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Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch us

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Speaker 1: live weekdays at one Eastern.

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Speaker 2: On Bloomberg dot com, the iHeartRadio app, and the Bloomberg

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Speaker 1: Or listen on demand wherever you get your podcasts.

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Speaker 3: Big questions about work requirements still and spending levels, Speaker

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Speaker 3: McCarthy suggesting that some of these were in fact Democratic ideas.

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Speaker 3: Listen to how he put it.

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Speaker 4: We've offered a lot of concessions. The cap on the

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Speaker 4: spending is a Democrat idea.

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Speaker 5: They want the work.

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Speaker 4: The work requirement was a Democrat idea the time. I

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Speaker 4: can't help it if the Democrats have become so extreme

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Speaker 4: and now as a party of Bernie Sanders, then the

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Speaker 4: party where Joe Biden was elected.

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Speaker 3: He said a lot there. The work requirements and the

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Speaker 3: spending cats were Democrat ideas. Let's bring in Congressman Mark Pokane,

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Speaker 3: Democrat from Wisconsin and co chairs the House Progressive Caucus. Congressman,

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Speaker 3: welcome back to Bloomberg. It's great to have you here.

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Speaker 3: I'm guessing that you would take issue with that suggestion.

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Speaker 3: Does the idea of work requirements or additional work requirements

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Speaker 3: to be more specific make you a no? Vote.

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Speaker 6: Well, the problem is there are no concessions. That's not

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Speaker 6: a concession to say that these ideas wherever he thinks

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Speaker 6: they came from, he has not conceded yet. Now today

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Speaker 6: is the first time it sounds like he might be

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Speaker 6: realizing how close we are to this deadline. But all

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Speaker 6: they've said is the President won't come to negotiate. He's

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Speaker 6: not coming enough to negotiate. The President keeps bringing different

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Speaker 6: proposals to them. They have not budged from their extremely

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Speaker 6: rigid proposal. Things like work requirements belong in the farm bill.

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Speaker 6: That's where we deal with those. Let's hope we can

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Speaker 6: get that done this year. I'm not sure Kevin McCarthy

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Speaker 6: can control his caucus to do that. Much of the

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Speaker 6: spending stuff he wants to do happen through the appropriations process.

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Speaker 6: But they can't even write the appropriation bills because Kevin's

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Speaker 6: caucus is.

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Speaker 7: Pretty extreme, and those are the real issues.

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Speaker 6: Kevin McCarthy can't control his caucus, and he has not

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Speaker 6: come and put concessions on the table. It's not a

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Speaker 6: concession to say he's taking an idea from somewhere. You

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Speaker 6: actually have to go to the table and negotiate. Otherwise

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Speaker 6: you're squatting. And that's all the Republicans have done to

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Speaker 6: this point, and we're awfully close to the deadline for squatting.

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Speaker 3: Well, and I realized you take issue with his characterization there, Congressman.

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Speaker 3: But I wonder if if that ends up in a

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Speaker 3: final bill, if you have spending caps and additional work requirements,

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Speaker 3: there's a thought that Democratic votes are going to be

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Speaker 3: needed here to pass this. Would the president have yours?

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Speaker 6: Obviously we have to see something. I mean, the Republicans,

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Speaker 6: as I've said, have not put a single concession down

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Speaker 6: as of about a day ago, and you know if

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Speaker 6: they are willing to finally really negotiate. We know the

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Speaker 6: President has put some things down, like freezing spending at

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Speaker 6: the current years level. He has put ideas for us

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Speaker 6: to try to get to making sure that we don't

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Speaker 6: destroy the US economy. The real problem is, again Kevin

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Speaker 6: can control his caucus. I serve on the Appropriations Committee.

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Speaker 6: We had three full days to mark up appropriation bills.

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Speaker 6: They've only been able to write four to twelve bills,

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Speaker 6: relatively minor ones, and then they had to pull those

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Speaker 6: because they can't even get those pass The problem is

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Speaker 6: the votes they did that their so called position for

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Speaker 6: negotiating represents twenty two percent cuts for all discretionary non

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Speaker 6: defense spending that's veterans benefits, that meals on wheels, programs,

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Speaker 6: that's education, healthcare, go on and on, and then suddenly

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Speaker 6: they say, well, we won't really mean we're going to

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Speaker 6: cut this or that. Well, then that puts more pressure

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Speaker 6: on thirty percent cuts to some programs. There's a reason

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Speaker 6: they haven't put it to paper is because it's so

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Speaker 6: ridiculous that there's no way their public would support those cuts.

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Speaker 6: So they're like playing a game of fantasy. Congress and

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Speaker 6: the rest of us understand there's a real world going

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Speaker 6: on here.

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Speaker 3: Well, it's interesting from your view on the Appropriations Committee here,

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Speaker 3: once spending caps are addressed, let's say there is a

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Speaker 3: deal on budget controls and spending cut perhaps going forward

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Speaker 3: here you can figure out or you can sort of

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Speaker 3: fill in the blank on what duration it would be.

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Speaker 3: Does your committee then get back into the process of

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Speaker 3: working under those numbers? Is because there's a big argument

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Speaker 3: over well, what's going to get cut and they're only

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Speaker 3: talking about top line spending levels, So when do we

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Speaker 3: find out what happens inside each committee, in each agency.

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Speaker 6: Well, exactly, that's the problem. Remember, the Democrats and the

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Speaker 6: President put a budget forard. We have asked since March

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Speaker 6: for the Republicans to do that, and again they can't

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Speaker 6: because you can't put those twenty two percent cuts to paper.

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Speaker 6: It'd be ridiculous. So hopefully if the agreement somehow becomes

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Speaker 6: something like caps, then at least the Republicans would have

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Speaker 6: top lines that we then do the appropriation process. But

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Speaker 6: right now they don't even have top lines per each

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Speaker 6: of the twelve appropriation bills because again, you can't put

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Speaker 6: the ridiculous budget that they proposed actually onto paper. And

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Speaker 6: I think that's been lost a little in this. You know,

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Speaker 6: they're trying to have some face saving. They put a

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Speaker 6: totally ridiculous position out there for negotiating, but you can't

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Speaker 6: actually make it real. And I think they're looking for

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Speaker 6: that life boat right now, and we're just trying to

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Speaker 6: make sure we don't crash the US economy.

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Speaker 3: Well, so what are you hearing from the leadership, Congressman,

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Speaker 3: or are you not on where things stand right now?

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Speaker 3: Are you hearing from the White House? Are you getting

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Speaker 3: updates from anyone yeah.

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Speaker 6: I mean Hackeen Jeffries has been great in talking to

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Speaker 6: the caucus, and I think he shares my frustration. You know,

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Speaker 6: every time so far that you know, people have come

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Speaker 6: to the table, the Republicans don't budge from their position.

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Speaker 6: That's why I call it squatting, not negotiating. I mean,

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Speaker 6: you know, anyone who's negotiating their life, even if it's

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Speaker 6: something as simple as buying a car between you know,

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Speaker 6: two spouses, you know, knows that you have to have

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Speaker 6: a little give and take and there's compromise. Republicans haven't

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Speaker 6: been willing to do that. We need them to be

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Speaker 6: more serious about this, and I get it, you know.

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Speaker 6: I mean if anyone thought that Adams family is different,

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Speaker 6: you know, look at the Republican caucus right and the

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Speaker 6: family looks pretty normal compared to them. I yet the

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Speaker 6: difficulty Kevin McCarthy has, but he's also in leadership and

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Speaker 6: he has to stand up and do this. And if not,

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Speaker 6: we have a failsafe of a discharge petition that the

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Speaker 6: Democrats have put forward. We only need five or six

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Speaker 6: Republicans to help do the right thing, and there's nothing

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Speaker 6: else the president could look at the fourteenth Amendment. But

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Speaker 6: the only fail for everyone would be if we don't

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Speaker 6: deal with this and we do downgrade our economy. That

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Speaker 6: would be an avoidable air that the Republicans unfortunately have

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Speaker 6: put us.

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Speaker 3: Well, do four or five Republicans exist to sign off

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Speaker 3: on a discharge petition?

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Speaker 6: Well, there's plenty, like in the Senate and like normal

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Speaker 6: Republicans around the country. I mean, you know, Ronald Reagan

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Speaker 6: and Donald Trump before he didn't say it, always said

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Speaker 6: we should do this because we lifted three times for

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Speaker 6: Donald Trump. I mean normal Republicans that there are plenty

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Speaker 6: of them know this is the right thing to do.

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Speaker 6: The problem is in that Republican caucus. You know, you

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Speaker 6: can't let Marjorie Taylor Green be the only one who

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Speaker 6: gets the car keys. There are normal people in that caucus.

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Speaker 6: Maybe it's time to give them a chance to drive

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Speaker 6: the car.

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Speaker 3: But of course Marjorie Taylor Green doesn't represent the House

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Speaker 3: Republican caucus. Congressman, and I just you know, I have

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Speaker 3: the opportunity to talk with lawmakers every day, and it's

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Speaker 3: just been us versus them, them versus us. They're squatting

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Speaker 3: in your representation, the chaos Congress and so forth. This

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Speaker 3: is the reason why I think a lot of people

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Speaker 3: are walking around wondering, I don't know, can we trust

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Speaker 3: our elected representatives to figure this out, because it seems

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Speaker 3: to be a you know, a political game more than

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Speaker 3: an effort here to come to terms and save us

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Speaker 3: from a default.

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Speaker 6: Well, and you point out the very problem, this is

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Speaker 6: a stupid vote.

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Speaker 7: Period.

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Speaker 6: I've said this since I got the Congress. I served

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Speaker 6: on the Budget committee. You know, when if you are

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Speaker 6: a family and you sign a mortgage, you don't get

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Speaker 6: the choice of whether or not every month you're going

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Speaker 6: to mail your check, because if you don't mail the check,

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Speaker 6: you lose your home and you destroy your credit. It's

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Speaker 6: no different for the United States government. So we have

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Speaker 6: something that we're still working off of from nineteen seventeen

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Speaker 6: that was there to limit how much money we put

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Speaker 6: into war bonds for World War One, and now today

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Speaker 6: it's a tool that a small number of people, including

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Speaker 6: the Marjorie Taylor Green wing of the Republican Party, which

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Speaker 6: unfortunately is a pretty big wing, that doesn't either understand

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Speaker 6: or want to budge on it. Look, this is a

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Speaker 6: dumb vote.

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Speaker 1: You know.

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Speaker 6: The thing would make me the happiest part of any

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Speaker 6: negotiation is just get rid of it so we never

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Speaker 6: have to do this again. That would be a good suggestion,

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Speaker 6: and I think a bipartisan one.

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Speaker 3: Of course, if you did away with the debt limit,

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Speaker 3: you'd actually have to have regular order and go through

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Speaker 3: the process of debating a budget, and I'm not sure

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Speaker 3: the last time was that happen.

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Speaker 6: You know, there are many things back read Ribble Republican

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Speaker 6: from Wisconsin used to have a proposal and I supported

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Speaker 6: it to do it every two year process like we

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Speaker 6: do in many legislatures. The one year you could do

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Speaker 6: more of the review and the you know, the thoughtful work,

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Speaker 6: and one year you put a budget out. I mean,

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Speaker 6: there's a lot of other solutions we could do, but

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Speaker 6: you know, right now, the problem is things like the

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Speaker 6: US to rule the Senate, things like the debt sealing vote,

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Speaker 6: things that only make sense in Washington are the rules

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Speaker 6: that we're playing by, and that's part of why this

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Speaker 6: is such a messy process. So, you know, if this

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Speaker 6: is something that we can correct, we should certainly try to.

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Speaker 3: And we spoke with Senator Chris van Holland the other day.

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Speaker 3: He's actually got a bill and there is a sponsor.

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Speaker 3: I think believe Congressman Chats is on that bill to

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Speaker 3: eliminate the debt limit, but he doesn't have the votes.

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Speaker 3: Why not if everyone agrees this is a stupid vote,

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Speaker 3: as you put it, want to get rid of it.

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Speaker 6: Everyone who's a real person across the country would think

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Speaker 6: this is a stupid thing. Like you said, people look

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Speaker 6: at this and like why they just fight for the

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Speaker 6: sake of fighting. The problem is in Washington, it allows

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Speaker 6: a minority of people to muck the entire system up.

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Speaker 6: And so again right now, with that very small, somewhat

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Speaker 6: ungovernable margin they have in the House Republican majority, it's

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Speaker 6: hard for them to do anything on this. Brendan Boyle

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Speaker 6: has a bill on this. I think I've signed on

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Speaker 6: every bill I can to do just this because it

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Speaker 6: is so stupid, and what we're experiencing right now has

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Speaker 6: very real ramifications for stupid Washington games. And you know,

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Speaker 6: it's not a sexy issue in the public's probably not

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Speaker 6: going to jump to this position. But I think for

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Speaker 6: those of us who follow us closely know how dumb

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Speaker 6: what we're going through is, how unnecessary it is.

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Speaker 3: Well, I'm glad you're not holding back. I have less

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Speaker 3: than a minute. Congressman, can you can you tell our

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Speaker 3: listeners that we're not going to defaults next week?

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Speaker 6: I would hope that there are responsible Republicans in the

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Speaker 6: communities in Wall Street and business and other places who

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Speaker 6: know them ratifications, and either we get some Republicans to

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Speaker 6: join us on a discharge petition, or we get Kevin

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Speaker 6: McCarthy to have whatever some win to be able to

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Speaker 6: take back. I understand it. The real win is just

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Speaker 6: doing our jobs, which is lifting the dead sailing, and

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Speaker 6: then let's have a fight and conversation about appropriations and

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Speaker 6: a farm bill and everything else.

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Speaker 3: Congressman, come back and talk to us about the farm bill,

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Speaker 3: because no one is yet. Congressman Mark Pokane, Democrat from

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Speaker 3: Wisconsin getting us rolling on sound On.

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Speaker 1: You're listening to the Bloomberg Sound On podcast. Catch the

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Speaker 1: program live weekdays at one Eastern on Bloomberg Radio, the

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Speaker 1: tune in app, Bloomberg dot Com, and the Bloomberg Business app.

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Speaker 1: You can also listen live on Amazon Alexa from our

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Speaker 1: flagship New York station, Just Say Alexa played Bloomberg eleven thirty.

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Speaker 3: Ron de Santis is finally going for it. He's going

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Speaker 3: to make it official and he will not be alone.

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Speaker 3: As you've been hearing on Bloomberg, the governor of Florida

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Speaker 3: announcing his presidential campaign tonight on Twitter spaces with none

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Speaker 3: other than the guy who owns the platform, Elon Musk.

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Speaker 3: He was asked about it at a Wall Street Journal

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Speaker 3: conference yesterday.

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Speaker 8: We'll be interviewing Ron Santus and he has quite an

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Speaker 8: announcement to make, and we'll be the first sign that's

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Speaker 8: something like this is happening on social media and with

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Speaker 8: the real time questions and answers not scripted, So it's

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Speaker 8: going to be live and let letter up. Let's see

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Speaker 8: what happens.

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Speaker 3: Let her rip, Let's see what happens. Those are the

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Speaker 3: ground rules for the campaign announcement. Nancy Cook can't wait.

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Speaker 3: She's actually in Florida for this. Bloomberg National politics reporter

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Speaker 3: has been our DeSantis whisperer for the past couple of months. Nancy,

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Speaker 3: it's great to have you. I hope it's a beautiful

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Speaker 3: day in the Sunshine State. Why would he do it

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Speaker 3: this way and why would he use Elon Musk?

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Speaker 5: Well, thanks for having me, Joe. I think that it

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Speaker 5: really signals the types of the type of campaign that

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Speaker 5: he's going to run. You know, it's going to be

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Speaker 5: a very social media heavy, non traditional campaign that really

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Speaker 5: doubles down on a lot of the culture wars that

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Speaker 5: we're seeing on the Twitter platform. And of course, you

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Speaker 5: know Elon Musk has really tangled with the former president

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Speaker 5: Donald Trump before, and so I think it's also you know,

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Speaker 5: a little bit of a troll of Trump too to

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Speaker 5: do it, to announce on that platform.

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Speaker 3: It is a troll too right to show up with

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Speaker 3: one of the richest people in the world when the

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Speaker 3: other guy you mentioned, Donald Trump, very sensitive about his

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Speaker 3: net worth. Is that part of this calculation?

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Speaker 5: Well, I think it's it's part of it. And also,

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Speaker 5: you know, Musk has said he has been critical of

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Speaker 5: Trump in the past, and so I think DeSantis is

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Speaker 5: trying to show that, you know, he can win over

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Speaker 5: people who may have turned away from Trump.

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Speaker 3: There's not going to be an endorsement here though, right,

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Speaker 3: That's what we're told.

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Speaker 5: No, I don't think that there's going to be an endorsement,

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Speaker 5: but I just I think that the fact that he's

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Speaker 5: doing it with the candidate definitely signals, you know, some

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Speaker 5: sort of alliance.

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Speaker 3: Well, it's it sure seems like it, although I you know,

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Speaker 3: maybe Elon has everybody in the field at some point

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Speaker 3: stop by it to do the quote unquote interview. Are

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Speaker 3: there really no ground rules here?

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Speaker 1: Is there?

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Speaker 3: Kind of is this gonna they're gonna wing it tonight?

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Speaker 5: Well, you know, usually DeSantis participates in very, very heavily

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Speaker 5: scripted media events, and so you know, Musk and Twitter

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Speaker 5: are saying there are no grown rules. I would be

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Speaker 5: surprised if the DeSantis camp sort of let it go

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Speaker 5: to that. They tend to really prefer to give speeches

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Speaker 5: and rallies more than sort of unscripted moments. But we'll

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Speaker 5: have to wait and see what he says. I think regardless,

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Speaker 5: the point is is that it's going to be a

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Speaker 5: very friendly interview and a friendly enough I.

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Speaker 3: Believe that for it. Nancy, thank you, good luck with

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Speaker 3: the coverage in Florida. Nancy Cook with us for Bloomberg.

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Speaker 3: As we reassemble our paneled, Rick Davis and Jeanie Shanzeno

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Speaker 3: are here. Rick, this is a curious one. Maybe you

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Speaker 3: would have done it exactly the same way, But what's

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Speaker 3: the calculation. Why would Ron DeSantis want to make the

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Speaker 3: announcement number one on Twitter spaces, which seems to be

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Speaker 3: a little bit of an esoteric choice. But also to

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Speaker 3: show up with Elon, is it making a state?

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Speaker 9: Well, I think he's.

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Speaker 10: Probably one chasing the kind of eyeballs that he thinks

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Speaker 10: he wants to get in order to fundraise and organize.

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Speaker 10: So at least in social media, you can pretty much

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Speaker 10: target the audience and it won't be any smaller than

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Speaker 10: if you'd have gone on a morning show or even

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Speaker 10: a late night talk show, which was typical in the

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Speaker 10: old days. I mean, you'd go on Letterman and you'd

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Speaker 10: say I'm going to run for president. Letterman would make

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Speaker 10: a joke about it, you know, And so I have

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Speaker 10: no doubt that Elon will probably not make a joke

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Speaker 10: about it. But I would say putting himself exposed to

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Speaker 10: Q and A, you know, on the platform, is a

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Speaker 10: little unusual for real time, for real time questions for

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Speaker 10: for desantists, because he likes control and it's not media,

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Speaker 10: it's not reporters. He's gonna get asked hard questions, but

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Speaker 10: like how will they pick the questions? And you know,

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Speaker 10: like how's that town square gonna work? And so I

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Speaker 10: think it's quite a bit of an experiment for a

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Speaker 10: guy who's not used to experiment.

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Speaker 3: Does this make Elon Musk then the new David Letterman

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Speaker 3: when it comes to presidential Canada's genie?

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Speaker 9: That's quite a comparison, you know. One of their dangers

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Speaker 9: pretty good, Yeah, it is. And one of the dangers

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Speaker 9: here for Ron DeSantis is that, you know, Elon Musk

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Speaker 9: is an erratic guy. You don't know what he's gonna

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Speaker 9: say when he's gonna say it, either today, tomorrow, or

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Speaker 9: in a week or a month. And you know, this

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Speaker 9: is somebody who not long ago has been you know,

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Speaker 9: talking about Tim Scott very positively. We'll hear what he

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Speaker 9: says tonight, but going forward, you know, you associate yourself,

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Speaker 9: whether you're a business or you're a campaign, with somebody

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Speaker 9: who's erratic, and you pay the price if they act radically.

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Speaker 9: You know, this is somebody who has set a lot

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Speaker 9: of really you know, shocking things over time. So it

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Speaker 9: is a decision that DeSantis's team has made, but there

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Speaker 9: are risks associated with it, and I think we should

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Speaker 9: take bets on whether Donald Trump decides to get back

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Speaker 9: on Twitter tonight and control Ron DeSantis as a result

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Speaker 9: of this. He hasn't been back on yet, but that

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Speaker 9: would be great.

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Speaker 3: So the question from me, Daniel, Donald Trump and Florida.

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Speaker 3: Go ahead, mister Trump. Yeah, that's actually I love the

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Speaker 3: idea here, but it does make you wonder. Rick. With

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Speaker 3: this said, we know Tucker Carlson's gonna have his new

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Speaker 3: show on Twitter, we know the way people feel about

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Speaker 3: Elon Musk and what's happened to the algorithm and whatever

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Speaker 3: the heck is going on on that platform right now.

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Speaker 3: Does this make officially Twitter the platform for the right wing?

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Speaker 10: Well, I definitely think that Elon Musk is competing with

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Speaker 10: Rupert Murdoch a little bit right, and I think Rupert

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Speaker 10: Murdoch probably deserves to be competed with. He's been sitting

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Speaker 10: on top of the conservative news channel for a long time,

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Speaker 10: really dictating to Republican primary voters what they're going to

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Speaker 10: see and what they're not going to see. So the

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Speaker 10: fact that Elon's going to give him a run for

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Speaker 10: his money, I think is fascinating because when you think

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Speaker 10: about it, Twitter has the potential of having a major

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Speaker 10: impact on the election cycle, and if Elon Musk is

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Speaker 10: going to use it to sort of showcase his favorable

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Speaker 10: candidates and go after those that he doesn't like. Then

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Speaker 10: I think it could have a similar impact as to

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Speaker 10: what Fox has done in a very similar vein in

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Speaker 10: the past.

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Speaker 3: You're going to be watching this, I'm sure, Genie. Then

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Speaker 3: next week becomes the real quote unquote announcement, the in

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Speaker 3: person one said to involve a baseball field, apple pies

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Speaker 3: and so forth. What's the point that if you're doing.

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Speaker 9: This, Yeah, this reminds me like when my kids were little,

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Speaker 9: they would say, I want my birthday to last all week.

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Speaker 9: And you know, this is what Descantus is doing tonight

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Speaker 9: Twitter tomorrow. You know, then we get the video, then

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Speaker 9: we get the in person. You know this is going

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Speaker 9: to go on and on. You know, listen, he's trying

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Speaker 9: to hit every angle he can. And you know, the

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Speaker 9: reality is Twitter is very popular among certain sectors. Most

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Speaker 9: of those people don't change their minds. They're very politically

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Speaker 9: engaged and they know what they think. So he is

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Speaker 9: going to go the more traditional route. We know he's

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Speaker 9: going to go on Fox News. We know he is

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Speaker 9: going to do this in person. We know he's got

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Speaker 9: the video with this. You know, uh, this sort of

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Speaker 9: him coming out sort of in a godlike fashion. So

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Speaker 9: he's gonna hit all angles and try to see if

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Speaker 9: he can raise as much money and get as much

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Speaker 9: play as he can traditional and social media.

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Speaker 3: Rick, if he were your guy, would you be there

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Speaker 3: with your finger on the button ready to pull the

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Speaker 3: plug if this stick a wrong turn.

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Speaker 10: If he were my guy, he wouldn't be sitting there

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Speaker 10: with Elon must to begin with.

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Speaker 3: That answers everything, Rick Davis and Genie Shanzano.

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Speaker 1: You're listening to The Bloomberg Sound on podcast. Catch us

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Speaker 1: live weekdays at one Eastern.

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Speaker 2: On Bloomberg dot Com, the iHeartRadio app, and the Bloomberg

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Speaker 2: Business App, or listen on demand wherever you get your podcasts.

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Speaker 3: We're live from Washington, where everyone's asking the same question,

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Speaker 3: Well they reach a deal today. Kaylee Lynes just joined us.

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Speaker 3: Bloomberg's Wendy Benjaminson is with us in studio here in

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Speaker 3: Washington as well, also with an Ion, probably both ends

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Speaker 3: of Pennsylvania Avenue. To be clear, Wendy, we heard from

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Speaker 3: the speaker a little bit earlier before this negotiating session began,

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Speaker 3: and he's not in the room for this, but with

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Speaker 3: all of the frustration and the bluster, and the sort

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Speaker 3: of the veiled threats that are being sent through the media.

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Speaker 3: He said something that seemed actually quite positive and optimistic.

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Speaker 3: If we can zero in on this.

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Speaker 4: I am not going to give up. We're not going

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Speaker 4: to default. We're going to solve this problem. I will

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Speaker 4: stay with it until we can get it done. But

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Speaker 4: let's be honest about this. We have to spend less

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Speaker 4: than we spent last year. It is not my fault

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Speaker 4: that the Democrats cannot give up on their spending.

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Speaker 3: Okay, not going to give up, not going to default,

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Speaker 3: those are good takeaways, but also spend less, not one

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Speaker 3: hundred and thirty billion dollars less, just less. Does that

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Speaker 3: mean that they're actually coming closer to a number?

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Speaker 11: It could mean that. It's also seems to be that

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Speaker 11: Kevin McCarthy's position through the last few days has been

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Speaker 11: we're going to get there. I can feel a deal

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Speaker 11: is happening, but I'm not budgeing. So it's all on

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Speaker 11: the Democrats to budge. And we don't really know what's

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Speaker 11: going on in the room. I presume that these negotiators,

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Speaker 11: who are both members of Congress, the Omb Director, the

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Speaker 11: White House Budget Director, and other you know, pretty top

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Speaker 11: senior officials who know what they're doing. There may be

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Speaker 11: some given. One would hope there's some give and take

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Speaker 11: going on in the room, because the posturing outside the

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Speaker 11: room is you're not acting urgently. Yes I am, You're not.

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Speaker 11: There's you know, it's not a real X state. Yes

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Speaker 11: it is, you know. So it's hard to tell what's

435
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Speaker 11: going on, you know, judge by what people are saying

436
00:21:01,160 --> 00:21:03,840
Speaker 11: outside the room. But the fact that Kevin McCarthy said

437
00:21:04,160 --> 00:21:08,760
Speaker 11: we are not going to default, that's the sentence that

438
00:21:08,760 --> 00:21:10,160
Speaker 11: I would literally take to the bank.

439
00:21:11,160 --> 00:21:13,520
Speaker 12: I guess my question is whether or not the Speaker

440
00:21:13,520 --> 00:21:16,680
Speaker 12: can really promise that, right, Because maybe he can deliver

441
00:21:16,840 --> 00:21:19,679
Speaker 12: the deal, negotiate the deal with the White House, he

442
00:21:19,720 --> 00:21:22,280
Speaker 12: then has to deliver the votes from the House, then

443
00:21:22,320 --> 00:21:24,760
Speaker 12: the votes have to be delivered from the Senate. There

444
00:21:24,840 --> 00:21:27,000
Speaker 12: is still the question of time here, in frankly, whether

445
00:21:27,040 --> 00:21:30,160
Speaker 12: anything these two sides ultimately can hammer out gets through,

446
00:21:30,200 --> 00:21:32,000
Speaker 12: because as we talk about all the external noise, you're

447
00:21:32,040 --> 00:21:34,600
Speaker 12: also hearing from the far wings of both parties about

448
00:21:34,640 --> 00:21:37,359
Speaker 12: stuff that they don't like, and they may end up disappointed.

449
00:21:37,240 --> 00:21:39,960
Speaker 11: Right, and they may end up with a short term deal.

450
00:21:40,000 --> 00:21:41,720
Speaker 11: They're all saying they're not going to do it. They're

451
00:21:41,720 --> 00:21:43,840
Speaker 11: absolutely not going to do that. But if it comes

452
00:21:43,840 --> 00:21:46,919
Speaker 11: to exactly what Cayley's talking about, that they kind of

453
00:21:46,960 --> 00:21:48,960
Speaker 11: have a deal, but they've got a wrangle, they've got

454
00:21:48,960 --> 00:21:52,040
Speaker 11: a whip votes, they've got to threaten people with their careers,

455
00:21:52,080 --> 00:21:56,720
Speaker 11: things like that. Then if that's happening, they may, as

456
00:21:56,760 --> 00:22:00,520
Speaker 11: the X day looms or passes pass a short maybe

457
00:22:00,560 --> 00:22:03,720
Speaker 11: even two day debt sealing increase so that they can

458
00:22:03,800 --> 00:22:04,400
Speaker 11: get to the realm.

459
00:22:04,680 --> 00:22:07,480
Speaker 3: And that's that. Look, we've seen certainly that movie before,

460
00:22:07,480 --> 00:22:09,920
Speaker 3: but that would come to your point with a deal

461
00:22:10,000 --> 00:22:12,760
Speaker 3: struck knowing that gosh, I mean, look, we talked this

462
00:22:12,840 --> 00:22:15,760
Speaker 3: out in terms of the calendar a little bit earlier.

463
00:22:16,040 --> 00:22:18,320
Speaker 3: If there's a vote on Saturday, they might be able

464
00:22:18,359 --> 00:22:20,080
Speaker 3: to get this done. But we're also not factoring in

465
00:22:20,119 --> 00:22:22,399
Speaker 3: seventy two hours for the Senate. So once they come

466
00:22:22,440 --> 00:22:25,359
Speaker 3: to a deal, then you buy what three four days

467
00:22:25,720 --> 00:22:28,040
Speaker 3: just to get the thing pass it, let the ink dry,

468
00:22:28,160 --> 00:22:30,160
Speaker 3: let people read it, get it past. That's different than

469
00:22:30,200 --> 00:22:31,480
Speaker 3: saying we're going to kick the can.

470
00:22:31,960 --> 00:22:34,720
Speaker 11: That is different. That is, and I think hopefully the

471
00:22:34,720 --> 00:22:37,399
Speaker 11: markets and others would react similarly to that. This is

472
00:22:37,600 --> 00:22:40,800
Speaker 11: just buying enough time to dot the i's across the t's,

473
00:22:41,359 --> 00:22:44,800
Speaker 11: and there are a group of Democrats have gotten together

474
00:22:44,840 --> 00:22:47,919
Speaker 11: and said that they will support McCarthy if he is

475
00:22:48,600 --> 00:22:51,760
Speaker 11: if the right wing caucus decides to throw to try

476
00:22:51,800 --> 00:22:54,800
Speaker 11: to throw him out. So there's a sense of maybe

477
00:22:54,880 --> 00:22:58,080
Speaker 11: a little give and take here in order to get

478
00:22:58,119 --> 00:22:58,520
Speaker 11: this done.

479
00:22:59,080 --> 00:23:00,800
Speaker 3: Well, I'll tell you it's going to be interesting to

480
00:23:00,800 --> 00:23:04,440
Speaker 3: figure this out because we still have a lot to learn. Obviously.

481
00:23:05,200 --> 00:23:09,960
Speaker 3: It's been suggested though, that this meeting today, the one

482
00:23:09,960 --> 00:23:13,680
Speaker 3: that's underway, must generate at least a framework or everyone's

483
00:23:13,720 --> 00:23:15,080
Speaker 3: going home tomorrow.

484
00:23:14,680 --> 00:23:17,080
Speaker 11: Or everyone's going home tomorrow, which you know, for those

485
00:23:17,119 --> 00:23:19,560
Speaker 11: of us who might have to work this weekend, wouldn't

486
00:23:19,600 --> 00:23:22,119
Speaker 11: be that bad. Economic collapse would be worse, of course,

487
00:23:22,440 --> 00:23:26,920
Speaker 11: But you know it's yeah, as we like to say

488
00:23:26,960 --> 00:23:30,840
Speaker 11: around here, jet fumes are a do get people to

489
00:23:30,880 --> 00:23:32,680
Speaker 11: the smell of jet fumes. Do get people to get

490
00:23:32,680 --> 00:23:34,880
Speaker 11: to work. But we'll see what happens. That's what we're

491
00:23:34,880 --> 00:23:36,520
Speaker 11: all waiting for now, is for them to come out

492
00:23:36,520 --> 00:23:39,879
Speaker 11: of this meeting and tell us, good or bad, what

493
00:23:40,119 --> 00:23:41,720
Speaker 11: happened and how close we really are.

494
00:23:41,760 --> 00:23:45,080
Speaker 3: Thanks for stopping buying, sure don't be a stranger. As

495
00:23:45,119 --> 00:23:48,280
Speaker 3: we go from Wendy Benjaminson to Wendy Schiller, the Professor

496
00:23:48,280 --> 00:23:52,119
Speaker 3: of Political Science, professor of International and Public Affairs, director

497
00:23:52,119 --> 00:23:55,239
Speaker 3: of the Tobbin Center for American Politics and Policy at

498
00:23:55,320 --> 00:23:58,640
Speaker 3: Brown University, Wendy, take me out of the beltway here

499
00:23:58,760 --> 00:24:01,879
Speaker 3: for a moment. We know that the polling data shows

500
00:24:01,960 --> 00:24:06,240
Speaker 3: that a majority of Americans would like to see some

501
00:24:06,320 --> 00:24:08,679
Speaker 3: kind of a spending agreement going along with raising the

502
00:24:08,680 --> 00:24:11,320
Speaker 3: debt limit. But I'm guessing there's a big eye roll

503
00:24:11,359 --> 00:24:14,439
Speaker 3: here from coast to coast at just the the ugly

504
00:24:14,600 --> 00:24:18,800
Speaker 3: tenor of the politics involved here, the name calling, the

505
00:24:19,280 --> 00:24:23,240
Speaker 3: veiled threats, and so forth. This is why people hate Washington, right.

506
00:24:24,560 --> 00:24:26,600
Speaker 13: Well, yeah, it's no way to run a rodeo. You know,

507
00:24:26,640 --> 00:24:28,800
Speaker 13: you have, you know, a huge economy, and the economy

508
00:24:28,840 --> 00:24:32,359
Speaker 13: is actually withstanding inflation. You know, manufacturing is dipping a

509
00:24:32,359 --> 00:24:36,359
Speaker 13: little bit, but the economy seems to be holding unemployments low.

510
00:24:36,760 --> 00:24:38,720
Speaker 13: And people are like wondering, what.

511
00:24:38,720 --> 00:24:39,240
Speaker 4: Is the deal.

512
00:24:39,400 --> 00:24:41,560
Speaker 13: You know, you made a commitment, you issued bonds, you

513
00:24:41,600 --> 00:24:43,440
Speaker 13: said you would pay interest on the bonds. You got

514
00:24:43,440 --> 00:24:45,359
Speaker 13: to pay your debt. I mean, this is you know,

515
00:24:45,400 --> 00:24:47,160
Speaker 13: if we all have to pay our credit card bills

516
00:24:47,160 --> 00:24:49,440
Speaker 13: and our student loans, for example. You have to the

517
00:24:49,480 --> 00:24:51,520
Speaker 13: government has to pay its debt, and I think most

518
00:24:51,520 --> 00:24:54,960
Speaker 13: Americans have no idea about the complexity of how the

519
00:24:55,000 --> 00:24:58,920
Speaker 13: Treasury manages to do that. What they see is Kevin

520
00:24:59,000 --> 00:25:01,720
Speaker 13: McCarthy got a bi past. I mean, the pressure is

521
00:25:01,840 --> 00:25:04,240
Speaker 13: really on the Democrats in a lot of ways, because

522
00:25:04,320 --> 00:25:06,399
Speaker 13: Kevin McCarthy already got a bill through and it's an

523
00:25:06,440 --> 00:25:09,200
Speaker 13: extreme caught the Democratic Senate wouldn't take, but he got

524
00:25:09,200 --> 00:25:11,160
Speaker 13: it through his party, and people thought, oh, you won't

525
00:25:11,160 --> 00:25:12,120
Speaker 13: be able to do that, and he.

526
00:25:12,080 --> 00:25:12,679
Speaker 6: Already did it.

527
00:25:13,119 --> 00:25:15,360
Speaker 3: Well, look, I can't argue with you. And it does

528
00:25:15,400 --> 00:25:19,720
Speaker 3: seem that with the lack of talking coming from the

529
00:25:19,760 --> 00:25:22,520
Speaker 3: White House, we've had some remarks. The President held a

530
00:25:22,560 --> 00:25:25,040
Speaker 3: news conference in Japan on Sunday, Bloomberg was able to

531
00:25:25,080 --> 00:25:27,400
Speaker 3: ask him about it. We hear from the Press secretary

532
00:25:27,520 --> 00:25:29,480
Speaker 3: late in the day each day, but the Press secretary

533
00:25:29,560 --> 00:25:34,040
Speaker 3: is not an elected official. And Republicans have been in lockstep,

534
00:25:34,240 --> 00:25:37,200
Speaker 3: very effective, whether you agree with them or not, entirely

535
00:25:37,320 --> 00:25:40,639
Speaker 3: consistent on messaging. And it's starting to weigh on the

536
00:25:40,640 --> 00:25:41,520
Speaker 3: White House, isn't it.

537
00:25:42,720 --> 00:25:44,600
Speaker 13: Well, Yeah, and also you never want to say too

538
00:25:44,640 --> 00:25:46,760
Speaker 13: much because then you can strain your bargaining positions, right,

539
00:25:46,800 --> 00:25:49,560
Speaker 13: And Biden's got to shore up a different set of

540
00:25:49,560 --> 00:25:51,879
Speaker 13: constituents in the House and the Senate to vote to

541
00:25:51,920 --> 00:25:54,560
Speaker 13: his bill. You know, if Bernie Sanders and Elizabeth Warren

542
00:25:54,640 --> 00:25:56,200
Speaker 13: and some other people decide to go off the ranch

543
00:25:56,240 --> 00:25:58,760
Speaker 13: and not vote for it, he's got a really significant

544
00:25:58,760 --> 00:26:00,840
Speaker 13: problem in the Senate. They can't even get it out

545
00:26:00,840 --> 00:26:03,520
Speaker 13: of the House. And you know, you're persuading these Democrats

546
00:26:03,520 --> 00:26:06,159
Speaker 13: who said, oh, well, sports Kevin McCarthy a speaker, you know,

547
00:26:06,200 --> 00:26:08,280
Speaker 13: who knows how many of those people will be retiring.

548
00:26:08,520 --> 00:26:10,600
Speaker 13: I'm sure there's sort of a whole conversation going on

549
00:26:10,680 --> 00:26:12,560
Speaker 13: now who can afford to vote with his debt ceiling?

550
00:26:12,680 --> 00:26:15,000
Speaker 13: And the Republicans say, you know, we can afford to

551
00:26:15,040 --> 00:26:17,280
Speaker 13: lose the you know, Matt Gates is Marjorie Tayla green

552
00:26:17,359 --> 00:26:21,400
Speaker 13: Chip Roy contingent. If we know we'll have eight, nine,

553
00:26:21,560 --> 00:26:24,800
Speaker 13: ten Democratic votes, can you promise us that you'll have that,

554
00:26:24,800 --> 00:26:27,600
Speaker 13: because we're not going down this road without some Democrats

555
00:26:27,840 --> 00:26:28,680
Speaker 13: on the ship with us.

556
00:26:29,080 --> 00:26:31,400
Speaker 3: We've had. You know, it's interesting you point that out

557
00:26:31,400 --> 00:26:33,560
Speaker 3: because it seems like we're spending a lot of time

558
00:26:33,760 --> 00:26:37,840
Speaker 3: paying attention to lawmakers who are never going to vote

559
00:26:37,880 --> 00:26:39,960
Speaker 3: for a final product. And I know that Washington is

560
00:26:40,000 --> 00:26:42,160
Speaker 3: good at that. We had Mark polkan On, the congressman

561
00:26:42,200 --> 00:26:46,080
Speaker 3: from Wisconsin, last hour, co chairs the Progressive Caucus. Yesterday

562
00:26:46,359 --> 00:26:50,800
Speaker 3: it was Jim McGovern, the progressive Democrat from Massachusetts. They're

563
00:26:50,880 --> 00:26:53,680
Speaker 3: not voting for a bill that has additional work requirements.

564
00:26:54,000 --> 00:26:56,280
Speaker 3: They're not going to be likely voting for a bill

565
00:26:56,320 --> 00:26:59,760
Speaker 3: that has steep budget cuts either. So why are we

566
00:27:00,080 --> 00:27:04,639
Speaker 3: going through this gyration when we know the center needs

567
00:27:04,720 --> 00:27:05,840
Speaker 3: to pass this bill?

568
00:27:07,320 --> 00:27:09,800
Speaker 13: Well, because the center, we like to think there is

569
00:27:09,840 --> 00:27:12,680
Speaker 13: a center, but it's pretty imaginary at this point. It's

570
00:27:12,720 --> 00:27:14,919
Speaker 13: really about what your margin was in your last election

571
00:27:14,960 --> 00:27:17,199
Speaker 13: and did you have a primary challenger. And that's a

572
00:27:17,280 --> 00:27:19,240
Speaker 13: huge deal in the House, but not nearly as big

573
00:27:19,280 --> 00:27:21,959
Speaker 13: a deal in the Senate. And that's where Biden has

574
00:27:22,000 --> 00:27:24,080
Speaker 13: a problem because to win the general election, he's got

575
00:27:24,119 --> 00:27:26,600
Speaker 13: to appeal to independent voters, suburban voters who tend to

576
00:27:26,640 --> 00:27:29,720
Speaker 13: be physically more conservative than progressives. So he's got to

577
00:27:29,720 --> 00:27:32,480
Speaker 13: think nationally walking away from this deal, But he's got

578
00:27:32,560 --> 00:27:35,399
Speaker 13: to get some portion of progressives to vote for it,

579
00:27:35,440 --> 00:27:37,760
Speaker 13: and they have to decide that they've got a Democrat

580
00:27:37,760 --> 00:27:39,840
Speaker 13: in the White House and that voters will ultimately blame

581
00:27:39,880 --> 00:27:42,600
Speaker 13: the White House if the economy crashes more than they're

582
00:27:42,600 --> 00:27:43,879
Speaker 13: going to blame Kevin McCarthy.

583
00:27:44,359 --> 00:27:47,040
Speaker 3: So, Professor first, sitting on College Hill talking this out

584
00:27:47,040 --> 00:27:49,639
Speaker 3: and nobody is listening. What's your gut on this? How

585
00:27:49,640 --> 00:27:50,160
Speaker 3: does it end?

586
00:27:51,400 --> 00:27:54,000
Speaker 13: Well? I mean, I think this is my question to

587
00:27:54,080 --> 00:27:56,840
Speaker 13: you actually, because you know, usually we need a signal

588
00:27:56,920 --> 00:27:59,359
Speaker 13: from Wall Street that they are concerned, right, or that

589
00:27:59,400 --> 00:28:04,359
Speaker 13: you're concerned. We need the concern signal right at all?

590
00:28:04,440 --> 00:28:05,120
Speaker 13: I mean at all.

591
00:28:05,720 --> 00:28:07,560
Speaker 3: I mean the last couple of days have not been great,

592
00:28:07,600 --> 00:28:10,040
Speaker 3: though we're starting to finally see that overhang a little bit.

593
00:28:10,040 --> 00:28:11,679
Speaker 3: I know we're not down a thousand points, but is

594
00:28:11,680 --> 00:28:12,320
Speaker 3: that what we need?

595
00:28:13,400 --> 00:28:13,840
Speaker 1: What we do?

596
00:28:13,880 --> 00:28:15,480
Speaker 13: And then of course you got the fad and inflation

597
00:28:15,520 --> 00:28:17,440
Speaker 13: and interest rates, so who knows what you can attribute

598
00:28:17,440 --> 00:28:17,639
Speaker 13: it to?

599
00:28:17,720 --> 00:28:17,880
Speaker 9: Right?

600
00:28:17,920 --> 00:28:20,080
Speaker 13: So we got but this is what you know, Kevin

601
00:28:20,119 --> 00:28:22,840
Speaker 13: McCarthy have to believe that Wall Street will walk away

602
00:28:22,880 --> 00:28:25,440
Speaker 13: from the Republicans in the congressional races in twenty twenty

603
00:28:25,440 --> 00:28:28,000
Speaker 13: four if he screws us up. Because if Wall Street

604
00:28:28,000 --> 00:28:30,119
Speaker 13: does walk away and decide to sort of promote moderate

605
00:28:30,160 --> 00:28:33,800
Speaker 13: Democrats instead of really conservative Republicans. Kevin McCarthy probably can't

606
00:28:33,800 --> 00:28:35,480
Speaker 13: win the House, can't keep the House, given the eight

607
00:28:35,520 --> 00:28:38,160
Speaker 13: seats in California New York in particular that he picked

608
00:28:38,240 --> 00:28:40,360
Speaker 13: up in twenty twenty two, that's got to be a

609
00:28:40,400 --> 00:28:43,360
Speaker 13: signal he's aware of. He keeps reassuring Wall Street, but

610
00:28:43,400 --> 00:28:45,800
Speaker 13: maybe too much because the pressure seems to be off

611
00:28:45,840 --> 00:28:48,880
Speaker 13: and the squishy deadline. I assign a paper, you got

612
00:28:48,880 --> 00:28:50,960
Speaker 13: to get it in that day, by eleven fifty nine,

613
00:28:51,160 --> 00:28:54,600
Speaker 13: not midnight. You gotta get it done. This is June first,

614
00:28:54,640 --> 00:28:58,200
Speaker 13: maybe maybe June fifteenth. Maybe you know what is the

615
00:28:58,200 --> 00:29:01,320
Speaker 13: deadline that things go boom? And we just nobody in

616
00:29:01,360 --> 00:29:03,840
Speaker 13: America seems to know. And I think that's the problem

617
00:29:03,840 --> 00:29:05,840
Speaker 13: for the Biden administration. You've got to have a firm

618
00:29:05,880 --> 00:29:08,360
Speaker 13: deadline where you say, really, this will be disaster.

619
00:29:08,560 --> 00:29:10,440
Speaker 3: Well, they have given Republicans a bit of an opening

620
00:29:10,440 --> 00:29:12,479
Speaker 3: there with the as early as knowing that it's not

621
00:29:12,520 --> 00:29:14,320
Speaker 3: necessarily the first. It could be the eighth, it could

622
00:29:14,360 --> 00:29:16,880
Speaker 3: be the ninth. We'll find out about that. But well,

623
00:29:16,880 --> 00:29:19,040
Speaker 3: I've got a political scientist on the line here. I

624
00:29:19,080 --> 00:29:22,080
Speaker 3: have to ask you about the big campaign announcement tonight,

625
00:29:22,080 --> 00:29:24,080
Speaker 3: and I want to sneak up on you with that, Wendy,

626
00:29:24,120 --> 00:29:25,960
Speaker 3: But I'm guessing you're going to be on Twitter spaces

627
00:29:25,960 --> 00:29:27,880
Speaker 3: around six o'clock Eastern time? Am I right?

628
00:29:28,800 --> 00:29:30,280
Speaker 13: Mm hmm, yep, checking it out?

629
00:29:30,360 --> 00:29:34,840
Speaker 3: Yeah, okay, So smart to go to that platform. Smart

630
00:29:34,840 --> 00:29:36,640
Speaker 3: to have Elon Musk stand in front of you when

631
00:29:36,640 --> 00:29:37,760
Speaker 3: you're announcing for president.

632
00:29:39,040 --> 00:29:43,200
Speaker 13: Well, yeah, if your weakness is big arenas or you

633
00:29:43,240 --> 00:29:45,840
Speaker 13: don't pop through a screen, whether it's a phone screen,

634
00:29:45,880 --> 00:29:48,680
Speaker 13: tablet screen, TV screen, whatever screen you're looking at, and

635
00:29:48,720 --> 00:29:52,040
Speaker 13: your big opponent is terrific at that and really charismatic,

636
00:29:52,360 --> 00:29:54,560
Speaker 13: you do not want to have your initial launch fail.

637
00:29:54,960 --> 00:29:57,320
Speaker 13: And so just as Biden dropped a video, even though

638
00:29:57,320 --> 00:30:00,360
Speaker 13: it's the incomon president, you know, Ron Santon is being smart.

639
00:30:00,480 --> 00:30:03,000
Speaker 13: He's going straight to the heart of where Trump succeeded

640
00:30:03,040 --> 00:30:05,400
Speaker 13: in twenty sixteen. He's sort of putting it in and

641
00:30:05,400 --> 00:30:07,239
Speaker 13: Elon Musk is then to Trump, you should have come

642
00:30:07,280 --> 00:30:09,200
Speaker 13: home to me, you know, you shouldn't have stayed away.

643
00:30:09,960 --> 00:30:12,200
Speaker 13: These are signals and the Stanta's are smart to do

644
00:30:12,240 --> 00:30:15,200
Speaker 13: it contained and in a way that he probably sounds

645
00:30:15,240 --> 00:30:17,800
Speaker 13: the best. And because he seems to suffer from a

646
00:30:17,840 --> 00:30:21,080
Speaker 13: charisma problem, or so we're told, this is a good

647
00:30:21,080 --> 00:30:23,400
Speaker 13: way of introducing himself. His job is to spend that

648
00:30:23,440 --> 00:30:26,160
Speaker 13: one hundred and ten million dollars introducing himself to the

649
00:30:26,160 --> 00:30:32,400
Speaker 13: Republican base and im polished, prefabricated, you know, slick digital ads,

650
00:30:32,440 --> 00:30:35,760
Speaker 13: among other things, so that he can control how he's received.

651
00:30:36,360 --> 00:30:38,440
Speaker 3: I think Donald Trump shows up on Twitter to night

652
00:30:38,520 --> 00:30:40,320
Speaker 3: just to check him. Well.

653
00:30:40,600 --> 00:30:43,800
Speaker 13: I think Donald Trump should show up somewhere tomorrow. But

654
00:30:43,840 --> 00:30:46,280
Speaker 13: you know, look, Ronda scientists can say, look, I am

655
00:30:46,320 --> 00:30:50,600
Speaker 13: the younger, you know, quote unquote, prettier version of Donald Trump,

656
00:30:50,720 --> 00:30:52,760
Speaker 13: and I don't have any of the baggage. Look at

657
00:30:52,760 --> 00:30:54,840
Speaker 13: my family, look at my record. I've been a governor.

658
00:30:55,120 --> 00:30:57,160
Speaker 13: You know, if you're a Republican, I am the much

659
00:30:57,280 --> 00:31:00,320
Speaker 13: better bet. And I'm not under indictment. And he's leave

660
00:31:00,320 --> 00:31:02,400
Speaker 13: off the last part. But this is this is an

661
00:31:02,440 --> 00:31:05,560
Speaker 13: effort to but can you really make that sort of

662
00:31:05,720 --> 00:31:09,640
Speaker 13: rhetorical rational argument in the face of the passion that

663
00:31:09,680 --> 00:31:12,200
Speaker 13: Trump seems to engender in the Republican base, right, And

664
00:31:12,200 --> 00:31:13,400
Speaker 13: that's what we're about to find out.

665
00:31:13,560 --> 00:31:15,520
Speaker 3: Well, we are about to find and that's that's gonna

666
00:31:15,560 --> 00:31:17,840
Speaker 3: get real now once you're declared. I know Donald Trump's

667
00:31:17,840 --> 00:31:19,920
Speaker 3: been knocking him, but both of these guys, this is

668
00:31:19,960 --> 00:31:21,680
Speaker 3: going to be a fight to the death right. It's

669
00:31:21,720 --> 00:31:24,040
Speaker 3: the only way I can end. They're gonna have to

670
00:31:24,760 --> 00:31:27,240
Speaker 3: Somebody is gonna have to come out here swinging with

671
00:31:27,360 --> 00:31:31,960
Speaker 3: one man standing. I'll keep reaching for cliches while you answered, right, well.

672
00:31:31,720 --> 00:31:33,680
Speaker 13: So I think so. I think that's exactly right. And

673
00:31:33,680 --> 00:31:36,520
Speaker 13: that is Ron Santans's challenge because he the he could.

674
00:31:36,560 --> 00:31:39,920
Speaker 13: He's a very measured person, right, He's a lawyer, jag attorney.

675
00:31:39,960 --> 00:31:43,360
Speaker 13: You know, he's measured. And the problem is that Republicans

676
00:31:43,360 --> 00:31:45,840
Speaker 13: who might consider him want to see him fight as

677
00:31:45,880 --> 00:31:49,240
Speaker 13: hard as Donald Trump does, right, he wants They want

678
00:31:49,280 --> 00:31:52,000
Speaker 13: to see that level and whatever it takes to win

679
00:31:52,040 --> 00:31:54,680
Speaker 13: the So is he really willing to do all that

680
00:31:54,760 --> 00:31:58,320
Speaker 13: it takes and engage Trump the way Trump plays politics.

681
00:31:58,640 --> 00:32:00,400
Speaker 13: And if he can do that, I do think he

682
00:32:00,400 --> 00:32:03,480
Speaker 13: can peel off some eight to fifteen percent of Trump's

683
00:32:03,480 --> 00:32:05,640
Speaker 13: space because they're looking for somebody who's really going to

684
00:32:05,720 --> 00:32:09,240
Speaker 13: champion what they're worried about. And if he can sell

685
00:32:09,320 --> 00:32:11,920
Speaker 13: himself that way, it would take a lot of jumping

686
00:32:11,920 --> 00:32:14,080
Speaker 13: out of his own skin. You know this is natural

687
00:32:14,120 --> 00:32:17,000
Speaker 13: to Trump.

688
00:32:20,040 --> 00:32:23,400
Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch the

689
00:32:23,440 --> 00:32:27,280
Speaker 1: program live weekdays at one Eastern on Bloomberg Radio, the

690
00:32:27,400 --> 00:32:30,720
Speaker 1: tune in alf Bloomberg dot Com, and the Bloomberg Business App.

691
00:32:30,840 --> 00:32:33,720
Speaker 1: You can also listen live on Amazon Alexa from our

692
00:32:33,720 --> 00:32:38,200
Speaker 1: flagship New York station, Just say Alexa, play Bloomberg eleven thirty.

693
00:32:39,360 --> 00:32:41,960
Speaker 3: So keeping up to date on the debt ceiling negotiators

694
00:32:42,000 --> 00:32:43,640
Speaker 3: are in the room right now in the old Executive

695
00:32:43,680 --> 00:32:46,959
Speaker 3: Office building. That means two hours and more than two

696
00:32:47,000 --> 00:32:48,440
Speaker 3: and a half hours they've been in that room, Kayley,

697
00:32:48,480 --> 00:32:50,520
Speaker 3: which is we like to think a sign of progress.

698
00:32:50,600 --> 00:32:53,720
Speaker 3: Kevin McCarthy today saying he will not give up, America,

699
00:32:53,720 --> 00:32:56,600
Speaker 3: will not default, and you'll like to think we're getting

700
00:32:56,640 --> 00:32:59,160
Speaker 3: closer to a deal. That's where we begin our conversation. Now,

701
00:32:59,200 --> 00:33:01,960
Speaker 3: glad to say with Center or Bill Cassidy, the Republican

702
00:33:02,000 --> 00:33:05,680
Speaker 3: from Louisiana is back with us on Bloomberg Radio and Senator.

703
00:33:05,720 --> 00:33:07,840
Speaker 3: It's great to have you. It's been a while and

704
00:33:07,880 --> 00:33:09,600
Speaker 3: i'd love your thoughts on this. Do you do you

705
00:33:09,640 --> 00:33:12,760
Speaker 3: think everyone's going home tomorrow or is this going to

706
00:33:12,800 --> 00:33:13,640
Speaker 3: be a working weekend.

707
00:33:15,080 --> 00:33:17,320
Speaker 7: Well, it's probably going to be a working weekend. But

708
00:33:17,440 --> 00:33:21,520
Speaker 7: let's just set the stage. When Janet Yellen said the

709
00:33:21,680 --> 00:33:25,040
Speaker 7: first of June, she didn't really mean June first. She

710
00:33:25,120 --> 00:33:28,080
Speaker 7: meant like the first half of June. And she made

711
00:33:28,120 --> 00:33:30,280
Speaker 7: that care of this past Sunday that they have more

712
00:33:30,400 --> 00:33:35,400
Speaker 7: room or runway, if you will, then the first day

713
00:33:35,400 --> 00:33:38,160
Speaker 7: of June. So they may not come through with a

714
00:33:38,200 --> 00:33:41,320
Speaker 7: solution today, and they may work through the weekend, but

715
00:33:41,400 --> 00:33:43,479
Speaker 7: I think the solution will be there before we come

716
00:33:43,520 --> 00:33:46,480
Speaker 7: anywhere close to quote unquote the faultine.

717
00:33:47,560 --> 00:33:49,840
Speaker 12: Well, you're right to point out that the Treasury Secretary

718
00:33:49,880 --> 00:33:52,680
Speaker 12: hasn't been firm about June one. She very specifically said

719
00:33:52,680 --> 00:33:55,720
Speaker 12: in her letter to congressional leadership as early as noting

720
00:33:55,760 --> 00:33:57,800
Speaker 12: that the math here isn't perfect. It's very hard to

721
00:33:57,800 --> 00:34:01,040
Speaker 12: know what receipts ultimately are going to look like, hard

722
00:34:01,080 --> 00:34:03,400
Speaker 12: to kind of put all those numbers together. But she

723
00:34:03,480 --> 00:34:06,800
Speaker 12: also has Warren Senator about the consequences of getting too close.

724
00:34:07,320 --> 00:34:09,040
Speaker 12: Even if we were to get a deal done at

725
00:34:09,040 --> 00:34:12,280
Speaker 12: eleven fifty nine, right before the X date, it still

726
00:34:12,320 --> 00:34:16,400
Speaker 12: took that long. Are you worried about the potential consequences

727
00:34:16,440 --> 00:34:19,280
Speaker 12: of just getting too close to the edge.

728
00:34:21,280 --> 00:34:24,600
Speaker 7: You don't want to make You don't want to rattle market.

729
00:34:25,239 --> 00:34:30,800
Speaker 7: You don't want the American people unnecessarily upset. I'm a doctor.

730
00:34:31,120 --> 00:34:34,480
Speaker 7: Whenever something bad happens, the old quote is first take

731
00:34:34,520 --> 00:34:38,640
Speaker 7: your own pulse, meaning just first calm down. Nothing happens

732
00:34:38,680 --> 00:34:40,680
Speaker 7: that you pand me. But I would say that they've

733
00:34:40,719 --> 00:34:44,440
Speaker 7: actually stoked this. The presidents took like not over ninety

734
00:34:44,520 --> 00:34:48,279
Speaker 7: days to begin to engage. It was really unclear whether

735
00:34:48,360 --> 00:34:50,960
Speaker 7: or not you met the first day of June or

736
00:34:51,000 --> 00:34:53,719
Speaker 7: the first half of June, until this past Sunday when

737
00:34:53,800 --> 00:34:56,160
Speaker 7: you made it clear it was not the first day

738
00:34:56,160 --> 00:34:58,719
Speaker 7: of June. Of course, it could have been as early

739
00:34:58,760 --> 00:35:01,080
Speaker 7: as June one, when they knew it was not going

740
00:35:01,120 --> 00:35:03,200
Speaker 7: to be June one. So there's been a lot of

741
00:35:04,320 --> 00:35:09,000
Speaker 7: contribution to an anxiety level that could spook markets. What

742
00:35:09,040 --> 00:35:13,120
Speaker 7: we need is certainty a president engages, a president who leads,

743
00:35:13,239 --> 00:35:17,760
Speaker 7: but also his secretaries who are firmed with the American people. Instead,

744
00:35:17,800 --> 00:35:20,000
Speaker 7: I think people are being a little bit gained as

745
00:35:20,000 --> 00:35:24,200
Speaker 7: an attempt to increase pressure on Republicans, and that's not

746
00:35:24,239 --> 00:35:25,840
Speaker 7: good for the markets. I don't want that to happen.

747
00:35:26,400 --> 00:35:29,000
Speaker 3: Well, definitely not. And it looks like the market's starting

748
00:35:29,040 --> 00:35:31,640
Speaker 3: to feel this a little bit. Senator. I'm just curious

749
00:35:31,640 --> 00:35:33,360
Speaker 3: about that. We've been hearing a lot about just in

750
00:35:33,400 --> 00:35:35,640
Speaker 3: the last forty eight hours since that letter came out

751
00:35:35,680 --> 00:35:38,200
Speaker 3: from Janet Yellen on Mondays, really hasn't changed the language.

752
00:35:38,200 --> 00:35:40,720
Speaker 3: Though we've spoken with a number of folks at Treasure.

753
00:35:40,760 --> 00:35:42,680
Speaker 3: You say, Jennety Ellen actually doesn't come up with that

754
00:35:42,760 --> 00:35:44,919
Speaker 3: date and has been consistent with the as early as

755
00:35:44,960 --> 00:35:49,520
Speaker 3: because they can't pinpoint a specific date, So what else

756
00:35:49,520 --> 00:35:50,759
Speaker 3: should she have said?

757
00:35:51,840 --> 00:35:55,200
Speaker 7: She can say what you said this past Sunday. It

758
00:35:55,239 --> 00:35:58,040
Speaker 7: could be, of course, as early as it could be

759
00:35:58,120 --> 00:36:00,680
Speaker 7: an early ass two weeks before then. If you're just

760
00:36:00,719 --> 00:36:02,840
Speaker 7: speaking with a lot of wiggle room, it could have

761
00:36:02,880 --> 00:36:05,480
Speaker 7: been as early as picked your date. But when you

762
00:36:05,480 --> 00:36:08,040
Speaker 7: want to say most probably or more probably than not,

763
00:36:08,600 --> 00:36:11,400
Speaker 7: or listen, we can make it here this last Sunday,

764
00:36:11,440 --> 00:36:13,239
Speaker 7: she said she's not sure we can make it all

765
00:36:13,239 --> 00:36:15,480
Speaker 7: the way to our low probability of making it the

766
00:36:15,560 --> 00:36:18,440
Speaker 7: June fifteenth. Now that's when the next quarterly payments for

767
00:36:18,520 --> 00:36:21,120
Speaker 7: taxes come in, and then we're kind of flushed. So

768
00:36:21,239 --> 00:36:25,080
Speaker 7: even then she left wiggle rooms. But the point is

769
00:36:25,080 --> 00:36:26,919
Speaker 7: is that they have money, you know, under the teams

770
00:36:26,920 --> 00:36:29,160
Speaker 7: and mattresses. They can delay payments for this, and they

771
00:36:29,160 --> 00:36:31,480
Speaker 7: can preserve payment for that, and they know that the

772
00:36:31,480 --> 00:36:35,480
Speaker 7: previous administrations have done this. All I'm saying is, if

773
00:36:35,560 --> 00:36:38,239
Speaker 7: you don't want to spook market, don't put things out

774
00:36:38,280 --> 00:36:41,759
Speaker 7: there which most likely you know aren't true. What you're

775
00:36:41,800 --> 00:36:45,280
Speaker 7: saying that just to give yourself a plausible deniability.

776
00:36:46,760 --> 00:36:49,319
Speaker 12: Okay, But Senator, if this really is about to make

777
00:36:49,360 --> 00:36:52,080
Speaker 12: things clear, if this is about keeping the markets calm,

778
00:36:52,160 --> 00:36:55,600
Speaker 12: ultimately about devoiding a default, However many days it took

779
00:36:55,680 --> 00:36:57,759
Speaker 12: to get the White House to the table, they are

780
00:36:57,800 --> 00:37:00,839
Speaker 12: out at the table now. The negotiations are happening. They're

781
00:37:00,880 --> 00:37:04,920
Speaker 12: talking appropriations and budget and spending, which was in theory

782
00:37:04,960 --> 00:37:07,640
Speaker 12: what Republicans wanted in the first place. Couldn't we now

783
00:37:07,680 --> 00:37:09,719
Speaker 12: just raise the debt ceiling? Just do it now that

784
00:37:09,760 --> 00:37:12,000
Speaker 12: you have them around the table on spending cuts.

785
00:37:12,920 --> 00:37:15,960
Speaker 7: Does anyone think that President Biden would be at the

786
00:37:15,960 --> 00:37:19,279
Speaker 7: table word not for this dead ceialing, No, of course not.

787
00:37:19,880 --> 00:37:20,840
Speaker 12: But he is now.

788
00:37:20,920 --> 00:37:23,920
Speaker 7: Because he is, and so as soon as you raise

789
00:37:23,960 --> 00:37:26,279
Speaker 7: the dead ceiling he's going to walk away. He wants

790
00:37:26,280 --> 00:37:31,320
Speaker 7: to preserve his ability to use unspent COVID relief dollars

791
00:37:31,320 --> 00:37:33,720
Speaker 7: in the way he wished to use it. He doesn't

792
00:37:33,719 --> 00:37:36,560
Speaker 7: want work requirements. That's something which is an anathema to

793
00:37:36,640 --> 00:37:39,000
Speaker 7: his base, even though we have other programs for which

794
00:37:39,000 --> 00:37:42,240
Speaker 7: their work requirements, however, reasonable, and I think they're pretty

795
00:37:42,239 --> 00:37:46,200
Speaker 7: reasonable the work requirements that are being requested. So the

796
00:37:46,239 --> 00:37:49,759
Speaker 7: only thing keeping him there is the dead ceiling. And

797
00:37:50,040 --> 00:37:52,040
Speaker 7: I think any of I'm as observer, would accept that.

798
00:37:52,719 --> 00:37:55,279
Speaker 7: And I'm sorry that it's taken that. I'm sorry it's

799
00:37:55,280 --> 00:37:57,360
Speaker 7: taken that much to get the president to the table

800
00:37:57,600 --> 00:38:00,400
Speaker 7: to actually began to speak about seriously addressing how much

801
00:38:00,440 --> 00:38:01,080
Speaker 7: money is to do.

802
00:38:01,680 --> 00:38:06,960
Speaker 3: Senator Cassidy, are you encouraged by conversations around permitting reforms.

803
00:38:06,960 --> 00:38:09,239
Speaker 3: Some have suggested that this is in fact what will

804
00:38:09,320 --> 00:38:11,360
Speaker 3: unlock a deal, and I know that's an issue important

805
00:38:11,360 --> 00:38:11,560
Speaker 3: to you.

806
00:38:13,000 --> 00:38:14,719
Speaker 7: Yeah, I think it is. I think it's important for

807
00:38:14,760 --> 00:38:17,279
Speaker 7: all of America. I like to say, if you will

808
00:38:17,320 --> 00:38:20,760
Speaker 7: speak to metaphorically, on the left, people want permitted reforms

809
00:38:20,840 --> 00:38:23,200
Speaker 7: for power lines, and on the right, we want it

810
00:38:23,280 --> 00:38:27,279
Speaker 7: for pipelines. But in a modern economy. Both are important,

811
00:38:27,400 --> 00:38:30,080
Speaker 7: and we cannot get permitting for things which are so

812
00:38:30,800 --> 00:38:34,040
Speaker 7: logically should be easily permitted, and we can't because they're

813
00:38:34,040 --> 00:38:37,400
Speaker 7: all tied up. And enough, anyone that wants an electric

814
00:38:37,440 --> 00:38:41,520
Speaker 7: economy better be in favor of permitted reforms, and anyone

815
00:38:41,560 --> 00:38:43,840
Speaker 7: that wants to shive natural gas and hydrogen to the

816
00:38:43,880 --> 00:38:46,560
Speaker 7: rest of the world so that they can decrease their

817
00:38:46,600 --> 00:38:50,520
Speaker 7: carbon footprint by replacing pole have better want permitted reforms.

818
00:38:50,920 --> 00:38:53,520
Speaker 7: And yet it's taken this to get the administration to

819
00:38:53,600 --> 00:38:56,759
Speaker 7: focus on permittive reforms. That's frustrating, but at least we're

820
00:38:56,760 --> 00:38:57,360
Speaker 7: getting there.

821
00:38:58,480 --> 00:39:01,480
Speaker 12: Obviously. That is part of the as you mentioned, work requirements.

822
00:39:01,520 --> 00:39:04,840
Speaker 12: Also in conversation when it comes to the actual spending, though,

823
00:39:05,200 --> 00:39:06,960
Speaker 12: there's been a lot of talk about the parts that

824
00:39:07,000 --> 00:39:10,480
Speaker 12: you can't touch. Defense, social security, and medicare all of

825
00:39:10,480 --> 00:39:13,160
Speaker 12: these mandatory sides of the LEDGER, but that leaves a

826
00:39:13,239 --> 00:39:15,719
Speaker 12: very small slice of the pie. Ultimately to address and

827
00:39:15,760 --> 00:39:18,440
Speaker 12: to try to bring spending down, is it time to

828
00:39:18,480 --> 00:39:20,520
Speaker 12: deal with the mandatory side. How should we do that?

829
00:39:21,800 --> 00:39:25,799
Speaker 7: Well, I've been very strongly advocating, so we begin to

830
00:39:25,800 --> 00:39:28,840
Speaker 7: look at social security. That's kind benefits are very taxical

831
00:39:28,840 --> 00:39:33,840
Speaker 7: and seniors. But because the program's going into default, shoot

832
00:39:33,880 --> 00:39:37,479
Speaker 7: me into insolvency in nine years. And if we wait

833
00:39:37,520 --> 00:39:42,080
Speaker 7: for nine years to address it, the tax increases are

834
00:39:42,200 --> 00:39:45,640
Speaker 7: the benefit cuts will be that much greater. And instead,

835
00:39:45,680 --> 00:39:48,200
Speaker 7: I've been proposing what I call a big idea, that

836
00:39:48,280 --> 00:39:51,040
Speaker 7: we set up an investment fund separate from Social Security,

837
00:39:51,480 --> 00:39:54,520
Speaker 7: put one point five trillion in there, and allow that

838
00:39:54,640 --> 00:39:57,680
Speaker 7: to grow with the economy. And if you keep it

839
00:39:57,719 --> 00:40:01,600
Speaker 7: in escro over sixty I have seventy years, you take

840
00:40:01,640 --> 00:40:04,600
Speaker 7: care of seventy five percent of the debt that we

841
00:40:04,719 --> 00:40:08,560
Speaker 7: otherwise will have to raise tactice for cut benefits. Now,

842
00:40:08,560 --> 00:40:10,800
Speaker 7: I like the President to engage on that, but he

843
00:40:10,840 --> 00:40:13,640
Speaker 7: won't engage on that either. So the President needs to

844
00:40:13,640 --> 00:40:16,480
Speaker 7: show leadership not just in the debt to the negotiation,

845
00:40:16,880 --> 00:40:19,080
Speaker 7: but also in how do we preserve the benefits of

846
00:40:19,120 --> 00:40:23,280
Speaker 7: such and security, Medicare, etc. So the folks who depend upon.

847
00:40:23,200 --> 00:40:26,520
Speaker 3: It, will your Republican colleagues engage on that. Senator, this

848
00:40:26,640 --> 00:40:29,000
Speaker 3: is the Social Security was taken off the table very

849
00:40:29,040 --> 00:40:31,600
Speaker 3: early in the process by the Speaker and the President.

850
00:40:32,719 --> 00:40:34,719
Speaker 7: Well, first to me say that our proposal does not

851
00:40:34,760 --> 00:40:37,080
Speaker 7: affect a ten yure window, so it has nothing to

852
00:40:37,080 --> 00:40:38,920
Speaker 7: do with the debt to him. So we actually have

853
00:40:39,040 --> 00:40:44,320
Speaker 7: seven Republicans, seven Republicans and seven Democrats who were working

854
00:40:44,520 --> 00:40:47,600
Speaker 7: actively to a solution, and then when the President went

855
00:40:47,640 --> 00:40:51,440
Speaker 7: out on the State of the Union speech and started

856
00:40:51,480 --> 00:40:55,200
Speaker 7: attacking Republicans, it all fell apart. As one of my

857
00:40:55,239 --> 00:40:58,080
Speaker 7: colleagues said, he's running for reelection, he's not going to

858
00:40:58,120 --> 00:41:01,319
Speaker 7: sign on social Security Bachelery Publicans, He's not going to

859
00:41:01,320 --> 00:41:04,799
Speaker 7: sign a reform bill. Boom, We're out of here. So

860
00:41:05,000 --> 00:41:08,799
Speaker 7: the President not just not showing leadership, he's denying the

861
00:41:08,800 --> 00:41:12,360
Speaker 7: opportunity for others to show leadership. It's a total failure.

862
00:41:12,760 --> 00:41:15,720
Speaker 3: But in terms of your proposal though your legislation, Senator,

863
00:41:15,719 --> 00:41:18,000
Speaker 3: do you have a Republican colleagues supporting that.

864
00:41:19,200 --> 00:41:22,640
Speaker 7: Republicans and Democrats in the House and the Senate. We've

865
00:41:22,680 --> 00:41:25,400
Speaker 7: gotten something which again took seventy five percent of the

866
00:41:25,440 --> 00:41:28,560
Speaker 7: issue off the table. And one thing I didn't mention earlier.

867
00:41:29,200 --> 00:41:32,520
Speaker 7: If social Security goes and solve in eight years, you've

868
00:41:32,520 --> 00:41:36,320
Speaker 7: got a decreased benefits under law, and decreased benefits adequately

869
00:41:36,840 --> 00:41:38,640
Speaker 7: so that you don't run a deficit in the Social

870
00:41:38,680 --> 00:41:41,480
Speaker 7: Security Trust form. When it goes in Solvence, there'll be

871
00:41:41,520 --> 00:41:46,600
Speaker 7: an automatic twenty four percent decrease and benefits from people

872
00:41:46,800 --> 00:41:51,239
Speaker 7: currently receiving Social Security and for everyone who's going to

873
00:41:51,280 --> 00:41:55,800
Speaker 7: repeat the actually say this will double poverty among the elderly.

874
00:41:56,360 --> 00:42:00,399
Speaker 7: I can keep going on the terrible effects. Now. Now,

875
00:42:00,560 --> 00:42:02,719
Speaker 7: this is what that stake, and this is why we

876
00:42:02,760 --> 00:42:05,920
Speaker 7: have responsible senators and members of the House and both

877
00:42:06,000 --> 00:42:09,880
Speaker 7: parties engaged in a solution and least until this president

878
00:42:09,920 --> 00:42:11,520
Speaker 7: begins a demagogue the issue.

879
00:42:11,960 --> 00:42:14,000
Speaker 12: And of course he is president for now. He is

880
00:42:14,080 --> 00:42:16,400
Speaker 12: running for reelection in twenty twenty four, as we all

881
00:42:16,440 --> 00:42:18,839
Speaker 12: well know, Senator, and there are others running as well.

882
00:42:18,880 --> 00:42:21,400
Speaker 12: We just had the news crossing within the last twenty

883
00:42:21,440 --> 00:42:24,719
Speaker 12: minutes that Ron DeSantis, the governor of Florida, has officially

884
00:42:24,840 --> 00:42:27,000
Speaker 12: entered the twenty twenty four race. Of course, following just

885
00:42:27,120 --> 00:42:30,080
Speaker 12: days after your Republican colleague in the Senate, Senator Tim

886
00:42:30,120 --> 00:42:34,120
Speaker 12: Scott also announced his candidacy. Do you know when you're

887
00:42:34,120 --> 00:42:39,080
Speaker 12: going to endorse someone in this race, Senator, Well, first.

888
00:42:38,840 --> 00:42:41,160
Speaker 7: I'm looking for someone who's honest with the American people.

889
00:42:41,600 --> 00:42:44,319
Speaker 7: President for President Trump, for example, just like he and

890
00:42:44,320 --> 00:42:47,080
Speaker 7: Biden have the same plan for social Security. Biden and

891
00:42:47,160 --> 00:42:50,120
Speaker 7: Trump have the same plan, which unfortunately is not in

892
00:42:50,160 --> 00:42:52,360
Speaker 7: this case the bipart of some planets and do nothing,

893
00:42:52,680 --> 00:42:55,520
Speaker 7: which means that you're going to cut seniors benefits by

894
00:42:55,520 --> 00:42:58,560
Speaker 7: twenty four percent. I will not endorse even one of them.

895
00:42:58,840 --> 00:43:02,040
Speaker 7: Are anyone that shared there's a plan to do nothing

896
00:43:02,080 --> 00:43:04,120
Speaker 7: which means that they want our seniors to have a

897
00:43:04,120 --> 00:43:07,120
Speaker 7: twenty four percent benefit. Guy, So I'll sort that out

898
00:43:07,200 --> 00:43:09,080
Speaker 7: and see. But I want someone who's going to be

899
00:43:09,120 --> 00:43:12,720
Speaker 7: honest with the American people and then think innovatively about

900
00:43:12,719 --> 00:43:15,400
Speaker 7: how to address their problems, not somebody who's going to

901
00:43:15,440 --> 00:43:15,919
Speaker 7: happy talk.

902
00:43:16,239 --> 00:43:18,160
Speaker 3: Mike Pence has been talking about that. I know he's

903
00:43:18,200 --> 00:43:21,920
Speaker 3: not declared officially, but he's expected by many to run Senator.

904
00:43:21,960 --> 00:43:25,160
Speaker 3: Is he getting closer to embracing reform on the level

905
00:43:25,200 --> 00:43:25,960
Speaker 3: that you want to see?

906
00:43:27,040 --> 00:43:29,719
Speaker 7: Well, he's been speaking about a version of what I

907
00:43:29,719 --> 00:43:32,520
Speaker 7: think George W. Bush proposed, which is there to be

908
00:43:32,560 --> 00:43:39,239
Speaker 7: individual accounts for people in that situation. Unfortunately, or as

909
00:43:39,280 --> 00:43:43,120
Speaker 7: a just inherently the beneficiary is that risk if the

910
00:43:43,120 --> 00:43:46,040
Speaker 7: market goes up, when the market goes down, Politically, I

911
00:43:46,080 --> 00:43:49,520
Speaker 7: can tell you w Tride it didn't work. In our proposal,

912
00:43:49,800 --> 00:43:53,200
Speaker 7: the individual beneficiary doesn't fair the risk. The fund itself

913
00:43:53,239 --> 00:43:55,400
Speaker 7: does and the side and the fund means that it

914
00:43:55,440 --> 00:43:59,080
Speaker 7: can tolerate that risk better than the individual. So I'm

915
00:43:59,239 --> 00:44:03,240
Speaker 7: very pleased poor or Vice President tent is addressing issue.

916
00:44:03,360 --> 00:44:05,960
Speaker 7: We've got different plans, but Alice, he's a guy who's

917
00:44:05,960 --> 00:44:08,680
Speaker 7: coming up with something and innovative as opposed to just

918
00:44:08,760 --> 00:44:11,320
Speaker 7: letting the program go and solve it like Trump and Biden.

919
00:44:11,960 --> 00:44:15,160
Speaker 3: Yeah, well, it's the third rail, right. It's something nobody

920
00:44:15,200 --> 00:44:16,920
Speaker 3: wants to talk about, which is why I was curious

921
00:44:16,960 --> 00:44:20,040
Speaker 3: your thought on it with his big idea. Senator Bill Cassidy,

922
00:44:20,080 --> 00:44:22,799
Speaker 3: the Republican from Louisiana, thank you, senator for joining us

923
00:44:23,200 --> 00:44:25,719
Speaker 3: again on Bloomberg Radio. He doesn't sound terribly encouraged by

924
00:44:25,760 --> 00:44:26,520
Speaker 3: what's going on here.

925
00:44:27,320 --> 00:44:30,200
Speaker 12: No, at the very least, definitely not on the side

926
00:44:30,200 --> 00:44:33,160
Speaker 12: of the White House. But they're all all around the

927
00:44:33,160 --> 00:44:35,239
Speaker 12: table now and they're still talking. We have not yet

928
00:44:35,280 --> 00:44:37,799
Speaker 12: heard that the negotiators have left the room.

929
00:44:38,000 --> 00:44:40,279
Speaker 3: That's exactly right, then, Network, we're coming up on the

930
00:44:40,480 --> 00:44:43,799
Speaker 3: three hour mark here. That's got to mean something more

931
00:44:43,840 --> 00:44:45,640
Speaker 3: than what we have seen in meetings that have lasted

932
00:44:45,640 --> 00:44:48,239
Speaker 3: an hour or less between the principles. This maybe the

933
00:44:48,239 --> 00:44:51,000
Speaker 3: longest session that has been had yet. That weekend session

934
00:44:51,880 --> 00:44:55,040
Speaker 3: was an hour long, for instance. So they're getting into something.

935
00:44:55,080 --> 00:44:58,200
Speaker 3: I suspect the pizzas are arriving soon. We'll see if

936
00:44:58,200 --> 00:44:59,440
Speaker 3: they drag out the cots tonight.

937
00:44:59,520 --> 00:44:59,800
Speaker 9: Kayley.

938
00:45:00,280 --> 00:45:02,760
Speaker 12: Yeah, well, Memorial Day weekend show is quickly approaching.

939
00:45:02,880 --> 00:45:03,239
Speaker 1: You know it.

940
00:45:07,239 --> 00:45:09,560
Speaker 3: Thanks for listening to the Sound on Podcast. Make sure

941
00:45:09,560 --> 00:45:12,440
Speaker 3: to subscribe if you haven't already, at Apple, Spotify, and

942
00:45:12,480 --> 00:45:15,040
Speaker 3: anywhere else you get your podcasts, and you can find

943
00:45:15,120 --> 00:45:18,160
Speaker 3: us live every weekday from Washington, DC at one pm

944
00:45:18,239 --> 00:45:21,839
Speaker 3: Eastern Time at Bloomberg dot com