31:33,200 --> 00:31:36,120 Speaker 1: done and and we think, well, we've got some certainty. 567 00:31:36,160 --> 00:31:40,920 Speaker 1: I mean, you say, well, you start to if you 568 00:31:40,960 --> 00:31:42,840 Speaker 1: can say, oh, the auto rescue was ten years ago, 569 00:31:43,400 --> 00:31:45,320 Speaker 1: what does the next ten years look like from today? 570 00:31:45,360 --> 00:31:48,240 Speaker 1: I mean, time burns here, right, And that's a concern. 571 00:31:48,320 --> 00:31:52,200 Speaker 1: We spoke earlier this hour with someone from the National 572 00:31:52,240 --> 00:31:56,200 Speaker 1: Retail Federation and this this all connects here. They're very 573 00:31:56,200 --> 00:31:58,320 Speaker 1: concerned about the supply chain and that's got a lot 574 00:31:58,360 --> 00:32:01,640 Speaker 1: to do with the semiconduct or shortage as well. And 575 00:32:01,640 --> 00:32:04,640 Speaker 1: they're urging the House to pass the Infrastructure Bill, the 576 00:32:04,680 --> 00:32:07,720 Speaker 1: Biff that already passed the Senate, to try to unlock 577 00:32:07,800 --> 00:32:10,160 Speaker 1: money to upgrade our ports and roads and also to 578 00:32:10,240 --> 00:32:14,520 Speaker 1: update shipping and trucking laws to ease this supply chain crunch. 579 00:32:15,120 --> 00:32:17,720 Speaker 1: Do you agree with the National Retail Federation that that 580 00:32:17,800 --> 00:32:21,440 Speaker 1: infrastructure bill would make a difference there. I think it 581 00:32:21,640 --> 00:32:25,400 Speaker 1: absolutely would. And I really want to give the stakeholders 582 00:32:25,480 --> 00:32:30,080 Speaker 1: credit for recognizing something that's hanging before us, which is 583 00:32:30,120 --> 00:32:33,440 Speaker 1: that this COVID nineteen pandemic. As much as we wanted 584 00:32:33,480 --> 00:32:36,720 Speaker 1: to be over as not over, the ramifications in our 585 00:32:36,760 --> 00:32:40,880 Speaker 1: economy are still hitting us. Uh. You know, I I 586 00:32:41,040 --> 00:32:44,360 Speaker 1: look at the small business provisions and in the small 587 00:32:44,400 --> 00:32:49,040 Speaker 1: businesses of America, and I just wonder who's making money 588 00:32:49,160 --> 00:32:53,400 Speaker 1: right now because I've got fitness centers in Michigan closing. 589 00:32:53,520 --> 00:32:57,680 Speaker 1: I've got restaurant owners who are still very frustrated. I've 590 00:32:57,720 --> 00:33:01,959 Speaker 1: got hair salons who aren't breaking event. And then obviously 591 00:33:02,080 --> 00:33:06,000 Speaker 1: this whole scourge with the chips crisis and by the way, 592 00:33:06,040 --> 00:33:08,840 Speaker 1: other material costs. I mean, some are not getting relief 593 00:33:09,240 --> 00:33:12,800 Speaker 1: on steel and aluminum in the way that they should. 594 00:33:13,240 --> 00:33:16,280 Speaker 1: It's a huge problem. So in some ways, if we 595 00:33:16,360 --> 00:33:20,440 Speaker 1: can provide certainly and stability right now, I believe that's 596 00:33:20,440 --> 00:33:24,520 Speaker 1: getting this uh, this first infrastructure built done. I'd love 597 00:33:24,560 --> 00:33:28,160 Speaker 1: to vote on that, you know, you know, tomorrow today, 598 00:33:28,240 --> 00:33:30,800 Speaker 1: whenever we can vote on it. We're ready to do 599 00:33:30,840 --> 00:33:32,600 Speaker 1: it so well as a member of the House, and 600 00:33:32,640 --> 00:33:36,720 Speaker 1: you mentioned briefly working directly with the Senate, this kind 601 00:33:36,720 --> 00:33:39,360 Speaker 1: of back and forth that we're seeing, and largely it 602 00:33:39,400 --> 00:33:41,600 Speaker 1: comes down to two people, like President Biden said, and 603 00:33:41,680 --> 00:33:44,080 Speaker 1: when you're fifty fifty in the Senate, everybody's the President. 604 00:33:44,120 --> 00:33:47,520 Speaker 1: I just wonder if if you're feeling frustration here as 605 00:33:47,640 --> 00:33:50,160 Speaker 1: as a member of the People's House, unable to act 606 00:33:50,200 --> 00:33:52,280 Speaker 1: on this bill because of a couple of characters next 607 00:33:52,320 --> 00:33:56,920 Speaker 1: door in the United States Senate. Well, look, you know, 608 00:33:57,400 --> 00:34:00,960 Speaker 1: the election is a year away, so you can put 609 00:34:01,000 --> 00:34:03,880 Speaker 1: on your campaign hat though early and and here's what 610 00:34:03,920 --> 00:34:07,480 Speaker 1: I'd say is, let's do and deliver. We know in 611 00:34:07,600 --> 00:34:11,480 Speaker 1: one legislative term, when the hundred and seventeenth Congress, it's 612 00:34:11,480 --> 00:34:14,520 Speaker 1: going to be the hundred and eighteenth Congress before we 613 00:34:14,719 --> 00:34:17,719 Speaker 1: know it. We're we're always inching towards something, but we're 614 00:34:17,719 --> 00:34:21,680 Speaker 1: always asking, you know, for for for uh, you know, 615 00:34:21,760 --> 00:34:25,400 Speaker 1: the big thinking and and certainly also the reality of 616 00:34:25,440 --> 00:34:28,080 Speaker 1: what we can actually get done. So what my thought 617 00:34:28,239 --> 00:34:32,000 Speaker 1: is is, you know, let's let's I've got some brilliant 618 00:34:32,040 --> 00:34:35,320 Speaker 1: bills right now, you know, doubling up the US scientific 619 00:34:35,360 --> 00:34:39,080 Speaker 1: research funding. That's past the House, comparable as past the Senate. 620 00:34:39,160 --> 00:34:41,880 Speaker 1: We could work out some of the technical differences and 621 00:34:41,960 --> 00:34:46,000 Speaker 1: get that to President Biden to sign again in short order, 622 00:34:46,080 --> 00:34:48,680 Speaker 1: and that'd be a huge win for this country. And 623 00:34:49,120 --> 00:34:52,200 Speaker 1: we can still keep asking for more. I mean, look, 624 00:34:52,320 --> 00:34:56,040 Speaker 1: I have been on paid family lead for a long time. 625 00:34:56,200 --> 00:35:00,600 Speaker 1: I think it's a real unfortunate circum stands than in 626 00:35:00,640 --> 00:35:03,360 Speaker 1: the United States of America, we don't have this provision. 627 00:35:03,800 --> 00:35:07,360 Speaker 1: You get four weeks. Yeah, well, I don't think we 628 00:35:07,400 --> 00:35:11,160 Speaker 1: should do four weeks, you know. Yeah, we gotta we 629 00:35:11,200 --> 00:35:13,920 Speaker 1: gotta do paid for family leaves, and that's twelve weeks. 630 00:35:13,960 --> 00:35:18,520 Speaker 1: I mean, when I was working in the Commerce Department, 631 00:35:18,600 --> 00:35:22,319 Speaker 1: you know, there was someone whose career civil servant, and 632 00:35:22,440 --> 00:35:25,480 Speaker 1: she got no time off after their kid. She didn't 633 00:35:25,520 --> 00:35:28,239 Speaker 1: have it. She didn't have it. You know, how is 634 00:35:28,280 --> 00:35:31,880 Speaker 1: that possible? Now we've we've implemented this in the federal 635 00:35:31,920 --> 00:35:36,680 Speaker 1: government thankfully, and actually the former administration started this and 636 00:35:37,480 --> 00:35:40,080 Speaker 1: it's been carried forward. But we need to give people 637 00:35:40,120 --> 00:35:43,360 Speaker 1: some certainty. They're being squeezed. That's why they were exhausted. 638 00:35:43,520 --> 00:35:45,719 Speaker 1: I mean, I asked the Chamber a year ago, I 639 00:35:45,760 --> 00:35:48,520 Speaker 1: sent my local chamber into try. I said, study what's 640 00:35:48,560 --> 00:35:51,920 Speaker 1: going on with the workforce, the pandemic. Everyone's in the 641 00:35:51,960 --> 00:35:55,000 Speaker 1: plight for data right now. Well roh and behold. Their 642 00:35:55,120 --> 00:35:58,600 Speaker 1: study comes out and the number during one reason people 643 00:35:58,600 --> 00:36:01,080 Speaker 1: aren't getting back to work, it's because you do care. 644 00:36:01,440 --> 00:36:04,480 Speaker 1: I can hear the frustration in your voice. Congressman Haley Stephens, 645 00:36:04,560 --> 00:36:07,080 Speaker 1: Democrat from Michigan. I appreciate your straight talk whenever you 646 00:36:07,160 --> 00:36:10,799 Speaker 1: come on. Thanks for being as we recalled. Never mind 647 00:36:11,080 --> 00:36:14,600 Speaker 1: voting on a bill before you read it. Where's John 648 00:36:14,640 --> 00:36:16,279 Speaker 1: Bayner when you need him? Look at how this bill 649 00:36:16,400 --> 00:36:21,319 Speaker 1: was written. Can you say it was done openly, with 650 00:36:21,520 --> 00:36:27,240 Speaker 1: transparency and accountability, without back room deals and struck behind 651 00:36:27,320 --> 00:36:31,560 Speaker 1: closed doors hidden from the people. Hello, you can't. This 652 00:36:31,840 --> 00:36:32,560 Speaker 1: is Bloomberg.