1 00:00:02,520 --> 00:00:10,119 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the 2 00:00:10,119 --> 00:00:13,880 Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at 3 00:00:13,920 --> 00:00:17,440 Speaker 1: noon and five pm Eastern on Applecarckley and Android Auto 4 00:00:17,520 --> 00:00:20,680 Speaker 1: with the Bloomberg Business App. Listen on demand wherever you 5 00:00:20,720 --> 00:00:24,960 Speaker 1: get your podcasts, or watch us live on YouTube. 6 00:00:25,520 --> 00:00:27,360 Speaker 2: As we follow the beat here in Washington. 7 00:00:27,360 --> 00:00:30,480 Speaker 3: Thanks for joining here on the Tuesday edition alongside Tyler 8 00:00:30,560 --> 00:00:33,839 Speaker 3: Kendall in for Kayley Lines. I'm Joe Matthew. We don't 9 00:00:33,840 --> 00:00:35,239 Speaker 3: want to waste time. We want to get right to 10 00:00:35,280 --> 00:00:37,360 Speaker 3: the Congressman. Mike Lawler is with us now, of course, 11 00:00:37,400 --> 00:00:39,640 Speaker 3: the Republican from New York seventeenth. We spent a lot 12 00:00:39,640 --> 00:00:43,320 Speaker 3: of time talking about everything from salt to yes government funding, 13 00:00:43,360 --> 00:00:45,320 Speaker 3: and here we are again. Congressman, thank you for joining 14 00:00:45,400 --> 00:00:48,960 Speaker 3: us on Bloomberg TV and radio. The conventional wisdom is 15 00:00:49,000 --> 00:00:51,400 Speaker 3: we shut down after midnight, and I'm assuming you don't 16 00:00:51,400 --> 00:00:52,360 Speaker 3: see a way around it. 17 00:00:52,400 --> 00:00:54,200 Speaker 2: What comes after the shutdown? 18 00:00:55,760 --> 00:00:59,280 Speaker 4: Well, unfortunately, it looks like we are barreling towards a 19 00:00:59,360 --> 00:01:04,120 Speaker 4: shutdown because Democrats like Kiem Jeffries and Chuck Schumer have 20 00:01:04,280 --> 00:01:08,760 Speaker 4: changed their position entirely on keeping the government funded and 21 00:01:08,840 --> 00:01:13,080 Speaker 4: passing clean crs. Whether it was Joe Biden or Donald Trump, 22 00:01:13,160 --> 00:01:16,280 Speaker 4: I have voted for every single R to keep the 23 00:01:16,319 --> 00:01:21,840 Speaker 4: government open and funded while we negotiate a final appropriations package. 24 00:01:21,959 --> 00:01:25,120 Speaker 4: I think it is foolish to shut down the government. 25 00:01:25,319 --> 00:01:27,760 Speaker 4: It is going to create chaos in the markets. It 26 00:01:27,800 --> 00:01:32,200 Speaker 4: will create chaos for the American people, especially those who 27 00:01:32,200 --> 00:01:38,400 Speaker 4: rely on the social safety net, border security, our military veterans, benefits, etc. 28 00:01:39,160 --> 00:01:44,039 Speaker 4: This is entirely unnecessary and does nothing to actually further 29 00:01:44,520 --> 00:01:47,440 Speaker 4: the work of the American people. It is pure political 30 00:01:47,520 --> 00:01:51,800 Speaker 4: posturing by my Democratic colleagues because they are not in 31 00:01:51,840 --> 00:01:55,520 Speaker 4: the majority, and from my vantage point, that is not 32 00:01:55,680 --> 00:01:58,640 Speaker 4: what you do. I was against it when Republicans wanted 33 00:01:58,640 --> 00:02:01,480 Speaker 4: to shut down the government, and I'm against it here 34 00:02:01,560 --> 00:02:04,200 Speaker 4: when Democrats want to do it. So we will see 35 00:02:04,240 --> 00:02:08,239 Speaker 4: what happens over these twelve hours. As you pointed out, 36 00:02:08,280 --> 00:02:11,120 Speaker 4: Republicans passed a clean cr through the House. 37 00:02:11,480 --> 00:02:14,080 Speaker 5: The bill is sitting in the Senate at the desk. 38 00:02:14,200 --> 00:02:18,200 Speaker 4: It can easily be taken back up right now and passed, 39 00:02:19,000 --> 00:02:22,880 Speaker 4: and Chuck Schumer refuses to do that. Despite his many 40 00:02:23,400 --> 00:02:27,400 Speaker 4: pronouncements in years past about the need to pass clean CRS. 41 00:02:27,760 --> 00:02:30,280 Speaker 4: And not pound your fists and stomp your feet when 42 00:02:30,280 --> 00:02:31,160 Speaker 4: you don't get your way. 43 00:02:32,720 --> 00:02:35,720 Speaker 6: So, Congressman, I hear you on the future of a 44 00:02:35,760 --> 00:02:38,640 Speaker 6: potential clean cr But do you see any room for 45 00:02:38,760 --> 00:02:42,680 Speaker 6: negotiations here when it does come to those expiring Obamacare 46 00:02:43,160 --> 00:02:45,680 Speaker 6: tax credits. We did hear from House Speaker Mike Johnson 47 00:02:45,720 --> 00:02:47,840 Speaker 6: in an interview this morning saying that there might be 48 00:02:47,960 --> 00:02:51,200 Speaker 6: some negotiating room, but that would have to happen after 49 00:02:51,320 --> 00:02:53,760 Speaker 6: a funding bill is passed, since the tax credits are 50 00:02:53,760 --> 00:02:55,399 Speaker 6: going to expire by the end of the year. 51 00:02:57,080 --> 00:03:01,520 Speaker 4: Correct, and I am one of several Republican members who 52 00:03:01,520 --> 00:03:06,280 Speaker 4: have signed on to legislation to extend the ACA subsidies 53 00:03:06,639 --> 00:03:09,959 Speaker 4: for a year. Remember these were put in place during 54 00:03:10,080 --> 00:03:13,799 Speaker 4: COVID to try and help those who were losing their 55 00:03:13,919 --> 00:03:17,760 Speaker 4: jobs or unemployed because the government was forcing businesses to 56 00:03:17,840 --> 00:03:21,400 Speaker 4: shut down. We don't want people to be unduly hurt, 57 00:03:21,480 --> 00:03:26,880 Speaker 4: obviously by healthcare premium increases, but to try and shut 58 00:03:26,919 --> 00:03:32,480 Speaker 4: the government down while negotiating some of these issues is foolish. 59 00:03:32,639 --> 00:03:36,240 Speaker 4: We can easily keep the government funded through November twenty First, 60 00:03:36,680 --> 00:03:40,839 Speaker 4: finalize all appropriations for fiscal year twenty six and come 61 00:03:40,880 --> 00:03:45,200 Speaker 4: to an agreement on these ACA subsidies for the next 62 00:03:45,280 --> 00:03:46,000 Speaker 4: year or two. 63 00:03:46,320 --> 00:03:47,840 Speaker 5: There's no reason to shut the. 64 00:03:47,800 --> 00:03:50,839 Speaker 4: Government down in the middle of those negotiations. 65 00:03:52,160 --> 00:03:54,440 Speaker 3: You wonder what would happen if if Mike Johnson said 66 00:03:54,480 --> 00:03:56,960 Speaker 3: exactly what you just said. Although maybe there's sole little 67 00:03:57,000 --> 00:04:00,760 Speaker 3: trust it doesn't matter right now. Congressmen come of these 68 00:04:00,800 --> 00:04:04,480 Speaker 3: after we've been talking about these extensions for some time now. 69 00:04:04,480 --> 00:04:05,600 Speaker 2: Everybody has become. 70 00:04:05,360 --> 00:04:09,600 Speaker 3: An expert on this, or so they think. If this 71 00:04:09,720 --> 00:04:12,320 Speaker 3: was a COVID era a policy, should it be extended 72 00:04:12,360 --> 00:04:14,920 Speaker 3: forever as Democrats suggest, you just pointed out a year, 73 00:04:15,080 --> 00:04:16,000 Speaker 3: should they come down? 74 00:04:16,040 --> 00:04:18,200 Speaker 2: Should be it? There be a gradual phasing out? What's 75 00:04:18,240 --> 00:04:19,280 Speaker 2: the long term on this? 76 00:04:20,480 --> 00:04:22,880 Speaker 4: Well, I think again, this is a negotiation and a 77 00:04:22,920 --> 00:04:27,240 Speaker 4: discussion to be had. I think many Republicans would like 78 00:04:27,320 --> 00:04:34,039 Speaker 4: to see an income limit on these subsidies. Again, these 79 00:04:34,080 --> 00:04:36,640 Speaker 4: were put in place during COVID. I think there's a 80 00:04:36,720 --> 00:04:40,000 Speaker 4: larger point, though, which is, if the Affordable Care Act 81 00:04:40,120 --> 00:04:45,000 Speaker 4: was supposed to reduce healthcare premiums, was supposed to increase access, 82 00:04:45,480 --> 00:04:48,599 Speaker 4: why is it not working as intended fifteen years later? 83 00:04:48,839 --> 00:04:52,560 Speaker 4: So much so that you need these subsidies to help people. Obviously, 84 00:04:52,600 --> 00:04:56,640 Speaker 4: there's a broader issue with health insurance cost in this country, 85 00:04:57,320 --> 00:04:59,960 Speaker 4: and I think that is something that Republicans and Democrats 86 00:05:00,040 --> 00:05:03,400 Speaker 4: should work on together to focus on how we reduce 87 00:05:03,520 --> 00:05:06,400 Speaker 4: overall costs. You saw the President today with the announcement 88 00:05:06,720 --> 00:05:13,040 Speaker 4: with respect to Pfizer and certain prescription drugs and being 89 00:05:13,040 --> 00:05:16,039 Speaker 4: able to purchase them at a much lower rate. That's 90 00:05:16,080 --> 00:05:19,799 Speaker 4: important when you look at the challenges facing the US 91 00:05:19,960 --> 00:05:23,760 Speaker 4: and Europe. Part of the problem with prescription drug costs 92 00:05:23,800 --> 00:05:28,120 Speaker 4: in America is that Americans are subsidizing Europeans with the 93 00:05:28,160 --> 00:05:30,680 Speaker 4: price controls that have long been put in place on. 94 00:05:30,680 --> 00:05:32,200 Speaker 5: Prescription drugs in Europe. 95 00:05:32,279 --> 00:05:36,240 Speaker 4: So that is something that we should all embrace reducing 96 00:05:36,320 --> 00:05:39,520 Speaker 4: overall cost but that's not something that you shut the 97 00:05:39,560 --> 00:05:43,960 Speaker 4: government down over and really harm the very people that 98 00:05:44,000 --> 00:05:45,000 Speaker 4: you're trying to help. 99 00:05:46,480 --> 00:05:50,240 Speaker 6: Well, sticking with this idea that higher drug costs are 100 00:05:50,480 --> 00:05:55,080 Speaker 6: a point of a political point on both sides of 101 00:05:55,080 --> 00:05:56,440 Speaker 6: the Aisle, I also want to ask you about some 102 00:05:56,520 --> 00:05:59,240 Speaker 6: of the economic impacts here of a potential shut down. 103 00:05:59,279 --> 00:06:01,880 Speaker 6: You said, of course House Finn Services are analysts at 104 00:06:01,880 --> 00:06:04,839 Speaker 6: Bloomberg Economics estimate that the unemployment rate could reach four 105 00:06:04,880 --> 00:06:08,960 Speaker 6: point seven percent in a shutdown. I'm wondering, are the 106 00:06:09,000 --> 00:06:12,240 Speaker 6: optics going to be difficult to navigate here? Considering there's 107 00:06:12,240 --> 00:06:16,480 Speaker 6: already concerns about the labor market. How are Republicans going 108 00:06:16,839 --> 00:06:20,440 Speaker 6: to message around this when we know that economic impacts 109 00:06:20,480 --> 00:06:24,000 Speaker 6: could really be one of those top top concerns and priorities. 110 00:06:25,279 --> 00:06:28,760 Speaker 4: What we've seen in shutdowns prior, for instance, the stock 111 00:06:28,839 --> 00:06:34,240 Speaker 4: market has generally grown. The biggest concern has been on GDP. 112 00:06:35,000 --> 00:06:37,760 Speaker 4: We saw for Q two revision a three point eight 113 00:06:37,839 --> 00:06:43,279 Speaker 4: percent growth in GDP, which far exceeded what many prognosticators 114 00:06:43,640 --> 00:06:47,480 Speaker 4: we're claiming was going to happen in Q two. So 115 00:06:47,520 --> 00:06:51,719 Speaker 4: certainly the economy is moving in the right direction. We 116 00:06:51,800 --> 00:06:55,080 Speaker 4: got the tax package across the finish line that was 117 00:06:55,120 --> 00:06:59,320 Speaker 4: critical for tax certainty. We don't need a government shutdown 118 00:06:59,400 --> 00:07:04,240 Speaker 4: to create unnecessary chaos as we are working to enact 119 00:07:04,320 --> 00:07:07,920 Speaker 4: critical policies that move the economy in the right direction, 120 00:07:08,080 --> 00:07:13,840 Speaker 4: that create jobs, that create wealth and opportunity, and so look, 121 00:07:14,160 --> 00:07:18,680 Speaker 4: unemployment obviously is a critical issue. We don't want to 122 00:07:18,680 --> 00:07:22,160 Speaker 4: see layoffs, we don't want to see uncertainty in the market. 123 00:07:22,600 --> 00:07:26,440 Speaker 4: Democrats have said for years. Chuck Schumer, Hakeem Jeffries long 124 00:07:26,480 --> 00:07:30,240 Speaker 4: on record about the impacts of a government shutdown and 125 00:07:30,280 --> 00:07:32,720 Speaker 4: the need for a clean CR. They should look in 126 00:07:32,760 --> 00:07:36,120 Speaker 4: the mirror, listen to their words of years past, including 127 00:07:36,280 --> 00:07:38,880 Speaker 4: just last year with Joe Biden at the Helm, and 128 00:07:38,960 --> 00:07:41,760 Speaker 4: vote the right way, which is to pass a clean 129 00:07:41,840 --> 00:07:44,760 Speaker 4: CR and keep the government funded while we work through 130 00:07:44,840 --> 00:07:47,040 Speaker 4: all these other issues of concern. 131 00:07:47,800 --> 00:07:51,160 Speaker 3: What's your view on the FED, Congressman, as you sit 132 00:07:51,200 --> 00:07:54,640 Speaker 3: on the Financial Services Committee? To Tyler's point, if this 133 00:07:54,720 --> 00:07:57,600 Speaker 3: affects the release of the jobs report, for instance, on Friday, 134 00:07:57,640 --> 00:08:00,480 Speaker 3: if BLS can't kick out the jobs data, point, does 135 00:08:00,520 --> 00:08:03,320 Speaker 3: that become a problem for the Fed to make an 136 00:08:03,320 --> 00:08:06,960 Speaker 3: accurate decision, say by the next meeting, when it doesn't 137 00:08:06,960 --> 00:08:09,680 Speaker 3: have a complete picture of the data. Is this something 138 00:08:09,680 --> 00:08:12,120 Speaker 3: you're worried about it you think government will be back 139 00:08:12,160 --> 00:08:12,720 Speaker 3: open at time? 140 00:08:14,200 --> 00:08:18,760 Speaker 4: Well, again, these are all the concerns and considerations that 141 00:08:18,840 --> 00:08:22,320 Speaker 4: go into a government shutdown and why I fundamentally believe, 142 00:08:22,640 --> 00:08:26,280 Speaker 4: regardless of which party is in power, shutting the government 143 00:08:26,320 --> 00:08:27,160 Speaker 4: down is stupid. 144 00:08:27,680 --> 00:08:29,720 Speaker 5: It doesn't serve a purpose but. 145 00:08:29,840 --> 00:08:32,840 Speaker 4: For a political one, and in this instance, Democrats are 146 00:08:32,880 --> 00:08:36,439 Speaker 4: trying to use this for a political purpose, and that 147 00:08:36,760 --> 00:08:40,440 Speaker 4: is wrong. It was wrong when Republicans wanted to do 148 00:08:40,480 --> 00:08:43,120 Speaker 4: it in years past. It is wrong now when you 149 00:08:43,360 --> 00:08:46,800 Speaker 4: talk about the FED. Look, fundamentally, I believe the FED 150 00:08:46,840 --> 00:08:50,280 Speaker 4: has been late to the game both when they needed 151 00:08:50,280 --> 00:08:53,160 Speaker 4: to raise interest rates in the past and now in 152 00:08:53,280 --> 00:08:56,720 Speaker 4: terms of reducing interest rates. I think they need to 153 00:08:56,760 --> 00:09:01,200 Speaker 4: cut interest rates far greater than they have. Obviously, having 154 00:09:01,240 --> 00:09:05,360 Speaker 4: all of the data and information is important, but I 155 00:09:05,400 --> 00:09:07,600 Speaker 4: think all of us recognize the need for them to 156 00:09:07,640 --> 00:09:10,880 Speaker 4: cut rates. So whether or not they have that data, 157 00:09:10,920 --> 00:09:14,319 Speaker 4: they need to act on the reality of the situation. 158 00:09:15,280 --> 00:09:19,280 Speaker 4: Jerome pal needs to advance rate cuts in a serious 159 00:09:19,320 --> 00:09:23,040 Speaker 4: way so that we can continue to move this economy 160 00:09:23,080 --> 00:09:23,840 Speaker 4: in the right direction. 161 00:09:25,200 --> 00:09:27,480 Speaker 6: Well, we heard from President Trump this morning saying that 162 00:09:27,480 --> 00:09:30,760 Speaker 6: there could be quote a lot in his words of 163 00:09:31,000 --> 00:09:36,720 Speaker 6: firings amid this shutdown. We know the OMB was circulating 164 00:09:36,800 --> 00:09:40,120 Speaker 6: this memo threatening permanent layoffs. Do you agree with this 165 00:09:40,280 --> 00:09:44,240 Speaker 6: as what seems to be emerging as a negotiating tactic 166 00:09:44,280 --> 00:09:46,360 Speaker 6: between the White House and Democrats on the Hill. 167 00:09:47,679 --> 00:09:51,320 Speaker 4: Look, I said earlier in the week when that memo 168 00:09:51,400 --> 00:09:54,480 Speaker 4: came out that I don't agree with permanent layoffs. But 169 00:09:54,559 --> 00:09:57,480 Speaker 4: this is the challenge when you have a shutdown, the 170 00:09:57,600 --> 00:10:00,720 Speaker 4: executive will make determinations as to who who was essential 171 00:10:00,760 --> 00:10:06,200 Speaker 4: who is not, restructuring of departments and agencies based on 172 00:10:06,240 --> 00:10:08,880 Speaker 4: a lack of funding. And I think if Democrats are 173 00:10:08,880 --> 00:10:16,000 Speaker 4: so concerned about what they see as excessive executive overreach, 174 00:10:16,440 --> 00:10:19,760 Speaker 4: then they shouldn't be playing games here past the clean 175 00:10:19,840 --> 00:10:22,440 Speaker 4: CR and keep the government funded and then we don't 176 00:10:22,440 --> 00:10:26,520 Speaker 4: even have to have that discussion. But unfortunately they are 177 00:10:26,520 --> 00:10:31,400 Speaker 4: playing games here and changing their previous position. Every single 178 00:10:31,480 --> 00:10:34,880 Speaker 4: House Democrat but for one Jared Golden of Maine, every 179 00:10:34,880 --> 00:10:38,600 Speaker 4: single House Democrat either didn't vote or voted no on 180 00:10:38,800 --> 00:10:41,160 Speaker 4: keeping the government funded almost two weeks ago. 181 00:10:42,360 --> 00:10:44,880 Speaker 3: Do you take the White House quickly Congressman at their 182 00:10:44,880 --> 00:10:46,280 Speaker 3: word when it comes to the layoffs. 183 00:10:48,480 --> 00:10:52,760 Speaker 4: Look, I don't think they're kidding around. If they intend 184 00:10:52,840 --> 00:10:57,240 Speaker 4: to do that, they've made that clear. And again, why 185 00:10:57,360 --> 00:10:59,760 Speaker 4: play with fire here. There's a very easy way to 186 00:10:59,800 --> 00:11:02,800 Speaker 4: solve all this. Pass a clean CR and let's keep 187 00:11:02,840 --> 00:11:06,240 Speaker 4: doing the work of the American people. Negotiate a final 188 00:11:06,280 --> 00:11:09,360 Speaker 4: appropriations deal. What they should be asking for is a 189 00:11:09,400 --> 00:11:13,080 Speaker 4: top line number from OMB so that we can finalize 190 00:11:13,120 --> 00:11:16,280 Speaker 4: the appropriations for fiscal year twenty six. That's what they 191 00:11:16,320 --> 00:11:19,240 Speaker 4: should be asking for instead of trying to play political games. 192 00:11:19,280 --> 00:11:25,120 Speaker 6: Here all right, Republican Congressman Mike Lawler of New York, 193 00:11:25,160 --> 00:11:27,960 Speaker 6: thank you so much for joining us here on Bloomberg 194 00:11:28,000 --> 00:11:31,440 Speaker 6: Television and Radio today and for more analysis. We're lucky 195 00:11:31,440 --> 00:11:34,840 Speaker 6: to say we're joined now by our Washington Deputy Bureau Chief, 196 00:11:34,920 --> 00:11:38,640 Speaker 6: Laura Davison. She's here with us in our DC studio. So, Laura, 197 00:11:38,679 --> 00:11:41,240 Speaker 6: we've been talking a lot about the politics of this 198 00:11:41,360 --> 00:11:43,600 Speaker 6: shutdown fight, but I'm wondering, if you could just take 199 00:11:43,679 --> 00:11:46,800 Speaker 6: us through the procedure, what are we actually going to 200 00:11:46,880 --> 00:11:50,000 Speaker 6: see as we get closer to this vote tonight in 201 00:11:50,000 --> 00:11:52,719 Speaker 6: that twelve oh one eastern deadline. 202 00:11:52,760 --> 00:11:55,400 Speaker 7: So we have two parallel processes playing out. One what's 203 00:11:55,400 --> 00:11:57,440 Speaker 7: happening on Capitol Hill, which is right now a lot 204 00:11:57,440 --> 00:12:00,600 Speaker 7: of talking at each other, not talking to to each other. 205 00:12:00,800 --> 00:12:03,120 Speaker 7: There will be more press conferences later this afternoon, and 206 00:12:03,160 --> 00:12:06,520 Speaker 7: as the hours tick on to midnight, we will see 207 00:12:06,559 --> 00:12:09,320 Speaker 7: another vote on a cr It is likely that that 208 00:12:09,400 --> 00:12:11,480 Speaker 7: will fail, and then it will hit midnight and the 209 00:12:11,520 --> 00:12:14,040 Speaker 7: government will shut down. At the agency side, they are 210 00:12:14,080 --> 00:12:17,480 Speaker 7: busy scurrying around. We're going through all of their shutdown 211 00:12:17,480 --> 00:12:19,920 Speaker 7: procedures right about now, about a half day before the 212 00:12:19,920 --> 00:12:23,000 Speaker 7: shutdowns set to go into effect. They are basically each 213 00:12:23,000 --> 00:12:25,959 Speaker 7: employee is figuring out what work will get stopped for 214 00:12:26,040 --> 00:12:28,800 Speaker 7: an undetermined amount of time, what work will continue. They 215 00:12:28,800 --> 00:12:31,719 Speaker 7: have to sign paperwork. So the roads in Washington were 216 00:12:31,760 --> 00:12:34,160 Speaker 7: very busy this morning. Is every single federal employee was 217 00:12:34,200 --> 00:12:36,160 Speaker 7: going to their office to get everything all set up. 218 00:12:36,280 --> 00:12:38,320 Speaker 3: That's why I was sitting in traffic. That's good to know. 219 00:12:38,800 --> 00:12:42,199 Speaker 3: So we get another vote on the Republican CR. Democrat 220 00:12:42,440 --> 00:12:44,240 Speaker 3: version gets a vote as well. We're going to have 221 00:12:44,280 --> 00:12:46,920 Speaker 3: a couple of votes to codify this before the day 222 00:12:46,960 --> 00:12:47,240 Speaker 3: is over. 223 00:12:47,440 --> 00:12:49,000 Speaker 2: Yes, there will be these dueling crs. 224 00:12:49,240 --> 00:12:51,439 Speaker 7: Again, likely that these will fail, and it's also possible 225 00:12:51,440 --> 00:12:53,319 Speaker 7: in the next couple days. You know, we're hearing Republicans 226 00:12:53,320 --> 00:12:56,480 Speaker 7: say that they're not going to engage in bipartisan talks 227 00:12:56,600 --> 00:12:58,440 Speaker 7: if there's a shutdown there instead just going to bring 228 00:12:58,520 --> 00:13:01,920 Speaker 7: up this Republican CR every day and force Democrats to devote. 229 00:13:01,600 --> 00:13:03,520 Speaker 2: To new wrangle. Right, so we'll vote every day on 230 00:13:03,559 --> 00:13:05,000 Speaker 2: the thing we know is going to fail. 231 00:13:05,440 --> 00:13:07,080 Speaker 7: That's u that's what they're saying. I mean, it's sort 232 00:13:07,080 --> 00:13:08,719 Speaker 7: of it's sort of a tactic. It's a it's a 233 00:13:08,760 --> 00:13:11,360 Speaker 7: it's a hardball tactic to get Democrats to try to 234 00:13:11,400 --> 00:13:13,679 Speaker 7: cave on this. You know, Democrats say that that's not 235 00:13:13,720 --> 00:13:15,640 Speaker 7: what they're doing, and we heard Chuck Schumer say, look, 236 00:13:15,640 --> 00:13:17,760 Speaker 7: we're we're not going to be bullied into this. The 237 00:13:17,840 --> 00:13:19,920 Speaker 7: question is, you know what, it's two, three, four weeks out, 238 00:13:19,960 --> 00:13:21,040 Speaker 7: who's the first one to blink? 239 00:13:21,160 --> 00:13:23,920 Speaker 6: Well, we also had reporting that Schumor was potentially floating 240 00:13:23,920 --> 00:13:26,880 Speaker 6: an even shorter stockgap measures seven to ten days. But 241 00:13:26,920 --> 00:13:29,040 Speaker 6: then yesterday he came back from the White House and 242 00:13:29,120 --> 00:13:32,400 Speaker 6: it appears that they're now abandoning that idea. Is there 243 00:13:32,480 --> 00:13:36,040 Speaker 6: any sort of discussion happening right now about maybe a 244 00:13:36,120 --> 00:13:38,880 Speaker 6: small extension just so that they can keep negotiations going. 245 00:13:39,120 --> 00:13:41,160 Speaker 6: That is sort of the one escape patch they have 246 00:13:41,280 --> 00:13:43,120 Speaker 6: in their in their hand. If they want to do that, 247 00:13:43,200 --> 00:13:45,080 Speaker 6: they can get that through the Senate quickly and then 248 00:13:45,120 --> 00:13:47,320 Speaker 6: have the House essentially approve it even when the members 249 00:13:47,360 --> 00:13:50,199 Speaker 6: aren't here. The problem is is that no one seems 250 00:13:50,240 --> 00:13:51,920 Speaker 6: to want to sort of offer that up yet. 251 00:13:52,040 --> 00:13:53,360 Speaker 2: They also, when you when you do. 252 00:13:53,320 --> 00:13:56,160 Speaker 7: These short you know, very short term continuing resolutions here 253 00:13:56,200 --> 00:13:58,120 Speaker 7: just a couple of days, you generally know that you 254 00:13:58,160 --> 00:14:00,400 Speaker 7: are on path to have a deal at the end 255 00:14:00,400 --> 00:14:03,000 Speaker 7: of that period of time, and you're while operating good faith. 256 00:14:03,240 --> 00:14:04,880 Speaker 7: Right now there is no good faith and it's all 257 00:14:04,880 --> 00:14:06,280 Speaker 7: bad blood in between the two parties. 258 00:14:06,720 --> 00:14:09,720 Speaker 3: The question becomes, then, what what do you do once 259 00:14:09,760 --> 00:14:10,360 Speaker 3: it's closed? 260 00:14:10,360 --> 00:14:11,400 Speaker 2: How do you reopen it? 261 00:14:11,679 --> 00:14:14,480 Speaker 3: You're talking about some show votes here, but a great 262 00:14:14,520 --> 00:14:16,959 Speaker 3: concern in some cases expressed on the air to us 263 00:14:17,240 --> 00:14:19,920 Speaker 3: by Democrats is we can't let this close unless we 264 00:14:19,920 --> 00:14:20,880 Speaker 3: have a plan to reopen it. 265 00:14:20,800 --> 00:14:22,120 Speaker 2: It doesn't look like they have when. 266 00:14:22,000 --> 00:14:25,120 Speaker 7: Laura, Democrats don't. They don't really have a good escape 267 00:14:25,160 --> 00:14:25,520 Speaker 7: patch here. 268 00:14:25,600 --> 00:14:28,160 Speaker 3: You know, you could have another record length closed very 269 00:14:28,320 --> 00:14:28,720 Speaker 3: very well. 270 00:14:29,000 --> 00:14:32,160 Speaker 7: You know, so we had last night Lindsey Graham, a Republican, 271 00:14:32,240 --> 00:14:34,440 Speaker 7: was speculating that Democrats would cave in a few days. 272 00:14:34,800 --> 00:14:37,640 Speaker 7: You know, we'll see where that lands. The issue really 273 00:14:37,680 --> 00:14:41,160 Speaker 7: is a short, short term shut down. Isn't that damaging? 274 00:14:41,160 --> 00:14:43,120 Speaker 7: You know, people will get back pay the workers who 275 00:14:43,120 --> 00:14:45,280 Speaker 7: are furloughed. CBO just came out with a report saying 276 00:14:45,280 --> 00:14:48,040 Speaker 7: seven hundred and fifty thousand workers it's roughly about a 277 00:14:48,080 --> 00:14:50,760 Speaker 7: third to forty percent of the federal workforce will be 278 00:14:50,800 --> 00:14:53,320 Speaker 7: sent home. But about you know, sixty percent, we'll have 279 00:14:53,360 --> 00:14:56,640 Speaker 7: to continue working without pay, Okay, But it's when you 280 00:14:56,680 --> 00:14:59,160 Speaker 7: know those workers have gone, you know, one or two 281 00:14:59,240 --> 00:15:01,800 Speaker 7: paycheck cycles without a paycheck, that people really start to 282 00:15:02,040 --> 00:15:03,680 Speaker 7: feel the heat and the pressure. That's what we saw 283 00:15:03,840 --> 00:15:06,640 Speaker 7: in twenty eighteen when there was a thirty four day shutdown, right. 284 00:15:07,400 --> 00:15:10,360 Speaker 6: I also believe our analysts at Bloomberg Economics say that 285 00:15:10,400 --> 00:15:12,880 Speaker 6: if this is resolved by mid November, we're not going 286 00:15:12,880 --> 00:15:15,800 Speaker 6: to see any impact when it comes to fourth quarter GDP. 287 00:15:16,040 --> 00:15:19,240 Speaker 6: But ultimately if this extends beyond, then the stakes get 288 00:15:19,320 --> 00:15:21,160 Speaker 6: higher and higher. Of course, at the center of this, 289 00:15:21,240 --> 00:15:25,120 Speaker 6: as we've been discussing, is the future of those Obamacare 290 00:15:25,240 --> 00:15:28,360 Speaker 6: tax credits. I'm just wondering, from what you're hearing, is 291 00:15:28,400 --> 00:15:31,600 Speaker 6: there actually room to negotiate on that, whether it's now 292 00:15:31,840 --> 00:15:33,920 Speaker 6: or down the line. Since we know we're up against 293 00:15:33,920 --> 00:15:36,880 Speaker 6: a pretty hard deadline, which is the end of end 294 00:15:36,880 --> 00:15:37,480 Speaker 6: of the year. 295 00:15:37,480 --> 00:15:39,280 Speaker 7: That does seem to be the area where there's some 296 00:15:39,680 --> 00:15:42,800 Speaker 7: room to negotiate. Trump suggested that via Vans last night 297 00:15:42,800 --> 00:15:43,400 Speaker 7: at the White House. 298 00:15:43,520 --> 00:15:46,000 Speaker 3: Great to have you buy and great to have Congressman 299 00:15:46,040 --> 00:15:49,040 Speaker 3: Lawler with us. Laura Davison our Deputy Bureau Chief here 300 00:15:49,080 --> 00:15:52,880 Speaker 3: in Washington, helping us understand the stakes and the timetable. 301 00:15:52,920 --> 00:15:54,920 Speaker 3: We're counting down to twelve oh one and it looks 302 00:15:54,960 --> 00:15:56,840 Speaker 3: like there will be a shutdown. Stay with us for more. 303 00:15:56,880 --> 00:16:00,000 Speaker 3: We'll assemble our panel next only here on Bloomberg's TV Radio. 304 00:16:00,200 --> 00:16:02,320 Speaker 2: Stay with us on Balance of Power. We'll have much 305 00:16:02,320 --> 00:16:03,520 Speaker 2: more coming up after this. 306 00:16:08,920 --> 00:16:12,400 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch 307 00:16:12,480 --> 00:16:16,400 Speaker 1: us live weekdays at noon and five pm Eastern on Applecarclay, 308 00:16:16,440 --> 00:16:19,480 Speaker 1: and Android Auto with the Bloomberg Business App. Listen on 309 00:16:19,520 --> 00:16:22,800 Speaker 1: demand wherever you get your podcasts, or watch us live 310 00:16:22,880 --> 00:16:26,680 Speaker 1: on YouTube. 311 00:16:24,960 --> 00:16:26,200 Speaker 2: Bloomberg TV and Radio. 312 00:16:26,240 --> 00:16:28,360 Speaker 3: Thanks for spending part of your day with us as 313 00:16:28,360 --> 00:16:30,600 Speaker 3: we count down to a possible government shut down. As 314 00:16:30,640 --> 00:16:32,440 Speaker 3: a story we're talking about all day, and we're going 315 00:16:32,480 --> 00:16:35,360 Speaker 3: to have special coverage live from the Senate on the 316 00:16:35,440 --> 00:16:37,520 Speaker 3: late edition of Balance of Power. I hope you'll join 317 00:16:37,600 --> 00:16:39,640 Speaker 3: us at five pm as we talk to the lawmakers 318 00:16:39,680 --> 00:16:42,760 Speaker 3: who will be voting on this legislation likely to shut 319 00:16:42,760 --> 00:16:45,840 Speaker 3: the government down before this day is out our eyes. 320 00:16:45,840 --> 00:16:48,560 Speaker 3: This morning, we're not on Capitol Hill, but on Quantico 321 00:16:49,520 --> 00:16:52,840 Speaker 3: as the Secretary of War as President Trump now calls 322 00:16:52,880 --> 00:16:57,520 Speaker 3: Pete Hegseth join the Commander in Chief at Quantico to 323 00:16:57,640 --> 00:17:02,280 Speaker 3: deliver what was framed as a pep talk, one focused 324 00:17:02,320 --> 00:17:07,920 Speaker 3: on Esprie Decorps and the warriors Ethos, as heg Seth 325 00:17:08,119 --> 00:17:11,399 Speaker 3: likes to call it. He opened by saying, FAFO a 326 00:17:11,440 --> 00:17:15,160 Speaker 3: warning to our adversaries, and spoke to the people who 327 00:17:15,200 --> 00:17:18,119 Speaker 3: work in the building as he assembled a room full 328 00:17:18,880 --> 00:17:21,359 Speaker 3: of top brass that flew from around the world to 329 00:17:21,440 --> 00:17:22,919 Speaker 3: be at Quantico for this moment. 330 00:17:22,960 --> 00:17:24,040 Speaker 2: Here's Pete Hegseth. 331 00:17:25,359 --> 00:17:28,040 Speaker 8: For too long, we've promoted too many uniform leaders for 332 00:17:28,080 --> 00:17:33,440 Speaker 8: the wrong reasons, based on their race, based on gender quotas, 333 00:17:34,080 --> 00:17:38,760 Speaker 8: based on historic so called firsts. We became the Woke Department, 334 00:17:40,119 --> 00:17:43,640 Speaker 8: but not anymore. An entire generation of generals and admirals 335 00:17:43,880 --> 00:17:47,439 Speaker 8: were told that they must parrot the insane fallacy that 336 00:17:47,560 --> 00:17:49,960 Speaker 8: quote our diversity is our strength. 337 00:17:51,400 --> 00:17:53,639 Speaker 5: Of course, we know our unity is our strength. 338 00:17:55,600 --> 00:17:59,560 Speaker 3: From this morning in Virginia, we want to assemble our 339 00:17:59,600 --> 00:18:02,760 Speaker 3: panel for more on this. Bloomberg Politics contributors Rick Davis 340 00:18:02,760 --> 00:18:05,960 Speaker 3: and Genie Shanzano are with us. Rick is a Republican 341 00:18:06,000 --> 00:18:09,960 Speaker 3: strategist partner at Stone Core Capital and Genie is Democracy 342 00:18:10,040 --> 00:18:13,160 Speaker 3: visiting fellow at Harvard Kennedy School's Ash Center. 343 00:18:13,160 --> 00:18:14,200 Speaker 2: It's great to have you both here. 344 00:18:14,280 --> 00:18:14,399 Speaker 5: Rick. 345 00:18:14,440 --> 00:18:17,760 Speaker 3: I'm going to start with you based on your history 346 00:18:18,080 --> 00:18:20,199 Speaker 3: working with the military, not only in your time with 347 00:18:20,280 --> 00:18:22,920 Speaker 3: Senator John McCain, but since then through the McCain Institute. 348 00:18:22,960 --> 00:18:27,040 Speaker 3: You spent a lot of time preparing nominees for their confirmations, 349 00:18:27,080 --> 00:18:28,720 Speaker 3: and I know that you have worked with members of 350 00:18:28,720 --> 00:18:32,320 Speaker 3: the Pentagon and any number of issues, including procurement. We've 351 00:18:32,320 --> 00:18:35,399 Speaker 3: never really seen a speech like this, at least publicly shown. 352 00:18:35,480 --> 00:18:35,600 Speaker 9: Right. 353 00:18:35,640 --> 00:18:38,240 Speaker 3: There were cameras there. You've got a couple of hundred 354 00:18:39,440 --> 00:18:42,760 Speaker 3: officers in the room. It almost looked like a ted 355 00:18:42,840 --> 00:18:46,399 Speaker 3: talk with Pete Hagsas standing in front of the American flag. 356 00:18:47,119 --> 00:18:51,520 Speaker 3: Was that message delivered? Were the gray hairs rolling their eyes? 357 00:18:51,560 --> 00:18:53,560 Speaker 3: What did you make of the speech this morning? 358 00:18:54,680 --> 00:18:55,879 Speaker 2: Yeah, I was a little surprised. 359 00:18:56,359 --> 00:19:00,840 Speaker 10: You know, when they prepped for this speech, they told us, well, 360 00:19:00,880 --> 00:19:02,680 Speaker 10: you know, when I talked to a number of the 361 00:19:02,720 --> 00:19:05,520 Speaker 10: people who are going to be in the room, and 362 00:19:05,560 --> 00:19:07,960 Speaker 10: they said, well, you know, it's probably the articulating a 363 00:19:08,000 --> 00:19:11,920 Speaker 10: strategy around this new Western Hemisphere concept they have about 364 00:19:11,920 --> 00:19:15,720 Speaker 10: Homeland Defense, maybe roll out a little the Golden Dome concept. 365 00:19:15,800 --> 00:19:19,080 Speaker 10: I mean, things that actually would have been instructive for 366 00:19:19,160 --> 00:19:22,040 Speaker 10: a group of general staff members, you know, generals and 367 00:19:22,080 --> 00:19:24,920 Speaker 10: admirals from all over the world. Instead, they got a 368 00:19:25,000 --> 00:19:28,000 Speaker 10: hygiene lesson, right, I mean, I'm sure they're all scratching 369 00:19:28,080 --> 00:19:30,320 Speaker 10: had going. I cannot believe I flew halfway around the 370 00:19:30,320 --> 00:19:33,359 Speaker 10: world if you're you know, in a China billet, you know, 371 00:19:33,480 --> 00:19:36,240 Speaker 10: to to show up in a conference room and and 372 00:19:36,359 --> 00:19:40,560 Speaker 10: basically see a performance by the Secretary of War. 373 00:19:41,000 --> 00:19:43,399 Speaker 2: Really not much to it that they didn't already know. 374 00:19:44,200 --> 00:19:46,600 Speaker 10: He went through all these directives that he's setting out, 375 00:19:46,640 --> 00:19:49,480 Speaker 10: all of which are most of which are already in 376 00:19:49,600 --> 00:19:54,200 Speaker 10: the you know, manuals of Discipline and behavior. 377 00:19:54,280 --> 00:19:56,439 Speaker 2: So I'm sure a lot of these. 378 00:19:56,320 --> 00:19:58,680 Speaker 10: Guys are going to be disappointed that there wasn't something 379 00:19:58,720 --> 00:20:02,840 Speaker 10: of substance that was actually discussed for this big a 380 00:20:02,920 --> 00:20:05,880 Speaker 10: moment where it's so unusual to have all of them 381 00:20:06,040 --> 00:20:10,480 Speaker 10: called together basically for a performance. 382 00:20:11,000 --> 00:20:14,399 Speaker 6: Well, Genie, given what Rick is outlining here, can you 383 00:20:14,400 --> 00:20:17,960 Speaker 6: put into context for us just how unprecedented this meeting was, 384 00:20:18,000 --> 00:20:21,040 Speaker 6: both in size but also in scope. As we heard 385 00:20:21,320 --> 00:20:24,320 Speaker 6: both Pete haseth but also President Trump take the stage 386 00:20:24,359 --> 00:20:25,080 Speaker 6: earlier today. 387 00:20:26,880 --> 00:20:31,399 Speaker 11: Yeah, I mean incredibly unprecedented. There was an ex post 388 00:20:31,440 --> 00:20:35,399 Speaker 11: out not that long ago, to which the Secretary of 389 00:20:35,480 --> 00:20:39,960 Speaker 11: War responded talking about the fact that this never happens. 390 00:20:40,320 --> 00:20:43,119 Speaker 11: And so it's almost Tyler like a setup for like 391 00:20:43,200 --> 00:20:46,520 Speaker 11: the Daily Show, because you're wondering, my gus, they're calling 392 00:20:46,560 --> 00:20:49,359 Speaker 11: in all of these people, these generals, these admirals, this 393 00:20:49,440 --> 00:20:52,119 Speaker 11: is going to be big Tyler. I tuned in and 394 00:20:52,160 --> 00:20:56,040 Speaker 11: to Rick's point, it was about like losing weight, cutting 395 00:20:56,080 --> 00:20:59,520 Speaker 11: your beard or shaving it off completely, and you know, 396 00:20:59,600 --> 00:21:03,000 Speaker 11: this kind of nonsense. And then, of course the reality 397 00:21:03,119 --> 00:21:05,720 Speaker 11: is he talked an awful lot, with a litany of 398 00:21:05,760 --> 00:21:09,560 Speaker 11: his culture war comments that he likes to make. He 399 00:21:09,680 --> 00:21:12,840 Speaker 11: even found time to plug his own book, and of 400 00:21:12,920 --> 00:21:15,840 Speaker 11: course he talked an awful lot about things like we're 401 00:21:15,880 --> 00:21:18,399 Speaker 11: going to return to a time when we're all going 402 00:21:18,440 --> 00:21:20,120 Speaker 11: to be judged by the standards of men. 403 00:21:20,440 --> 00:21:22,280 Speaker 2: Well, that time never passed. 404 00:21:22,320 --> 00:21:25,040 Speaker 11: Women in the military are always judged by the same 405 00:21:25,119 --> 00:21:28,800 Speaker 11: standards as men. And by the way, Secretary of War, 406 00:21:29,480 --> 00:21:33,040 Speaker 11: this is a new world. The Defense Department itself is 407 00:21:33,080 --> 00:21:37,960 Speaker 11: saying the biggest threats we faced are cyber drone's satellite space. 408 00:21:38,320 --> 00:21:41,280 Speaker 11: This is not back in the mid twentieth century, so 409 00:21:41,640 --> 00:21:44,560 Speaker 11: all of it was confounding, and none of it seemed 410 00:21:44,640 --> 00:21:48,040 Speaker 11: worth dragging all these people in to listen to a 411 00:21:48,160 --> 00:21:52,399 Speaker 11: talk about a new focus on the military warrior ethos. 412 00:21:53,520 --> 00:21:55,760 Speaker 3: That's why it was curious to hear President Trump, who 413 00:21:55,760 --> 00:22:01,320 Speaker 3: spoke after hag Seth float the idea of manufacturing battleships again, 414 00:22:01,440 --> 00:22:04,600 Speaker 3: putting them into service, and reminiscing about how much he 415 00:22:04,720 --> 00:22:08,800 Speaker 3: loved the movie Victory at Sea. Let's hear from President 416 00:22:08,800 --> 00:22:10,720 Speaker 3: Trump at Quantico from earlier. 417 00:22:11,720 --> 00:22:14,520 Speaker 9: I've never walked into a room so solid before. This 418 00:22:14,600 --> 00:22:17,520 Speaker 9: is very Don't left. Don't if you're not allowed to 419 00:22:17,560 --> 00:22:20,160 Speaker 9: do that. You know, I just have a good time. 420 00:22:20,560 --> 00:22:23,240 Speaker 9: And if you want to applaud, you applaud. And if 421 00:22:23,280 --> 00:22:25,240 Speaker 9: you want to do anything you want, you can do 422 00:22:25,280 --> 00:22:27,280 Speaker 9: anything you want. And if you don't like what I'm saying, 423 00:22:27,280 --> 00:22:29,680 Speaker 9: you can leave the room. Of course, there goes your rank, 424 00:22:29,720 --> 00:22:35,439 Speaker 9: that goes to your future. You just feel nice and loose, okay, 425 00:22:35,520 --> 00:22:37,080 Speaker 9: because we're all on the same team. 426 00:22:38,760 --> 00:22:41,160 Speaker 2: Nobody was nice and loose in that room. 427 00:22:41,200 --> 00:22:45,040 Speaker 3: In fact, we saw a lot of expressionless faces when 428 00:22:45,080 --> 00:22:45,720 Speaker 3: they left. 429 00:22:46,280 --> 00:22:46,440 Speaker 6: Rick. 430 00:22:46,520 --> 00:22:50,200 Speaker 3: I know you're trying to be careful with your commentary here, 431 00:22:50,240 --> 00:22:52,720 Speaker 3: but some of the president's critics pointed out the fact 432 00:22:52,760 --> 00:22:56,119 Speaker 3: that this was a political speech in front of a 433 00:22:56,160 --> 00:22:59,200 Speaker 3: group of uniformed officers who were used as props today. 434 00:22:59,240 --> 00:22:59,720 Speaker 2: Is that fair? 435 00:23:00,680 --> 00:23:03,840 Speaker 10: You know, Look, I mean, commander in chief, he's given 436 00:23:03,880 --> 00:23:07,680 Speaker 10: a wide swath. He made light of the fact that 437 00:23:08,960 --> 00:23:14,720 Speaker 10: there was no applause in the room after Secretary Hexas's remarks. 438 00:23:14,960 --> 00:23:16,560 Speaker 2: There was not supposed to be right. 439 00:23:16,680 --> 00:23:19,440 Speaker 10: These are people who have grown up in an environment, 440 00:23:20,000 --> 00:23:25,120 Speaker 10: these generals and admirals that they are prohibited from showing 441 00:23:25,200 --> 00:23:28,600 Speaker 10: any partisan activity in their. 442 00:23:28,440 --> 00:23:30,520 Speaker 3: Professional or audience needs to hear that. By the way, 443 00:23:30,520 --> 00:23:32,760 Speaker 3: people think that he flopped today, that's part of the culture. 444 00:23:32,840 --> 00:23:33,720 Speaker 2: That's part of the culture. 445 00:23:34,680 --> 00:23:36,840 Speaker 10: In fact, many of them will tell you, and they've 446 00:23:36,840 --> 00:23:39,600 Speaker 10: told me this, that they don't even believe it's their 447 00:23:39,920 --> 00:23:43,760 Speaker 10: responsibility to cast a vote on election day because they 448 00:23:43,800 --> 00:23:49,359 Speaker 10: believe they've chosen service over the power of having a 449 00:23:49,440 --> 00:23:52,320 Speaker 10: decision as to who your commander in chief is. So 450 00:23:52,359 --> 00:23:57,639 Speaker 10: they take this incredibly seriously, and for the President to 451 00:23:57,680 --> 00:24:00,800 Speaker 10: make light of it, okay, sure he gets some you 452 00:24:00,840 --> 00:24:01,720 Speaker 10: know a little bit of. 453 00:24:03,240 --> 00:24:03,560 Speaker 2: Laughter. 454 00:24:03,720 --> 00:24:07,400 Speaker 10: But you know, it is an administration that likes its 455 00:24:07,440 --> 00:24:10,159 Speaker 10: pomp and circumstance. It is an administration that uses the 456 00:24:10,200 --> 00:24:14,159 Speaker 10: military as a backdrop to strength around the world. And 457 00:24:14,920 --> 00:24:16,680 Speaker 10: those are the things that the President and I says, 458 00:24:16,680 --> 00:24:20,159 Speaker 10: can decide to do, but they cannot expect in a 459 00:24:20,240 --> 00:24:23,280 Speaker 10: political speech. They can give it, but they cannot expect 460 00:24:23,560 --> 00:24:25,680 Speaker 10: anybody in that room to react to it in either 461 00:24:25,720 --> 00:24:27,160 Speaker 10: a positive or a negative way. 462 00:24:27,840 --> 00:24:31,240 Speaker 6: And part of what we did here today did include 463 00:24:31,359 --> 00:24:34,400 Speaker 6: a re emphasis on some of the policies that we've 464 00:24:34,440 --> 00:24:38,000 Speaker 6: seen put out by President Trump and Pete Hegseth, including 465 00:24:38,320 --> 00:24:41,720 Speaker 6: we heard Hegseth outline slashing as much as twenty percent 466 00:24:42,280 --> 00:24:45,760 Speaker 6: of the US military's highest ranking officers. He did float 467 00:24:45,760 --> 00:24:48,680 Speaker 6: this originally back in May. We know it was in tandem, Genie, 468 00:24:48,920 --> 00:24:52,040 Speaker 6: with the Department of Government Efficiency. But I'd love your 469 00:24:52,160 --> 00:24:54,840 Speaker 6: view here about the ramifications of that decision. Is this 470 00:24:54,920 --> 00:24:58,880 Speaker 6: a realistic goal for the Pentagon? How could this impact 471 00:24:58,960 --> 00:25:00,800 Speaker 6: really the optics going forward here? 472 00:25:02,240 --> 00:25:04,119 Speaker 11: Yeah? I mean you just played the clip where the 473 00:25:04,160 --> 00:25:05,960 Speaker 11: President said, you know, if you don't like it, you 474 00:25:06,000 --> 00:25:08,640 Speaker 11: can leave, and that would be it. And Pete Hegseth 475 00:25:08,680 --> 00:25:12,560 Speaker 11: said something similar in his remarks. I don't know if 476 00:25:12,600 --> 00:25:15,320 Speaker 11: they will get to that number he has talked about, 477 00:25:15,400 --> 00:25:19,399 Speaker 11: but he did celebrate to a certain extent today the 478 00:25:19,800 --> 00:25:22,880 Speaker 11: people that he has let go, many of whom were 479 00:25:22,960 --> 00:25:27,919 Speaker 11: people of color, were women who he said were really 480 00:25:28,080 --> 00:25:32,240 Speaker 11: responding to previous administrations and to an ethos that no 481 00:25:32,320 --> 00:25:35,800 Speaker 11: longer is part of the Department of War. And so 482 00:25:36,080 --> 00:25:39,359 Speaker 11: I assume that that will continue. I think the most 483 00:25:39,440 --> 00:25:42,679 Speaker 11: chilling things I heard today had to do with the 484 00:25:42,760 --> 00:25:47,000 Speaker 11: idea from the President of sending troops into cities for training, 485 00:25:47,320 --> 00:25:48,879 Speaker 11: including Portland. 486 00:25:48,400 --> 00:25:49,320 Speaker 2: Memphis, Chicago. 487 00:25:49,640 --> 00:25:52,280 Speaker 11: He talked about that that is a chilling and not 488 00:25:52,520 --> 00:25:55,960 Speaker 11: popular idea in the United States. And we also heard 489 00:25:56,000 --> 00:25:59,119 Speaker 11: from Pete Sex's head seth equally chilling getting rid of 490 00:25:59,160 --> 00:26:03,000 Speaker 11: the Inspector General or diminishing that role. And of course 491 00:26:03,040 --> 00:26:08,240 Speaker 11: he himself is under review by that very Inspector General. 492 00:26:08,600 --> 00:26:10,760 Speaker 11: And so all of this in a context of a 493 00:26:10,800 --> 00:26:14,320 Speaker 11: military that has suffered from issues like sexual assault and 494 00:26:14,440 --> 00:26:17,199 Speaker 11: other things for a long time. You would hope, in 495 00:26:17,240 --> 00:26:21,000 Speaker 11: normal circumstances, Congress would stand up people like Joni Ernst 496 00:26:21,080 --> 00:26:24,440 Speaker 11: and others who have served so notably and so nobly. 497 00:26:24,800 --> 00:26:26,000 Speaker 5: But yet I have no. 498 00:26:26,080 --> 00:26:28,920 Speaker 11: Faith we're going to hear any pushback from Congress, which 499 00:26:28,960 --> 00:26:32,280 Speaker 11: we absolutely should to some of these policies they've floated today. 500 00:26:33,640 --> 00:26:35,040 Speaker 2: Rick, We've only got about a minute left. 501 00:26:35,080 --> 00:26:37,479 Speaker 3: The President made the point of and he repeated this 502 00:26:37,520 --> 00:26:40,920 Speaker 3: a couple of times, enemies foreign and domestic domestic. He said, 503 00:26:40,920 --> 00:26:42,960 Speaker 3: that's part of the oath, and I won't be the 504 00:26:42,960 --> 00:26:45,480 Speaker 3: first president to use the military to keep our streets 505 00:26:45,480 --> 00:26:48,280 Speaker 3: safe in this country. As we see troops now deployed 506 00:26:48,560 --> 00:26:51,520 Speaker 3: to Portland and a headline the governor Louisiana asking for 507 00:26:51,560 --> 00:26:55,360 Speaker 3: deployment in his state as well. How did the President 508 00:26:55,400 --> 00:26:58,399 Speaker 3: square that issue today that we've seen so much debate around. 509 00:26:58,359 --> 00:27:01,240 Speaker 10: Now, Look, I mean he preempted it by going out 510 00:27:01,320 --> 00:27:05,000 Speaker 10: last week and declaring Antifa to be a terrorist organization. 511 00:27:05,320 --> 00:27:08,600 Speaker 10: I mean, as part of this overall war on America, 512 00:27:08,840 --> 00:27:13,159 Speaker 10: you know, and this effort started with the immigration you know, 513 00:27:13,240 --> 00:27:17,360 Speaker 10: and ridding our country of the murderers and the rapists, 514 00:27:17,400 --> 00:27:20,560 Speaker 10: you know, as he described them, getting rid of the 515 00:27:20,640 --> 00:27:24,760 Speaker 10: real hardcore criminals, and now you know, a more domestic 516 00:27:24,840 --> 00:27:29,560 Speaker 10: version of that by going after Antifa and other people 517 00:27:29,560 --> 00:27:33,639 Speaker 10: who are protesting and causing either damage to property or 518 00:27:33,680 --> 00:27:39,240 Speaker 10: other people. So it is a big gamble by the 519 00:27:39,280 --> 00:27:44,520 Speaker 10: president to have this kind of military activity inside the US. 520 00:27:44,640 --> 00:27:48,640 Speaker 6: All Right, Rick Davis and Jeanie Shanzino are political panel today, 521 00:27:48,680 --> 00:27:52,320 Speaker 6: both Bloomberg Politics contributors. We thank you as always stick 522 00:27:52,359 --> 00:27:54,840 Speaker 6: with us. We have Congress from and Susan del Benet 523 00:27:55,040 --> 00:27:55,560 Speaker 6: up next. 524 00:27:55,960 --> 00:27:59,000 Speaker 2: This is Bloomberg Stay with us on Balance of Power. 525 00:27:59,000 --> 00:28:00,760 Speaker 2: We'll have much more coming up after this. 526 00:28:05,240 --> 00:28:08,880 Speaker 1: You're listening to the Bloomberg Balance of Power podcast ketches 527 00:28:08,920 --> 00:28:12,240 Speaker 1: live weekdays at noon and five pm Eastern on Apple, 528 00:28:12,280 --> 00:28:15,320 Speaker 1: Cocklay and Android Auto with the Bloomberg Business app. You 529 00:28:15,320 --> 00:28:18,800 Speaker 1: can also listen live on Amazon Alexa from our flagship 530 00:28:18,880 --> 00:28:22,800 Speaker 1: New York station Just Say Alexa played Bloomberg eleven thirty. 531 00:28:24,200 --> 00:28:27,280 Speaker 6: Tyler Kendall here alongside Joe Matthew in Washington, and we 532 00:28:27,320 --> 00:28:30,560 Speaker 6: have some breaking news crossing the Bloomberg terminal. Eli Lilly 533 00:28:30,640 --> 00:28:33,600 Speaker 6: said to be in quote active discussions with the Trump 534 00:28:33,640 --> 00:28:37,639 Speaker 6: administration on drug pricing. This coming in an emailed statement 535 00:28:37,680 --> 00:28:40,640 Speaker 6: from a spokesperson after that White House event we saw 536 00:28:40,720 --> 00:28:43,880 Speaker 6: earlier today, Joe, where we saw that announcement President Trump 537 00:28:44,240 --> 00:28:46,440 Speaker 6: with Pfizer in a bid to try to lower some 538 00:28:46,600 --> 00:28:48,240 Speaker 6: prescription costs for Medicaid. 539 00:28:48,400 --> 00:28:50,239 Speaker 2: Yeah, it's hard to tell exactly what the deal is. 540 00:28:50,480 --> 00:28:53,440 Speaker 3: The President said we'd see drug prices dropping by something 541 00:28:53,480 --> 00:28:55,480 Speaker 3: around one thousand percent, so the math is a little 542 00:28:55,480 --> 00:28:59,160 Speaker 3: difficult on this. But just seeing Pfizer in the Oval 543 00:28:59,200 --> 00:29:03,200 Speaker 3: Office with Donald Trump earlier today had our real impact, 544 00:29:03,240 --> 00:29:04,280 Speaker 3: sending the shares higher. 545 00:29:04,320 --> 00:29:05,760 Speaker 2: They're talking about a seventy. 546 00:29:05,480 --> 00:29:07,920 Speaker 3: Billion dollar investment into R and D and so yes, 547 00:29:07,960 --> 00:29:11,040 Speaker 3: indeed we hear from Lily shortly thereafter, and that news 548 00:29:11,040 --> 00:29:13,400 Speaker 3: as well, sending shares higher. Lily stock is up about 549 00:29:13,400 --> 00:29:15,479 Speaker 3: three and a half percent to retake seven hundred and 550 00:29:15,480 --> 00:29:17,240 Speaker 3: fifty dollars. So we'll keep tabs on that for you. 551 00:29:17,240 --> 00:29:18,960 Speaker 3: Maybe it's the next company we see at the White. 552 00:29:18,760 --> 00:29:21,040 Speaker 6: House right exactly. And it's shaping up to be, of course, 553 00:29:21,040 --> 00:29:24,360 Speaker 6: a busy day in Washington, as it always feels speed days, Joe. 554 00:29:24,360 --> 00:29:26,640 Speaker 6: And of course we are now on shut down watch. 555 00:29:26,680 --> 00:29:29,760 Speaker 6: We are less than eleven hours away from a potential 556 00:29:30,120 --> 00:29:33,880 Speaker 6: government shut down. We haven't really seen any indication from 557 00:29:34,040 --> 00:29:36,320 Speaker 6: either side that they're going to step away from what 558 00:29:36,440 --> 00:29:39,880 Speaker 6: really feels like the brink at this point. We saw 559 00:29:39,920 --> 00:29:43,360 Speaker 6: this high stakes meeting yesterday at the White House, Republican 560 00:29:43,440 --> 00:29:48,480 Speaker 6: and Democrat. Democratic congressional leaders joined President Trump, but after 561 00:29:48,520 --> 00:29:51,160 Speaker 6: that we didn't really see much movement when it came 562 00:29:51,320 --> 00:29:53,960 Speaker 6: to the negotiations. But to get an inside look, we're 563 00:29:54,000 --> 00:29:57,760 Speaker 6: joined now by Democratic Congresswoman Susan Dell Bennet. She represents 564 00:29:57,840 --> 00:30:00,760 Speaker 6: Washington's first district. She's also the chairwoman of the Democratic 565 00:30:00,760 --> 00:30:05,360 Speaker 6: Congressional Campaign Committee. Congressman, thanks, Congresswoman, thanks so much for 566 00:30:05,480 --> 00:30:09,000 Speaker 6: joining us here at Bloomberg. I'm wondering if the government 567 00:30:09,200 --> 00:30:12,320 Speaker 6: does shut down, what are the contingency plans here? Is 568 00:30:12,360 --> 00:30:17,000 Speaker 6: there an escape route for the possibility of reopening the 569 00:30:17,040 --> 00:30:18,360 Speaker 6: government if that happens. 570 00:30:19,600 --> 00:30:22,840 Speaker 12: Well, I'm here at the Capitol right now. There should 571 00:30:22,840 --> 00:30:26,320 Speaker 12: be work happening right now to find a solution to 572 00:30:26,360 --> 00:30:30,720 Speaker 12: go forward. But House Democrats are here. House Republicans aren't 573 00:30:30,760 --> 00:30:33,680 Speaker 12: even in town. They aren't planning to be in town 574 00:30:33,800 --> 00:30:36,320 Speaker 12: for the rest of the week. They clearly don't think 575 00:30:36,360 --> 00:30:39,120 Speaker 12: this is a priority. I guess they're looking for a shutdown. 576 00:30:39,520 --> 00:30:42,080 Speaker 12: But we are here ready to work stand up for 577 00:30:42,120 --> 00:30:45,160 Speaker 12: the American people. That's our job, and we're going to 578 00:30:45,240 --> 00:30:48,240 Speaker 12: be here all the way through to fight for the 579 00:30:48,240 --> 00:30:49,040 Speaker 12: American people. 580 00:30:50,280 --> 00:30:54,840 Speaker 3: Well, it's a precarious moment, Congresswoman, and I'm assuming you 581 00:30:54,880 --> 00:30:58,280 Speaker 3: are bracing for a shutdown here based on the rhetoric 582 00:30:58,320 --> 00:31:00,680 Speaker 3: that we're hearing from President Trump. He asked today if 583 00:31:00,680 --> 00:31:03,800 Speaker 3: it was inevitable, he said he doesn't, Well, nothing's inevitable, 584 00:31:03,840 --> 00:31:06,320 Speaker 3: but he doesn't see a way around this. In the 585 00:31:06,400 --> 00:31:09,560 Speaker 3: video that President Trump posted last evening following his first 586 00:31:09,560 --> 00:31:11,760 Speaker 3: ever meeting with Hakim Jeffries, I don't know if you 587 00:31:11,800 --> 00:31:15,040 Speaker 3: saw this, and AI generated deep fake in which Chuck 588 00:31:15,080 --> 00:31:19,720 Speaker 3: Schumer is talking about Democrats love for illegal immigrants and 589 00:31:19,840 --> 00:31:23,760 Speaker 3: your leader in the House, Hakim Jeffries, in this faux 590 00:31:23,800 --> 00:31:26,680 Speaker 3: Mexican garb that a lot of people considered not only 591 00:31:26,760 --> 00:31:28,560 Speaker 3: offensive but racist. 592 00:31:28,920 --> 00:31:31,280 Speaker 2: Where are we in this debate? How do we get 593 00:31:31,280 --> 00:31:31,640 Speaker 2: out of this? 594 00:31:32,880 --> 00:31:33,200 Speaker 6: Well? 595 00:31:33,360 --> 00:31:37,560 Speaker 12: The video was disgusting and racist and pretty much says 596 00:31:37,600 --> 00:31:42,040 Speaker 12: exactly where the President is and Republicans are. They're not 597 00:31:42,120 --> 00:31:45,520 Speaker 12: trying to work to fund the government. They seem okay 598 00:31:45,560 --> 00:31:49,240 Speaker 12: with a shutdown. We need, folks, we need leaders who 599 00:31:49,240 --> 00:31:52,000 Speaker 12: are going to listen to their communities. We're going to 600 00:31:52,000 --> 00:31:54,640 Speaker 12: come to the table who realize that millions of people 601 00:31:55,200 --> 00:31:59,880 Speaker 12: are losing healthcare and going to see cost skyrocket because 602 00:32:00,120 --> 00:32:03,200 Speaker 12: in action from Republicans. We're hearing it from all over 603 00:32:03,240 --> 00:32:06,760 Speaker 12: the country. If Republicans were listening to their communities, they'd 604 00:32:06,760 --> 00:32:09,880 Speaker 12: come to the table and make sure we protect healthcare 605 00:32:10,280 --> 00:32:11,720 Speaker 12: and we keep the government open. 606 00:32:11,920 --> 00:32:12,880 Speaker 5: That's why we're here. 607 00:32:13,080 --> 00:32:17,800 Speaker 12: We're ready to work. Republicans seem disinterested in the president 608 00:32:17,880 --> 00:32:21,440 Speaker 12: definitely seems like he wants. 609 00:32:21,240 --> 00:32:21,880 Speaker 5: A shut down. 610 00:32:23,440 --> 00:32:27,400 Speaker 6: But Congresswoman, just how hard would it be for Congress 611 00:32:27,440 --> 00:32:30,040 Speaker 6: to pass an extension when it comes to the Obamacare 612 00:32:30,320 --> 00:32:35,040 Speaker 6: tax credits? Realistically, how long do you think negotiations would. 613 00:32:34,920 --> 00:32:35,520 Speaker 2: Need to last. 614 00:32:35,600 --> 00:32:38,360 Speaker 6: Are we talking about weeks here in order to get 615 00:32:38,360 --> 00:32:38,720 Speaker 6: a deal. 616 00:32:40,200 --> 00:32:43,280 Speaker 12: Well, let's be clear, the fiscal year always starts on 617 00:32:43,360 --> 00:32:47,200 Speaker 12: October first. Republicans have known for a long long time 618 00:32:47,360 --> 00:32:52,040 Speaker 12: that we needed to have our funding bills done by now. 619 00:32:52,480 --> 00:32:55,640 Speaker 12: They waited and waited, they were not focused on it. 620 00:32:55,720 --> 00:32:58,640 Speaker 12: So unfortunately they put us in this position. And what 621 00:32:58,720 --> 00:33:01,000 Speaker 12: they need to be doing is working to make sure 622 00:33:01,120 --> 00:33:03,520 Speaker 12: that we are putting the priorities of American people first. 623 00:33:04,000 --> 00:33:07,200 Speaker 12: And in particular, when we talk about healthcare and the 624 00:33:07,240 --> 00:33:10,840 Speaker 12: premium tax credits for folks who get their healthcare from 625 00:33:10,880 --> 00:33:15,920 Speaker 12: the Affordable Care Act exchanges, premium notices are going out 626 00:33:15,960 --> 00:33:21,600 Speaker 12: in October. Open enrollment starts November first, while they're out 627 00:33:21,600 --> 00:33:25,479 Speaker 12: of town, not interested. We actually know that premiums are 628 00:33:25,480 --> 00:33:29,360 Speaker 12: going to skyrocket for people all across the country. In 629 00:33:29,400 --> 00:33:33,000 Speaker 12: my state, about eighty thousand people are expected to lose 630 00:33:33,040 --> 00:33:36,240 Speaker 12: healthcare because we're going to see a sixty five percent 631 00:33:36,400 --> 00:33:39,520 Speaker 12: spike in premiums for folks on the Affordable Care Act 632 00:33:40,040 --> 00:33:43,400 Speaker 12: because these tax credits are not being extended. This isn't 633 00:33:43,400 --> 00:33:45,920 Speaker 12: something that can wait till later. This is something that's 634 00:33:45,960 --> 00:33:49,960 Speaker 12: happening right now. The number one issue across the country 635 00:33:50,000 --> 00:33:53,600 Speaker 12: that people want to see is cost going down. Affordability 636 00:33:53,640 --> 00:33:57,120 Speaker 12: is an issue. Republicans are asleep at the wheel. They 637 00:33:57,120 --> 00:33:59,960 Speaker 12: have done nothing to help address the needs of American families, 638 00:34:00,080 --> 00:34:04,440 Speaker 12: and their actions have race costs, food, healthcare, housing all 639 00:34:04,480 --> 00:34:08,560 Speaker 12: going up under the actions of Republican Congress and this administration. 640 00:34:09,920 --> 00:34:13,040 Speaker 3: We spoke Congresswoman before you joined us, with Mike Lawler, 641 00:34:13,080 --> 00:34:16,719 Speaker 3: your colleague from New York, Republican of course, serving in 642 00:34:16,719 --> 00:34:19,520 Speaker 3: a blue state, and I was interested to hear what 643 00:34:19,600 --> 00:34:22,720 Speaker 3: he said. As lines are drawn here right, everybody's playing 644 00:34:22,719 --> 00:34:23,399 Speaker 3: the blame game. 645 00:34:24,040 --> 00:34:25,520 Speaker 2: He had his own take on this. 646 00:34:25,520 --> 00:34:28,280 Speaker 3: But also let us know that he was in favor 647 00:34:28,280 --> 00:34:31,759 Speaker 3: of negotiating around the extension of Obamacare subsidies. It's kind 648 00:34:31,760 --> 00:34:35,000 Speaker 3: of a different wrinkle on the Republican line that we've 649 00:34:35,040 --> 00:34:37,279 Speaker 3: been hearing. And I want you to listen to what 650 00:34:37,360 --> 00:34:39,960 Speaker 3: he said when he joined us today on Bloomberg. 651 00:34:39,960 --> 00:34:40,720 Speaker 2: Here's Mike Lawler. 652 00:34:41,920 --> 00:34:45,080 Speaker 4: I think it is foolish to shut down the government. 653 00:34:45,239 --> 00:34:47,719 Speaker 4: It is going to create chaos in the markets. It 654 00:34:47,760 --> 00:34:52,120 Speaker 4: will create chaos for the American people, especially those who 655 00:34:52,160 --> 00:34:56,960 Speaker 4: rely on a social safety net, border security, our military 656 00:34:57,120 --> 00:34:58,359 Speaker 4: veterans benefits, etc. 657 00:34:59,120 --> 00:35:02,120 Speaker 5: This is entire unnecessary. 658 00:35:02,040 --> 00:35:05,040 Speaker 4: And does nothing to actually further the work of the 659 00:35:05,080 --> 00:35:09,839 Speaker 4: American people. It is pure political posturing by my Democratic 660 00:35:09,920 --> 00:35:13,480 Speaker 4: colleagues because they are not in the majority. 661 00:35:14,000 --> 00:35:16,520 Speaker 3: That was just a couple of moments ago. Congresswoman, how 662 00:35:16,520 --> 00:35:19,319 Speaker 3: would you respond to him, Well, first. 663 00:35:19,080 --> 00:35:22,080 Speaker 12: I had to respond that Republicans have the majority in 664 00:35:22,120 --> 00:35:24,280 Speaker 12: the House, in the Senate, they have the White House, 665 00:35:25,360 --> 00:35:28,000 Speaker 12: they are in charge of everything. If he actually thinks 666 00:35:28,040 --> 00:35:33,040 Speaker 12: the priority is to support working families keep the government open, surprise, 667 00:35:33,080 --> 00:35:35,640 Speaker 12: he's not right Here in Washington, DC, we just had 668 00:35:35,680 --> 00:35:42,000 Speaker 12: a profarmer session. Republicans weren't there empty side of the House. 669 00:35:42,400 --> 00:35:46,719 Speaker 12: We tried to bring up legislation Republicans refused to recognize 670 00:35:46,760 --> 00:35:51,799 Speaker 12: Democrats shut the House down. If he and other Republicans 671 00:35:51,840 --> 00:35:54,640 Speaker 12: really care about standing up for the American people keeping 672 00:35:54,680 --> 00:35:57,440 Speaker 12: the government open, how come they're not even here. 673 00:35:59,400 --> 00:36:02,000 Speaker 6: Well. I am curious about perhaps what we're seeing as 674 00:36:02,040 --> 00:36:04,720 Speaker 6: a messaging battle playing out. When you had President Trump 675 00:36:04,840 --> 00:36:08,759 Speaker 6: today over an hour speaking with reporters from the White 676 00:36:08,800 --> 00:36:13,280 Speaker 6: House and announcing this initiative to lower some prescription drug costs. 677 00:36:13,680 --> 00:36:18,960 Speaker 6: When it comes to this agreement between Pfizer and also Medicaid, 678 00:36:19,239 --> 00:36:21,880 Speaker 6: what do you make of that messaging in that push 679 00:36:21,920 --> 00:36:24,640 Speaker 6: as the administration is trying to say that they're going 680 00:36:24,680 --> 00:36:27,160 Speaker 6: to lower healthcare costs, and healthcare really is at the 681 00:36:27,200 --> 00:36:29,960 Speaker 6: center of this debate on the future of government funding. 682 00:36:30,960 --> 00:36:32,800 Speaker 12: First of all, I don't think we have any information 683 00:36:32,920 --> 00:36:35,400 Speaker 12: on what he's planned. He's also talked about doing one 684 00:36:35,440 --> 00:36:40,080 Speaker 12: hundred percent tariffs on pharmaceuticals, so I don't know where 685 00:36:40,120 --> 00:36:42,040 Speaker 12: he stands there at all. But I do know that 686 00:36:42,080 --> 00:36:45,480 Speaker 12: he is not fighting to make sure that we are 687 00:36:45,640 --> 00:36:49,399 Speaker 12: protecting healthcare across this country. It's actions of his administration. 688 00:36:49,600 --> 00:36:53,239 Speaker 12: It's the big, ugly bill that he supported that has 689 00:36:53,880 --> 00:36:58,520 Speaker 12: cut healthcare across this country. Millions of people losing healthcare. 690 00:36:58,680 --> 00:37:01,480 Speaker 12: That's a terrible decision for our communities. It's also a 691 00:37:01,600 --> 00:37:06,560 Speaker 12: terrible fiscal decision. We have hospitals already laying off people, 692 00:37:06,840 --> 00:37:12,040 Speaker 12: Rural hospitals that can close, services being pulled back because 693 00:37:12,480 --> 00:37:16,200 Speaker 12: folks are concerned about where the resources are to help 694 00:37:16,360 --> 00:37:18,680 Speaker 12: support our healthcare system. When we have more and more 695 00:37:18,760 --> 00:37:23,040 Speaker 12: uncompensated care, more people are using the emergency room. That 696 00:37:23,200 --> 00:37:27,080 Speaker 12: rasis costs for everyone. So if you care about healthcare, 697 00:37:27,160 --> 00:37:30,040 Speaker 12: you wouldn't have supported the legislation they put in place. 698 00:37:30,280 --> 00:37:35,960 Speaker 12: Slashing Medicaid, half a trillion dollar cuts to Medicare, now 699 00:37:36,360 --> 00:37:39,120 Speaker 12: letting the tax credits expire for the Affordable Care Act. 700 00:37:39,520 --> 00:37:43,200 Speaker 12: All of this we're hurting the American people. People are 701 00:37:43,200 --> 00:37:46,319 Speaker 12: outraged across the country. If you want to help, come 702 00:37:46,320 --> 00:37:49,640 Speaker 12: to the table, fix the mess that you made, and 703 00:37:49,760 --> 00:37:51,520 Speaker 12: let's put the American people first. 704 00:37:52,800 --> 00:37:55,200 Speaker 3: Targris woman, we've seen when it comes to the extension 705 00:37:55,280 --> 00:37:58,040 Speaker 3: of Obamacare subsidies, and I want to ask you this question. 706 00:37:58,160 --> 00:38:00,520 Speaker 3: Is not only a member of Congress, but as chair 707 00:38:01,000 --> 00:38:04,240 Speaker 3: of the Democratic Congressional Campaign Committee, it is your job 708 00:38:04,600 --> 00:38:07,840 Speaker 3: to get Democrats elected to the House. I'm looking at 709 00:38:08,160 --> 00:38:12,919 Speaker 3: pulling from Republican polster Tony Fabrizio, who warned months ago 710 00:38:13,000 --> 00:38:17,480 Speaker 3: warned Republicans about what some are now calling the Obamacare cliff, 711 00:38:17,560 --> 00:38:20,359 Speaker 3: that if these extensions were not made, it would in 712 00:38:20,360 --> 00:38:24,200 Speaker 3: fact mean the difference in the midterm elections. From a 713 00:38:24,280 --> 00:38:28,560 Speaker 3: Machiavellian point of view, here is that one way that 714 00:38:28,600 --> 00:38:31,000 Speaker 3: you see Democrats returning to the majority in the House 715 00:38:31,040 --> 00:38:32,360 Speaker 3: if this is not handled properly. 716 00:38:33,400 --> 00:38:37,000 Speaker 12: Well, that's another reason why this isn't just justifies why 717 00:38:37,000 --> 00:38:40,120 Speaker 12: this isn't such an important issue for the American people. 718 00:38:40,760 --> 00:38:43,680 Speaker 12: Sixty five percent increase in premiums in my state, eighty 719 00:38:43,760 --> 00:38:47,279 Speaker 12: thousand people losing healthcare, just because the tax credits not 720 00:38:47,320 --> 00:38:51,840 Speaker 12: being extended. This impacts communities all across the country. So 721 00:38:52,239 --> 00:38:54,880 Speaker 12: it's got to we have to put the American people first. 722 00:38:54,920 --> 00:38:59,840 Speaker 12: Republicans haven't number one issue, Costs going up across the country, Tea, 723 00:39:00,440 --> 00:39:04,319 Speaker 12: the big ugly bill. Republicans continue to raise costs. Are 724 00:39:04,320 --> 00:39:07,120 Speaker 12: not making a priority to lower costs. Is that a 725 00:39:07,160 --> 00:39:12,320 Speaker 12: campaign issue? Absolutely? Democrats are running fifteen points ahead and 726 00:39:12,400 --> 00:39:15,520 Speaker 12: special election across the country. We have great candidates who 727 00:39:15,520 --> 00:39:18,360 Speaker 12: are going to put American families first, and there's a 728 00:39:18,360 --> 00:39:20,600 Speaker 12: big reason why we'll take back the House next year. 729 00:39:21,880 --> 00:39:24,240 Speaker 6: So do you feel what's playing out now in Congress 730 00:39:24,320 --> 00:39:27,600 Speaker 6: is going to impact the midterm elections? But we're seeing 731 00:39:27,680 --> 00:39:31,560 Speaker 6: today on Capitol Hill could have these long term ramifications. 732 00:39:32,280 --> 00:39:36,640 Speaker 12: The ongoing work of Republicans to rip apart programs that 733 00:39:36,640 --> 00:39:37,399 Speaker 12: people depend on. 734 00:39:37,400 --> 00:39:38,680 Speaker 2: Rip healthcare. 735 00:39:39,239 --> 00:39:41,120 Speaker 5: Absolutely, you're hearing. 736 00:39:40,840 --> 00:39:44,080 Speaker 12: It from people on the ground already who want folks 737 00:39:44,160 --> 00:39:46,560 Speaker 12: to stand up for them, and Republicans seem to only 738 00:39:46,640 --> 00:39:48,719 Speaker 12: be focused on the wealthy and the well connected. 739 00:39:50,120 --> 00:39:53,560 Speaker 3: Last full government shutdown was in twenty thirteen. That was 740 00:39:53,600 --> 00:39:58,120 Speaker 3: sixteen days. The record was in twenty eighteen. Of course, 741 00:39:58,239 --> 00:39:59,879 Speaker 3: in that case, I guess we call it a part 742 00:40:00,040 --> 00:40:03,560 Speaker 3: will shut down. The Pentagon and other agencies were funded congresswomen. 743 00:40:03,560 --> 00:40:05,239 Speaker 3: There are a lot of Democrats who have worried, if 744 00:40:05,239 --> 00:40:08,200 Speaker 3: this happens, we don't have a plan to reopen it. 745 00:40:08,640 --> 00:40:10,440 Speaker 3: And then you see russ vote on the other end 746 00:40:10,440 --> 00:40:14,400 Speaker 3: of Pennsylvania Avenue, and many are wondering what would be 747 00:40:14,440 --> 00:40:19,360 Speaker 3: more detrimental to Democrats and to the country in this 748 00:40:19,520 --> 00:40:24,040 Speaker 3: case a shutdown or mass layoffs of federal workers that 749 00:40:24,120 --> 00:40:27,520 Speaker 3: could follow a shutdown. That's a pretty tough decision to make. 750 00:40:27,560 --> 00:40:28,239 Speaker 3: How do you see it? 751 00:40:29,280 --> 00:40:34,400 Speaker 12: I think actually you've described exactly where Republicans are. Instead 752 00:40:34,400 --> 00:40:37,640 Speaker 12: of working for the American people and listening to the 753 00:40:37,680 --> 00:40:40,920 Speaker 12: needs of American families, they're trying to think of what 754 00:40:40,960 --> 00:40:44,800 Speaker 12: they can do to hurt American families more. That's their response, 755 00:40:44,920 --> 00:40:47,399 Speaker 12: not to come to the table to fight to help 756 00:40:47,440 --> 00:40:51,359 Speaker 12: our communities. They're talking about what more damage they can do. 757 00:40:52,000 --> 00:40:55,560 Speaker 12: That's clearly their priority. That tells you, I think everything 758 00:40:55,560 --> 00:40:57,440 Speaker 12: you need to know. We need folks who are going 759 00:40:57,480 --> 00:41:00,680 Speaker 12: to stand up for our communities. First, Democrats are doing that. 760 00:41:01,160 --> 00:41:05,040 Speaker 12: Republicans want to hurt communities more. They've talked about what 761 00:41:05,040 --> 00:41:06,840 Speaker 12: they want to do to hear it communities more, and 762 00:41:06,880 --> 00:41:09,799 Speaker 12: then House Republicans can't even show up for work. 763 00:41:11,680 --> 00:41:15,360 Speaker 3: Well, as Maya McGuinness calls it, it's fiscal New Year's Eve. Congresswoman, 764 00:41:15,440 --> 00:41:17,600 Speaker 3: it's good to have you with us as we stare 765 00:41:17,640 --> 00:41:20,960 Speaker 3: down the barrel of this likely shutdown. Susan del Benny, 766 00:41:21,480 --> 00:41:25,640 Speaker 3: the Democrat, of course, representing Washington's first district and chair 767 00:41:25,719 --> 00:41:26,680 Speaker 3: of the d Triple C. 768 00:41:27,120 --> 00:41:29,560 Speaker 2: Thanks for listening to the Balance of Power podcast. 769 00:41:30,200 --> 00:41:33,319 Speaker 3: Make sure to subscribe if you haven't already at Apple, Spotify, 770 00:41:33,400 --> 00:41:36,000 Speaker 3: or wherever you get your podcasts, and you can find 771 00:41:36,040 --> 00:41:39,280 Speaker 3: us live every weekday from Washington, DC at noontime Eastern 772 00:41:39,600 --> 00:41:41,040 Speaker 3: at Bloomberg dot com