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Speaker 1: Now from our nation's capital. This is Bloomberg Sound On.

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Speaker 1: If people think the country's on the wrong track and

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Speaker 1: are upset, it's usually really bad news to the party.

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Speaker 1: In college. The Democrats had a very difficult challenge on

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Speaker 1: their hands when it comes to the mid term Bloomberg

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Speaker 1: Sound On, Politics, Policy and Perspective from DC's top names.

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Speaker 1: I think there's a lot of peck up demand for

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Speaker 1: electing a woman hand. I think two could be the

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Speaker 1: year of the world, and I see this demand that

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Speaker 1: he have today as the baseline for the future. It

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Speaker 1: could mean to our economy as a roaring back Bloomberg

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Speaker 1: Sound On with Joe Matthew on Bloomberg Radio. Well West

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Speaker 1: Virginia Senator Joe Manchin shocked his Democratic colleagues Sunday by

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Speaker 1: saying he is a no on their roughly two trillion

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Speaker 1: dollar tax and spending bill. We're gonna talk shortly with

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Speaker 1: Congressman John Yarmouth, who is the House Budget Chairman and

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Speaker 1: the primary sponsor of that Build Back Better bill. I'm

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Speaker 1: Jack Fitzpatrick co hosting today with my Bloomberg Government colleague

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Speaker 1: Emily Wilkins. While Joe is out, we'll give you the

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Speaker 1: latest in Washington News, and we'll fill Joe in on

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Speaker 1: all the Washington drama when he comes back in a

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Speaker 1: few days. Very excited to talk shortly with Congressman Yarmouth.

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Speaker 1: We are going to speak shortly with again, as I said,

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Speaker 1: House Budget Chairman and primary UH sponsor of the Buildback

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Speaker 1: Better Act, John Yarmouth shortly. In the meantime, we've got

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Speaker 1: Bloomberg Politics contributors Genie she and Zano and Rick Davis

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Speaker 1: joining us for their their usual insights as we always get,

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Speaker 1: and later in the show we will speak with Laura Davison,

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Speaker 1: who covers tax issues and Congress for Bloomberg News, who

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Speaker 1: can walk us through what Democrats options really are if

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Speaker 1: in fact, Senator Mansion is a no. So, guys, the

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Speaker 1: basic issue here, one of the issues, aside from maybe

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Speaker 1: some political drama, is that Senator Mansion does not want

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Speaker 1: to rely on gimmicks. He does not want, for example,

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Speaker 1: the child tax credit in this major bill to only

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Speaker 1: go for one year so that it appears to be

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Speaker 1: less expensive than the ten years score that provision, though

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Speaker 1: over ten years costs about one and a half trillion dollars.

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Speaker 1: If they do it for a whole decade, and Senator

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Speaker 1: Mansion has said he doesn't really want to go over

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Speaker 1: a maximum of one point seven five trillion dollars. That

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Speaker 1: makes it hard to do anything else besides the child

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Speaker 1: tax credit. I want to hear what you guys think, Genie,

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Speaker 1: Jennie sheen Zano. I'm always interested in whether you are

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Speaker 1: optimistic or feeling a little more pessimistic on Democrats. Chances

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Speaker 1: do you think that by the end of two we

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Speaker 1: are going to see a bill with some of these

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Speaker 1: key democratic priorities into law. We may I mean we

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Speaker 1: hear Joe Mansion today saying, you know, you revitalize this thing,

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Speaker 1: you do it the way I want essentially, and I

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Speaker 1: will consider voting for it. You know, the problem is

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Speaker 1: now after what happened on Sunday, which, by the way,

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Speaker 1: I You're so right, people seem so shocked, and yet

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Speaker 1: I'm not sure how they could have been. But after that,

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Speaker 1: the trust seems to have been lost in the relationship,

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Speaker 1: and that I think is a big problem, particularly after

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Speaker 1: the White House put out that really extraordinary statement, very

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Speaker 1: very personal in terms of in terms of Mansion. So,

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Speaker 1: you know, I do think it's possible we see something standalone,

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Speaker 1: but he had problems with this from the beginning. The size,

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Speaker 1: the scope, and the number of issues that he had

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Speaker 1: with it. It's going to be hard pressed in an

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Speaker 1: election year. Well, we are now joined by Congressman John Yarmouth,

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Speaker 1: who has had a hand in working out the details

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Speaker 1: of this bill before it passed the House and went

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Speaker 1: to the Senate. Congressman, thank you so much for joining

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Speaker 1: us today. First things first, I want to get into

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Speaker 1: the numbers, but really I just want to get your

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Speaker 1: initial reaction and can you tell us what what is

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Speaker 1: the mood for Democrats like yourself who are invested in

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Speaker 1: this bill? Um, I would say it's it's primarily frustration, Jack,

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Speaker 1: And because for four or five months now at least,

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Speaker 1: we've all been dancing to Um Joe Mansion's music, and

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Speaker 1: we all have for this entire period of all realized

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Speaker 1: that any one of us could be Joe Mansion if

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Speaker 1: we wanted to be difficult, if we wanted to be

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Speaker 1: Um Um show stopper, we could all do that because

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Speaker 1: we we had a three vote margin in the House,

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Speaker 1: obviously no marchin in the Senate, and everybody could tried

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Speaker 1: to to negotiate in good faith, and we all you know,

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Speaker 1: a lot of members mustard and they said, here's you know,

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Speaker 1: I won't go forward without this, But they always knew

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Speaker 1: they were going to, And so I think it's it's

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Speaker 1: terribly frustrating, and for me personally, it's terribly frustrating because

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Speaker 1: Joe manin Um, the reasons that he's using are demonstrably false,

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Speaker 1: and they're also Republican talking points. So you know, anyway,

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Speaker 1: if he wants to, you know, obviously he can tank

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Speaker 1: the whole whole project if he wants to do that.

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Speaker 1: But if he's gone to do that, he ought to

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Speaker 1: be honest about where he is. But to talk about

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Speaker 1: things like the supply chain, which I have no idea

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Speaker 1: what he's talking about, or that the bill's inflation area,

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Speaker 1: or he's worried about the inflation when virtually every economist

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Speaker 1: says that there's no way it's inflation area, it's just

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Speaker 1: and and using the bogus CBO score of a bill

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Speaker 1: that doesn't exist. Those are things that you have to

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Speaker 1: question his sincerity in this. Well, so I'm curious what

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Speaker 1: you think comes next. In particular, he has talked about

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Speaker 1: not wanting any gimmicks in terms of short extensions. He

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Speaker 1: wants things to be paid for for ten years. I

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Speaker 1: think the issue seems to be the child tax credit,

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Speaker 1: as I mentioned earlier in the show, would be one

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Speaker 1: and a half trillion or so over ten years. Um,

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Speaker 1: that's almost the top line that he is comfortable with.

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Speaker 1: So if if that is the issue, and things need

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Speaker 1: to be paid for for ten years, do you think

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Speaker 1: what kind of priorities can you fit into a bill? Well?

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Speaker 1: I don't. There there are very few that you could

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Speaker 1: do without at that top line number without sunsetting them

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Speaker 1: or or shortening the duration at some point, particularly if

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Speaker 1: you're not going to allow any more revenue raising in

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Speaker 1: the bill. So again, this is one of those things

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Speaker 1: that I don't I don't recall him ever saying anything

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Speaker 1: about this that he was concerned about this until recently. Um,

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Speaker 1: the House bill has been around for a while now.

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Speaker 1: And uh, we obviously made those decisions on shortening the

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Speaker 1: duration of some of the funding levels because he required

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Speaker 1: a top line number that was half of what we

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Speaker 1: were trying to accomplish. So on the one end, he said,

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Speaker 1: well you can, we can always spend this much. So

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Speaker 1: we said, okay, well we'll cut back on some of

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Speaker 1: the funding levels. And now he's complaining about that, So

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Speaker 1: I don't know where it leads us. Clearly, you're right,

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Speaker 1: we cannot do the the the child tax credit for

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Speaker 1: ten years and then do anything else if he is

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Speaker 1: holding fast to the basically the one point seven trillion number. So, Chairman,

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Speaker 1: at this point, I mean, we've been talking about this

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Speaker 1: bill now for months, um, just the various aspects of it,

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Speaker 1: the child tax credit, the healthcare component, the tax component,

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Speaker 1: the climate component. Even if something slimmed down passes, it

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Speaker 1: sounds like the whole thing is not going to go through.

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Speaker 1: How is that going to impact Democrats as they run

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Speaker 1: for the mid terms. I know you yourself are not running,

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Speaker 1: but I know you've run in many races and I'm

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Speaker 1: sure you have a clear idea of how this is

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Speaker 1: going to impact your colleagues. Yeah, to be honest, family,

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Speaker 1: I thought a few months ago, when we had to

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Speaker 1: make this critical decision about whether we should try to

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Speaker 1: keep every element in the bill or or condense it,

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Speaker 1: I was actually on the side that said, let's do

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Speaker 1: three or four things really well, and then we'll we'll

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Speaker 1: try again next year with another reconciliation measure and see

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Speaker 1: what we can accomplish on the things that get that

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Speaker 1: get edited out. So I think if you were to

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Speaker 1: do something with a robust child tax credit pre K

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Speaker 1: and possibly some of the environmental stuff, that would actually

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Speaker 1: make it easier to explain, easier to for uh citizens

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Speaker 1: to digest, and could ultimately could ultimately be better politically.

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Speaker 1: But um, you know that would require a lot of

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Speaker 1: people swallowing hard and giving up on some incredibly hard

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Speaker 1: work that they've done. For instance, Maxine Waters and the

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Speaker 1: housing opponent that would be that's always mentioned as one

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Speaker 1: of the ones that would probably be cast aside first

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Speaker 1: and uh so, Congressman, then what would those be? The

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Speaker 1: three the three that you just mentioned you mentioned pre K,

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Speaker 1: what would those sort of be If you had to

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Speaker 1: choose which three would make it across the finish line?

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Speaker 1: Which three do you think Democrats need to focus on

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Speaker 1: at this point? If three, well, child tax credit is

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Speaker 1: number one, there's no question about that. Personally, I think

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Speaker 1: pre K is something that you know, it gets at

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Speaker 1: the childcare problem for to a certain extent because it's

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Speaker 1: three and four year old, so you get two years

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Speaker 1: of childcare if they're going to school. And I don't

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Speaker 1: think that we would get any votes and among progressives

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Speaker 1: in the House if we didn't have a robust UH

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Speaker 1: climate change UM provision in the bill. So yeah, if

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Speaker 1: I had to choose, those would be the three I

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Speaker 1: would focus on. UM. So, Congressman, should we expect you

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Speaker 1: Democrats to follow up with another reconciliation package? If you're

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Speaker 1: getting squeezed in this fiscal reconciliation process? Are you going

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Speaker 1: to use to get another shot at any extras that

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Speaker 1: aren't in those maybe three priorities. I certainly think that

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Speaker 1: if we have to narrow the focus of this reconciliation

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Speaker 1: bill that we would. I don't think there'd be any

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Speaker 1: question that we would come back with another one. One

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Speaker 1: of the problems we faced though, is if we're you know,

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Speaker 1: if we if we go too far into to pass this,

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Speaker 1: then we have to start the process immediately, and I'm

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Speaker 1: not sure how easy that will be. Well, it's not

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Speaker 1: going to be easy anyway, but uh, I personally have

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Speaker 1: talked to the Speaker about I think the advisability of

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Speaker 1: doing a reconciliation bill next year that's focused on the

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Speaker 1: Medicare expansion and and senior care, because I think I

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Speaker 1: would be really effective an effective political message in the

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Speaker 1: middle of the mid terms to uh have something that's

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Speaker 1: focused on seniors and and then let the Republicans oppose that,

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Speaker 1: and a Congressman in twenty seconds, can you fit any

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Speaker 1: of these priorities into a bipartisan measure like the appropriations package.

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Speaker 1: I don't see how any of these things surviving by

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Speaker 1: bipartisan bill. I just don't have, not, not not heard

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Speaker 1: any indication from any Republican that they're receptive to any

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Speaker 1: of that. Thank you so much, Congressman John Yarmouth with

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Speaker 1: the Democratic reaction to all the news surrounding Senator mansions

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Speaker 1: opposition to their tax and spending bill. Coming up, we're

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Speaker 1: gonna talk to our panel Jennie she and Zano and

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Speaker 1: Rick Davis, Bloomberg Politics contributors, as well as Laura Davison,

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Speaker 1: who covers tax tax issues in Congress for Bloomberg News.

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Speaker 1: I'm Jack Fitzpatrick with Emily Wilkins. This is Bloomberg. You're

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Speaker 1: listening to Bloomberg who sound on with Joe Matthew on

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Speaker 1: Bloombird Radio. Democrats are into array after Senator Joe Manchin

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Speaker 1: torpedoed Biden's signature social policy and tax Bill. We're going

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Speaker 1: to dive into it a little bit later. I'm Emily

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Speaker 1: Wilkins here with Jack Fitzpatrick. We are filling in today

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Speaker 1: for Joe Matthew Well. Democrats might be the ones who

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Speaker 1: are scrambling to pick up the pieces, but earlier today

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Speaker 1: it was Senator Joe Manchin himself who sounded like a

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Speaker 1: man who'd hit his breaking point. He was speaking earlier

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Speaker 1: today with talk Line Radio in West Virginia. I'm not

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Speaker 1: blaming anybody. I knew where they were, and I knew

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Speaker 1: what they could and could not do. They just never

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Speaker 1: realized that because they figured, surely, to God, we can

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Speaker 1: move one person, Surely we can badger and beat one

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Speaker 1: person up. Surely we can get enough protesters to make

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Speaker 1: that person uncomfortable enough they'll just say, okay, I'll about

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Speaker 1: for anything, just quick. Well us what I'm from West Virginia.

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Speaker 1: I'm not from where they're from. And they just beat

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Speaker 1: the living crap out of people and think they'll be submissive, period.

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Speaker 1: You know, Jack, It's funny. Senator Joe Mansion's boat in

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Speaker 1: d C, where he's been visited multiple times by protesters,

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Speaker 1: is called the Almost Heaven. But in this clip he's

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Speaker 1: making it sound like it's more like almost hell. He

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Speaker 1: does seem frustrated with the protesters the public aspect of this,

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Speaker 1: and it raises the question how much of this is

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Speaker 1: purely on the substance of the bill and how much

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Speaker 1: is just the spotlight that has been pushed on him

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Speaker 1: and the negativity I think, and we did get a

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Speaker 1: couple of answers from that today, But to bring in

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Speaker 1: this to discuss it further, We're going to bring in

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Speaker 1: our panel Bloomberg Politics contributories, Gene chien Zano and Rick Davis.

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Speaker 1: I mean, Rick, I'll just go to you on this.

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Speaker 1: I mean, we heard a lot from Mansion today, a

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Speaker 1: little bit about reducing the size of some things like

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Speaker 1: the child tax credit. He wanted the focus again to

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Speaker 1: be on making sure everyone quote unquote paid their fair

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Speaker 1: share in terms of taxes. I mean, what what is

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Speaker 1: going to be needed to satisfy Joe Mansion. Can Joe

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Speaker 1: Man should be satisfied? Well, I think Democrats made a

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Speaker 1: fundamental error, and I think, uh, Congressman Yarmouth kind of

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Speaker 1: pointed it out when they went from three and a

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Speaker 1: half trillion to one point seven or one point or

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Speaker 1: two point oh. Uh, they made a decision to keep

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Speaker 1: everything right. They weren'ting to actually make any cuts, and

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Speaker 1: they would just fiddle with how many years these items

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Speaker 1: would be funded. And instead of funding everything for ten years,

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Speaker 1: you know, they cut everything back to the point where

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Speaker 1: the child tax credit was only going to get one

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Speaker 1: year and funding out of a one point seven five

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Speaker 1: trillion uh. And and that fundamentally changed the whole discussion.

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Speaker 1: But not for uh Senator Mansion, who had questioned a

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Speaker 1: lot of these programs to begin with. Uh. Even John

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Speaker 1: Yarmouth said, look, if we just did child tax credit,

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Speaker 1: pre K and environment, uh, we could probably fit it

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Speaker 1: into the Mansion requirement and get something done. And but

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Speaker 1: he lost that fight. And so this is interesting that

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Speaker 1: now the Democrats have to rethink their strategy. Yeah, I'm

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Speaker 1: actually wondering, Genie. I thought that was a really interesting

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Speaker 1: part of the interview with Congressman Yarmouth. I mean, Genie,

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Speaker 1: for could Democrats pass a bill that only had the

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Speaker 1: child tax credit, pre K and environment or are you

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Speaker 1: going to see some pushback from progressives to see a

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Speaker 1: bill that is that far slimmed down. You're gonna see

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Speaker 1: some pushback that leaves off so many things, including parental

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Speaker 1: leave housing. Let's not forget about Sault if you're talking

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Speaker 1: about the moderates moving away from the progressive So, you know,

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Speaker 1: I do agree that that was what Mansion wanted, and

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Speaker 1: I think it made sense from the beginning, but I

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Speaker 1: agree with Rick that they missed the boat on that.

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Speaker 1: And you know, to your point on frustration, we heard

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Speaker 1: in your really good interview with arm At the frustration

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Speaker 1: from the Democrats. Mansion's frustration today. But Mansion was frustrated

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Speaker 1: last week when Joe Biden came out on Thursday and

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Speaker 1: said they were pretty much good to go, things were

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Speaker 1: moving forward, and of course that wasn't the case. That's

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Speaker 1: why he went on Fox on Sunday and that then

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Speaker 1: you really frustrated the Democrats as well, a lot of

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Speaker 1: drama with the schedule and some of the artificial deadlines. Rick,

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Speaker 1: I really am curious, because you worked so long for

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Speaker 1: John McCain. Do you see Joe Mansion as the kind

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Speaker 1: of guy who would be as comfortable giving the thumbs

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Speaker 1: down vote and killing this bill as McCain evidently was

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Speaker 1: with the Republican Healthcare Bill. Is that the position Mansion

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Speaker 1: finds himself in where he'd be fine being the pivotal

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Speaker 1: no vote. Yeah, well he is right, I mean, and

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Speaker 1: he's shown that he's a little frustrated around it. But

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Speaker 1: I think he is okay with being the guy that

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Speaker 1: put his thumb down when John McCain did it on this,

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Speaker 1: you know, attack on Obamacare. It wasn't because he liked Obamacare.

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Speaker 1: Uh and and it's not because Joe Mansion doesn't like

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Speaker 1: these other programs. But the the two had their reasons

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Speaker 1: to say no, and I think they were both sort

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Speaker 1: of the same kind where they said, you know what,

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Speaker 1: we're comfortable being the one guy in the Senate who's

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Speaker 1: going to stop this from happening. And at this point,

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Speaker 1: I mean, it really does seem even when you look

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Speaker 1: at what Mansion is asking for at this point, and Jack,

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Speaker 1: I know this is something I think that that you've

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Speaker 1: been looking at a little bit today. In terms of taxes,

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Speaker 1: he's saying that, you know, he wants more taxes on

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Speaker 1: the wealthy, on corporations. But that was sender Kirsten Sinema

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Speaker 1: who was the one who was against that. And so

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Speaker 1: now you're getting these inner dynamics. It's not just what

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Speaker 1: Mansion wants, you really have more more lawmakers there who

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Speaker 1: want to be appeased with what's in this minion. He

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Speaker 1: he talked about sort of focusing on key democrats democratic priorities,

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Speaker 1: including changing the tax code, but he also has mentioned

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Speaker 1: limits on how much he wants to increase the corporate

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Speaker 1: tax rate. He put out the number for example, so

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Speaker 1: he he does have them kind of between a rock

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Speaker 1: and a hard place. It's not just pushing it in

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Speaker 1: one direction. He wants some democratic prior but he also

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Speaker 1: wants it pretty significantly slimmed down. Then you also have

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Speaker 1: to think too about that we hear about Mansion. Mansion

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Speaker 1: puts himself out there, he talks about it, but he's

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Speaker 1: certainly not the only one. I think, as Yarmouth mentioned,

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Speaker 1: you know, anyone, any Democrat can almost be an obstruction

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Speaker 1: at this point. What we mentioned taxes. We're going to

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Speaker 1: get into that a little bit more in just a

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Speaker 1: minute with Bloomberg's Laura Davidson joining us to break it

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Speaker 1: all down and talking a little bit more about Salk.

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Speaker 1: We know that's what everyone's interested in. I'm Emily Wilkins

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Speaker 1: with Jack Fitzpatrick. This is Bloomberg broadcasting live from our

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Speaker 1: nation's Capital, Bloomberg to New York, Bloomberg eleven, Frio to Boston,

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Speaker 1: Bloomberg one, O six one to San Francisco, Bloomberg nine

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Speaker 1: sixty to the country, Sirius XM General one and around

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Speaker 1: the globe, the Bloomberg Business app and Bloomberg Radio dot Com.

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Speaker 1: This is Bloomberg Sound On with Joe of you. We're

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Speaker 1: digging in today on Democrats options for their major social

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Speaker 1: tax and spending bill after Senator Joe Manchin through a

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Speaker 1: wrench into their roughly two trillion dollar plans. Coming up,

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Speaker 1: we're gonna talk to Laura Davison, Bloomberg's tax and Congress reporter.

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Speaker 1: I'm Jack Fitzpatrick, co hosting today with my Bloomberg Government

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Speaker 1: colleague Emily Wilkins, and of course we have Bloomberg Politics

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Speaker 1: contributors Jeanie she and Zano and Rick Davis joining us

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Speaker 1: for their insights. I'm Jack Fitzpatrick here with Emily Wilkins,

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Speaker 1: and we are joined now by Laura Davison, who covers

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Speaker 1: tax issues and Congress for Bloomberg News. I want to

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Speaker 1: follow up with you, Laura on our congress our interview

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Speaker 1: with Congressman John Yarmouth earlier we're trying to figure out,

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Speaker 1: of course, what the next steps would be for Democrats

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Speaker 1: if they need to fit all of this into about

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Speaker 1: one in three quarters trillion dollars with no gimmicks, no

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Speaker 1: shortened timelines, everything's got to run throughout the decade. Congressman

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Speaker 1: Yarmouth said he'd like to see something focused on the

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Speaker 1: child tax Credit, pre K and the environmental measures. Uh

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Speaker 1: does that add up? Do do the numbers add up there?

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Speaker 1: Or what do you see as the most legitimate looking

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Speaker 1: options within that one point seven five trillion dollar box

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Speaker 1: that Senator Mansion has created. They could do something with

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Speaker 1: those three different elements, but they have to scale back

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Speaker 1: basically each piece of that puzzle to get it to

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Speaker 1: fit under one point seven five trillion. Really, the child

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Speaker 1: tax Credit as it's currently envisioned, you know, is somewhere

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Speaker 1: around one point four one point six trillion, So that

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Speaker 1: basically gobbled up, you know, nearly all of that one

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Speaker 1: point seven five trillion cap that man she's talking about.

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Speaker 1: So they're gonna have to look at scaling back that payment,

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Speaker 1: whether it's there ReLU reducing the amount of the credit

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Speaker 1: or reducing the number of people that the credit goes

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Speaker 1: to and this is going to be a problem potentially

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Speaker 1: for Biden. He has pledged if he will not raise

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Speaker 1: taxes on anyone earning less than four hundred thousand dollars

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Speaker 1: and the people that get the trild tax credit or

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Speaker 1: people earning less than four hundred thousand dollars, So he

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Speaker 1: will basically, uh, you know, if they want to kind

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Speaker 1: of work some deal, there will probably need to be

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Speaker 1: some tweaking there, um and probably some considerable tweaking to

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Speaker 1: get you know, some of these other things in the

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Speaker 1: pactage they want. Um there's about three billion dollars worth

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Speaker 1: of renewable energy stuff in there. That's a priority for

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Speaker 1: a lot of Democrats, something you can see a push there.

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Speaker 1: But some of these specific provisions, things like electric vehicles

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Speaker 1: where Mansion has has some problems. He doesn't like that

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Speaker 1: there's a special benefit for union made vehicles there. Uh.

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Speaker 1: So you're really going to see a lot of negotiating

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Speaker 1: and really a lot of appeasing um as they kind

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Speaker 1: of you know, pick and choose what can what can

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Speaker 1: live and what can die well. Senator Mansion has talked

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Speaker 1: about work requirements for the child tax credit. Do we

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Speaker 1: know at this point would that make much of a

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Speaker 1: difference in terms of the CBO score. What about that

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Speaker 1: It really depends on kind of how much of a

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Speaker 1: work requirement UM. But basically Democrats earlier this year essentially

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Speaker 1: got rid of any sort of quote work requirement that

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Speaker 1: was attached to the child tax credit. They said, look,

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Speaker 1: if even if you earn zero dollars, you can't get

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Speaker 1: this all back, you know, as as a refundable, basically

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Speaker 1: as an advanced tax refund, Mansion wants to do away

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Speaker 1: with that. So you're going to see a lot um

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Speaker 1: a pushback from other Democrats to say, look, you know,

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Speaker 1: by doing that, you're basically denying, um, the poorest children

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Speaker 1: this tax credit. Um. It will save some, but it's

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Speaker 1: not going to save you know, a trillion dollars or something.

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Speaker 1: I'm off the total cost of that, Laura, I know

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Speaker 1: that something very big, obviously if you're in New York

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Speaker 1: or New Jersey is what is going to happen with

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Speaker 1: the state and local tax um. What's going to happen

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Speaker 1: with that cap? Are they actually going to be able

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Speaker 1: to do something? I mean, this is a particular provision

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Speaker 1: where there's just been a lot of movement around what

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Speaker 1: can we expect with that going forward. Is that definitely

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Speaker 1: going to be a part of any slim down package?

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Speaker 1: And if not, is there any way that lawmakers are

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Speaker 1: going to be able to pass it? This is really, um,

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Speaker 1: you know, kind of one of the most important questions

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Speaker 1: for at least my readers of what they're what they're

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Speaker 1: you know, interested in. UM. The thing with salt that's

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Speaker 1: kind of interesting is that it's for budgeting purposes, actually

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Speaker 1: cost about zero dollars. The plans that they're talking about

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Speaker 1: either in the House where they've raised that ten dollars

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Speaker 1: have up to eighty thousand dollars, or the Senate where

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Speaker 1: they're looking at um just making it available for people

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Speaker 1: under a certain income level. UM. Both of those for

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Speaker 1: CBO scoring purposes. UM can basically net out to zero

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Speaker 1: dollars over a decade. That has to deal with because

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Speaker 1: that the tap that's in place technically spires, so they

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Speaker 1: can kind of play some budgeting games and get it

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Speaker 1: to net out to zero UM, so they can probably

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Speaker 1: get it in a bill. UM. The optics of this

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Speaker 1: look less good once you have you know, fewer priorities

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Speaker 1: in this legislation of saying, you know, you maybe have

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Speaker 1: you know, just some energy stuff, some pre case stuff,

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Speaker 1: so a little bit of child tax credit and a

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Speaker 1: tax cut that largely goes to to wealthier um and

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Speaker 1: higher earning homeowners in you know, kind of the coastal

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Speaker 1: areas of the country. That's you know, more of a

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Speaker 1: political problem than a budgeting problem. But you know, for

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Speaker 1: this bill the past the House, you've got you know,

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Speaker 1: six or seven House Democrats who are pretty ardent um

430
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Speaker 1: on the House side saying they won't vote for any

431
00:23:52,760 --> 00:23:55,320
Speaker 1: bill that does tax changes without salt. Uh So, salt

432
00:23:55,440 --> 00:23:57,800
Speaker 1: is probably um in some form of reality. It this

433
00:23:57,880 --> 00:24:00,400
Speaker 1: bill is going to pass, you know, Laura, I feel

434
00:24:00,400 --> 00:24:03,040
Speaker 1: like we've talked about salt so much in the context

435
00:24:03,440 --> 00:24:07,040
Speaker 1: of this one particular bill. I am curious, since that

436
00:24:07,240 --> 00:24:11,600
Speaker 1: this cap was put in place in two seventeen, has

437
00:24:11,640 --> 00:24:14,640
Speaker 1: there been any momentum from within states like New York

438
00:24:14,720 --> 00:24:17,560
Speaker 1: or New Jersey to try and lower state taxes take

439
00:24:17,600 --> 00:24:20,959
Speaker 1: some of the pressure off of people who live there. Um,

440
00:24:20,960 --> 00:24:24,080
Speaker 1: there haven't been an effort necessarily for lower taxes. And

441
00:24:24,359 --> 00:24:26,720
Speaker 1: you see that talked about. UM, some of those areas

442
00:24:26,760 --> 00:24:29,720
Speaker 1: have actually increased taxes as as a response to higher costs.

443
00:24:29,800 --> 00:24:32,639
Speaker 1: During the pandemic. But what states have done is they

444
00:24:32,760 --> 00:24:36,400
Speaker 1: basically created some of these uh that these salt workarounds,

445
00:24:36,720 --> 00:24:39,560
Speaker 1: so they'd come up with this complicated accounting tricks that

446
00:24:39,640 --> 00:24:42,560
Speaker 1: basically allow people, um, if they you know, are vested

447
00:24:42,880 --> 00:24:44,880
Speaker 1: um in a small business or in a law firms,

448
00:24:44,920 --> 00:24:47,119
Speaker 1: some sort of passed through business, they can actually have

449
00:24:47,200 --> 00:24:49,879
Speaker 1: the salt taxes paid for by the business entity and

450
00:24:49,880 --> 00:24:52,000
Speaker 1: then they get a bigger production. UM. This is one

451
00:24:52,040 --> 00:24:53,880
Speaker 1: of the things that you know, it's kind of uh,

452
00:24:53,880 --> 00:24:56,240
Speaker 1: it's it's one of those when we look at tax equity,

453
00:24:56,240 --> 00:24:57,760
Speaker 1: and this is something that's available to sort of be

454
00:24:58,000 --> 00:25:00,359
Speaker 1: the wealthiest and the most sophisticated taxpayers, but sort of

455
00:25:00,400 --> 00:25:03,240
Speaker 1: your more middle income taxpayers of people earning a couple

456
00:25:03,320 --> 00:25:05,760
Speaker 1: hundred thousand dollars in those areas may not have access

457
00:25:05,800 --> 00:25:07,919
Speaker 1: to that. And they say death and taxes are the

458
00:25:07,960 --> 00:25:10,240
Speaker 1: two things that are truly permanent. I feel like very

459
00:25:10,280 --> 00:25:13,520
Speaker 1: sophisticated means of getting out of taxes is also something

460
00:25:13,560 --> 00:25:17,000
Speaker 1: you can count on real quick. Laura, I'm curious about

461
00:25:17,040 --> 00:25:19,600
Speaker 1: the schedule for this. The issues that Mansion has raised

462
00:25:19,600 --> 00:25:21,600
Speaker 1: seems significant enough. I'm I don't know if they can

463
00:25:21,600 --> 00:25:24,840
Speaker 1: actually finish this in January, and in particular, White House

464
00:25:24,960 --> 00:25:28,600
Speaker 1: Press Secretary Jen Psaki had mentioned last week potentially doubling

465
00:25:28,680 --> 00:25:30,960
Speaker 1: up on the February child tax credit because there probably

466
00:25:31,000 --> 00:25:33,960
Speaker 1: won't be one in January. Very briefly, what what's the

467
00:25:34,000 --> 00:25:37,840
Speaker 1: schedule for actually fixing all of these going forward? You know,

468
00:25:37,920 --> 00:25:40,800
Speaker 1: basically Democrats have to start over m January. Almost seems

469
00:25:40,840 --> 00:25:42,320
Speaker 1: like a you know, fantasy at this point. That's what

470
00:25:42,359 --> 00:25:44,399
Speaker 1: Democrats are still talking about. But you know, we're probably

471
00:25:44,400 --> 00:25:46,920
Speaker 1: looking u sometime when the weather is warmer next year,

472
00:25:46,960 --> 00:25:48,760
Speaker 1: whether that be March or or even a little bit

473
00:25:48,800 --> 00:25:51,440
Speaker 1: later into the year. Wow. Well that's not great news

474
00:25:51,480 --> 00:25:55,399
Speaker 1: for Democrats such as Congressman Yarmouth who just spoke to

475
00:25:55,480 --> 00:25:58,560
Speaker 1: us earlier. Thank you so much. Laura Davison, who covers

476
00:25:58,600 --> 00:26:04,160
Speaker 1: tax issues and Congress for Bloomberg News. Really interesting takeaways. Again,

477
00:26:04,200 --> 00:26:07,800
Speaker 1: as a reminder the priorities. Now we're hearing that Congressman

478
00:26:07,880 --> 00:26:09,879
Speaker 1: Yarmouth laid out for what they might be able to

479
00:26:09,920 --> 00:26:13,600
Speaker 1: do child tax credit, pre k and environment. I'm Jack

480
00:26:13,640 --> 00:26:17,320
Speaker 1: Fitzpatrick co hosting today with Emily Wilkins. This is Bloomberg.

481
00:26:31,000 --> 00:26:34,800
Speaker 1: You're listening to Bloomberg. You sound on with Joe Matthew

482
00:26:35,160 --> 00:26:40,000
Speaker 1: on Bloomberg Radio. Well, Joe is out, but I'm Emily

483
00:26:40,119 --> 00:26:43,080
Speaker 1: Wilkins and with Jack Fitzpatrick, we are going to be

484
00:26:43,160 --> 00:26:45,960
Speaker 1: taking you all the way up to our weekend. I

485
00:26:46,000 --> 00:26:49,840
Speaker 1: believe in Christmas, but you know, we all had expectations

486
00:26:49,880 --> 00:26:52,320
Speaker 1: wrote Christmas is gonna look like this year, but oh

487
00:26:52,320 --> 00:26:55,640
Speaker 1: Macron is now shaking those up. A new headline crossing

488
00:26:55,640 --> 00:26:58,679
Speaker 1: the terminal from the a P that A. Macron is

489
00:26:58,760 --> 00:27:02,840
Speaker 1: now the most calm man coronavirus variant in the US,

490
00:27:02,960 --> 00:27:07,280
Speaker 1: accounting for nearly three quarters of COVID nineteen cases according

491
00:27:07,640 --> 00:27:10,800
Speaker 1: to the c d C. We've been really tracking this

492
00:27:10,960 --> 00:27:13,480
Speaker 1: trying to figure out what this new variant is going

493
00:27:13,560 --> 00:27:17,440
Speaker 1: to mean. We heard from Dr Anthony Fauci on ABC's

494
00:27:17,560 --> 00:27:21,119
Speaker 1: This Week saying that an effective shutdown of the US

495
00:27:21,400 --> 00:27:25,119
Speaker 1: likely won't be necessary, but that doesn't mean that everything

496
00:27:25,200 --> 00:27:30,320
Speaker 1: is going to be just fine. He's worked with Senator

497
00:27:30,440 --> 00:27:35,080
Speaker 1: Mansion over the course of decades. They share fundamental values

498
00:27:35,160 --> 00:27:38,920
Speaker 1: their longtime friends. That has not changed, and what's most

499
00:27:38,960 --> 00:27:45,440
Speaker 1: on the President's mind is the risk of it. So

500
00:27:46,240 --> 00:27:49,280
Speaker 1: but forgive us. That was actually Jen Saki, uh, not

501
00:27:49,440 --> 00:27:56,320
Speaker 1: Anthony Fauci. He's just taken over everything. He disrupted Democrats plans,

502
00:27:56,520 --> 00:28:00,159
Speaker 1: he's stroked the radio show. Well, look, we'll just just

503
00:28:00,200 --> 00:28:02,800
Speaker 1: recap Fauci. He basically said that he doesn't foresee the

504
00:28:02,840 --> 00:28:05,719
Speaker 1: kind of lockdowns that we've seen before. Um, but he

505
00:28:05,760 --> 00:28:10,000
Speaker 1: definitely sees a potential to stress the hospital system. And

506
00:28:10,000 --> 00:28:13,120
Speaker 1: so we're gonna go ahead bring back in the all

507
00:28:13,119 --> 00:28:18,720
Speaker 1: star Bloomberg Politics contributors Jennie chion Zeno and Rick Davis. Um. Rick,

508
00:28:18,840 --> 00:28:20,880
Speaker 1: I'll just sort of start with you here. I mean,

509
00:28:20,920 --> 00:28:24,000
Speaker 1: how are you thinking about your holiday plans in light

510
00:28:24,359 --> 00:28:27,040
Speaker 1: of what we're now hearing about the A macron and

511
00:28:27,080 --> 00:28:30,359
Speaker 1: about sort of how quickly it's spreading. Yeah, it's really

512
00:28:30,359 --> 00:28:34,840
Speaker 1: phenomenal how times have changed so uh so rapidly with

513
00:28:34,920 --> 00:28:37,440
Speaker 1: the spread of the new A macron variant. Uh, we're

514
00:28:37,480 --> 00:28:41,239
Speaker 1: staying home. We typically would travel during the holidays, and

515
00:28:41,680 --> 00:28:45,320
Speaker 1: this is going to be a year much like where

516
00:28:46,040 --> 00:28:47,840
Speaker 1: we just stick close to home and close to our

517
00:28:47,880 --> 00:28:51,479
Speaker 1: family and make sure that we're all trying to do

518
00:28:51,520 --> 00:28:53,960
Speaker 1: what we can to, uh to make sure that we

519
00:28:54,000 --> 00:28:58,040
Speaker 1: don't become spreaders of a virus. And I think that, uh,

520
00:28:58,320 --> 00:29:00,400
Speaker 1: we probably maybe are a little different and a lot

521
00:29:00,440 --> 00:29:04,280
Speaker 1: of others. I hear record travel uh during the holiday season,

522
00:29:04,320 --> 00:29:05,800
Speaker 1: So there are a lot of people who haven't made

523
00:29:05,840 --> 00:29:08,560
Speaker 1: that decision and are going to go about their their

524
00:29:08,600 --> 00:29:10,840
Speaker 1: lives and and look, I mean, we we do have

525
00:29:10,920 --> 00:29:13,080
Speaker 1: some positives. I mean, some of the news coming out

526
00:29:13,080 --> 00:29:16,120
Speaker 1: of South Africa is that this variant may not be

527
00:29:16,160 --> 00:29:20,520
Speaker 1: as severe and long lasting. But nonetheless, I'm committed to

528
00:29:20,720 --> 00:29:23,400
Speaker 1: getting rid of COVID no matter what variant it happens

529
00:29:23,440 --> 00:29:25,720
Speaker 1: to be. We're also going to hear a little bit

530
00:29:25,720 --> 00:29:28,800
Speaker 1: more from President Joe Biden speaking on that tomorrow, on

531
00:29:28,880 --> 00:29:33,320
Speaker 1: the omicron variant and additional steps the White House is taking. Genie,

532
00:29:33,400 --> 00:29:36,200
Speaker 1: I feel like we've heard from President Biden so much

533
00:29:36,280 --> 00:29:40,360
Speaker 1: throughout the course of this pandemic. His message lately has

534
00:29:40,360 --> 00:29:42,840
Speaker 1: been I think what we're going to hear tomorrow is

535
00:29:42,880 --> 00:29:45,080
Speaker 1: that those who are vaccinated are fine, but those are

536
00:29:45,240 --> 00:29:49,800
Speaker 1: unvaccinated face some serious consequences. Genie, Is this message working?

537
00:29:51,240 --> 00:29:54,760
Speaker 1: It is really a very frustrating time for the American public.

538
00:29:54,800 --> 00:29:56,800
Speaker 1: We look at the polls and you know, we are

539
00:29:56,840 --> 00:29:59,480
Speaker 1: all feeling it. I live in New York and I

540
00:29:59,520 --> 00:30:01,760
Speaker 1: will just tell you we heard the mayor come out

541
00:30:01,840 --> 00:30:04,160
Speaker 1: and plead with the White House to invoke the Defense

542
00:30:04,240 --> 00:30:07,640
Speaker 1: Production APT to ramp up the supply at home, the

543
00:30:07,680 --> 00:30:09,840
Speaker 1: supply of at home tests, which are you know, at

544
00:30:09,880 --> 00:30:13,160
Speaker 1: least in my personal experience, very tough to get. I

545
00:30:13,240 --> 00:30:15,040
Speaker 1: have a son who lives in New York City. They're

546
00:30:15,040 --> 00:30:18,080
Speaker 1: spending a couple hours in lines to get tested there.

547
00:30:18,400 --> 00:30:21,080
Speaker 1: So people are really feeling this, to Rick's point, just

548
00:30:21,160 --> 00:30:24,960
Speaker 1: like we were back in twenty December. So the President,

549
00:30:25,040 --> 00:30:26,959
Speaker 1: you know, he has no choice to come out. But

550
00:30:27,400 --> 00:30:29,640
Speaker 1: what we're hearing he's gonna say is, you know, this

551
00:30:29,720 --> 00:30:32,640
Speaker 1: is not a return to lockdowns. Here's new steps we're

552
00:30:32,640 --> 00:30:36,480
Speaker 1: gonna take to increase access to testing and vaccinations. I'm

553
00:30:36,520 --> 00:30:39,200
Speaker 1: not so sure it's a message that's going to resonate

554
00:30:39,280 --> 00:30:41,880
Speaker 1: at this point, but I'm not sure what else he

555
00:30:41,920 --> 00:30:45,560
Speaker 1: could say at this point because people are very, very frustrated.

556
00:30:45,800 --> 00:30:47,640
Speaker 1: And I will just tell you, Emily, I am back

557
00:30:47,640 --> 00:30:49,760
Speaker 1: at the gym with a mask on again. I hadn't

558
00:30:49,760 --> 00:30:52,600
Speaker 1: been that way in three or four months. So you know,

559
00:30:52,640 --> 00:30:54,960
Speaker 1: we're all sort of returning back to the future as

560
00:30:54,960 --> 00:30:57,840
Speaker 1: it were, at least meet to the gym every once

561
00:30:57,880 --> 00:31:01,560
Speaker 1: in a while, Emily, not that people not that much

562
00:31:01,600 --> 00:31:04,880
Speaker 1: but I tried running with a mask for like a year,

563
00:31:05,040 --> 00:31:07,160
Speaker 1: and I couldn't breathe, and I just I just got

564
00:31:07,200 --> 00:31:09,479
Speaker 1: out of shape. Rick, I want to follow up on

565
00:31:09,480 --> 00:31:13,120
Speaker 1: this with you. When we hear Dr Fauci say we

566
00:31:13,160 --> 00:31:16,000
Speaker 1: don't foresee the kind of lockdowns we saw before, to

567
00:31:16,080 --> 00:31:19,600
Speaker 1: what extent do you think that is a response to

568
00:31:19,760 --> 00:31:24,280
Speaker 1: the possibly milder effects of the amicron variant variant and

569
00:31:24,280 --> 00:31:26,880
Speaker 1: how much is just COVID fatigue, because I don't think

570
00:31:26,880 --> 00:31:29,920
Speaker 1: you can get people to enter that kind of lockdown again,

571
00:31:29,960 --> 00:31:32,880
Speaker 1: regardless of what's going to hit us. Yeah, you wonder

572
00:31:33,040 --> 00:31:36,400
Speaker 1: if the public health system has their own fatigue UM.

573
00:31:36,680 --> 00:31:40,280
Speaker 1: But I'm assuming that whatever Dr Faucci tells us is

574
00:31:40,320 --> 00:31:42,680
Speaker 1: in the best interest of the public health. He's been

575
00:31:42,680 --> 00:31:46,240
Speaker 1: pretty consistent under very difficult circumstances over the last couple

576
00:31:46,280 --> 00:31:49,280
Speaker 1: of years, and so I'm assuming that this is just

577
00:31:50,120 --> 00:31:53,880
Speaker 1: really attributable to the fact that a macron, as you

578
00:31:53,920 --> 00:31:58,000
Speaker 1: point out in the headline, is now the dominant virus

579
00:31:58,680 --> 00:32:03,120
Speaker 1: UH and UH and it has less severe UH symptoms,

580
00:32:03,200 --> 00:32:06,200
Speaker 1: especially with more and more people who are are getting vaccinated.

581
00:32:06,240 --> 00:32:10,680
Speaker 1: I mean, we're you know, probably over in a single dose.

582
00:32:11,040 --> 00:32:14,040
Speaker 1: I'd love to see that as all three doses with

583
00:32:14,120 --> 00:32:18,720
Speaker 1: a booster. But um, maybe this just encourages people to

584
00:32:18,760 --> 00:32:21,680
Speaker 1: go out and and and get a vaccine, which is

585
00:32:21,720 --> 00:32:25,200
Speaker 1: the easiest way for anybody to actually contribute to the

586
00:32:25,280 --> 00:32:28,160
Speaker 1: public health problems that we have today because of the

587
00:32:28,280 --> 00:32:32,840
Speaker 1: COVID genie. I remember, obviously earlier this year we saw

588
00:32:33,040 --> 00:32:37,320
Speaker 1: Congress pass a big spending package to address uh COVID.

589
00:32:37,440 --> 00:32:40,760
Speaker 1: We saw to such packages come at the start and

590
00:32:40,840 --> 00:32:45,760
Speaker 1: in the middle of I'm wondering if a macron proves

591
00:32:45,840 --> 00:32:49,120
Speaker 1: to be a major problem, if we start seeing hospitals

592
00:32:49,160 --> 00:32:54,080
Speaker 1: being filled, could this potentially lead to Congress saying that

593
00:32:54,120 --> 00:32:58,720
Speaker 1: they need to have another bill focused on COVID. We

594
00:32:58,920 --> 00:33:01,800
Speaker 1: could see that, you know, I think it would be

595
00:33:01,880 --> 00:33:04,560
Speaker 1: really hard to imagine if you could get sort of

596
00:33:04,600 --> 00:33:08,040
Speaker 1: bipartisan support on something like that. But if things get

597
00:33:08,080 --> 00:33:10,440
Speaker 1: bad enough, we may see that happen, and of course

598
00:33:10,680 --> 00:33:13,240
Speaker 1: we should. We should note that we've seen Corey Booker,

599
00:33:13,280 --> 00:33:17,160
Speaker 1: Elizabeth Warren, Jason Crow all test positive for COVID in

600
00:33:17,200 --> 00:33:19,360
Speaker 1: the last few days, and I'm sir you and Jack

601
00:33:19,400 --> 00:33:22,320
Speaker 1: note there's probably others that I'm not hearing about, but

602
00:33:22,680 --> 00:33:26,280
Speaker 1: this is very widespread and very personal to Congress as well.

603
00:33:27,240 --> 00:33:29,920
Speaker 1: You know, I will note that I have been asking

604
00:33:29,920 --> 00:33:32,920
Speaker 1: around if this new variant is going to require a

605
00:33:33,000 --> 00:33:36,800
Speaker 1: separate bill, supplemental resources for the testing, or anything like that.

606
00:33:36,960 --> 00:33:40,240
Speaker 1: We're actually set to have Tom Cole, Congressman Tom Cole,

607
00:33:40,240 --> 00:33:44,840
Speaker 1: who's the top Republican appropriator for HHS funds, join us

608
00:33:44,840 --> 00:33:47,080
Speaker 1: on Wednesday, and he's one of the people I've checked in.

609
00:33:47,120 --> 00:33:50,560
Speaker 1: He says, you think there could be Republican support if necessary,

610
00:33:50,800 --> 00:33:53,240
Speaker 1: but nothing has gone to Congress from the White House

611
00:33:53,240 --> 00:33:56,040
Speaker 1: saying here are the resources we need from Congress with

612
00:33:56,080 --> 00:33:58,480
Speaker 1: this new variant. Well, I look forward then to asking

613
00:33:58,560 --> 00:34:01,720
Speaker 1: him more about that on Wednesday with you, Jack. But

614
00:34:01,760 --> 00:34:03,960
Speaker 1: I also wanted to touch on another piece of news

615
00:34:04,000 --> 00:34:07,120
Speaker 1: that that we're hearing today, actually three different pieces of news.

616
00:34:07,520 --> 00:34:12,879
Speaker 1: Three more House Democrats have announced that they will be retiring.

617
00:34:13,400 --> 00:34:17,200
Speaker 1: UH Congressman I might script this name, Albeo sires with

618
00:34:17,239 --> 00:34:20,480
Speaker 1: New Jersey. There four serious there, four thirty five of them.

619
00:34:20,600 --> 00:34:22,920
Speaker 1: I think I've got like four dred thirty uh. And

620
00:34:22,920 --> 00:34:26,160
Speaker 1: then a Congresswoman Stephanie Murphy, the head of the can

621
00:34:26,440 --> 00:34:30,799
Speaker 1: uh sort of fiscally conservative UH Democrat blue dog caucus.

622
00:34:30,840 --> 00:34:35,279
Speaker 1: And then Congresswoman Lucille roybal Allard, chair of the powerful

623
00:34:35,760 --> 00:34:40,560
Speaker 1: DHS Appropriation Subcommittee. UM, I'm wondering, Jeanie, what do you

624
00:34:40,600 --> 00:34:43,160
Speaker 1: sort of make of of this recent wave of retirements.

625
00:34:43,200 --> 00:34:46,640
Speaker 1: We know that two mid terms aren't supposed to be

626
00:34:46,680 --> 00:34:50,879
Speaker 1: great for Democrats. Is it just becoming worse with more

627
00:34:50,920 --> 00:34:54,239
Speaker 1: of these individuals designed to hang up their hats. It

628
00:34:54,320 --> 00:34:58,320
Speaker 1: is typically retirement season right before the holidays, before people

629
00:34:58,360 --> 00:35:01,160
Speaker 1: go home for the holidays, so that is not unexpected.

630
00:35:01,200 --> 00:35:03,960
Speaker 1: But at least by one count I've seen, we've got

631
00:35:04,000 --> 00:35:06,960
Speaker 1: what twenty one House Democrats that say they won't seek

632
00:35:06,960 --> 00:35:10,080
Speaker 1: re election that year. I don't think that's, you know,

633
00:35:10,239 --> 00:35:12,680
Speaker 1: a record, but it is a high number, and I

634
00:35:12,760 --> 00:35:16,440
Speaker 1: do think that Democrats are feeling the pressure as we

635
00:35:16,520 --> 00:35:19,160
Speaker 1: look at polls. I mean, the number one sort of

636
00:35:19,200 --> 00:35:22,360
Speaker 1: indicator as to how the party will do is where

637
00:35:22,360 --> 00:35:26,080
Speaker 1: the president is. And the latest polls show President Biden's

638
00:35:26,360 --> 00:35:29,640
Speaker 1: approval numbers are very low, just a little bit above

639
00:35:29,680 --> 00:35:33,279
Speaker 1: where Donald Trump was, but historically low. So it does

640
00:35:33,360 --> 00:35:35,959
Speaker 1: not look good. You look at the you know, redistricting

641
00:35:36,080 --> 00:35:38,160
Speaker 1: and everything else, it's going to be a very tough

642
00:35:38,239 --> 00:35:40,319
Speaker 1: year for Democrats, and you do see some of them

643
00:35:40,320 --> 00:35:43,399
Speaker 1: deciding it's not worth it or they are being redistricted

644
00:35:43,400 --> 00:35:45,680
Speaker 1: out of their seats. Rick, what do you think about

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Speaker 1: the Stephanie Murphy announcement in particular? Do you think that's

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Speaker 1: because of redistricting? You know, she's a moderate who had

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Speaker 1: been pretty important in the negotiations lately. She got the

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Speaker 1: infrastructure bill. Should we chalk that up to the new

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Speaker 1: maps being drawn? Ino? Is there something I'm missing there?

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Speaker 1: You know, she was in a hard district to begin with, right,

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Speaker 1: I mean, you wouldn't have to really change it much

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Speaker 1: to look at it in this cycle. If there if

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Speaker 1: there's a little bit of win at the Republicans back,

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Speaker 1: it's probably a loss for Stephanie, but it's a huge

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Speaker 1: loss for Democrats. I mean, she's a leader in the House,

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Speaker 1: she's regional rational, She's been able to pull off some

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Speaker 1: really incredible progress in in in her term. And so

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Speaker 1: when you start having leaders not fighting for their districts, um,

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Speaker 1: that's that's that's an indication that that you've got some problems.

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Speaker 1: I mean, look, there are a dozen Republicans who are

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Speaker 1: who are resigning to and for lots of different reasons,

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Speaker 1: and so uh as as Genie says it is that

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Speaker 1: season to be retired. Uh jolly also, but retired specifically.

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Speaker 1: I mean, it definitely takes the pressure off knowing that

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Speaker 1: you are going home, that you get to spend time

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Speaker 1: with your family, and that you'll beginning to spend a

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Speaker 1: lot of time with them in the near future. Um. Well,

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Speaker 1: thank you so much to both of our contributors, Jeanie

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Speaker 1: Chanzano and Rick Davis, as well as chairman John Yarmouth

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Speaker 1: and our Bloomberg reporter Laura Davidson. I'm sure we're gonna

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Speaker 1: be touching on a number of these topics in the

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Speaker 1: week to come. Jack, Joe Matthew has taken a well

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00:37:11,760 --> 00:37:14,319
Speaker 1: deserved break, so it'll be Jack and me finishing out

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Speaker 1: the week for y'all. And it's only Monday. Cannot believe that.

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Speaker 1: But thank you so much for taking the time to

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Speaker 1: listen today. This is Bloomberg