1 00:00:01,440 --> 00:00:06,160 Speaker 1: Now from our nation's capital. This is Bloomberg Sound On. 2 00:00:07,320 --> 00:00:09,600 Speaker 1: If people think the country is on the wrong track 3 00:00:09,760 --> 00:00:12,680 Speaker 1: and are upset, it's usually really bad news to the party. 4 00:00:12,680 --> 00:00:15,960 Speaker 1: In college, the Democrats had a very difficult challenge on 5 00:00:16,079 --> 00:00:18,560 Speaker 1: their hands when it comes to the mid Terns Bloomberg 6 00:00:18,720 --> 00:00:22,960 Speaker 1: Sound On, Politics, Policy and Perspective from DC's top name. 7 00:00:23,360 --> 00:00:25,480 Speaker 1: I think there's a lot of peck up demand for 8 00:00:25,560 --> 00:00:28,840 Speaker 1: electing a woman hand I could be the year of 9 00:00:28,880 --> 00:00:30,680 Speaker 1: the world, and I do this demand that we have 10 00:00:30,880 --> 00:00:33,199 Speaker 1: today as the baseline for the future could mean to 11 00:00:33,280 --> 00:00:37,000 Speaker 1: our economy as a roaring bash Bloomberg Sound On with 12 00:00:37,159 --> 00:00:42,479 Speaker 1: Joe Matthew on Bloomberg Radio. I guess everyone's gonna make 13 00:00:42,479 --> 00:00:45,400 Speaker 1: it home for Christmas? Is that the moral of the story? 14 00:00:45,680 --> 00:00:47,880 Speaker 1: With the smell of jet fumes here in the bubble, 15 00:00:48,680 --> 00:00:51,640 Speaker 1: Washington is now preparing to head home to Grandma's house 16 00:00:52,080 --> 00:00:55,080 Speaker 1: after the news broke today on Bloomberg, the rest of 17 00:00:55,120 --> 00:00:58,160 Speaker 1: President Biden's economic agenda is being pushed in the next year. 18 00:00:58,280 --> 00:01:00,320 Speaker 1: Now if you listen to this broadcast, well you knew 19 00:01:00,360 --> 00:01:02,800 Speaker 1: that was coming. And now we read on the terminal 20 00:01:02,840 --> 00:01:07,000 Speaker 1: Senate Democrats abandoning efforts to pass President Biden's two trillion 21 00:01:07,040 --> 00:01:09,400 Speaker 1: dollar agenda this year. We'll talk about the new reality 22 00:01:09,440 --> 00:01:12,959 Speaker 1: ahead on Capitol Hill with Nadeem Elshami, former chief of 23 00:01:13,000 --> 00:01:16,160 Speaker 1: staff to Nancy Pelosi. And later we go to the 24 00:01:16,200 --> 00:01:19,360 Speaker 1: source my conversation today with Cecilia Rousse, chair of the 25 00:01:19,360 --> 00:01:22,400 Speaker 1: White House Council and Economic Advisors, on build back better, 26 00:01:22,880 --> 00:01:25,360 Speaker 1: on inflation on the Federal Reserve, and a lot more. 27 00:01:25,440 --> 00:01:30,000 Speaker 1: Our panel today Bloomberg Politics contributor Geanie Chanzano and Doug High, 28 00:01:30,080 --> 00:01:34,440 Speaker 1: Republican strategist former COMPS director for the r n C. Now, 29 00:01:34,440 --> 00:01:36,320 Speaker 1: two headlines on the terminal tell you all you need 30 00:01:36,360 --> 00:01:40,720 Speaker 1: to know about today in your nation's capital. Biden Economic 31 00:01:40,760 --> 00:01:46,880 Speaker 1: bill push too, and Biden plots voting rights strategy with 32 00:01:47,000 --> 00:01:51,400 Speaker 1: mansion Democrats. How about this little meeting on this It 33 00:01:51,440 --> 00:01:54,800 Speaker 1: seems you cannot have one without the other, as Congress 34 00:01:54,840 --> 00:01:56,960 Speaker 1: does a big old pivot here in the final throes 35 00:01:57,080 --> 00:02:02,000 Speaker 1: of the to the Senate Majority Leader Chuck Schumer today 36 00:02:02,000 --> 00:02:07,120 Speaker 1: speaking with reporters about changing filibuster rules, possibly maybe purportedly 37 00:02:07,880 --> 00:02:10,760 Speaker 1: to pass a voting rights bill. Here he is part 38 00:02:10,760 --> 00:02:14,360 Speaker 1: of that conversation involves it finding ways to restore the 39 00:02:14,440 --> 00:02:17,480 Speaker 1: Senate so it can once again work as it's supposed to, 40 00:02:17,800 --> 00:02:20,760 Speaker 1: as it has worked for generations before the gridlock of 41 00:02:20,760 --> 00:02:25,880 Speaker 1: the past decade or so. These conversations are ongoing. The 42 00:02:25,960 --> 00:02:28,600 Speaker 1: fight to protect voting rights is far from over in 43 00:02:28,639 --> 00:02:32,640 Speaker 1: the Senate. Just because Republicans will not join us to 44 00:02:32,720 --> 00:02:37,040 Speaker 1: defend democracy does not mean that the Democrats will stop fighting. 45 00:02:38,160 --> 00:02:41,640 Speaker 1: Two days ago, Senator Schumer was still pledging to vote 46 00:02:41,639 --> 00:02:45,600 Speaker 1: on Build Back Better by Christmas, and even though Bloomberg 47 00:02:45,680 --> 00:02:48,320 Speaker 1: is now reporting that will not happen, Republicans are still 48 00:02:48,360 --> 00:02:52,160 Speaker 1: beating the drum on inflation. A couple of doors down here, 49 00:02:52,200 --> 00:02:55,640 Speaker 1: Senator Lindsey Graham talking with reporters today. There are some 50 00:02:55,800 --> 00:02:59,320 Speaker 1: things that maybe we could find common ground on, but 51 00:02:59,400 --> 00:03:02,520 Speaker 1: what we're being offered to vote on in the Senate 52 00:03:03,040 --> 00:03:05,840 Speaker 1: and what they voted on in the House is a 53 00:03:05,880 --> 00:03:11,720 Speaker 1: complete non starter. Is an inflationary bomb. Inflationary bomb. We'll 54 00:03:11,760 --> 00:03:13,480 Speaker 1: see if he's offered a chance to vote on that. 55 00:03:13,560 --> 00:03:17,960 Speaker 1: We don't know. But these are the parting shots, the 56 00:03:18,000 --> 00:03:22,200 Speaker 1: final throes of rhetoric before lawmakers head home with visions 57 00:03:22,240 --> 00:03:26,359 Speaker 1: of sugar plums dancing in their heads. I'm quite sure. 58 00:03:26,400 --> 00:03:28,359 Speaker 1: In the demail, Shami remembers with this time of year 59 00:03:28,400 --> 00:03:30,440 Speaker 1: is like in Congress, everybody trying to get out of town. 60 00:03:31,160 --> 00:03:33,320 Speaker 1: He started his career in the Senate mail room and 61 00:03:33,320 --> 00:03:35,000 Speaker 1: worked his way up to be chief of staff to 62 00:03:35,040 --> 00:03:38,480 Speaker 1: then House Democratic Leader Nancy Pelosi. And he's with us 63 00:03:38,480 --> 00:03:41,520 Speaker 1: now now, Dove, thanks for being here. I'd like to 64 00:03:41,520 --> 00:03:44,440 Speaker 1: start with the President's social spending plan. We can kind 65 00:03:44,440 --> 00:03:46,680 Speaker 1: of pick through these. Does it stand a better chance 66 00:03:46,720 --> 00:03:49,280 Speaker 1: build back better, a better chance of passing in January 67 00:03:49,280 --> 00:03:52,640 Speaker 1: than it would have today? It does? And thank you 68 00:03:52,720 --> 00:03:55,839 Speaker 1: so much for having me on. I truly believe that 69 00:03:56,040 --> 00:03:59,840 Speaker 1: next year, early on, especially after the parliamentarian has gone 70 00:04:00,040 --> 00:04:03,280 Speaker 1: with the process, after all the members have had a 71 00:04:03,360 --> 00:04:05,440 Speaker 1: chance of senators have had a chance to read it 72 00:04:05,960 --> 00:04:09,960 Speaker 1: at the Senator Mansion, has seen what's in and what's out. 73 00:04:10,360 --> 00:04:14,280 Speaker 1: After he continues his negotiations with the White House. Um, 74 00:04:14,360 --> 00:04:16,839 Speaker 1: I believe that it stands a very good chance of passing. 75 00:04:16,880 --> 00:04:19,560 Speaker 1: And look, you know time was not was not the 76 00:04:19,600 --> 00:04:23,120 Speaker 1: Democrats friends, Um, at the moment you had, like you 77 00:04:23,200 --> 00:04:26,000 Speaker 1: talked about Christmas coming around the corner. You've got the 78 00:04:26,040 --> 00:04:28,960 Speaker 1: new year, but they've got time to tackle voting rights. Now, 79 00:04:29,000 --> 00:04:32,800 Speaker 1: how did that happen in the last twenty four hours. Well, 80 00:04:32,839 --> 00:04:34,480 Speaker 1: I think this is this is an issue they've been 81 00:04:34,480 --> 00:04:38,080 Speaker 1: talking about for a while, and it comes as no 82 00:04:38,200 --> 00:04:41,960 Speaker 1: surprise that both you know that there are some Democratic 83 00:04:42,040 --> 00:04:45,680 Speaker 1: senators who are opposed to changing any of the filibus 84 00:04:45,760 --> 00:04:48,560 Speaker 1: to rules moving forward. So it really comes down to 85 00:04:48,600 --> 00:04:52,080 Speaker 1: a decision will you or won't you. H So, no 86 00:04:52,120 --> 00:04:55,160 Speaker 1: matter how much talking you do, I think that you 87 00:04:55,160 --> 00:04:58,320 Speaker 1: know if there's no alternative being put on the table, 88 00:04:58,960 --> 00:05:01,040 Speaker 1: and I think the decision will be will be quick 89 00:05:01,080 --> 00:05:02,839 Speaker 1: one way or the other. I don't know whether it's 90 00:05:02,839 --> 00:05:04,680 Speaker 1: going to be, but it's going to be pretty quick. 91 00:05:04,960 --> 00:05:07,680 Speaker 1: Were you surprised to see your your former boss now 92 00:05:07,720 --> 00:05:12,120 Speaker 1: Speaker Nancy Pelosi walk right up to the line calling 93 00:05:12,160 --> 00:05:15,240 Speaker 1: for votes on two separate occasions. President Biden went to 94 00:05:15,279 --> 00:05:18,279 Speaker 1: the hill just to press the flesh and try to 95 00:05:18,320 --> 00:05:20,359 Speaker 1: get this done, and it didn't happen. It seemed like 96 00:05:20,400 --> 00:05:23,760 Speaker 1: they kept coming close but never quite had the votes 97 00:05:23,800 --> 00:05:25,880 Speaker 1: to close the deal. Granted it got through the House, 98 00:05:26,560 --> 00:05:29,440 Speaker 1: but this situation, because it was this three D chess, 99 00:05:29,560 --> 00:05:33,240 Speaker 1: knowing it had to also pass the Senate, bog things down. Now, 100 00:05:35,040 --> 00:05:38,440 Speaker 1: look it did, and and and and legislation is like, 101 00:05:38,520 --> 00:05:42,520 Speaker 1: this is messy. There's no question, There's no question about it. 102 00:05:42,760 --> 00:05:45,160 Speaker 1: You know. What's interesting though, is the process that you 103 00:05:45,240 --> 00:05:48,200 Speaker 1: went through in the House, right, you know you you, 104 00:05:48,720 --> 00:05:51,040 Speaker 1: you know you. But you ended up passing actually the 105 00:05:52,560 --> 00:05:55,039 Speaker 1: the rule for us for transportation and you had some 106 00:05:55,120 --> 00:05:57,800 Speaker 1: other iteration. So it was like steps that had to 107 00:05:57,880 --> 00:06:02,800 Speaker 1: be taken, and each time brought you closer to passing it, uh, 108 00:06:02,839 --> 00:06:05,240 Speaker 1: you know, to passing the final bill and getting it 109 00:06:05,360 --> 00:06:09,080 Speaker 1: over to the Senate. So, yes, it is three D chess. 110 00:06:09,520 --> 00:06:16,360 Speaker 1: It is a master class in legislating. It is a yeah. Look, 111 00:06:16,360 --> 00:06:19,440 Speaker 1: I do believe it gets done because it contains a 112 00:06:19,560 --> 00:06:23,960 Speaker 1: majority reconciliation. If you look at it contains the majority 113 00:06:24,000 --> 00:06:26,000 Speaker 1: of what the Democrats have run on and what the 114 00:06:26,000 --> 00:06:28,200 Speaker 1: president has run on as well. I guess the part 115 00:06:28,240 --> 00:06:29,680 Speaker 1: that I don't get done a team is and I 116 00:06:29,680 --> 00:06:32,680 Speaker 1: appreciate your optimism, but what changes about Joe Manchin and 117 00:06:32,760 --> 00:06:35,760 Speaker 1: Kirsten Cinema between now and three weeks from now when 118 00:06:35,760 --> 00:06:39,080 Speaker 1: they come back. Well, some of the decisions that they 119 00:06:39,080 --> 00:06:41,279 Speaker 1: don't have to make are going to be you know 120 00:06:41,360 --> 00:06:44,240 Speaker 1: that are going to be made by the parliamentarian. Okay, 121 00:06:44,240 --> 00:06:45,839 Speaker 1: So you think a few things they don't like get 122 00:06:45,920 --> 00:06:47,640 Speaker 1: knocked out of the bill. That brings the number down 123 00:06:47,640 --> 00:06:51,800 Speaker 1: and becomes more attractive. Well not just that, but then 124 00:06:51,800 --> 00:06:54,240 Speaker 1: you look at the bill and say, okay, well this 125 00:06:54,320 --> 00:06:57,000 Speaker 1: is this is what the bill is. Uh, there are 126 00:06:57,040 --> 00:07:00,160 Speaker 1: items that I really don't support, or if you take 127 00:07:00,160 --> 00:07:03,479 Speaker 1: a couple of things out, I'm gonna you know, look, 128 00:07:03,720 --> 00:07:07,080 Speaker 1: senators or members don't really have to negotiate until their 129 00:07:07,120 --> 00:07:09,760 Speaker 1: backs are at the law. I don't believe that Senator 130 00:07:09,880 --> 00:07:12,000 Speaker 1: Mansion is going to walk away. I don't believe the 131 00:07:12,040 --> 00:07:14,000 Speaker 1: Center Cinema is going to walk away. And I don't 132 00:07:14,000 --> 00:07:16,920 Speaker 1: believe Senator Sanders or Warren I'm going to walk away. 133 00:07:17,280 --> 00:07:20,400 Speaker 1: It's too important, um of of of a piece of 134 00:07:20,480 --> 00:07:23,640 Speaker 1: legislation for Democrats. We don't know what the final pack. 135 00:07:23,680 --> 00:07:25,480 Speaker 1: I'm just gonna look like that there will be a 136 00:07:25,520 --> 00:07:28,000 Speaker 1: final pack. I could ask you all basically all the 137 00:07:28,040 --> 00:07:31,600 Speaker 1: same questions about this, uh, this potential voting rights bill. 138 00:07:32,160 --> 00:07:36,200 Speaker 1: As we report, the President discussed changing the filibuster rules 139 00:07:36,760 --> 00:07:39,360 Speaker 1: to gain traction on voting rights legislation with a group 140 00:07:39,440 --> 00:07:43,200 Speaker 1: of Democratic allies as we're calling them, including Senator Joe Manchin, 141 00:07:43,240 --> 00:07:46,520 Speaker 1: who we understand that the conversations are becoming a bit 142 00:07:46,560 --> 00:07:51,240 Speaker 1: strained over build back better. Uh. Senator Amy Klobasher was 143 00:07:51,240 --> 00:07:53,720 Speaker 1: was in this meeting, apparently a video conference as well 144 00:07:53,760 --> 00:07:58,840 Speaker 1: with Kamala Harris. Really interesting development here late in the day. 145 00:07:58,880 --> 00:08:01,400 Speaker 1: But we also have from kirston Cinema in the last 146 00:08:01,440 --> 00:08:04,040 Speaker 1: twenty four hours. Doesn't think it's cool to change the 147 00:08:04,040 --> 00:08:06,960 Speaker 1: filibuster and things that will bite back Democrats at some 148 00:08:07,040 --> 00:08:09,320 Speaker 1: point when Republicans are in the majority. She says, you 149 00:08:09,520 --> 00:08:12,440 Speaker 1: want national idea laws, That's exactly how they'll do it 150 00:08:12,480 --> 00:08:15,040 Speaker 1: if we do this. What makes you then think that 151 00:08:15,560 --> 00:08:19,000 Speaker 1: there's a prayer here? Why would they do this publicly? Well, 152 00:08:19,120 --> 00:08:21,480 Speaker 1: I think they've been doing it privately and publicly, and 153 00:08:21,480 --> 00:08:23,800 Speaker 1: then they tried it privately and then they want publicly 154 00:08:23,840 --> 00:08:26,440 Speaker 1: and couldn't get the votes in the Senate. I think 155 00:08:26,440 --> 00:08:28,640 Speaker 1: you remember how many fascists could have gone through this. 156 00:08:29,360 --> 00:08:32,800 Speaker 1: But like I said, it's similar story, Yeah, exactly. And 157 00:08:32,800 --> 00:08:34,920 Speaker 1: it comes down to the decision. I mean, this is 158 00:08:35,040 --> 00:08:38,480 Speaker 1: this is not a decision about um, you know, tillions 159 00:08:38,480 --> 00:08:44,120 Speaker 1: of dollars or very complicated tax tax provisions. Uh. This 160 00:08:44,200 --> 00:08:47,320 Speaker 1: is about whether you support changing the rules this one 161 00:08:47,400 --> 00:08:51,000 Speaker 1: time to pass the Wooden Rights Act or not Cinema 162 00:08:51,080 --> 00:08:53,120 Speaker 1: onto something there though, I mean, could this not be 163 00:08:53,240 --> 00:08:56,480 Speaker 1: used this is this weapon could be used against Democrats, Uh, 164 00:08:56,559 --> 00:08:58,760 Speaker 1: you know in pretty short order. If if this is 165 00:08:58,800 --> 00:09:01,760 Speaker 1: the path they take, well you've got you've got to 166 00:09:01,800 --> 00:09:03,959 Speaker 1: have the House, the Senate, and the White House certainly, 167 00:09:04,160 --> 00:09:07,480 Speaker 1: And and and what's interested though about democrats and Democrats 168 00:09:07,480 --> 00:09:10,720 Speaker 1: have always even when Democrats were in the minority, And 169 00:09:10,760 --> 00:09:14,120 Speaker 1: I remember my days back with you know when when 170 00:09:14,760 --> 00:09:16,600 Speaker 1: when we were in the minority, I mean, we were 171 00:09:16,640 --> 00:09:20,560 Speaker 1: always happy to come to the table and negotiate. So 172 00:09:20,600 --> 00:09:23,520 Speaker 1: I think that's a that's a bit different. Um. And 173 00:09:23,520 --> 00:09:25,960 Speaker 1: and this this voting rights issue has been around for 174 00:09:26,000 --> 00:09:28,880 Speaker 1: a while. And I remember in the day when it 175 00:09:29,000 --> 00:09:31,880 Speaker 1: had three hundred and ninety votes when it passed the House, 176 00:09:32,600 --> 00:09:34,200 Speaker 1: and then you couldn't get red, you know, then the 177 00:09:34,280 --> 00:09:37,320 Speaker 1: Supreme Court made a decision, we couldn't get it through again. 178 00:09:37,960 --> 00:09:42,720 Speaker 1: So again, it just comes down to everybody has their views, 179 00:09:42,760 --> 00:09:45,319 Speaker 1: and senators are elected by the states and their voters. 180 00:09:45,679 --> 00:09:47,720 Speaker 1: They're gonna have to make a decision one or the other. 181 00:09:48,280 --> 00:09:50,040 Speaker 1: Like I said, I think I think the House, I 182 00:09:50,040 --> 00:09:53,280 Speaker 1: think the Senate will we'll we'll find out pretty quickly, 183 00:09:53,360 --> 00:09:56,120 Speaker 1: and we will know when they're gonna go home. The 184 00:09:56,200 --> 00:09:59,760 Speaker 1: deem what's going on inside Speaker Polos's office right now, 185 00:09:59,800 --> 00:10:02,160 Speaker 1: you're looking at the calendar. We're winding things down. You know, 186 00:10:02,200 --> 00:10:04,640 Speaker 1: a couple of lawmakers have already called calves to go 187 00:10:04,679 --> 00:10:07,880 Speaker 1: to the airport. Is this quiet period in the next 188 00:10:07,920 --> 00:10:10,239 Speaker 1: couple of weeks one that will be used for strategy 189 00:10:10,440 --> 00:10:14,600 Speaker 1: or or for you know, relaxing in personal business. I 190 00:10:14,600 --> 00:10:17,600 Speaker 1: think it's a combination of both. But knowing the leadership 191 00:10:17,679 --> 00:10:19,559 Speaker 1: around the House, so I don't an think under sent 192 00:10:19,640 --> 00:10:22,520 Speaker 1: that they they're constantly talking and they always check in 193 00:10:22,559 --> 00:10:25,679 Speaker 1: with members throughout and that that's that's the thing. When 194 00:10:25,720 --> 00:10:28,000 Speaker 1: your phone rings, you know, it could be one of 195 00:10:28,040 --> 00:10:29,880 Speaker 1: the leaders of calling the check in on you, or 196 00:10:29,920 --> 00:10:33,760 Speaker 1: the chairman of the committee comments, is there any corralling 197 00:10:33,800 --> 00:10:36,120 Speaker 1: of lawmakers before they leave? Get him in a room 198 00:10:36,120 --> 00:10:38,079 Speaker 1: and say, look, you guys go home. You're gonna get 199 00:10:38,080 --> 00:10:40,680 Speaker 1: an earful from your constituents because you didn't get it done. 200 00:10:40,960 --> 00:10:45,840 Speaker 1: And when we come back in January, we expect some action. Well, 201 00:10:45,880 --> 00:10:48,200 Speaker 1: the House got it done. I don't know what's going 202 00:10:48,240 --> 00:10:51,240 Speaker 1: to do fair enough, that's for Chuck Schumer to say, 203 00:10:50,679 --> 00:10:54,240 Speaker 1: but but the infrastructure bill, though, is they have been 204 00:10:54,240 --> 00:10:57,120 Speaker 1: doing events across the country on the infrastructure billing. And 205 00:10:57,120 --> 00:10:59,400 Speaker 1: I've seen a lot of press releases flying back and 206 00:10:59,480 --> 00:11:02,800 Speaker 1: forth of uh, you know so and so member announcing, 207 00:11:02,840 --> 00:11:07,520 Speaker 1: you know, ten million dollars for this project in their district. UM. 208 00:11:07,559 --> 00:11:11,080 Speaker 1: And I think that's that's something that that that resonates 209 00:11:11,120 --> 00:11:15,160 Speaker 1: with with folks back home, UM, understanding that this is 210 00:11:15,200 --> 00:11:19,360 Speaker 1: the holiday season and people need to relax and to 211 00:11:19,960 --> 00:11:23,240 Speaker 1: touch base with their with their families again and and uh, 212 00:11:23,679 --> 00:11:25,400 Speaker 1: well them. I hope that you get a chance to 213 00:11:25,440 --> 00:11:27,440 Speaker 1: do that. I hope you have a great holiday. I'd 214 00:11:27,440 --> 00:11:29,280 Speaker 1: really love for you to come back in January when 215 00:11:29,280 --> 00:11:32,079 Speaker 1: everyone's back in town to talk about it. There's something 216 00:11:32,120 --> 00:11:36,000 Speaker 1: about authenticity on the radio. Dmail Shan, the former chief 217 00:11:36,000 --> 00:11:38,959 Speaker 1: of staff to the House Democratic Leader Nancy Pelosi, is 218 00:11:38,960 --> 00:11:44,440 Speaker 1: now policy director of Brownstein, Hyatt Farber and Shrek. Joe Matthew. 219 00:11:45,240 --> 00:11:48,440 Speaker 1: This is sound On. We'll assemble the panel next, so 220 00:11:48,480 --> 00:11:57,760 Speaker 1: stay with us. This is Bloomberg. You're listening to Bloomberg. 221 00:11:57,840 --> 00:12:03,839 Speaker 1: You sound on with Joe Matthew on Bloomberg Radio. It 222 00:12:03,960 --> 00:12:06,160 Speaker 1: was set on this very program. Maybe two weeks ago. 223 00:12:06,440 --> 00:12:10,640 Speaker 1: Democrats should declare victory right now and go home with 224 00:12:10,720 --> 00:12:14,640 Speaker 1: infrastructure and the debt ceiling in the bag. Take the 225 00:12:14,760 --> 00:12:19,240 Speaker 1: victory lap. Would that have been right? That may depend 226 00:12:19,240 --> 00:12:21,199 Speaker 1: I guess on what happens with the voting Rights bill 227 00:12:21,280 --> 00:12:23,400 Speaker 1: if one emerges in the Senate. As we were just 228 00:12:23,440 --> 00:12:27,360 Speaker 1: discussing with not Demail Shami, let's assemble the panel and 229 00:12:27,400 --> 00:12:30,160 Speaker 1: see how they feel about a Bloomberg Politics contributor Jeanie 230 00:12:30,200 --> 00:12:33,000 Speaker 1: Schanzano who has been with us for every bounce of 231 00:12:33,040 --> 00:12:36,000 Speaker 1: this ball, and Doug High is back, Republican strategist, former 232 00:12:36,040 --> 00:12:39,280 Speaker 1: calms director for the r n C, former deputy chief 233 00:12:39,320 --> 00:12:43,400 Speaker 1: of staff, or former House Majority Leader Eric Cantor. Great 234 00:12:43,440 --> 00:12:45,280 Speaker 1: to have both of you with this, Genie, My goodness. 235 00:12:45,280 --> 00:12:47,440 Speaker 1: Every time I talk to you. The agenda has changed, 236 00:12:47,480 --> 00:12:50,120 Speaker 1: but it's definitely onto twenty two now, according to our 237 00:12:50,160 --> 00:12:53,600 Speaker 1: reporting today at Bloomberg when it comes to build back better. 238 00:12:53,640 --> 00:12:56,040 Speaker 1: So I I wonder if you feel any differently today 239 00:12:56,080 --> 00:12:59,040 Speaker 1: about this, If this is some sort of shell game, 240 00:12:59,080 --> 00:13:02,120 Speaker 1: as David Weston asked this morning or this afternoon on 241 00:13:02,160 --> 00:13:05,240 Speaker 1: balance of power, knowing you can't get build back better, 242 00:13:05,800 --> 00:13:08,079 Speaker 1: maybe there's something else we can get your attention with 243 00:13:08,559 --> 00:13:12,520 Speaker 1: enter voting rights in the Senate. Genie, that's right. You know, 244 00:13:12,679 --> 00:13:15,319 Speaker 1: we heard the breaks go on starting late yesterday and 245 00:13:15,400 --> 00:13:17,960 Speaker 1: the build back better, and boy, they screeched to a 246 00:13:17,960 --> 00:13:22,000 Speaker 1: halt today by this morning, and they immediately shifted as 247 00:13:22,040 --> 00:13:25,079 Speaker 1: the President indicated yesterday, they would to the Voting Rights Act. 248 00:13:25,360 --> 00:13:28,679 Speaker 1: But of course that is not possible unless they are 249 00:13:28,720 --> 00:13:32,520 Speaker 1: able to get some filibuster reform or rules reform, and 250 00:13:32,600 --> 00:13:35,480 Speaker 1: that at this point doesn't seem likely. So, you know, 251 00:13:35,600 --> 00:13:37,960 Speaker 1: making this meeting with the President with Joe Manchon, I mean, 252 00:13:37,960 --> 00:13:39,880 Speaker 1: would they be meeting if this was another waste of 253 00:13:39,920 --> 00:13:44,040 Speaker 1: time endeavor that everyone's writing about. Uh, they may be meeting. 254 00:13:44,080 --> 00:13:46,760 Speaker 1: They may feel like they can get Kristen Cinema on board, 255 00:13:46,800 --> 00:13:49,040 Speaker 1: Joe Mansion, keep him there, and get some kind of 256 00:13:49,040 --> 00:13:51,480 Speaker 1: fillerbuster reform. But if you listen to what she said 257 00:13:51,520 --> 00:13:53,960 Speaker 1: as you were just talking to Nadeem about you know, 258 00:13:54,000 --> 00:13:55,960 Speaker 1: the last twenty four hours, she has said she is 259 00:13:56,000 --> 00:13:57,960 Speaker 1: not in favor of this. She makes a good point 260 00:13:58,040 --> 00:14:01,200 Speaker 1: as to why unless she changed, is her mind hard 261 00:14:01,240 --> 00:14:04,480 Speaker 1: pressed to imagine how they get voting rights past and 262 00:14:04,600 --> 00:14:06,760 Speaker 1: all the Democrats, you know, I think we have to 263 00:14:06,760 --> 00:14:09,000 Speaker 1: think long and hard about where progressives are and both 264 00:14:09,000 --> 00:14:11,599 Speaker 1: build back better in the voting rights. They are incredibly 265 00:14:11,640 --> 00:14:14,520 Speaker 1: frustrated at this point. They said this was going to 266 00:14:14,559 --> 00:14:17,800 Speaker 1: happen with Mansion and it did. Bo Doug, what do 267 00:14:17,840 --> 00:14:21,160 Speaker 1: you think is is Kirsten Cinema correct? They do a 268 00:14:21,200 --> 00:14:24,360 Speaker 1: carve out on the filipbuster, get this one thing done, 269 00:14:24,640 --> 00:14:27,120 Speaker 1: and when Republicans are in the majority of a year 270 00:14:27,160 --> 00:14:29,600 Speaker 1: from now or whenever that happens, they use the very 271 00:14:29,640 --> 00:14:32,920 Speaker 1: same mechanism to go back through their own election reforms, 272 00:14:32,960 --> 00:14:36,520 Speaker 1: including a national Idea law. You know, I'm reminded of 273 00:14:36,520 --> 00:14:39,200 Speaker 1: what Mitch McConnell said to Harry Read several years ago 274 00:14:39,200 --> 00:14:41,800 Speaker 1: about the nuclear option. Be careful. What you wish for 275 00:14:42,280 --> 00:14:44,560 Speaker 1: may turn around and bite you faster than you think. 276 00:14:44,640 --> 00:14:47,880 Speaker 1: And this is potentially where Democrats are. Look, they've taken 277 00:14:47,920 --> 00:14:50,640 Speaker 1: something that was really hard for them to do and 278 00:14:50,680 --> 00:14:53,400 Speaker 1: have said let's try something that's even harder. Now. It 279 00:14:53,520 --> 00:14:55,600 Speaker 1: certainly is a bigger priority for their base and their 280 00:14:55,640 --> 00:14:58,880 Speaker 1: basis than demoralized so far. So on the politics of this, 281 00:14:59,160 --> 00:15:01,480 Speaker 1: it may make sense, but if you don't have anything 282 00:15:01,520 --> 00:15:04,360 Speaker 1: to deliver on this, you run the risk of further 283 00:15:04,400 --> 00:15:07,120 Speaker 1: depressing a base that is not only not excited, but 284 00:15:07,240 --> 00:15:09,680 Speaker 1: compared to do you look at voters who are excited 285 00:15:09,680 --> 00:15:11,760 Speaker 1: to vote, it's the Trump voters who are really excited 286 00:15:11,840 --> 00:15:14,280 Speaker 1: right now. So the mid terms, Democrats have to give 287 00:15:14,320 --> 00:15:18,240 Speaker 1: their voters something to vote for. Well, Jennie, if build 288 00:15:18,240 --> 00:15:20,400 Speaker 1: back Better doesn't happen, and I know you haven't thought 289 00:15:20,800 --> 00:15:23,040 Speaker 1: that was going to be a December story for weeks. 290 00:15:23,040 --> 00:15:25,040 Speaker 1: But when you actually you know, you hear about it, 291 00:15:25,080 --> 00:15:27,480 Speaker 1: you read this, it's really moving to next year. It 292 00:15:27,520 --> 00:15:30,640 Speaker 1: kind of has a different feel. Can they come back 293 00:15:31,000 --> 00:15:33,720 Speaker 1: circle of wagons, rebuild this thing at the beginning of 294 00:15:33,800 --> 00:15:36,720 Speaker 1: January Democrats? That is? Or is it going to feel 295 00:15:36,800 --> 00:15:39,240 Speaker 1: more difficult after everyone goes home? You know, it's like 296 00:15:39,640 --> 00:15:41,600 Speaker 1: in college, you go home, you get back with you, 297 00:15:41,760 --> 00:15:44,760 Speaker 1: it feels all weird when you come back, and it 298 00:15:44,880 --> 00:15:47,080 Speaker 1: just might be a different world by them. I have 299 00:15:47,120 --> 00:15:49,160 Speaker 1: a freshman in college, so I know exactly what I'm 300 00:15:49,200 --> 00:15:52,240 Speaker 1: talking about, Joe, and I remember it. Well. Um, I 301 00:15:52,280 --> 00:15:54,880 Speaker 1: think it becomes that much harder. And you know you've 302 00:15:54,920 --> 00:15:57,160 Speaker 1: always said, and I think this is true. The longer 303 00:15:57,240 --> 00:15:59,960 Speaker 1: this goes on, the harder it is to get past. 304 00:16:00,080 --> 00:16:03,000 Speaker 1: They haven't resolved as as far as we know yet. 305 00:16:03,040 --> 00:16:05,240 Speaker 1: All of the challenges here they've got to still hear 306 00:16:05,240 --> 00:16:08,600 Speaker 1: from the Parliamentary and the CTC. The salt, the timing 307 00:16:08,600 --> 00:16:11,320 Speaker 1: on this, you know, the conception just if all of 308 00:16:11,360 --> 00:16:13,560 Speaker 1: us who know about lawmaking, you're going to pass a 309 00:16:13,640 --> 00:16:16,640 Speaker 1: bill this big and a fifty fifty center. I don't 310 00:16:16,680 --> 00:16:19,360 Speaker 1: think it gets much easier in the winter or in 311 00:16:19,400 --> 00:16:21,480 Speaker 1: the spring, if you will. And I think a lot 312 00:16:21,520 --> 00:16:24,320 Speaker 1: of this depends on factors like are we seeing the 313 00:16:24,440 --> 00:16:28,320 Speaker 1: end of COVID, does inflation start to go down? You know, 314 00:16:28,400 --> 00:16:30,960 Speaker 1: all of those factors still at play. Do interest rates 315 00:16:30,960 --> 00:16:33,720 Speaker 1: go up three times? And of course you've got Democrats 316 00:16:33,800 --> 00:16:36,960 Speaker 1: then running in purple districts, for whom very difficult to 317 00:16:36,960 --> 00:16:39,200 Speaker 1: go home and say they added this much to the debts. 318 00:16:39,280 --> 00:16:43,280 Speaker 1: So I think it's hard. In the spring. Um could 319 00:16:43,360 --> 00:16:45,080 Speaker 1: be done, but I think the price tag would be 320 00:16:45,080 --> 00:16:47,600 Speaker 1: a bit lower if they did the spring. Doug, you 321 00:16:47,640 --> 00:16:50,800 Speaker 1: know the seasonality on Capitol Hill, especially in an election 322 00:16:50,880 --> 00:16:53,680 Speaker 1: you're a mid term election year. Is that going to 323 00:16:53,800 --> 00:16:55,800 Speaker 1: be too late? Is this is this a you know, 324 00:16:55,840 --> 00:16:59,480 Speaker 1: a quick window in January if you're lucky. It's sure 325 00:16:59,680 --> 00:17:02,320 Speaker 1: sure hard to get big, big things done period. In Washington, 326 00:17:02,440 --> 00:17:05,800 Speaker 1: certainly in election years, quite often you'll see the urgency 327 00:17:05,960 --> 00:17:08,840 Speaker 1: of trying to get things done, either before the Christmas 328 00:17:08,880 --> 00:17:12,040 Speaker 1: break or even before New Year's Eve. I remember walking 329 00:17:12,080 --> 00:17:16,560 Speaker 1: out of the Capitol at about PM on December thirty one, 330 00:17:16,920 --> 00:17:20,080 Speaker 1: two thousand twelve, going into two thousand and not to 331 00:17:20,080 --> 00:17:22,040 Speaker 1: say that Republicans had all their ducks in a row, 332 00:17:22,320 --> 00:17:24,040 Speaker 1: but they were trying to get things done at the 333 00:17:24,119 --> 00:17:27,000 Speaker 1: very last minute. Because once you get into January one, 334 00:17:27,400 --> 00:17:30,480 Speaker 1: it's a new year, it's an election year, and everything 335 00:17:30,520 --> 00:17:34,439 Speaker 1: becomes that much harder. So that could be a pretty 336 00:17:34,480 --> 00:17:37,920 Speaker 1: interesting scenario here, Jeanie, if if the Voting Rights Bill 337 00:17:38,000 --> 00:17:41,280 Speaker 1: also runs into trouble, did did the Democrats just open 338 00:17:41,880 --> 00:17:44,280 Speaker 1: a whole new can of worms for a midterm election year? 339 00:17:44,320 --> 00:17:47,399 Speaker 1: Another thing to say that I couldn't get through the Senate. 340 00:17:48,440 --> 00:17:52,240 Speaker 1: That's that's the fear, is that they are setting themselves 341 00:17:52,359 --> 00:17:55,000 Speaker 1: up to say once again they haven't fulfilled a promise. 342 00:17:55,040 --> 00:17:58,240 Speaker 1: You've now got the human infrastructure, potentially the Voting Rights Act. 343 00:17:58,520 --> 00:18:00,640 Speaker 1: I think on the flip side, the art that's being 344 00:18:00,640 --> 00:18:04,159 Speaker 1: made from progressives is their base has got to be energized. 345 00:18:04,200 --> 00:18:06,120 Speaker 1: If they feel, as they do now that they didn't 346 00:18:06,160 --> 00:18:08,159 Speaker 1: make any attempt on voting rights. That's going to be 347 00:18:08,200 --> 00:18:10,720 Speaker 1: a big problem. Gennie and Doug with us for the hours. 348 00:18:10,720 --> 00:18:13,520 Speaker 1: Stay right where you are ahead. We we learned about 349 00:18:13,560 --> 00:18:17,680 Speaker 1: this very delay, this very breaking headline, if that makes 350 00:18:17,680 --> 00:18:21,560 Speaker 1: any sense. When I sat down today with Cecilia Rousse, 351 00:18:21,720 --> 00:18:24,439 Speaker 1: chair of the White House Castle of Economic Advisers, her 352 00:18:24,520 --> 00:18:28,159 Speaker 1: reaction on that, and what happens to the child tax credit, 353 00:18:28,560 --> 00:18:33,080 Speaker 1: it's next on Sound on This is Bloomberg. I sat 354 00:18:33,080 --> 00:18:37,040 Speaker 1: down earlier today in the Bloomberg Washington Bureau with Cecilia 355 00:18:37,160 --> 00:18:40,720 Speaker 1: Rousse for a wide ranging interview that would have included 356 00:18:41,200 --> 00:18:43,560 Speaker 1: on any other day this week, a good deal of time, 357 00:18:43,600 --> 00:18:46,240 Speaker 1: a good deal of focus on the president's economic agenda, 358 00:18:46,320 --> 00:18:48,679 Speaker 1: that Build Back Better Bill, where we're going in the 359 00:18:48,720 --> 00:18:53,560 Speaker 1: new year. But sometimes life and well journalism is all 360 00:18:53,600 --> 00:18:57,440 Speaker 1: about timing. Just as we sat down, the headline crossed 361 00:18:57,480 --> 00:19:02,280 Speaker 1: the terminal Majority Leader Chuck Schumer was delaying the Build 362 00:19:02,320 --> 00:19:06,480 Speaker 1: Back Better Bill until two and that is where we 363 00:19:06,600 --> 00:19:10,720 Speaker 1: began our conversation. Well, the question to the chair of 364 00:19:10,760 --> 00:19:14,640 Speaker 1: the White House Council of Economic Advisors, Cecilia Rouse, about 365 00:19:14,720 --> 00:19:19,080 Speaker 1: what pushed this into the new year. Well, look, I'm 366 00:19:19,080 --> 00:19:22,320 Speaker 1: not the president's political advisor, but I will say this, 367 00:19:23,280 --> 00:19:27,800 Speaker 1: the Build Back Better Plan is really important spending bill 368 00:19:27,880 --> 00:19:30,679 Speaker 1: that it's not stimulus, it's really important investment in our 369 00:19:30,720 --> 00:19:34,159 Speaker 1: children and our families. Economists agree it's going to be 370 00:19:34,200 --> 00:19:38,160 Speaker 1: an important component of building economic capacity. So the President 371 00:19:38,200 --> 00:19:40,399 Speaker 1: has been focused like a laser bam on getting this past. 372 00:19:40,480 --> 00:19:42,760 Speaker 1: So you know, the Senate has to do its work. 373 00:19:43,080 --> 00:19:46,440 Speaker 1: It's a complicated bill, and I have every confidence, I 374 00:19:46,480 --> 00:19:48,720 Speaker 1: have no reason to doubt that it won't be picked 375 00:19:48,800 --> 00:19:51,760 Speaker 1: up forthwith in the new year, and that will get 376 00:19:51,800 --> 00:19:53,919 Speaker 1: the work done to get it past because it really 377 00:19:54,119 --> 00:19:57,600 Speaker 1: is very important for our economic growth going forward, um 378 00:19:57,640 --> 00:20:00,080 Speaker 1: and for ensuring that we have the economic capacity to 379 00:20:00,119 --> 00:20:02,840 Speaker 1: deal with price pressures going forward as well. So you 380 00:20:02,880 --> 00:20:04,640 Speaker 1: pick up right where you left off in the new year. 381 00:20:04,720 --> 00:20:08,840 Speaker 1: Is your plan? That's Look, the President has been put 382 00:20:08,880 --> 00:20:13,160 Speaker 1: forward a framework initially, and he's focused on these priorities. 383 00:20:13,200 --> 00:20:15,680 Speaker 1: They are very important for our country, for our families. 384 00:20:15,680 --> 00:20:20,000 Speaker 1: They address important cost for families. Uh. So, yes, we're 385 00:20:20,040 --> 00:20:22,120 Speaker 1: focused on getting it past in the new Year's sure, 386 00:20:22,160 --> 00:20:24,199 Speaker 1: I know you're not writing legislation here, but I know 387 00:20:24,240 --> 00:20:27,120 Speaker 1: that you're also very concerned, as many Democrats are, about 388 00:20:27,119 --> 00:20:30,080 Speaker 1: the child tax credit. Last round of checks when out yesterday. 389 00:20:30,119 --> 00:20:32,879 Speaker 1: We understand there are questions about what happens in January 390 00:20:32,960 --> 00:20:34,840 Speaker 1: and if this plan is not put in place by then, 391 00:20:34,880 --> 00:20:37,640 Speaker 1: if there's a plan B, maybe it's a standalone approach 392 00:20:38,000 --> 00:20:41,720 Speaker 1: to covering any interruption that might come from that, or 393 00:20:42,000 --> 00:20:44,159 Speaker 1: are you concerned that it could go away? And I 394 00:20:44,240 --> 00:20:47,760 Speaker 1: ask you that knowing there could be real economic ramifications there. Well, 395 00:20:47,800 --> 00:20:50,480 Speaker 1: Treasury has said that if we don't pass it soon, 396 00:20:50,600 --> 00:20:52,679 Speaker 1: if it wasn't passed this month, that they wouldn't be 397 00:20:52,720 --> 00:20:55,439 Speaker 1: able to supply checks next month. And so this is 398 00:20:55,480 --> 00:20:58,000 Speaker 1: all the more reason why it's important that Congress come 399 00:20:58,000 --> 00:21:01,760 Speaker 1: back and pass the Build Back Better Bill just as 400 00:21:01,760 --> 00:21:03,640 Speaker 1: soon as they can. We know that the child tax 401 00:21:03,680 --> 00:21:05,840 Speaker 1: word it has been so important for families with children, 402 00:21:06,240 --> 00:21:08,960 Speaker 1: helping to get food on the table, pay the rent, 403 00:21:09,160 --> 00:21:11,399 Speaker 1: making investments in their children. So it's important that we 404 00:21:11,400 --> 00:21:15,040 Speaker 1: get it past, and you know we have every confidence 405 00:21:15,040 --> 00:21:17,000 Speaker 1: Congress will do that in the new year. Is that 406 00:21:17,040 --> 00:21:19,480 Speaker 1: your message to families who may not have as much 407 00:21:19,520 --> 00:21:22,920 Speaker 1: faith in Congress UH as you do. We've seen this 408 00:21:23,119 --> 00:21:25,840 Speaker 1: debate go on for months, and and this is something 409 00:21:25,880 --> 00:21:29,720 Speaker 1: that has not been a bipartisan issue. I think the 410 00:21:29,760 --> 00:21:33,880 Speaker 1: child tax Credit has bipartisan support in the main like 411 00:21:34,080 --> 00:21:37,840 Speaker 1: families know. We know that it reduces child poverty, that 412 00:21:38,000 --> 00:21:40,880 Speaker 1: has has reduced child hunger. We know that those investments 413 00:21:41,160 --> 00:21:44,280 Speaker 1: go on to have impacts later in life for these children, 414 00:21:44,320 --> 00:21:46,840 Speaker 1: that these are important investments we making our kids. What 415 00:21:46,920 --> 00:21:49,159 Speaker 1: I would say to those families is, let your voices 416 00:21:49,240 --> 00:21:51,480 Speaker 1: be heard. If these if these checks are important to 417 00:21:51,520 --> 00:21:54,560 Speaker 1: your family, to your livelihood, let your voices be heard. 418 00:21:54,600 --> 00:21:57,880 Speaker 1: Because the President is committed to this piece of the policy. 419 00:21:58,000 --> 00:22:01,480 Speaker 1: We know just how vital it is to two Americans, uh, 420 00:22:01,560 --> 00:22:04,240 Speaker 1: and it's important that it be passed in the new year, 421 00:22:04,280 --> 00:22:06,480 Speaker 1: just as soon as possible. It's also been central to 422 00:22:06,520 --> 00:22:09,919 Speaker 1: the President's plan to lower prices, and this is a 423 00:22:10,040 --> 00:22:12,400 Speaker 1: has been a great debate here in Washington about what's 424 00:22:12,440 --> 00:22:15,320 Speaker 1: causing inflation and the best ways to cure it. The President, 425 00:22:15,400 --> 00:22:18,400 Speaker 1: of course the administration has said that this very plan 426 00:22:18,520 --> 00:22:20,399 Speaker 1: build back Better, will go a long way to doing that, 427 00:22:20,440 --> 00:22:22,919 Speaker 1: and the child tax Credit was part of that. I 428 00:22:22,960 --> 00:22:26,439 Speaker 1: wonder after what you heard from a Chair J. Powell 429 00:22:26,560 --> 00:22:30,280 Speaker 1: yesterday following the FED meeting, if your view on inflation 430 00:22:30,480 --> 00:22:33,320 Speaker 1: as an economist is evolving with what we've been seeing here, 431 00:22:33,359 --> 00:22:35,800 Speaker 1: that the word transitory was dropped, as we saw in 432 00:22:35,840 --> 00:22:39,359 Speaker 1: his most recent testimony, codified in the statement yesterday. Do 433 00:22:39,440 --> 00:22:42,480 Speaker 1: you have a sense of how long lasting this will be? 434 00:22:43,640 --> 00:22:47,440 Speaker 1: It has been our sense since the beginning that the 435 00:22:47,520 --> 00:22:50,760 Speaker 1: inflation that we're seeing is due to the mismatch of 436 00:22:50,800 --> 00:22:54,959 Speaker 1: the pandemic. This pandemic was a catastrophic, you know, blow 437 00:22:55,160 --> 00:22:58,159 Speaker 1: to our economy, to the worldwide economy. It generation, it 438 00:22:58,280 --> 00:23:02,760 Speaker 1: generated supplied disruptions because our supply chain was highly calibrated 439 00:23:03,080 --> 00:23:06,680 Speaker 1: and just any disruption was gonna was gonna perturb that system. 440 00:23:06,720 --> 00:23:09,560 Speaker 1: At the same time, the President was committed to ensuring 441 00:23:09,600 --> 00:23:14,400 Speaker 1: that people had the funds to buy food, to get 442 00:23:14,680 --> 00:23:17,200 Speaker 1: to pay their rent, to take care of their families, 443 00:23:17,520 --> 00:23:22,040 Speaker 1: and that demand has outstripped the capacity of the supply chain. 444 00:23:22,240 --> 00:23:25,000 Speaker 1: So it's it's always been our view that this inflation 445 00:23:25,600 --> 00:23:28,440 Speaker 1: was tied to the pandemic. That's what we always thought 446 00:23:28,520 --> 00:23:30,760 Speaker 1: of when we thought of the word transitory. If I 447 00:23:30,800 --> 00:23:33,840 Speaker 1: think a careful read of care pile statement is he 448 00:23:33,920 --> 00:23:36,919 Speaker 1: did not change his characterization of inflation, which is we 449 00:23:37,040 --> 00:23:40,879 Speaker 1: get that it's part of a supply demand disruption. But 450 00:23:41,080 --> 00:23:44,359 Speaker 1: as that works, as the economy knits itself back together, 451 00:23:44,680 --> 00:23:47,000 Speaker 1: we expect those inflationary pressures to ease. Do you think 452 00:23:47,000 --> 00:23:49,480 Speaker 1: we'll be having the same conversation, for instance, halfway through 453 00:23:49,560 --> 00:23:52,880 Speaker 1: next year? I just wonder how much of two will 454 00:23:52,880 --> 00:23:57,000 Speaker 1: be an inflation story. So my crystal ball is not perfect, 455 00:23:57,160 --> 00:24:01,960 Speaker 1: but we, certainly outside forecasters are expecting that inflation at 456 00:24:01,960 --> 00:24:04,000 Speaker 1: this time next year should be about half of what 457 00:24:04,040 --> 00:24:07,320 Speaker 1: it is now, and that it will further ease down 458 00:24:07,359 --> 00:24:10,119 Speaker 1: to the two rate that the Fed targets in the 459 00:24:10,160 --> 00:24:12,160 Speaker 1: coming years. I've been fascinated when I hear you talk 460 00:24:12,240 --> 00:24:16,159 Speaker 1: about this and the causes behind it, the turn from 461 00:24:16,200 --> 00:24:19,679 Speaker 1: buying goods versus services, And you've seen that, or at 462 00:24:19,720 --> 00:24:21,959 Speaker 1: least you see that coming in reverse, that at some 463 00:24:22,000 --> 00:24:24,400 Speaker 1: point in twenty two that will go back to more 464 00:24:24,480 --> 00:24:27,480 Speaker 1: services based less demand for goods. What makes you so 465 00:24:27,480 --> 00:24:31,720 Speaker 1: sure about that? Well, this was a pandemic that involved 466 00:24:31,720 --> 00:24:34,879 Speaker 1: like highly contagious virus, and now we have a macron 467 00:24:35,520 --> 00:24:37,800 Speaker 1: um and in order to stay safe, we know that 468 00:24:37,840 --> 00:24:41,040 Speaker 1: we had to isolate ourselves from others. Services often involved 469 00:24:41,040 --> 00:24:44,720 Speaker 1: face to face contact, and so that is as people 470 00:24:44,920 --> 00:24:49,600 Speaker 1: were told to isolate. Uh, they really that took That 471 00:24:49,640 --> 00:24:53,479 Speaker 1: took a particular toll on services. In the process, we 472 00:24:53,520 --> 00:24:57,119 Speaker 1: did provide families with the means to get through this pandemic, 473 00:24:57,320 --> 00:24:59,960 Speaker 1: and they bought more goods which have to be transported 474 00:25:00,040 --> 00:25:03,320 Speaker 1: it and fewer services. It is our belief that as 475 00:25:03,600 --> 00:25:07,119 Speaker 1: people get vaccinated, as we work ourselves through this pandemic, 476 00:25:07,640 --> 00:25:11,320 Speaker 1: that people feel more comfortable. Uh, they will start to reengage. 477 00:25:11,400 --> 00:25:13,399 Speaker 1: One of the places where one of the services that 478 00:25:13,440 --> 00:25:16,520 Speaker 1: was particularly as health care services, people not getting the 479 00:25:16,600 --> 00:25:19,240 Speaker 1: kind of everyday healthcare that they need out of fear 480 00:25:19,280 --> 00:25:22,639 Speaker 1: of the of the virus. As that renormalizes, we do 481 00:25:22,760 --> 00:25:26,320 Speaker 1: expect to see more service consumption. Many thanks to Cecilia Rousse, 482 00:25:26,440 --> 00:25:29,360 Speaker 1: Chair of the Council of Economic Advisors. I'm Joe Matthew. 483 00:25:29,560 --> 00:25:34,760 Speaker 1: This is Bloomberg. You're listening to Bloomberg. You sound on 484 00:25:35,280 --> 00:25:40,919 Speaker 1: with Joe Matthew on Bloomberg Radio Headline. On the terminal, 485 00:25:41,080 --> 00:25:47,640 Speaker 1: Rouse says, outside forecasters see inflation receding. In repeats view 486 00:25:47,920 --> 00:25:52,600 Speaker 1: inflation is due to mismatch of pandemic. The Newsmaking conversation 487 00:25:53,280 --> 00:25:55,680 Speaker 1: with the chair of the White House Council of Economic 488 00:25:55,680 --> 00:25:58,000 Speaker 1: advisors and glad we could bring you that talk here 489 00:25:58,000 --> 00:26:01,760 Speaker 1: on Bloomberg Radio. Welcome to Sound on the Thursday edition. 490 00:26:01,800 --> 00:26:04,359 Speaker 1: I'm Joe, Matthew and Washington, and we reassembled the panel. 491 00:26:05,359 --> 00:26:09,440 Speaker 1: Genie is with us along with Doug High, Republican strategists, 492 00:26:09,760 --> 00:26:11,840 Speaker 1: former calms director of the r n C. Of course 493 00:26:11,920 --> 00:26:14,959 Speaker 1: Genie Schanzano with us on a regular basis here as 494 00:26:15,000 --> 00:26:17,680 Speaker 1: a Bloomberg Politics contributor. What do you make of this 495 00:26:17,880 --> 00:26:21,760 Speaker 1: Genie inflation as a story potentially hanging over this White 496 00:26:21,800 --> 00:26:26,040 Speaker 1: House well into next year, something that was called transitory 497 00:26:26,200 --> 00:26:29,320 Speaker 1: only weeks ago. I thought it was fascinating to hear 498 00:26:29,359 --> 00:26:33,000 Speaker 1: your discussion with Cecilia Ross because she echoed what I 499 00:26:33,000 --> 00:26:36,240 Speaker 1: think President Biden said to a certain extent a few 500 00:26:36,280 --> 00:26:38,879 Speaker 1: days ago, if not a week ago, that we talked 501 00:26:38,920 --> 00:26:41,280 Speaker 1: about in terms of, you know, this potentially being a 502 00:26:41,280 --> 00:26:44,600 Speaker 1: blip or a bump. Transitory is another word for that, 503 00:26:44,920 --> 00:26:46,960 Speaker 1: and of course to sort of you know, she did 504 00:26:46,960 --> 00:26:49,520 Speaker 1: to her credits say she can't predict, but experts seeing it, 505 00:26:49,800 --> 00:26:52,680 Speaker 1: you know, decreased by next year. I think that is 506 00:26:52,760 --> 00:26:56,680 Speaker 1: politically a problem for the White House because if it doesn't, 507 00:26:56,720 --> 00:26:59,960 Speaker 1: they have now gone on the record saying something that's 508 00:27:00,040 --> 00:27:03,240 Speaker 1: not going to happen. And as we've discussed so many times, 509 00:27:03,440 --> 00:27:06,120 Speaker 1: it almost doesn't matter to the public because they are 510 00:27:06,160 --> 00:27:08,520 Speaker 1: feeling it now every time they fill up their gas tanks, 511 00:27:08,560 --> 00:27:10,560 Speaker 1: every time they go to the grocery store. So I 512 00:27:10,560 --> 00:27:12,560 Speaker 1: think the White House messaging on this, she may be 513 00:27:12,720 --> 00:27:16,760 Speaker 1: right economically, but politically, there's no such thing as transitory 514 00:27:16,960 --> 00:27:20,400 Speaker 1: or a bump when you're talking about inslation. This is though, Doug, 515 00:27:20,480 --> 00:27:24,520 Speaker 1: this is global. I never heard Tom Keane so surprised 516 00:27:24,520 --> 00:27:27,359 Speaker 1: at seven o'clock this morning when the Bank of England 517 00:27:27,400 --> 00:27:30,480 Speaker 1: hiked interest rates. This is something that's going on around 518 00:27:30,520 --> 00:27:33,240 Speaker 1: the world, but it has become a massive political issue 519 00:27:33,240 --> 00:27:36,520 Speaker 1: for Republicans here in the United States with what we 520 00:27:36,640 --> 00:27:40,560 Speaker 1: just heard from Cecilia Rouse. Is this the campaign issue 521 00:27:40,560 --> 00:27:43,359 Speaker 1: that you were hoping it would be next year? This 522 00:27:43,400 --> 00:27:46,399 Speaker 1: will be the number one campaign issue for Republicans, at 523 00:27:46,440 --> 00:27:48,919 Speaker 1: least for Republicans who are smart about this. And you know, 524 00:27:49,000 --> 00:27:51,680 Speaker 1: part of this is ultimately you know, I wouldn't argue 525 00:27:51,680 --> 00:27:54,639 Speaker 1: that this is Joe Biden's fault, but it's now his responsibility. 526 00:27:54,840 --> 00:27:57,840 Speaker 1: And so you know, when we hear things about transitory, 527 00:27:57,880 --> 00:28:00,359 Speaker 1: which is a Washington word. It's not a word that 528 00:28:00,480 --> 00:28:03,560 Speaker 1: families used when they're complaining about their grocery bills, where 529 00:28:03,560 --> 00:28:08,600 Speaker 1: they're used car new car, rental car, uber car bills. Right, Um, 530 00:28:08,800 --> 00:28:12,199 Speaker 1: this is really hitting families hard, and to you know, 531 00:28:12,280 --> 00:28:14,760 Speaker 1: make light of it or to make light of supply 532 00:28:14,840 --> 00:28:18,560 Speaker 1: chain issues essentially tells tells voters that you don't get it. 533 00:28:19,119 --> 00:28:22,719 Speaker 1: And to Jeanie's point, if this isn't transitory, if this 534 00:28:22,840 --> 00:28:25,720 Speaker 1: is something that is lingering next summer, um, it's going 535 00:28:25,760 --> 00:28:29,280 Speaker 1: to be a very very potent issue for Republicans for 536 00:28:29,280 --> 00:28:31,879 Speaker 1: for the next year. Obviously, right now it is a 537 00:28:31,920 --> 00:28:34,240 Speaker 1: top concern of voters and one of those things that 538 00:28:34,280 --> 00:28:36,359 Speaker 1: Washington doesn't have a lot of good answers for. The 539 00:28:36,400 --> 00:28:39,000 Speaker 1: thing is Doug. Republicans are saying that it's it's Joe 540 00:28:39,000 --> 00:28:41,080 Speaker 1: Biden's fault. If you listen to the rhetoric from Kevin 541 00:28:41,120 --> 00:28:44,160 Speaker 1: McCarthy UH and others, Mitch McConnell to the leadership on 542 00:28:44,240 --> 00:28:47,880 Speaker 1: Capitol Hill, they're pegging food prices, gas prices, and the 543 00:28:47,960 --> 00:28:50,840 Speaker 1: rest on Joe Biden. Is that what we will hear 544 00:28:50,960 --> 00:28:53,600 Speaker 1: for next year? I think a lot of it. Again, 545 00:28:53,600 --> 00:28:56,720 Speaker 1: it's it's his responsibility. And you know, certainly if you're 546 00:28:56,720 --> 00:28:59,320 Speaker 1: a Republican who's and obviously there was a lot of 547 00:28:59,400 --> 00:29:02,280 Speaker 1: profligates spending over the last four years. I would never 548 00:29:02,320 --> 00:29:05,480 Speaker 1: deny that Republicans didn't seem all worked up about. But 549 00:29:05,520 --> 00:29:08,480 Speaker 1: as they're talking about the previous Build Back Better Bill 550 00:29:08,560 --> 00:29:12,200 Speaker 1: and the next Build Back Better Bill, these massive infusions 551 00:29:12,280 --> 00:29:16,000 Speaker 1: of government spending um into the economy could further heat 552 00:29:16,040 --> 00:29:19,400 Speaker 1: things up and certainly provides Republicans with a salient talking 553 00:29:19,440 --> 00:29:21,640 Speaker 1: point against that. And as part of the reason that 554 00:29:21,680 --> 00:29:25,160 Speaker 1: we're seeing hesitation from some Democrats, Well that's the funny 555 00:29:25,160 --> 00:29:27,640 Speaker 1: part about it, though, right, My minority is always find 556 00:29:27,720 --> 00:29:32,880 Speaker 1: the minority party always finds religion on spending and debt. 557 00:29:33,600 --> 00:29:35,880 Speaker 1: It's just the nature of the beast. And then when 558 00:29:35,920 --> 00:29:39,400 Speaker 1: you become the majority genie, it's either taxes, tax cuts 559 00:29:39,440 --> 00:29:43,240 Speaker 1: or social spending that that that creates more debt. So 560 00:29:43,360 --> 00:29:47,160 Speaker 1: are Democrats taking notes here if they if they lose 561 00:29:47,200 --> 00:29:50,000 Speaker 1: the gavel a year from now, because this whole conversation 562 00:29:50,040 --> 00:29:53,360 Speaker 1: can be turned around pretty quickly. It absolutely can, and 563 00:29:53,360 --> 00:29:55,760 Speaker 1: and they should be. And let's not forget how much 564 00:29:55,800 --> 00:29:58,760 Speaker 1: the Republicans added to the debt when Donald Trump was 565 00:29:58,800 --> 00:30:02,520 Speaker 1: in office and and a controlled Congress. Doug was just referring, 566 00:30:02,520 --> 00:30:04,800 Speaker 1: I mean everyone's being honest here for a minute. That's right, 567 00:30:05,000 --> 00:30:08,360 Speaker 1: that's right. And you know, for for Democrats, I think 568 00:30:08,440 --> 00:30:10,520 Speaker 1: one of the things that I wish I would hear 569 00:30:10,560 --> 00:30:14,400 Speaker 1: from a communications point more from them is the fact 570 00:30:14,440 --> 00:30:17,320 Speaker 1: that the thing that they've been focused on, hard infrastructure, 571 00:30:17,320 --> 00:30:21,280 Speaker 1: which passed in a bipartisan way successfully, is something that 572 00:30:21,360 --> 00:30:24,040 Speaker 1: while yes, you have to spend to get there, it 573 00:30:24,240 --> 00:30:29,000 Speaker 1: increases jobs, it helps the economy there. You know, there 574 00:30:29,040 --> 00:30:32,080 Speaker 1: are things in an infrastructure that you don't get in 575 00:30:32,120 --> 00:30:34,720 Speaker 1: other types of bills that I wish we'd hear the 576 00:30:34,760 --> 00:30:37,480 Speaker 1: Democrats and make more of the success of that, which 577 00:30:37,520 --> 00:30:40,520 Speaker 1: is why it has been supported in a bipartisan manner. 578 00:30:40,520 --> 00:30:43,000 Speaker 1: And I'm talking the hard infrastructure about the human So 579 00:30:43,360 --> 00:30:46,160 Speaker 1: there is a talking point there for them. They haven't 580 00:30:46,240 --> 00:30:47,760 Speaker 1: been able to use it. You know, this idea that 581 00:30:47,800 --> 00:30:51,640 Speaker 1: infrastructure pays for itself is a very real idea. We'll 582 00:30:51,720 --> 00:30:54,440 Speaker 1: just wait till the ads are being produced next year. 583 00:30:54,440 --> 00:30:57,200 Speaker 1: I suspect we'll be hearing a lot about roads and bridges. 584 00:30:57,240 --> 00:31:00,640 Speaker 1: But the inflation story can cut both ways. Right, What 585 00:31:00,720 --> 00:31:02,920 Speaker 1: if you know, if you're being blamed for something, You're 586 00:31:02,920 --> 00:31:05,600 Speaker 1: gonna get credit if you fix it. If prices come 587 00:31:05,640 --> 00:31:10,320 Speaker 1: down the middle of next year, doug food prices, energy prices, 588 00:31:10,360 --> 00:31:13,600 Speaker 1: and I can't imagine why or what those forces would be. 589 00:31:13,640 --> 00:31:18,320 Speaker 1: But if say the supply chain kinks get to unraveled 590 00:31:18,320 --> 00:31:22,480 Speaker 1: a little bit here, maybe there's less less demand because 591 00:31:22,480 --> 00:31:24,320 Speaker 1: of COVID. It could be a lot of different things 592 00:31:24,320 --> 00:31:26,880 Speaker 1: that impacts the inflation story here. Or maybe you know, 593 00:31:26,920 --> 00:31:28,680 Speaker 1: we start coming out of COVID and there's a good 594 00:31:28,680 --> 00:31:31,840 Speaker 1: story to tell. Can Joe Biden turn that back around 595 00:31:32,480 --> 00:31:35,080 Speaker 1: and actually take credit for us? Say, look, we got 596 00:31:35,280 --> 00:31:39,360 Speaker 1: infrastructure done and then we beat inflation. Yea, let's look. 597 00:31:39,360 --> 00:31:42,160 Speaker 1: Obviously Republicans will find somewhere some other avenue to go 598 00:31:42,240 --> 00:31:44,800 Speaker 1: to be critical of Biden. But if he if this 599 00:31:44,880 --> 00:31:48,680 Speaker 1: turns around, especially the COVID numbers, and we put COVID 600 00:31:48,960 --> 00:31:51,600 Speaker 1: finally behind us as we're looking at you know, another 601 00:31:51,640 --> 00:31:54,320 Speaker 1: wave coming right now, that's something that Biden will be 602 00:31:54,360 --> 00:31:57,160 Speaker 1: able to take credit for. And he will need that 603 00:31:57,240 --> 00:32:00,200 Speaker 1: because just by comparison, in two thousand ten at the 604 00:32:00,320 --> 00:32:03,600 Speaker 1: r n C, our magic number for Obama was forty six, 605 00:32:03,680 --> 00:32:05,720 Speaker 1: and we thought that if he was at or below 606 00:32:05,760 --> 00:32:08,040 Speaker 1: that we'd take back the House, and his numbers ultimately 607 00:32:08,040 --> 00:32:12,040 Speaker 1: in the last week, we'ret every pole that we saw 608 00:32:12,480 --> 00:32:15,120 Speaker 1: Joe Biden's well below that, and if he's well below that, 609 00:32:15,760 --> 00:32:19,040 Speaker 1: next November will be a blood bath for Democrats. That 610 00:32:20,120 --> 00:32:22,800 Speaker 1: fall into your view here, Jeannie, is Joe Biden gonna 611 00:32:22,800 --> 00:32:24,719 Speaker 1: be stuck in the thirties in a midterm election year. 612 00:32:24,760 --> 00:32:27,800 Speaker 1: I mean, these are historically low numbers. They are historically 613 00:32:27,800 --> 00:32:30,680 Speaker 1: low except for Donald Trump. It is a very very 614 00:32:30,720 --> 00:32:33,360 Speaker 1: tough year for Democrats. You know, you add to all 615 00:32:33,560 --> 00:32:36,560 Speaker 1: of that, and certainly doug his rate, presidential's approval rating 616 00:32:36,640 --> 00:32:39,360 Speaker 1: is critical here. But you add to that the gerrymandering 617 00:32:39,440 --> 00:32:42,440 Speaker 1: of these districts or the redistricting, if you will, and 618 00:32:42,560 --> 00:32:44,560 Speaker 1: it's going to be a tough year for Democrats. We've 619 00:32:44,640 --> 00:32:47,440 Speaker 1: we've known that from the start. But there are things 620 00:32:47,520 --> 00:32:50,400 Speaker 1: that could push it in Biden's favor, and just one 621 00:32:50,480 --> 00:32:52,880 Speaker 1: small one is going to be what the Supreme Court 622 00:32:52,960 --> 00:32:56,000 Speaker 1: does on this Mississippi abortion bill. You know, you want 623 00:32:56,040 --> 00:32:58,880 Speaker 1: to talk to David's point earlier today about sort of 624 00:32:58,920 --> 00:33:02,200 Speaker 1: shifting the focus. One reason Joe Biden won, quite frankly, 625 00:33:02,280 --> 00:33:04,960 Speaker 1: was people were voting against Donald Trump. You could also 626 00:33:05,000 --> 00:33:07,840 Speaker 1: see something like that as it pertains to what the 627 00:33:07,920 --> 00:33:11,680 Speaker 1: Supreme Court potentially does with abortion and other those kinds 628 00:33:11,720 --> 00:33:15,720 Speaker 1: of issues which may get more progressives and Democrats out 629 00:33:15,720 --> 00:33:17,600 Speaker 1: to the polls and what's otherwise going to be a 630 00:33:17,640 --> 00:33:21,080 Speaker 1: really tough election year for Democrats. Well, if anything, I'll 631 00:33:21,080 --> 00:33:24,680 Speaker 1: tell you this conversation reminds us of how much is 632 00:33:24,760 --> 00:33:26,640 Speaker 1: up in the air and how much can change in 633 00:33:26,680 --> 00:33:28,400 Speaker 1: the next year. You know the old line that it's 634 00:33:28,400 --> 00:33:31,480 Speaker 1: a lifetime and it really is. I do want to 635 00:33:31,480 --> 00:33:33,800 Speaker 1: mention a breaker on the terminal right now. The Senate 636 00:33:33,840 --> 00:33:37,120 Speaker 1: has confirmed Nick Burns, how about it? As US ambassador 637 00:33:37,560 --> 00:33:40,680 Speaker 1: to China. There's gonna be a lot to say about that. 638 00:33:40,920 --> 00:33:43,800 Speaker 1: And uh, just breaking as we speak. I'm glad you 639 00:33:43,800 --> 00:33:46,400 Speaker 1: mentioned COVID Doug. We ended the broadcast at this time 640 00:33:46,480 --> 00:33:50,440 Speaker 1: yesterday with sound of the bells tolling eight hundred times 641 00:33:50,640 --> 00:33:53,680 Speaker 1: in the National Cathedral. My god, what a moment. Uh. 642 00:33:53,720 --> 00:33:57,240 Speaker 1: And it reminds us that this president started this year 643 00:33:57,960 --> 00:34:01,160 Speaker 1: by marking four hundred thousand deaths. We're now at eight 644 00:34:01,200 --> 00:34:04,120 Speaker 1: hundred thousand. As we look ahead into twenty two. You 645 00:34:04,160 --> 00:34:06,680 Speaker 1: mentioned this possible surge that we're walking into it could 646 00:34:06,720 --> 00:34:09,080 Speaker 1: be another dark tunnel this winter, whether it's Delta or 647 00:34:09,080 --> 00:34:11,720 Speaker 1: O Macron. How much of a factor can that play 648 00:34:11,800 --> 00:34:14,799 Speaker 1: in the election. Well, it's certainly one of the things 649 00:34:14,800 --> 00:34:18,759 Speaker 1: that just hangs over this administration um that so much 650 00:34:18,840 --> 00:34:21,120 Speaker 1: is out of their control, and that's you know, people's 651 00:34:21,160 --> 00:34:24,160 Speaker 1: willingness to get vaccinated, people's willingness to wear masks. It's 652 00:34:24,200 --> 00:34:27,280 Speaker 1: a story he was winning from the beginning of the year. Sure, 653 00:34:27,480 --> 00:34:29,600 Speaker 1: you know, as we saw when the vaccines first came out, 654 00:34:29,680 --> 00:34:33,040 Speaker 1: we saw the numbers plummet um. That's not the case now, 655 00:34:33,040 --> 00:34:35,920 Speaker 1: and this new variant is very scary. It's global you know, 656 00:34:35,960 --> 00:34:39,600 Speaker 1: as you mentioned earlier about um inflation. So some of 657 00:34:39,600 --> 00:34:42,320 Speaker 1: this is out of the president's control, but again becomes 658 00:34:42,360 --> 00:34:46,680 Speaker 1: his responsibility. And that's how you write around this stuff, right, Jeannie, 659 00:34:46,760 --> 00:34:50,040 Speaker 1: We were close to declaring independence from COVID on the 660 00:34:50,040 --> 00:34:52,719 Speaker 1: fourth of July, and look at us. Now, what's the 661 00:34:52,840 --> 00:34:55,759 Speaker 1: messaging here going into the new year. We could see 662 00:34:55,760 --> 00:35:00,000 Speaker 1: this president and the first Lady again at the Lincoln Memorial, uh, 663 00:35:00,080 --> 00:35:02,279 Speaker 1: lighting a lot more candles than they were a year ago. 664 00:35:03,000 --> 00:35:05,560 Speaker 1: We could and you know we are seeing you know, 665 00:35:05,920 --> 00:35:10,760 Speaker 1: Broadway shows being shut, colleges and universities going online again, 666 00:35:11,239 --> 00:35:14,360 Speaker 1: these you know, hospitalizations up as you mentioned, eight hundred 667 00:35:14,400 --> 00:35:18,640 Speaker 1: thousand deaths UM. These are troubling signs. I don't think 668 00:35:18,640 --> 00:35:22,080 Speaker 1: they're unexpected from a scientific point of view. Variants are 669 00:35:22,160 --> 00:35:26,600 Speaker 1: what happens. It's spreading UM, that's not unexpected. But what 670 00:35:26,880 --> 00:35:30,000 Speaker 1: is the fact that President Biden has hinged his political 671 00:35:30,080 --> 00:35:33,359 Speaker 1: fortune on this, and people are, when you look at 672 00:35:33,360 --> 00:35:36,640 Speaker 1: the polls, rightly frustrated that they are not seeing a 673 00:35:36,760 --> 00:35:39,400 Speaker 1: light at the end of the tunnel in this winter. 674 00:35:39,600 --> 00:35:43,239 Speaker 1: So the President is going to keep being empathetic, keep 675 00:35:43,239 --> 00:35:46,360 Speaker 1: pushing for boosters and all those other things for vaccinations, 676 00:35:46,600 --> 00:35:48,360 Speaker 1: but I don't think that's going to alleviate some of 677 00:35:48,360 --> 00:35:50,799 Speaker 1: the pressure people are feeling as a result of having 678 00:35:50,800 --> 00:35:53,200 Speaker 1: to live with this going into you know what, year 679 00:35:53,280 --> 00:35:55,400 Speaker 1: two two and a half at this point, or your 680 00:35:55,440 --> 00:35:58,000 Speaker 1: students going back home because of COVID. Are you staying 681 00:35:58,040 --> 00:36:00,279 Speaker 1: in the classroom? We are in, We are, We are 682 00:36:00,280 --> 00:36:03,279 Speaker 1: in exams, thank goodness, But a lot of those moved online. 683 00:36:03,360 --> 00:36:06,920 Speaker 1: And you look across the country, colleges and universities that 684 00:36:06,960 --> 00:36:10,640 Speaker 1: are in on campus are going online because it's not 685 00:36:10,719 --> 00:36:13,680 Speaker 1: as serious as potentially in terms of some of these 686 00:36:13,719 --> 00:36:16,399 Speaker 1: young people, but they have a responsibility, you know, and 687 00:36:16,719 --> 00:36:19,880 Speaker 1: businesses as well, as we talked about yesterday. So you know, 688 00:36:20,000 --> 00:36:22,840 Speaker 1: this is you know, a very real reaction. I just 689 00:36:22,920 --> 00:36:25,040 Speaker 1: heard from my son's college they are going to require 690 00:36:25,040 --> 00:36:27,879 Speaker 1: booster shots now for these young people. So where we're going, 691 00:36:28,000 --> 00:36:30,520 Speaker 1: that's where we're going. Show me your booster card. Hey, Doug, 692 00:36:30,600 --> 00:36:32,879 Speaker 1: real quick, our lawmaker is gonna go into next week 693 00:36:32,920 --> 00:36:34,720 Speaker 1: you think, or they call it quits after the weekend. 694 00:36:35,680 --> 00:36:38,960 Speaker 1: I'm not smart enough to make that predicted. That's that's 695 00:36:38,960 --> 00:36:41,880 Speaker 1: an honest man. The Great Panel with Doug High, Republican 696 00:36:41,920 --> 00:36:46,160 Speaker 1: strategists and Bloomberg Politics contributor Jeanie Chanzino with us here 697 00:36:46,200 --> 00:36:49,600 Speaker 1: on Bloomberg Sound On. As always the fastest hour in politics, 698 00:36:50,160 --> 00:36:53,279 Speaker 1: this is the fastest day in politics for some of us. Hey, 699 00:36:53,280 --> 00:36:55,080 Speaker 1: I'll meet you back here tomorrow. They tell me it'll 700 00:36:55,120 --> 00:36:58,200 Speaker 1: be Friday. I'm Joe Matthew. This is Bloomberg