1 00:00:02,120 --> 00:00:06,360 Speaker 1: Live from our nation's capital. This is Bloomberg's sound on. 2 00:00:07,440 --> 00:00:10,640 Speaker 1: John is something that actually unites Republican the Democrats. We 3 00:00:10,720 --> 00:00:14,120 Speaker 1: have a huge problem with cybersecurity and its growth. It's 4 00:00:14,200 --> 00:00:18,200 Speaker 1: got to have wealthier people and corporations being more of 5 00:00:18,239 --> 00:00:22,960 Speaker 1: a fair share. Bloomberg Sound On the insiders, the influencers, 6 00:00:23,040 --> 00:00:25,760 Speaker 1: the insights, pars and Biden likes to be the big thing. 7 00:00:25,880 --> 00:00:28,160 Speaker 1: He likes to put out the big concept. There's still 8 00:00:28,200 --> 00:00:32,479 Speaker 1: a long way to go with this flat tax. This 9 00:00:32,560 --> 00:00:36,320 Speaker 1: isn't a Democrat public this is an American initial Schloomberg 10 00:00:36,479 --> 00:00:42,560 Speaker 1: Sound On with Joe Matthew on Bloomberg Radio. Three point 11 00:00:42,960 --> 00:00:46,400 Speaker 1: five trillion. That is the number of the day, the 12 00:00:46,440 --> 00:00:49,800 Speaker 1: top line number for a Democrat backed package loaded with 13 00:00:49,920 --> 00:00:54,120 Speaker 1: President Joe Biden's priorities. We break down what those numbers 14 00:00:54,200 --> 00:00:58,080 Speaker 1: mean and what lawmakers have planned for that package. Will 15 00:00:58,120 --> 00:01:02,280 Speaker 1: also be speaking today with Congressman Sherry Boustos on infrastructure 16 00:01:02,320 --> 00:01:05,640 Speaker 1: and Congressman French Hill on today's high profile hearing with 17 00:01:05,720 --> 00:01:09,839 Speaker 1: Jerome Powell. I'm Emily Wilkins here with my fellow Bloomberg 18 00:01:09,880 --> 00:01:13,600 Speaker 1: Government co host Jack Fitzpatrick. We have a great lineup today. Well, 19 00:01:13,640 --> 00:01:17,320 Speaker 1: I'm Emily Wilkins here with Jack Fitzpatrick. Joining us now 20 00:01:17,800 --> 00:01:22,679 Speaker 1: are are Bloomberg Superstar contributors Rick Davis and Jennie shawn Zano. 21 00:01:23,200 --> 00:01:25,679 Speaker 1: We're going to kick it off with the discussion of 22 00:01:25,720 --> 00:01:29,000 Speaker 1: sort of the news that has captured Washington's attention throughout 23 00:01:29,040 --> 00:01:32,440 Speaker 1: all of today. Democrats coming to an agreement on the 24 00:01:32,480 --> 00:01:37,640 Speaker 1: top line funding for their spending package. This is the package, 25 00:01:37,680 --> 00:01:39,480 Speaker 1: if you remember, we got sort of the two tracks. 26 00:01:39,520 --> 00:01:42,840 Speaker 1: We got one track with bipartisan infrastructure. We're looking over 27 00:01:42,880 --> 00:01:45,640 Speaker 1: today for just a minute at that other trap, which 28 00:01:45,680 --> 00:01:49,160 Speaker 1: is the Democrat backed bill. They don't need any Republicans 29 00:01:49,200 --> 00:01:51,600 Speaker 1: to support it. And we got a few more details 30 00:01:51,600 --> 00:01:54,040 Speaker 1: this afternoon about what exactly is going to be in 31 00:01:54,080 --> 00:01:56,480 Speaker 1: this bill. There's too much stuff for me to list 32 00:01:56,520 --> 00:01:58,160 Speaker 1: all of it, but let me try and give y'all 33 00:01:58,400 --> 00:02:01,520 Speaker 1: a top line preview. We have an expanded child tax credit. 34 00:02:01,560 --> 00:02:04,280 Speaker 1: We got paid family and medical leave. We have funding 35 00:02:04,320 --> 00:02:07,760 Speaker 1: for affordable housing, for nutrition assistance. There's a clean energy 36 00:02:07,800 --> 00:02:12,200 Speaker 1: standard in there. There's federal procurement for technologies using renewable energy. 37 00:02:12,480 --> 00:02:15,960 Speaker 1: There's lowering prescription drug prices. There's permanent status for immigrants. 38 00:02:15,960 --> 00:02:18,880 Speaker 1: I think i've bombarded you with enough at this point, 39 00:02:19,560 --> 00:02:23,359 Speaker 1: and Jack. The one thing though that's really critical right now. 40 00:02:23,480 --> 00:02:26,320 Speaker 1: The one question that everyone is asking that we have 41 00:02:26,360 --> 00:02:29,320 Speaker 1: started to see answer today is how will it all 42 00:02:29,600 --> 00:02:33,079 Speaker 1: be paid for? Lawmakers did give us a preview at 43 00:02:33,080 --> 00:02:35,960 Speaker 1: a few of those things. What's the answers at anything 44 00:02:36,040 --> 00:02:38,560 Speaker 1: that that really caught your attention or surprised you about 45 00:02:38,560 --> 00:02:40,520 Speaker 1: what they put for? Well, they want a three pronged 46 00:02:40,840 --> 00:02:43,120 Speaker 1: approach on pay for is and I still think pay 47 00:02:43,200 --> 00:02:45,240 Speaker 1: for is are the most difficult part of this. So 48 00:02:45,560 --> 00:02:47,720 Speaker 1: the thing to watch for is is any of this 49 00:02:48,040 --> 00:02:50,040 Speaker 1: sort of a gimmicky kind of thing rather than a 50 00:02:50,040 --> 00:02:52,600 Speaker 1: real tax hike. Uh. There was a document out from 51 00:02:52,639 --> 00:02:56,040 Speaker 1: a senior Democratic aid in Congress sort of listing the basics. 52 00:02:56,200 --> 00:02:58,200 Speaker 1: We don't have a bill yet, but we have basically 53 00:02:58,240 --> 00:03:02,840 Speaker 1: their ideas. One of the three prongs is taxes. Corporate 54 00:03:02,840 --> 00:03:05,560 Speaker 1: tax rate increase. They didn't say the specific rate, and 55 00:03:05,639 --> 00:03:08,280 Speaker 1: you know, Joe Mansion doesn't want the percent. Maybe something 56 00:03:08,280 --> 00:03:12,600 Speaker 1: like high income taxes would be higher in some way. 57 00:03:12,639 --> 00:03:15,200 Speaker 1: Still learn of the details. I R S Enforcement is 58 00:03:15,200 --> 00:03:17,119 Speaker 1: supposed to bring in some more money. But the other 59 00:03:17,200 --> 00:03:22,160 Speaker 1: prongs are one healthcare savings. They are looking too for 60 00:03:22,240 --> 00:03:24,680 Speaker 1: some of the healthcare measures to lower the costs of 61 00:03:24,919 --> 00:03:27,520 Speaker 1: prescription drugs. And then the other one that I think 62 00:03:27,560 --> 00:03:31,240 Speaker 1: is going to get some complaints from fiscal conservatives is 63 00:03:31,520 --> 00:03:34,760 Speaker 1: they describe long term economic growth as they pay for. 64 00:03:35,040 --> 00:03:38,280 Speaker 1: That is code for dynamic scoring, which basically means they 65 00:03:38,320 --> 00:03:42,000 Speaker 1: hope that the Congressional Budget Office UH gives them credit 66 00:03:42,120 --> 00:03:45,440 Speaker 1: for economic growth and therefore more revenue based on the 67 00:03:45,440 --> 00:03:49,160 Speaker 1: money they're spending. That can be a little bit gimmicky. 68 00:03:49,200 --> 00:03:50,800 Speaker 1: That's the kind of thing, you know. Earlier today we 69 00:03:50,800 --> 00:03:53,560 Speaker 1: talked to Miam mcguinnis from the Committee for a Responsible 70 00:03:53,560 --> 00:03:56,000 Speaker 1: Federal Budget. She's got concerns about that kind of thing. 71 00:03:56,240 --> 00:03:59,560 Speaker 1: That's probably gonna be one of the more controversial parts 72 00:03:59,600 --> 00:04:03,360 Speaker 1: of this if they're depending a lot on dynamic scoring. 73 00:04:03,400 --> 00:04:06,320 Speaker 1: But I'm curious, you know, Jennie, you've been sort of 74 00:04:06,360 --> 00:04:09,880 Speaker 1: the realist on the chances of infrastructure and the pay 75 00:04:09,960 --> 00:04:12,560 Speaker 1: for is they they could struggle with their what do 76 00:04:12,600 --> 00:04:15,640 Speaker 1: you think of the pay for ideas of this next 77 00:04:15,680 --> 00:04:19,080 Speaker 1: reconciliation package? And based on what we've heard, I mean, 78 00:04:19,080 --> 00:04:21,080 Speaker 1: do you think this is actually fully paid for like 79 00:04:21,080 --> 00:04:24,120 Speaker 1: they've said, or is this kind of halfway gimmicks halfway 80 00:04:24,120 --> 00:04:26,400 Speaker 1: pay for us. Well, you and Emily just gave the 81 00:04:26,440 --> 00:04:28,760 Speaker 1: best overview what's in this thing that we know so 82 00:04:28,800 --> 00:04:30,560 Speaker 1: far and how they're saying that it's going to be 83 00:04:30,560 --> 00:04:32,680 Speaker 1: paid for. So I applaud you both. It's a lot 84 00:04:32,760 --> 00:04:35,400 Speaker 1: to take in, and there's there's half the stuff in 85 00:04:35,440 --> 00:04:38,320 Speaker 1: the here that I've even mentioned. Emily, it's amazing what 86 00:04:38,480 --> 00:04:41,919 Speaker 1: that amount of money can do for you. But you know, 87 00:04:42,200 --> 00:04:45,000 Speaker 1: the dynamic scoring is a term I love, and I 88 00:04:45,040 --> 00:04:47,800 Speaker 1: think it's one you said so accurately, Jack, that's going 89 00:04:47,839 --> 00:04:49,839 Speaker 1: to jump out, and I think that's where they're gonna 90 00:04:50,200 --> 00:04:52,839 Speaker 1: sort of hold their breath for the CBO to see 91 00:04:52,839 --> 00:04:55,760 Speaker 1: how that is going to come out. You know, I 92 00:04:55,839 --> 00:04:58,320 Speaker 1: do think this is, you know, what was expected. How 93 00:04:58,400 --> 00:05:00,960 Speaker 1: else do you pay for something you've as taxes, you 94 00:05:01,160 --> 00:05:05,560 Speaker 1: through enforcement, through savings, or you simply say infrastructure is 95 00:05:05,600 --> 00:05:07,600 Speaker 1: an investment and we don't have to pay for it. 96 00:05:07,839 --> 00:05:11,159 Speaker 1: And I think that is absolutely a valid statement. But 97 00:05:11,279 --> 00:05:13,640 Speaker 1: of course you have moderates like Joe Mansion who have 98 00:05:13,680 --> 00:05:16,560 Speaker 1: wanted it to be paid for, and Democrats did say 99 00:05:16,680 --> 00:05:19,960 Speaker 1: yesterday and today this thing will all be paid for 100 00:05:20,200 --> 00:05:22,760 Speaker 1: to you know, sort of assure these moderates because, as 101 00:05:22,800 --> 00:05:25,400 Speaker 1: we've talked about many times, they can't afford to lose 102 00:05:25,440 --> 00:05:28,359 Speaker 1: any in the Senate, and probably there's just a three 103 00:05:28,400 --> 00:05:30,719 Speaker 1: point three Democrat margin in the House by this time 104 00:05:30,760 --> 00:05:33,520 Speaker 1: this thing gets there. You want to actually keep stay 105 00:05:33,600 --> 00:05:36,479 Speaker 1: from minute on the Senate because while we haven't seen 106 00:05:36,600 --> 00:05:40,160 Speaker 1: any Democrat come out and say absolutely not yet, we 107 00:05:40,240 --> 00:05:42,960 Speaker 1: there are a few Democrats who aren't yet really on 108 00:05:43,040 --> 00:05:46,640 Speaker 1: board with this plan. No prizes for guessing who we're seeing. 109 00:05:46,720 --> 00:05:51,320 Speaker 1: Senates Moderates like Senators Joe Mansion, John Tester, they still 110 00:05:51,360 --> 00:05:54,840 Speaker 1: have a couple of concerns about the bill. Obviously, we're 111 00:05:54,880 --> 00:05:57,000 Speaker 1: at the point where we're seeing a top line number, 112 00:05:57,040 --> 00:05:59,599 Speaker 1: we're getting some details about what's in it. But let's 113 00:05:59,640 --> 00:06:02,640 Speaker 1: be clear, the budget resolution that we're talking about, this 114 00:06:02,720 --> 00:06:06,560 Speaker 1: is the basically an outline for what would be budget reconciliation, 115 00:06:06,760 --> 00:06:09,520 Speaker 1: and so there are many many more details left to 116 00:06:09,640 --> 00:06:13,440 Speaker 1: come in this process. Rick Davis, I mean, talk to 117 00:06:13,520 --> 00:06:16,280 Speaker 1: us just generally here about what we're going to be 118 00:06:16,320 --> 00:06:20,120 Speaker 1: seen going forward in this process. I mean, are am I? 119 00:06:20,200 --> 00:06:22,480 Speaker 1: Am I wrong to be focusing on this three point 120 00:06:22,520 --> 00:06:26,160 Speaker 1: five trillion dollar number? How much can that might change 121 00:06:26,360 --> 00:06:30,080 Speaker 1: in the negotiations over the next few months. Yeah, well, 122 00:06:30,120 --> 00:06:33,320 Speaker 1: as you know, um, Senator Sanders has been talking about 123 00:06:33,320 --> 00:06:35,960 Speaker 1: a six trillion dollar number. So I think that three 124 00:06:35,960 --> 00:06:38,840 Speaker 1: point five trillion. It's an immense amount of spending. Right. 125 00:06:38,920 --> 00:06:42,320 Speaker 1: This is historic um and and and it kind of 126 00:06:42,360 --> 00:06:45,560 Speaker 1: brings back all the old lines that Republicans used against 127 00:06:45,560 --> 00:06:48,840 Speaker 1: Democrats for a long time, tax and spend Democrats. This 128 00:06:48,920 --> 00:06:52,200 Speaker 1: is tax and spending um and and we're just scratching 129 00:06:52,200 --> 00:06:54,120 Speaker 1: the surface, as you point out, is to what's in 130 00:06:54,160 --> 00:06:57,000 Speaker 1: this bill. So it could get bigger. Um, there could 131 00:06:57,040 --> 00:06:59,760 Speaker 1: be some savings, but I can't imagine once they get 132 00:06:59,800 --> 00:07:02,800 Speaker 1: this number out the three point five trailing, that they're 133 00:07:02,800 --> 00:07:05,320 Speaker 1: gonna want to back it down. Um. But you're right. 134 00:07:05,360 --> 00:07:08,520 Speaker 1: I mean, you know, Mansion and Tester, both of whom 135 00:07:08,520 --> 00:07:11,760 Speaker 1: are on the Appropriations Committee, and we'll have the responsibility 136 00:07:12,240 --> 00:07:15,200 Speaker 1: you know, for working on this reconciliation package, are going 137 00:07:15,240 --> 00:07:18,400 Speaker 1: to have enormous influence both on what goes into the 138 00:07:18,400 --> 00:07:20,920 Speaker 1: bill but also how the pay for its work. And 139 00:07:20,960 --> 00:07:23,360 Speaker 1: so I think you're seeing the very beginning of this. 140 00:07:23,440 --> 00:07:26,400 Speaker 1: But the process is this is a chance to get 141 00:07:26,440 --> 00:07:28,480 Speaker 1: this thing out. They're gonna go on recess in a 142 00:07:28,480 --> 00:07:30,240 Speaker 1: couple of weeks and they're gonna be back in their 143 00:07:30,240 --> 00:07:33,320 Speaker 1: home states. You know, the month of August is usually 144 00:07:33,320 --> 00:07:35,040 Speaker 1: the time they try to connect with some of the 145 00:07:35,080 --> 00:07:37,240 Speaker 1: folks at home. A lot of states have schools that 146 00:07:37,360 --> 00:07:39,960 Speaker 1: start towards the end of August, and and and they're 147 00:07:40,000 --> 00:07:42,880 Speaker 1: gonna try and sell this and sell it hard, um 148 00:07:42,960 --> 00:07:46,280 Speaker 1: and uh and and they'll be back in September after 149 00:07:46,400 --> 00:07:48,880 Speaker 1: Labor Day with a report saying we're either in trouble 150 00:07:49,400 --> 00:07:52,560 Speaker 1: or let's let's start grinding through on this process. So 151 00:07:52,600 --> 00:07:54,920 Speaker 1: if I can fast forward a little bit too, when 152 00:07:54,920 --> 00:07:56,440 Speaker 1: we get a little closer to the finish line and 153 00:07:56,440 --> 00:07:59,160 Speaker 1: they actually turn this into a bill rather than this outline. 154 00:07:59,440 --> 00:08:02,320 Speaker 1: One of the sort of threatening things for Democrats who 155 00:08:02,320 --> 00:08:04,520 Speaker 1: have all of these ambitious plans is that when you 156 00:08:04,600 --> 00:08:08,200 Speaker 1: try to pass a major bill through the reconciliation process, 157 00:08:08,360 --> 00:08:10,240 Speaker 1: you don't need Republican votes, but you do need the 158 00:08:10,360 --> 00:08:13,720 Speaker 1: Senate Parliamentary in on your side. You're technically only supposed 159 00:08:13,760 --> 00:08:17,360 Speaker 1: to be passing budgetary measures, tax and spend, that kind 160 00:08:17,360 --> 00:08:19,200 Speaker 1: of thing. Looking through some of the things that have 161 00:08:19,240 --> 00:08:22,000 Speaker 1: come up, elements at least elements of the pro Act 162 00:08:22,240 --> 00:08:25,360 Speaker 1: on that it is broadly meant to strengthen unions are 163 00:08:25,400 --> 00:08:28,400 Speaker 1: supposed to be in there. There is expected if Bernie 164 00:08:28,440 --> 00:08:30,640 Speaker 1: Sanders is that there's going to be some sort of 165 00:08:30,680 --> 00:08:35,439 Speaker 1: immigration reform in there, those things that are sort of regulatory, Uh, 166 00:08:35,600 --> 00:08:38,120 Speaker 1: could very well get pulled out. Genie, what do you think, 167 00:08:38,320 --> 00:08:41,360 Speaker 1: I mean, what are the biggest risks in this bill 168 00:08:41,520 --> 00:08:43,360 Speaker 1: for things that could just get pulled out? And how 169 00:08:43,440 --> 00:08:46,680 Speaker 1: much of this actually can be done through this reconciliation process. 170 00:08:47,080 --> 00:08:49,360 Speaker 1: I think that along with the scoring, those are the 171 00:08:49,400 --> 00:08:51,760 Speaker 1: two big questions. And I'm so glad you raised that, 172 00:08:51,880 --> 00:08:56,079 Speaker 1: because on reconciliation, the Bird rule restricts what is included 173 00:08:56,160 --> 00:08:59,200 Speaker 1: in there. You can't have things that are extraneous to 174 00:08:59,320 --> 00:09:02,560 Speaker 1: the budget, and so that is a big challenge in 175 00:09:02,559 --> 00:09:04,440 Speaker 1: a bill that is going to be as big as 176 00:09:04,480 --> 00:09:06,880 Speaker 1: this one promises to be. Just listening to what Emily 177 00:09:06,960 --> 00:09:08,680 Speaker 1: laid out, which is only a partial list of what 178 00:09:08,800 --> 00:09:11,520 Speaker 1: might be in there, you could certainly see the parliamentary 179 00:09:11,559 --> 00:09:14,720 Speaker 1: and saying one or two of these things won't go through. 180 00:09:15,000 --> 00:09:17,319 Speaker 1: And let's not forget if I can just raise remember 181 00:09:17,360 --> 00:09:20,920 Speaker 1: the corn Husker kick back, the concession to Nebraska Senator 182 00:09:20,960 --> 00:09:24,480 Speaker 1: Ben Nelson during the Affordable Care Act. This is what 183 00:09:24,520 --> 00:09:27,040 Speaker 1: we're going to be seeing throughout this summer, because when 184 00:09:27,080 --> 00:09:30,079 Speaker 1: you can't lose a Democrat in the Senate or the House, 185 00:09:30,800 --> 00:09:34,680 Speaker 1: presumably then people can sort of vie for what they want. 186 00:09:34,720 --> 00:09:37,120 Speaker 1: If things are pulled out, they can pull their support. 187 00:09:37,440 --> 00:09:40,120 Speaker 1: That's the big risk here for Nancy Pelosi and Chuck Schumer, 188 00:09:40,520 --> 00:09:42,959 Speaker 1: and they've got very very tight margins to work with 189 00:09:43,040 --> 00:09:44,760 Speaker 1: in the Senate and in the House as well. It's 190 00:09:44,760 --> 00:09:47,520 Speaker 1: really only three to four Democrats in the House that 191 00:09:47,600 --> 00:09:50,880 Speaker 1: Pelosi can afford to lose real quickly. Here, I do 192 00:09:50,920 --> 00:09:54,040 Speaker 1: want to touch on another sort of bigger story of Bloomberg. 193 00:09:54,120 --> 00:09:57,280 Speaker 1: David's Weston spoke with Bank of America Chairman and CEO 194 00:09:57,440 --> 00:10:00,880 Speaker 1: Brian moynihan about the company's second quarter earnings and the 195 00:10:00,920 --> 00:10:04,160 Speaker 1: process of getting employees back to the office as the 196 00:10:04,240 --> 00:10:07,720 Speaker 1: Delta variant crops up. Let's listen to that sound real quick. 197 00:10:08,520 --> 00:10:11,120 Speaker 1: We asked people, starting a few months ago, load the 198 00:10:11,200 --> 00:10:13,720 Speaker 1: vaccine tool, upload your card, and because we needed that 199 00:10:13,760 --> 00:10:16,600 Speaker 1: prove to be able to plan, so we've said July, August, 200 00:10:16,640 --> 00:10:18,960 Speaker 1: in September, gave him a tool to say, pick which 201 00:10:18,960 --> 00:10:21,000 Speaker 1: month you want to come back. They're they're picking at 202 00:10:21,040 --> 00:10:23,800 Speaker 1: some some coming back immediately. And we had our town 203 00:10:23,800 --> 00:10:25,599 Speaker 1: hall today in person with people. It was it was 204 00:10:25,640 --> 00:10:27,640 Speaker 1: wonderful to see some of my colleagues that literally haven't 205 00:10:27,640 --> 00:10:30,520 Speaker 1: seen since the February March of last year, and so 206 00:10:30,559 --> 00:10:34,360 Speaker 1: we're trying to get the people back. I want to 207 00:10:34,360 --> 00:10:36,480 Speaker 1: toss it too real quick here. I mean, as we're 208 00:10:36,520 --> 00:10:41,120 Speaker 1: seeing the delta variant continue to spread, how or to 209 00:10:41,160 --> 00:10:45,320 Speaker 1: a certain sense, are CEOs and other office managers factoring 210 00:10:45,400 --> 00:10:49,839 Speaker 1: that into some of these return plans. Oh? Absolutely, I think. 211 00:10:50,200 --> 00:10:53,720 Speaker 1: And it's the contingency that what if there's a epsilon variant, 212 00:10:53,840 --> 00:10:56,599 Speaker 1: you know, and things like that. There there there is 213 00:10:56,760 --> 00:10:59,920 Speaker 1: a monitoring system that many big corporations with thousands of 214 00:11:00,000 --> 00:11:02,760 Speaker 1: employees are really contemplating, is to sort of how do 215 00:11:02,880 --> 00:11:06,319 Speaker 1: we keep healthy the employees that are inside UH and 216 00:11:06,559 --> 00:11:08,360 Speaker 1: and how do we manage those who don't want to 217 00:11:08,400 --> 00:11:11,440 Speaker 1: come back right away or have not been inoculated, had 218 00:11:11,520 --> 00:11:14,199 Speaker 1: not gotten a vaccine, because the last thing they want 219 00:11:14,320 --> 00:11:17,280 Speaker 1: is unvaccinated people want around the halls. And yet there 220 00:11:17,360 --> 00:11:20,280 Speaker 1: are a lot of sensitivities about what you can require 221 00:11:20,400 --> 00:11:24,040 Speaker 1: or not require. Rick Davis, Jeni Chnzano, thank you. For 222 00:11:24,200 --> 00:11:28,880 Speaker 1: joining us. You're listening to Bloomberg Sound On with Joe 223 00:11:29,000 --> 00:11:35,480 Speaker 1: Matthew on Bloomberg Radio. I'm Jack Fitzpatrick here with Emily Wilkins, 224 00:11:35,600 --> 00:11:38,400 Speaker 1: my co host and fellow Bloomberg Government reporter. We are 225 00:11:38,520 --> 00:11:42,560 Speaker 1: in today in Joe's stead. We're doing a little bit 226 00:11:42,559 --> 00:11:44,880 Speaker 1: of a Bloomberg Government takeover too, because we're pulling in 227 00:11:45,120 --> 00:11:48,640 Speaker 1: Ken Doyle, who covers money in politics for be GOV, 228 00:11:48,960 --> 00:11:51,240 Speaker 1: and we really wanted to talk to him about the 229 00:11:51,800 --> 00:11:56,679 Speaker 1: most interesting fundraising numbers UH for the second quarter for 230 00:11:56,920 --> 00:11:59,000 Speaker 1: members of the House and Senate. And one thing that 231 00:11:59,160 --> 00:12:01,559 Speaker 1: really stood out and got a lot of attention when 232 00:12:01,600 --> 00:12:05,320 Speaker 1: these numbers came out was Liz Cheney. Big big numbers 233 00:12:05,600 --> 00:12:09,920 Speaker 1: over just three months for Congresswoman Liz Cheney one point 234 00:12:10,080 --> 00:12:13,600 Speaker 1: eight eight million, almost two million dollars over the course 235 00:12:13,720 --> 00:12:16,760 Speaker 1: of three months. And of course, Liz Cheney is the 236 00:12:16,880 --> 00:12:21,640 Speaker 1: congresswoman who lost her spot as House Republican Conference Chair 237 00:12:22,000 --> 00:12:26,240 Speaker 1: amid her criticisms of former President Trump, especially in his 238 00:12:26,360 --> 00:12:29,400 Speaker 1: role leading up to the January six riot at the Capitol. 239 00:12:29,960 --> 00:12:33,720 Speaker 1: She lost her spot in Republican leadership to Congresswoman at 240 00:12:33,760 --> 00:12:36,600 Speaker 1: least Stephonic who also pulls in some money, but actually less. 241 00:12:36,880 --> 00:12:39,439 Speaker 1: It's interesting to see at least Stephonic raises one and 242 00:12:39,480 --> 00:12:43,040 Speaker 1: a half million dollars in the second quarter. Liz Cheney 243 00:12:43,120 --> 00:12:46,839 Speaker 1: outpaces her by almost four hundred thousand dollars. But what 244 00:12:46,960 --> 00:12:50,400 Speaker 1: does that mean? Because we were talking about Liz Cheney 245 00:12:50,520 --> 00:12:54,400 Speaker 1: as this UH woman in exile politically almost ken what 246 00:12:54,520 --> 00:12:56,960 Speaker 1: do you make of of these numbers that I mean, 247 00:12:57,080 --> 00:13:00,559 Speaker 1: clearly Liz Cheney has some significant appeal to who someone 248 00:13:00,800 --> 00:13:03,120 Speaker 1: does this actually tell us anything about her place in 249 00:13:03,200 --> 00:13:05,960 Speaker 1: the Republican Party or what's your takeaway here? Yeah? Now 250 00:13:06,040 --> 00:13:09,040 Speaker 1: I think I think it does. Jack, Yeah, it's um. 251 00:13:09,720 --> 00:13:13,280 Speaker 1: You know, it's interesting to look at the where the 252 00:13:13,360 --> 00:13:15,880 Speaker 1: money is coming from. And I just happen to look at, 253 00:13:16,320 --> 00:13:20,200 Speaker 1: you know, the latest quarterly reports that it's a similar 254 00:13:20,240 --> 00:13:22,760 Speaker 1: story to what happened in the first quarter for Cheney. 255 00:13:22,800 --> 00:13:24,839 Speaker 1: She raised I think one and a half million. She 256 00:13:25,000 --> 00:13:26,760 Speaker 1: raised more than that, even more than that in the 257 00:13:26,840 --> 00:13:33,080 Speaker 1: second quarter. But she is being supported by traditional Republican donors. 258 00:13:33,559 --> 00:13:37,120 Speaker 1: In terms of UM packs, she got like three hundred 259 00:13:37,160 --> 00:13:41,040 Speaker 1: thousand from packs in the first quarter. She's been supported 260 00:13:41,080 --> 00:13:46,120 Speaker 1: by a larger donors, lobbyists and traditional UM larger Republican 261 00:13:46,240 --> 00:13:49,559 Speaker 1: donors who so I think that clearly shows you know 262 00:13:49,720 --> 00:13:55,280 Speaker 1: that she's there's there's institutional support within the party for Cheney. UM. 263 00:13:55,840 --> 00:13:59,280 Speaker 1: And and then to look at st panic UM, she's 264 00:13:59,320 --> 00:14:02,319 Speaker 1: getting the Trump support, she's getting half of her more 265 00:14:02,400 --> 00:14:05,719 Speaker 1: than half of her money was from smaller donors, an 266 00:14:05,800 --> 00:14:11,160 Speaker 1: itemized contributions, and that's the grassroots Trump supporters that are 267 00:14:11,360 --> 00:14:13,800 Speaker 1: that are UM. And this is the power I think 268 00:14:13,880 --> 00:14:16,559 Speaker 1: that Trump has is that he can direct his support 269 00:14:16,640 --> 00:14:19,960 Speaker 1: is to certain candidates. And that's it's a really interesting 270 00:14:20,040 --> 00:14:23,680 Speaker 1: effect to look. I mean, overall, there's another factor, which 271 00:14:23,760 --> 00:14:25,840 Speaker 1: is that these two were just in the news. And 272 00:14:25,960 --> 00:14:29,640 Speaker 1: what you see is that people candidate and lawmakers that 273 00:14:29,720 --> 00:14:32,560 Speaker 1: are in the news, whether they have tough races or not, 274 00:14:32,720 --> 00:14:36,640 Speaker 1: whether they're challenged or not, they um, you know, people 275 00:14:36,760 --> 00:14:38,880 Speaker 1: in an era of online fundraising, one you can just 276 00:14:38,960 --> 00:14:40,920 Speaker 1: read a story about somebody and say, oh, I like 277 00:14:41,080 --> 00:14:43,760 Speaker 1: this person. I'm going to click on something and give 278 00:14:43,840 --> 00:14:47,000 Speaker 1: them some money. Um. You know, we've seen that phenomenon, 279 00:14:47,040 --> 00:14:49,680 Speaker 1: which is contributing to you know, a huge increase in 280 00:14:49,760 --> 00:14:55,000 Speaker 1: everybody being funded. But so obviously she's she's got a 281 00:14:55,080 --> 00:14:58,640 Speaker 1: broad appeal. I do have to ask though, in the 282 00:14:58,880 --> 00:15:02,240 Speaker 1: state of Wyoming, what do you do with so many 283 00:15:02,320 --> 00:15:06,560 Speaker 1: millions of dollars? I know Liz Cheney is facing primary challenges. 284 00:15:07,080 --> 00:15:09,480 Speaker 1: This is not exactly a massive media market. She's not 285 00:15:09,600 --> 00:15:13,960 Speaker 1: running in New York. Uh. Does this just expand her influence? 286 00:15:14,000 --> 00:15:16,200 Speaker 1: Does she end up giving this away? Does this actually 287 00:15:16,240 --> 00:15:17,920 Speaker 1: help her re election? Or what what do you do 288 00:15:18,040 --> 00:15:20,320 Speaker 1: with at that point nine and a quarter in a 289 00:15:20,440 --> 00:15:23,720 Speaker 1: state of Wyoming. It's a great question. Um. I do 290 00:15:23,960 --> 00:15:26,800 Speaker 1: think that you know, um, she will spend it. She'll 291 00:15:26,800 --> 00:15:29,240 Speaker 1: spend it to try and get re elected. She's obviously 292 00:15:29,680 --> 00:15:31,960 Speaker 1: determined to try and get reelected, and I think it's 293 00:15:32,040 --> 00:15:34,200 Speaker 1: very important to her, So I would I would guess 294 00:15:34,280 --> 00:15:36,920 Speaker 1: she's going to spend every penny that she raises. And 295 00:15:37,160 --> 00:15:39,600 Speaker 1: and you know, it's going to be a fairly cheap 296 00:15:39,720 --> 00:15:41,960 Speaker 1: media market. And I think the people in Wyoming are 297 00:15:42,000 --> 00:15:45,880 Speaker 1: going to see lots of TV as featuring Liz Cheney, right, 298 00:15:45,920 --> 00:15:47,960 Speaker 1: I mean, that's she's going to be, you know, and 299 00:15:48,080 --> 00:15:51,000 Speaker 1: this is um and and certainly it'll I think it 300 00:15:51,000 --> 00:15:53,680 Speaker 1: will help her. I mean that's why people raise and 301 00:15:53,760 --> 00:15:57,760 Speaker 1: spend so much money. They think that that advertising, especially 302 00:15:57,800 --> 00:16:00,720 Speaker 1: if it's done right and the right kind of message 303 00:16:00,760 --> 00:16:04,440 Speaker 1: that you can affect votes. So um uh, and I 304 00:16:04,520 --> 00:16:07,560 Speaker 1: think that and also, you know, maybe others, maybe the 305 00:16:07,600 --> 00:16:09,920 Speaker 1: people opposing her will also be able to raise money 306 00:16:09,920 --> 00:16:13,800 Speaker 1: because because of the Trump So I think he'll be 307 00:16:13,880 --> 00:16:16,680 Speaker 1: a lot of ads in Wyoming Ken. I also noticed 308 00:16:17,000 --> 00:16:20,000 Speaker 1: that Congressman Adam Kinzinger, who besides Change is the most 309 00:16:20,040 --> 00:16:23,680 Speaker 1: outspoken anti Trump member of the House Republican Party, also 310 00:16:23,760 --> 00:16:26,720 Speaker 1: saw a pretty large fundraising the hall last quarter. And 311 00:16:26,800 --> 00:16:29,600 Speaker 1: I'm trying to wrap my head around whether this means 312 00:16:30,000 --> 00:16:33,280 Speaker 1: that there is a lot of support within the Republican 313 00:16:33,360 --> 00:16:36,800 Speaker 1: Party for this anti Trump sediment or if I'm a 314 00:16:37,240 --> 00:16:40,840 Speaker 1: anti Trump Republican, I only have limited options as far 315 00:16:40,880 --> 00:16:44,840 Speaker 1: as lawmakers to don't donate to because so many lawmakers 316 00:16:44,880 --> 00:16:47,720 Speaker 1: in Congress have have remained Republicans in Congress have remained 317 00:16:47,920 --> 00:16:50,200 Speaker 1: very loyal to Trump, which you know, I think that 318 00:16:50,320 --> 00:16:52,440 Speaker 1: that's that's a good point to that maybe maybe just 319 00:16:52,840 --> 00:16:54,920 Speaker 1: because there's so few and I do think that there 320 00:16:54,960 --> 00:16:58,520 Speaker 1: are people, you know, that that consider themselves Republicans and 321 00:16:58,640 --> 00:17:03,080 Speaker 1: even Republican donors who who don't support um Trump and 322 00:17:03,160 --> 00:17:06,760 Speaker 1: what he did, you know, don't support the riot at 323 00:17:06,760 --> 00:17:10,119 Speaker 1: the Capital, the questioning of election results, all of the 324 00:17:10,160 --> 00:17:13,520 Speaker 1: stuff that's happened. Um, you know there are people that 325 00:17:13,600 --> 00:17:16,200 Speaker 1: are saying, I don't I don't like this, and I 326 00:17:16,320 --> 00:17:18,719 Speaker 1: want to support the you know those few who are 327 00:17:19,200 --> 00:17:21,520 Speaker 1: who are opposing it. So yeah, I think that that's 328 00:17:22,119 --> 00:17:24,560 Speaker 1: that's certainly part of it, that there's there's just not 329 00:17:24,720 --> 00:17:26,720 Speaker 1: that many. And it's it's interesting to me too that 330 00:17:26,800 --> 00:17:31,040 Speaker 1: it's coming, you know, from within kind of traditional Republican 331 00:17:31,119 --> 00:17:35,560 Speaker 1: circles in Washington, things like packs and and and and 332 00:17:35,880 --> 00:17:39,200 Speaker 1: like I said, the grassroots might be shifting towards the 333 00:17:39,480 --> 00:17:43,600 Speaker 1: towards the Trump Republicans. So Ken, great points. Really interesting 334 00:17:44,080 --> 00:17:47,520 Speaker 1: to get your takeaway on the latest fundraising numbers. That 335 00:17:47,600 --> 00:17:50,960 Speaker 1: was Ken Doyle, who covers Money in Politics for Bloomberg Government. Well, 336 00:17:51,080 --> 00:17:54,359 Speaker 1: you know, obviously I know that we have been Jack 337 00:17:54,440 --> 00:17:56,959 Speaker 1: and I as well as I think basically they're out 338 00:17:56,960 --> 00:17:59,000 Speaker 1: all of Bloomberg and out all of the media really 339 00:17:59,160 --> 00:18:01,680 Speaker 1: talking a lot to day about this three point five 340 00:18:01,840 --> 00:18:04,920 Speaker 1: trillion dollar number. And I just want to take a minute, 341 00:18:05,000 --> 00:18:07,399 Speaker 1: Jack and just sort of drill down into that a 342 00:18:07,480 --> 00:18:09,560 Speaker 1: little bit more because I feel like we've been talking 343 00:18:09,680 --> 00:18:13,400 Speaker 1: about about infrastructure, we've been talking about reconciliation, and we've 344 00:18:13,480 --> 00:18:15,280 Speaker 1: done this for so long, and you know, we all 345 00:18:15,320 --> 00:18:17,160 Speaker 1: got you know, big news last night with the number 346 00:18:17,160 --> 00:18:19,320 Speaker 1: being announced. But Jack, what does this really mean for 347 00:18:19,400 --> 00:18:23,359 Speaker 1: the process, because we still have quite always to go 348 00:18:24,200 --> 00:18:26,880 Speaker 1: before we're going to be seen any sort of bill 349 00:18:26,920 --> 00:18:28,720 Speaker 1: actually signed it too law. Yeah. I've been trying to 350 00:18:29,160 --> 00:18:31,640 Speaker 1: figure out how to explain this. This is the most 351 00:18:31,680 --> 00:18:34,400 Speaker 1: complicated stuff they do in Washington. But basically, if you're 352 00:18:34,480 --> 00:18:36,639 Speaker 1: listening wondering if your taxes are going to be raised 353 00:18:36,800 --> 00:18:39,600 Speaker 1: or if there's going to be a massive benefit to 354 00:18:39,680 --> 00:18:42,560 Speaker 1: you in some way, this is the first round of 355 00:18:42,640 --> 00:18:45,760 Speaker 1: a two round process. And keep in mind the margins 356 00:18:45,800 --> 00:18:49,280 Speaker 1: are so narrow in the House and Senate both are tough. Basically, 357 00:18:49,359 --> 00:18:51,760 Speaker 1: what they do is they vote on the framework that 358 00:18:51,920 --> 00:18:54,639 Speaker 1: gives directions to committees and says you've got three and 359 00:18:54,680 --> 00:18:56,600 Speaker 1: a half trillion dollars to work with, we want to 360 00:18:56,680 --> 00:18:59,919 Speaker 1: pay for it fully. UH. That is easier for moderate 361 00:19:00,040 --> 00:19:02,080 Speaker 1: to vote for because it doesn't have all the details. 362 00:19:02,320 --> 00:19:05,240 Speaker 1: They do, though, then have to eventually vote on a 363 00:19:05,359 --> 00:19:08,800 Speaker 1: piece of legislation, UH with all of the details. That 364 00:19:08,880 --> 00:19:11,880 Speaker 1: tends to be the tougher one to get to. Good 365 00:19:11,960 --> 00:19:14,760 Speaker 1: news for Democrats today though, because they had this at 366 00:19:14,840 --> 00:19:17,159 Speaker 1: least handshake deal on some of the rough numbers. And 367 00:19:17,240 --> 00:19:19,919 Speaker 1: I would point out Nancy Pelosi, this is an agreement 368 00:19:19,920 --> 00:19:22,920 Speaker 1: among Senate Democrats. But Nancy Pelosi put out a letter 369 00:19:23,000 --> 00:19:26,280 Speaker 1: to her colleagues saying every member can be proud of 370 00:19:26,320 --> 00:19:29,399 Speaker 1: the priorities in this budget. Uh, this budget agreement is 371 00:19:29,440 --> 00:19:31,359 Speaker 1: a victory for the American people. So there does to 372 00:19:31,480 --> 00:19:35,720 Speaker 1: be appear to be some bicameral unity among Democrats. Bi 373 00:19:35,800 --> 00:19:39,960 Speaker 1: Cameral unity always a positive thing when you're looking at 374 00:19:40,119 --> 00:19:42,400 Speaker 1: margins that are as narrow as the ones that we're 375 00:19:42,480 --> 00:19:46,560 Speaker 1: currently encountering. Well, we now have on the line joining 376 00:19:46,640 --> 00:19:50,520 Speaker 1: us here for sound on Congressman Sherry Bustos, Democrat from 377 00:19:50,560 --> 00:19:53,040 Speaker 1: the western part of Illinois and one of the few 378 00:19:53,160 --> 00:19:56,919 Speaker 1: Democrats who was able to represent a district that voted 379 00:19:57,080 --> 00:20:00,480 Speaker 1: not once but twice for former President an Old Trump. 380 00:20:00,560 --> 00:20:05,320 Speaker 1: So she comes from a very uh politically ideals ideals 381 00:20:05,359 --> 00:20:09,000 Speaker 1: of diverse district. Congressman, thank you so much for joining us. 382 00:20:09,280 --> 00:20:11,800 Speaker 1: You've been in your district for the last two weeks 383 00:20:11,880 --> 00:20:15,560 Speaker 1: as we've continued to hear developments about the infrastructure bill, 384 00:20:15,600 --> 00:20:19,359 Speaker 1: about this reconciliation package as all these different priorities in it. 385 00:20:19,720 --> 00:20:22,240 Speaker 1: Talk to me a little bit about what you are hearing. 386 00:20:22,440 --> 00:20:26,280 Speaker 1: How are the people in western Illinois interpreting what's going 387 00:20:26,359 --> 00:20:30,359 Speaker 1: on right now in d C. Well, first of all, 388 00:20:30,400 --> 00:20:32,520 Speaker 1: thank you Emily, thank you Jack, really appreciate you having 389 00:20:32,560 --> 00:20:35,119 Speaker 1: me on UM. I think if there's a word of 390 00:20:35,280 --> 00:20:39,800 Speaker 1: the year of this this cycle, UM, is that it 391 00:20:39,840 --> 00:20:42,560 Speaker 1: would be a results um. You know, we have an 392 00:20:42,560 --> 00:20:45,600 Speaker 1: opportunity to show the American people what Democrats can do 393 00:20:45,720 --> 00:20:48,399 Speaker 1: for them. We now have a very very as you 394 00:20:48,480 --> 00:20:51,320 Speaker 1: pointed out, a very slim majority in the House. We 395 00:20:51,480 --> 00:20:55,800 Speaker 1: have a very even more even a slimmer majority in 396 00:20:55,880 --> 00:20:57,840 Speaker 1: the Senate, and we have Joe Biden and the White House. 397 00:20:57,920 --> 00:21:02,600 Speaker 1: So but that means that we gotta we have the votes, 398 00:21:03,080 --> 00:21:06,440 Speaker 1: but we just have to really follow this very narrow 399 00:21:06,520 --> 00:21:09,040 Speaker 1: path to get this done. And in the end, we've 400 00:21:09,040 --> 00:21:11,080 Speaker 1: got to deliver, and in this case, we've got to 401 00:21:11,119 --> 00:21:13,200 Speaker 1: deliver big, and that's what we're on the track to do. 402 00:21:14,240 --> 00:21:17,000 Speaker 1: Congress SimMan, I know that you not only know how 403 00:21:17,160 --> 00:21:20,200 Speaker 1: to win in a swing district, but you are also 404 00:21:20,320 --> 00:21:23,680 Speaker 1: head of the Democrats campaign arm for the election. So 405 00:21:23,760 --> 00:21:26,879 Speaker 1: you've really sort of viewed winning the House on a 406 00:21:27,080 --> 00:21:30,520 Speaker 1: national level. You know, when I talk to your progressive colleagues, 407 00:21:30,600 --> 00:21:34,639 Speaker 1: they argue that we need the biggest possible reconciliation possible 408 00:21:35,000 --> 00:21:39,159 Speaker 1: to help Democrats keep that House in two. But then 409 00:21:39,200 --> 00:21:42,680 Speaker 1: I've heard some more fiscally conservative colleagues of years say 410 00:21:42,760 --> 00:21:45,600 Speaker 1: that bigger packages are going to be a problem, and 411 00:21:45,600 --> 00:21:47,800 Speaker 1: I wondering when it when it comes strictly just talking 412 00:21:47,920 --> 00:21:51,520 Speaker 1: about mid terms, I know you won't be running again, 413 00:21:51,640 --> 00:21:54,119 Speaker 1: but you sort of you know the outlay. You know 414 00:21:54,520 --> 00:21:57,919 Speaker 1: what wins elections. Should Democrats be trying to get as 415 00:21:58,000 --> 00:22:00,720 Speaker 1: much as they can in this bill? And is a smaller, 416 00:22:00,760 --> 00:22:04,680 Speaker 1: whittled down bill going to hurt Democrats when it comes 417 00:22:04,720 --> 00:22:09,320 Speaker 1: to the midterms again, I'll get back to saying we've 418 00:22:09,320 --> 00:22:12,600 Speaker 1: got to deliver here and Um. When you have such 419 00:22:12,640 --> 00:22:16,600 Speaker 1: a slim majority, UM, it means that there's going to 420 00:22:16,680 --> 00:22:20,120 Speaker 1: be compromises, and we cannot. I don't care what your 421 00:22:20,160 --> 00:22:23,399 Speaker 1: politics are, we cannot look at this as anything like 422 00:22:23,560 --> 00:22:27,159 Speaker 1: I'm I'm only gonna vote yes if I have You know, 423 00:22:27,240 --> 00:22:29,359 Speaker 1: all whatever it is, all these serious things, are all 424 00:22:29,440 --> 00:22:32,760 Speaker 1: these small things, depending on where you are politically, We've 425 00:22:32,760 --> 00:22:34,840 Speaker 1: got to get We've got to get it done. Um. 426 00:22:34,960 --> 00:22:38,120 Speaker 1: That's the expectation of folks at home, is uh, Joe 427 00:22:38,200 --> 00:22:40,320 Speaker 1: Biden is in the White House, that we we've got 428 00:22:40,720 --> 00:22:42,760 Speaker 1: Chuck Shumer as the leader in the Senate, we have 429 00:22:42,800 --> 00:22:46,080 Speaker 1: the Anti Pelosi as the Speaker of the House, and hey, 430 00:22:46,119 --> 00:22:49,680 Speaker 1: as Democrats, let's deliver and um to the point of 431 00:22:49,800 --> 00:22:53,200 Speaker 1: delivering big. It means that we are talking about things 432 00:22:53,280 --> 00:22:57,320 Speaker 1: like hey, uh, tax credit, We're talking about universal pre k. 433 00:22:57,960 --> 00:23:01,760 Speaker 1: We are talking about starting tomorrow sorrow, that you're going 434 00:23:01,840 --> 00:23:04,600 Speaker 1: to have families all over this country see an extra 435 00:23:04,720 --> 00:23:07,879 Speaker 1: three hundred dollars or so in their accounts through this 436 00:23:08,040 --> 00:23:11,040 Speaker 1: brand new child tax credit. But it is getting all 437 00:23:11,119 --> 00:23:14,000 Speaker 1: of those sort of things done. Um and uh it 438 00:23:14,359 --> 00:23:17,119 Speaker 1: is really I'm not one of these people. And the 439 00:23:17,160 --> 00:23:20,639 Speaker 1: reason I've been able to win UM as much as 440 00:23:21,119 --> 00:23:24,399 Speaker 1: twenty four point margin in a Trump district is because 441 00:23:24,480 --> 00:23:27,840 Speaker 1: I understand that this is about about delivering. It's not 442 00:23:28,000 --> 00:23:32,600 Speaker 1: about arguing and saying no to things that uh that 443 00:23:32,880 --> 00:23:36,840 Speaker 1: that maybe ideally aren't perfect, but we just got to 444 00:23:36,840 --> 00:23:39,840 Speaker 1: get the job done. Congresswoman, I was wondering what would 445 00:23:39,880 --> 00:23:43,159 Speaker 1: be the toughest thing to sell in a rural district 446 00:23:43,240 --> 00:23:46,760 Speaker 1: that We've heard from at least the Senate Democrats on this, 447 00:23:46,960 --> 00:23:49,920 Speaker 1: and I'm curious about the climate stuff, you know, in 448 00:23:50,000 --> 00:23:51,960 Speaker 1: these bullet points that we're starting to see. We don't 449 00:23:51,960 --> 00:23:54,520 Speaker 1: have a whole piece of legislation, but we're hearing talk 450 00:23:54,720 --> 00:23:59,880 Speaker 1: of essentially a tax on carbon heavy imports. I'm curious 451 00:24:00,080 --> 00:24:04,480 Speaker 1: how you sell, uh, the the ambitious climate agenda that 452 00:24:04,600 --> 00:24:08,080 Speaker 1: we may see packed into this reconciliation bill to rural, 453 00:24:08,480 --> 00:24:14,359 Speaker 1: moderate or even conservative America. I think even UM folks 454 00:24:14,480 --> 00:24:17,639 Speaker 1: like our family farmers understand the impact of what's happening 455 00:24:17,680 --> 00:24:21,080 Speaker 1: with our climate. UM. The entire western border of the 456 00:24:21,520 --> 00:24:25,120 Speaker 1: district that I represent as the Mississippi River and UM 457 00:24:25,520 --> 00:24:29,280 Speaker 1: we have thinks we have seen massive flooding UM in 458 00:24:29,440 --> 00:24:32,840 Speaker 1: past years. Right now we've got the drought that is 459 00:24:32,920 --> 00:24:37,040 Speaker 1: starting to emerge in UM in places like Illinois, obviously 460 00:24:37,160 --> 00:24:40,520 Speaker 1: in the UH in the West and in the you know, 461 00:24:40,600 --> 00:24:43,680 Speaker 1: the states of Washington and Oregon and starting to go 462 00:24:43,880 --> 00:24:47,800 Speaker 1: to the through the plains now. So we see the 463 00:24:47,960 --> 00:24:51,840 Speaker 1: impact even from a from a farm perspective of what 464 00:24:52,000 --> 00:24:56,080 Speaker 1: climate is doing. And so I think Joe Biden is 465 00:24:56,080 --> 00:24:57,760 Speaker 1: approaching this in a way that makes a lot of 466 00:24:57,840 --> 00:25:01,000 Speaker 1: sense that that doing things in a that will not 467 00:25:01,280 --> 00:25:04,359 Speaker 1: harm our environment and get on a path to helping 468 00:25:04,440 --> 00:25:08,040 Speaker 1: the environment. I think we can sell that because climate 469 00:25:08,160 --> 00:25:11,720 Speaker 1: change UM when it hurts our farmers. And I long 470 00:25:11,880 --> 00:25:15,280 Speaker 1: worked UH to to bring some solutions to to rule 471 00:25:15,320 --> 00:25:18,480 Speaker 1: American fact. I wrote a plan called the Rural Green 472 00:25:18,560 --> 00:25:22,240 Speaker 1: Partnership and UH as a way to say, hey, don't 473 00:25:22,280 --> 00:25:24,920 Speaker 1: point your fingers at us in the in the Midwest 474 00:25:25,400 --> 00:25:27,200 Speaker 1: or at our family farmers and say we're part of 475 00:25:27,240 --> 00:25:29,600 Speaker 1: the solution or part of the problem, because we can 476 00:25:29,680 --> 00:25:31,720 Speaker 1: be part of the solution, and we want to seat 477 00:25:31,760 --> 00:25:35,239 Speaker 1: at the table and things like biofuel UM and UH 478 00:25:35,440 --> 00:25:38,320 Speaker 1: and cover crops and things that maybe if you if 479 00:25:38,400 --> 00:25:40,879 Speaker 1: you live in UM, you know, downtown New York or 480 00:25:40,960 --> 00:25:43,560 Speaker 1: uptown or whatever you call it in New York, maybe 481 00:25:43,600 --> 00:25:46,120 Speaker 1: that doesn't mean anything to them, But but biofuels means 482 00:25:46,119 --> 00:25:49,800 Speaker 1: a lot to corn country and UM and by in 483 00:25:50,119 --> 00:25:52,920 Speaker 1: you know, so so that can be part of the solution. 484 00:25:53,200 --> 00:25:55,600 Speaker 1: And and so I think we can sell this in 485 00:25:55,680 --> 00:25:57,600 Speaker 1: a way that makes a ton of sense. Well, you, 486 00:25:57,920 --> 00:26:00,320 Speaker 1: I think you can get biofuels maybe if you wait 487 00:26:00,359 --> 00:26:03,080 Speaker 1: out back behind the McDonald's in UH in New York. 488 00:26:03,160 --> 00:26:07,040 Speaker 1: I think that's a possibility. I do want to ask you, Yeah, 489 00:26:08,200 --> 00:26:11,639 Speaker 1: you mentioned farms, family farms in the bullet points that 490 00:26:11,720 --> 00:26:16,120 Speaker 1: we've gotten from a senior Democratic aid privy to these 491 00:26:16,280 --> 00:26:19,800 Speaker 1: Senate Democratic talks. In the tax pay for is there's 492 00:26:19,800 --> 00:26:22,000 Speaker 1: actually supposed to be a carve out it says for 493 00:26:22,200 --> 00:26:25,159 Speaker 1: family farms. I would imagine that could be important as 494 00:26:25,200 --> 00:26:27,480 Speaker 1: it pertains to the estate tax. What what what are 495 00:26:27,520 --> 00:26:31,800 Speaker 1: your priorities in terms of how family farms are treated 496 00:26:31,920 --> 00:26:36,199 Speaker 1: in any tax measures here? Well, you know, obviously all 497 00:26:36,280 --> 00:26:38,440 Speaker 1: of this still needs to be negotiated, but as it 498 00:26:38,480 --> 00:26:41,920 Speaker 1: stands right now, the resolution would explicitly for him a 499 00:26:42,040 --> 00:26:46,080 Speaker 1: tax increases on families making under four dred thousand year 500 00:26:46,520 --> 00:26:51,399 Speaker 1: and small businesses and family farms. And uh again, I 501 00:26:51,440 --> 00:26:54,160 Speaker 1: think that's part of selling This is the end um. 502 00:26:54,240 --> 00:26:57,600 Speaker 1: If we get this done, this is going to be this. 503 00:26:57,840 --> 00:26:59,800 Speaker 1: This is going to help our family farmers, It's going 504 00:26:59,840 --> 00:27:03,720 Speaker 1: to help our families, going to help our small businesses. Um, 505 00:27:03,840 --> 00:27:06,840 Speaker 1: and it's going to Uh. I think we're gonna get 506 00:27:06,880 --> 00:27:08,680 Speaker 1: back to the days. You know, I come from a 507 00:27:08,720 --> 00:27:11,359 Speaker 1: long line of family farmers myself, although I did not 508 00:27:11,480 --> 00:27:13,879 Speaker 1: grow up on a farm, and I still remember my 509 00:27:14,040 --> 00:27:17,359 Speaker 1: dad saying that the only time he saw his father, 510 00:27:17,480 --> 00:27:21,840 Speaker 1: who was a hog farmer, cry was when my my 511 00:27:22,000 --> 00:27:24,520 Speaker 1: dad as a as a kid and his mom went 512 00:27:24,600 --> 00:27:27,040 Speaker 1: out to the farm, when when my grandpa was out 513 00:27:27,040 --> 00:27:29,800 Speaker 1: there and told him that Franklin delan Or Roosevelt had died. 514 00:27:30,520 --> 00:27:33,800 Speaker 1: And um, because the farmers knew how much he did 515 00:27:34,440 --> 00:27:37,280 Speaker 1: for them, this Democratic president of the United States, how 516 00:27:37,359 --> 00:27:39,560 Speaker 1: much he did for the family farmers. I think you know, 517 00:27:39,680 --> 00:27:43,800 Speaker 1: this is a legacy piece of legislation that um, as 518 00:27:43,840 --> 00:27:45,640 Speaker 1: we look back on this, if we get this done, 519 00:27:46,160 --> 00:27:48,200 Speaker 1: we're we're going to be able to get folks like 520 00:27:48,280 --> 00:27:52,040 Speaker 1: our family farmers back, um, understanding that Democrats are there 521 00:27:52,080 --> 00:27:54,600 Speaker 1: for them. Um. Were They're gonna understand that we're fighting 522 00:27:54,680 --> 00:27:57,080 Speaker 1: to to use more FM than all, to use more biofuel, 523 00:27:57,160 --> 00:28:00,520 Speaker 1: to use things like cover crops, to help our invit um, 524 00:28:00,600 --> 00:28:02,879 Speaker 1: to help our are not just our family farmers, but 525 00:28:02,960 --> 00:28:08,760 Speaker 1: those small businesses in rural America. Yeah, by delivering and 526 00:28:08,840 --> 00:28:11,520 Speaker 1: when you see where President Biden has gone to sell 527 00:28:11,680 --> 00:28:14,800 Speaker 1: this bill, he has gone to a number of rural 528 00:28:15,080 --> 00:28:18,560 Speaker 1: areas to talk about it in Congress. Someone I know 529 00:28:18,640 --> 00:28:20,840 Speaker 1: that obviously, the big news of the day has happened 530 00:28:20,920 --> 00:28:26,120 Speaker 1: on this Democrat only multilayer reconciliation package. But we still 531 00:28:26,280 --> 00:28:29,600 Speaker 1: do have the infrastructure package that is being worked on. 532 00:28:29,920 --> 00:28:32,040 Speaker 1: I know the attention there right now. It is in 533 00:28:32,119 --> 00:28:35,040 Speaker 1: the Senate. It is with that bipartisan group trying to 534 00:28:35,440 --> 00:28:38,560 Speaker 1: nail down some of the details. But you sit on 535 00:28:38,720 --> 00:28:43,280 Speaker 1: the House Transportation and Infrastructure Committee, and there was the 536 00:28:43,320 --> 00:28:46,280 Speaker 1: House recently passed its own bill backed by Democrats, didn't 537 00:28:46,320 --> 00:28:48,800 Speaker 1: get a ton of Republican support, But I wanted to 538 00:28:48,880 --> 00:28:53,840 Speaker 1: sort of get your outlook from House Democrats on combining 539 00:28:54,000 --> 00:28:58,600 Speaker 1: that bill that Democrats passed with the bipartisan Senate infrastructure bill. 540 00:28:58,720 --> 00:29:01,760 Speaker 1: How do you see that process us going forward? Do 541 00:29:01,840 --> 00:29:04,160 Speaker 1: you think that Democrats in the House are going to 542 00:29:04,280 --> 00:29:09,160 Speaker 1: be open to whatever this bipartisan committee produces. I think 543 00:29:09,200 --> 00:29:11,080 Speaker 1: we have to be open to it. Again, we don't 544 00:29:11,200 --> 00:29:14,520 Speaker 1: have the luxury of having a twenty vote, a thirty vote, 545 00:29:14,520 --> 00:29:17,560 Speaker 1: a forty vote majority. Um, we have a very very 546 00:29:17,640 --> 00:29:20,880 Speaker 1: slim majority and we've got to get on board with us. 547 00:29:21,400 --> 00:29:23,880 Speaker 1: So however that ends up looking, I think we have 548 00:29:23,960 --> 00:29:26,400 Speaker 1: to go into this with an open mind saying, um, 549 00:29:26,560 --> 00:29:28,360 Speaker 1: we're gonna have to compromise. We're not going to get 550 00:29:28,360 --> 00:29:32,320 Speaker 1: everything we UM want and need. But we're looking and 551 00:29:32,440 --> 00:29:35,240 Speaker 1: we're living in a country now that has crumbling roads 552 00:29:35,280 --> 00:29:39,320 Speaker 1: and bridges. UM. In the congressional district, die serve, one 553 00:29:39,440 --> 00:29:43,960 Speaker 1: in four people don't have access to high speed internet. UM, 554 00:29:44,240 --> 00:29:47,120 Speaker 1: we can't. We are not going to advance in rural 555 00:29:47,200 --> 00:29:50,560 Speaker 1: America or in America with those kind of facts and figures. 556 00:29:50,600 --> 00:29:53,840 Speaker 1: You know, we desperately need investment in our infrastructure. And 557 00:29:53,960 --> 00:29:56,280 Speaker 1: what we're talking about here could be the largest since 558 00:29:56,320 --> 00:29:59,600 Speaker 1: World War Two, and we'll literally rebuild our country and 559 00:29:59,680 --> 00:30:03,720 Speaker 1: create millions of good paying jobs and boost our economy 560 00:30:03,800 --> 00:30:07,120 Speaker 1: for many, many years to come. That's what we're talking about. UM. 561 00:30:07,200 --> 00:30:10,600 Speaker 1: If I very quickly anecdotally, UM, my front yard is 562 00:30:10,640 --> 00:30:13,440 Speaker 1: the Mississippi River. I live on a street called Rivers Live, 563 00:30:14,160 --> 00:30:16,080 Speaker 1: and UM, every time I look out in all front 564 00:30:16,120 --> 00:30:18,200 Speaker 1: window and a little bit to the left, I see 565 00:30:18,200 --> 00:30:21,880 Speaker 1: at one point two billion dollar bridge going from Moline, 566 00:30:21,920 --> 00:30:26,000 Speaker 1: Illinois to Bettendorf, Iowa. And I when I walk along 567 00:30:26,760 --> 00:30:30,000 Speaker 1: our our parkway, I count the number of cranes that 568 00:30:30,120 --> 00:30:32,560 Speaker 1: are there because I know associated with each and every 569 00:30:32,560 --> 00:30:35,240 Speaker 1: one of those cranes are jobs. And I think about 570 00:30:35,320 --> 00:30:39,240 Speaker 1: the stimulus to our economy based on that bridge going 571 00:30:39,360 --> 00:30:43,960 Speaker 1: up and UM, you know, being this remarkable looking structure 572 00:30:44,080 --> 00:30:47,080 Speaker 1: that's going to be moving cars and trucks and UM 573 00:30:47,200 --> 00:30:52,040 Speaker 1: goods and people for generations to come. And that that's 574 00:30:52,080 --> 00:30:55,320 Speaker 1: what infrastructure does it. It is such a boost to 575 00:30:55,360 --> 00:30:57,680 Speaker 1: our economy and helps the movement of goods and people 576 00:30:57,800 --> 00:31:00,240 Speaker 1: and UM. And we are just on the verre just 577 00:31:00,320 --> 00:31:03,040 Speaker 1: making this happen where you can see bridges like that, 578 00:31:03,760 --> 00:31:07,400 Speaker 1: UM and roads improved all over this country. Caress, I 579 00:31:07,440 --> 00:31:09,440 Speaker 1: do want to touch very quickly. You know, Congress has 580 00:31:09,440 --> 00:31:13,320 Speaker 1: a very packed schedule between the appropriation builds, the debt ceiling, 581 00:31:13,440 --> 00:31:16,560 Speaker 1: the infrastructure of the reconciliation. But I know that there 582 00:31:16,600 --> 00:31:18,880 Speaker 1: are also a number of other things going on, and 583 00:31:18,880 --> 00:31:22,200 Speaker 1: I know that you and a number of colleagues, this 584 00:31:22,360 --> 00:31:26,000 Speaker 1: is a bipartisan group, a b camera group did introduce 585 00:31:26,120 --> 00:31:31,040 Speaker 1: legislation today on sexual assault victims and harassment survivors. I 586 00:31:31,080 --> 00:31:32,520 Speaker 1: wanted to see if you could just take a minute 587 00:31:32,560 --> 00:31:35,280 Speaker 1: to touch on it as well as talk about the likelihood. 588 00:31:35,640 --> 00:31:38,200 Speaker 1: How do you get a bill like this one, even 589 00:31:38,240 --> 00:31:41,920 Speaker 1: one that has bipartisan support through a Congress that's completely 590 00:31:42,040 --> 00:31:46,760 Speaker 1: jim packed right now with these high level priorities. Well, UM, 591 00:31:46,960 --> 00:31:51,000 Speaker 1: so what this bill is is it would remove from 592 00:31:51,880 --> 00:31:58,239 Speaker 1: any kind of contract what is called forced arbitration clauses. So, uh, 593 00:31:58,880 --> 00:32:01,360 Speaker 1: what happens is, let say you start a brand new job. 594 00:32:01,440 --> 00:32:03,800 Speaker 1: You go to the human resources department. You're signing all 595 00:32:03,840 --> 00:32:07,400 Speaker 1: your paperwork to get started, and you're all excited and 596 00:32:07,640 --> 00:32:10,560 Speaker 1: in that fine print and you don't really really even 597 00:32:10,640 --> 00:32:12,880 Speaker 1: know it until maybe you have to use this. It 598 00:32:13,000 --> 00:32:16,640 Speaker 1: says in there, if you are sexually harassed in the workplace, 599 00:32:17,160 --> 00:32:20,800 Speaker 1: there's you cannot uh, you cannot talk about it, you 600 00:32:20,880 --> 00:32:23,360 Speaker 1: cannot take it to court, that there will be an 601 00:32:23,480 --> 00:32:27,600 Speaker 1: arbitrator UM, typically paid for by the employer. UH, that 602 00:32:27,800 --> 00:32:30,960 Speaker 1: will rule on this. So what this has done for 603 00:32:31,280 --> 00:32:38,120 Speaker 1: for generations now it has allowed these sexual harassers and assaulters. UM. 604 00:32:38,200 --> 00:32:41,480 Speaker 1: It has given them um room to continue to do 605 00:32:41,680 --> 00:32:44,520 Speaker 1: this um from one person to the next person to 606 00:32:44,640 --> 00:32:48,440 Speaker 1: the next person. And UM. So we have introduced this 607 00:32:48,560 --> 00:32:52,760 Speaker 1: ending Forced Arbitration Sexual Harassment Act. UM. And here's what's remarkable. 608 00:32:52,880 --> 00:32:54,960 Speaker 1: What about this UM? And And as you said, this 609 00:32:55,120 --> 00:32:58,120 Speaker 1: is we've got bill in the Senate and the House. 610 00:32:58,320 --> 00:33:01,800 Speaker 1: They're they're identical. UM. I stood up at the podium 611 00:33:01,840 --> 00:33:05,080 Speaker 1: today to announce this with not only Senator Gillibrand, Democrat 612 00:33:05,160 --> 00:33:09,320 Speaker 1: from New York, but also Senator Lindsey Graham, Republican from 613 00:33:09,520 --> 00:33:13,040 Speaker 1: South Carolina. And Um, I've got a Republican co sponsor, 614 00:33:13,120 --> 00:33:16,800 Speaker 1: Morgan Griffith out of Virginia, and I'm the lead in 615 00:33:16,920 --> 00:33:20,040 Speaker 1: the House as a Democrat from Illinois. So why do 616 00:33:20,160 --> 00:33:21,720 Speaker 1: I think we're gonna be able to get this through? 617 00:33:22,520 --> 00:33:24,880 Speaker 1: Because the environment is right for this to me too. 618 00:33:25,000 --> 00:33:28,240 Speaker 1: Movement is something that people understand now. Um, it is 619 00:33:28,360 --> 00:33:33,120 Speaker 1: not it is bad business for these employers to have 620 00:33:33,280 --> 00:33:37,120 Speaker 1: in their contracts. Um, the fact that they can hide 621 00:33:37,200 --> 00:33:40,600 Speaker 1: sexual harassment, that is bad business. And yet we've got 622 00:33:40,720 --> 00:33:45,280 Speaker 1: sixty million Americans who are have signed basically their rights 623 00:33:45,320 --> 00:33:47,680 Speaker 1: away there and cannot have their day in court if 624 00:33:47,720 --> 00:33:51,000 Speaker 1: they need their day in court. Um, I'm I'm encouraged 625 00:33:51,040 --> 00:33:54,240 Speaker 1: by this because Senator Durban, who is uh not only 626 00:33:54,360 --> 00:33:57,000 Speaker 1: my good friend but also from the state of Illinois, 627 00:33:57,000 --> 00:33:59,680 Speaker 1: he's share of the judiciary in the Senate, and UM, 628 00:33:59,760 --> 00:34:01,520 Speaker 1: I'm confident that he's going to do his best to 629 00:34:01,560 --> 00:34:03,240 Speaker 1: get it through, and we're going to do the same 630 00:34:03,640 --> 00:34:07,240 Speaker 1: in the House through Chairman Nadler and the Judiciary, and 631 00:34:07,320 --> 00:34:09,480 Speaker 1: the goal is to get this all the way through, 632 00:34:09,560 --> 00:34:11,800 Speaker 1: sent it over to President Biden, to get signed in 633 00:34:11,840 --> 00:34:16,040 Speaker 1: the law, and to stop allowing these predators to hide 634 00:34:16,040 --> 00:34:19,239 Speaker 1: in the shadows. Right. Congresswoman Cherry Busas, thank you so 635 00:34:19,360 --> 00:34:22,520 Speaker 1: much for joining us. Closing that interview on a note 636 00:34:22,560 --> 00:34:25,799 Speaker 1: about something that actually has a lot of bipartisan, bicameral 637 00:34:26,320 --> 00:34:29,960 Speaker 1: support and inclusion. That was Congressman Sherry Busta's Democrat from 638 00:34:30,200 --> 00:34:34,640 Speaker 1: northwestern Illinois. Let's move on now to another member of Congress. 639 00:34:34,680 --> 00:34:39,279 Speaker 1: We've got Congressman French Hill, Arkansas Republican joining us. Very 640 00:34:39,360 --> 00:34:41,360 Speaker 1: happy to have him with us. He is a member 641 00:34:41,520 --> 00:34:44,719 Speaker 1: of the House Financial Services Committee. Big news in that 642 00:34:44,840 --> 00:34:51,960 Speaker 1: committee today, obviously being Federal Reserve Board Chairman Jerome Palell's testimony. Uh. 643 00:34:52,120 --> 00:34:55,080 Speaker 1: The the word on everybody's tongue, it seems, both in 644 00:34:55,280 --> 00:35:00,080 Speaker 1: Washington and up on Wall Street, is inflation, if it 645 00:35:00,200 --> 00:35:03,239 Speaker 1: is transitory, if there is a chance that sort of 646 00:35:03,280 --> 00:35:07,040 Speaker 1: a self perpetuating long term inflation. Uh. Congressman, thank you 647 00:35:07,080 --> 00:35:08,560 Speaker 1: so much for joining us. I just want to get 648 00:35:08,760 --> 00:35:13,200 Speaker 1: first your takeaway on you know, Chairman Powell seemed to 649 00:35:13,360 --> 00:35:16,879 Speaker 1: kind of play down the idea of permanent or long 650 00:35:17,040 --> 00:35:19,359 Speaker 1: term inflation. You talked about production bottle Next, what did 651 00:35:19,400 --> 00:35:24,960 Speaker 1: you make about sort of his characterizations of the inflation situation, Jack, 652 00:35:25,040 --> 00:35:27,920 Speaker 1: thanks for having me on. Yes he did. He talked 653 00:35:27,920 --> 00:35:32,520 Speaker 1: about the supply chain, snapoos and bottlenecks, but he also 654 00:35:32,640 --> 00:35:36,800 Speaker 1: recognized that inflation is running much higher UH than the 655 00:35:36,920 --> 00:35:41,320 Speaker 1: FED projected just a few months ago, almost a point higher. Secondly, 656 00:35:41,640 --> 00:35:46,560 Speaker 1: he talked about potentially tapering UH sooner rather than waiting 657 00:35:46,640 --> 00:35:51,600 Speaker 1: until two something he's been very strongly supportive of in 658 00:35:51,719 --> 00:35:57,560 Speaker 1: the past. So with Governor Waller dissenting and uh FED 659 00:35:57,640 --> 00:36:03,040 Speaker 1: President in Dallas Kaplan commenting on inflation risk, I think 660 00:36:03,280 --> 00:36:08,239 Speaker 1: share Pal is acknowledging, as I have since January and February, 661 00:36:08,480 --> 00:36:14,880 Speaker 1: that a yellow light is flashing here on this inflation issue. Congressman, 662 00:36:15,200 --> 00:36:20,399 Speaker 1: I'm wondering, as you see your Senate Republican colleagues work 663 00:36:20,480 --> 00:36:24,680 Speaker 1: on this bipartisan infrastructure bill that includes US it thinks 664 00:36:24,719 --> 00:36:28,640 Speaker 1: like six billion in new federal spending, how are you 665 00:36:28,719 --> 00:36:32,360 Speaker 1: thinking about that bill in terms of inflation? Because if 666 00:36:32,400 --> 00:36:34,480 Speaker 1: they do good an agreement and pass it is going 667 00:36:34,560 --> 00:36:37,279 Speaker 1: to come to the House and you're going to have 668 00:36:37,360 --> 00:36:39,160 Speaker 1: to wind up making a decision on whether or not 669 00:36:39,280 --> 00:36:41,920 Speaker 1: you are proven. So how is inflation kind of plane 670 00:36:41,960 --> 00:36:45,920 Speaker 1: into your mindset on this bill. Well, these are multi 671 00:36:46,120 --> 00:36:51,799 Speaker 1: year spending authorizations for surface transportation. House Republicans just two 672 00:36:51,840 --> 00:36:56,080 Speaker 1: weeks ago offered our own amendment of spending for surface 673 00:36:56,120 --> 00:36:59,560 Speaker 1: transportation in the four or five billion dollar range. This 674 00:36:59,760 --> 00:37:04,399 Speaker 1: is the traditional amount for bills in reauthorizing every five 675 00:37:04,480 --> 00:37:07,800 Speaker 1: years surface transportation spending in the US. So it is 676 00:37:07,840 --> 00:37:11,800 Speaker 1: a measured increase. I will say that with the shortage 677 00:37:11,800 --> 00:37:15,640 Speaker 1: of labor, shortage of building materials, increased prices and commodities, 678 00:37:16,080 --> 00:37:19,719 Speaker 1: that clearly it will cost more UH to build a 679 00:37:19,880 --> 00:37:23,120 Speaker 1: mile of paved road than it did a few years ago, 680 00:37:23,880 --> 00:37:27,480 Speaker 1: irrespective of the amount of money. So we will be 681 00:37:28,120 --> 00:37:32,719 Speaker 1: authorizing new surface transportation dollars that will come into this 682 00:37:33,680 --> 00:37:38,279 Speaker 1: inflationary environment. But in my view, it's not contributing UH 683 00:37:38,520 --> 00:37:42,600 Speaker 1: to that inflation UH in a way that's material compared 684 00:37:42,640 --> 00:37:47,200 Speaker 1: to the market circumstances that already exist there. Congressman, how 685 00:37:47,360 --> 00:37:51,640 Speaker 1: do you view the debates right now over pay fors 686 00:37:52,120 --> 00:37:56,479 Speaker 1: in the context of of inflation. You know, we're hearing 687 00:37:56,560 --> 00:38:00,359 Speaker 1: Democrats for their Reconciliation bill talk about paying for all 688 00:38:00,440 --> 00:38:03,520 Speaker 1: of it, but some of that may be dynamic scoring. 689 00:38:03,960 --> 00:38:09,960 Speaker 1: Is a conversation about pay force on the bipartisan infrastructure talks. Um, 690 00:38:10,480 --> 00:38:14,040 Speaker 1: I guess my My main question is one, UH, is 691 00:38:14,120 --> 00:38:16,800 Speaker 1: all of this discussion, even from Democrats, that this should 692 00:38:16,800 --> 00:38:19,800 Speaker 1: all be fully paid for an acknowledgement that we should 693 00:38:19,840 --> 00:38:22,120 Speaker 1: not at this point be trying to just inject a 694 00:38:22,160 --> 00:38:24,239 Speaker 1: bunch of money into the economy and we're past that 695 00:38:24,400 --> 00:38:27,200 Speaker 1: stage of the recession. Uh. And to how do you 696 00:38:27,360 --> 00:38:29,440 Speaker 1: how do you uh sort of keep in mind the 697 00:38:29,760 --> 00:38:32,680 Speaker 1: threat of inflation in these conversations about how to pay 698 00:38:32,800 --> 00:38:37,520 Speaker 1: for major legislation. Well, uh, first let's go back to 699 00:38:38,280 --> 00:38:42,560 Speaker 1: UH setting some basic principles. One is, it's about parson 700 00:38:42,600 --> 00:38:47,640 Speaker 1: effort to have surface transportation improvements and some hard infrastructure spending, 701 00:38:47,680 --> 00:38:51,440 Speaker 1: including a broadband but that needs to be targeted. It 702 00:38:51,520 --> 00:38:55,240 Speaker 1: needs to be in keeping with past areas where Congress 703 00:38:55,560 --> 00:38:59,840 Speaker 1: has a track record for performance and the Republican offer 704 00:39:00,040 --> 00:39:02,320 Speaker 1: in the House it was fully paid for, including a 705 00:39:02,360 --> 00:39:05,800 Speaker 1: new innovation as a pilot program for all the electric 706 00:39:05,960 --> 00:39:08,200 Speaker 1: vehicles that are coming on the market that they would 707 00:39:08,280 --> 00:39:13,160 Speaker 1: have a mileage levy as an alternative to the fuel tax. 708 00:39:13,280 --> 00:39:16,600 Speaker 1: For example, that's the kind of innovation that House Republicans 709 00:39:16,680 --> 00:39:21,720 Speaker 1: and the Transportation Committee offered. I wouldn't call the Senate 710 00:39:21,880 --> 00:39:25,600 Speaker 1: bipartisan compromise that they talked about what President Biden is 711 00:39:25,640 --> 00:39:28,520 Speaker 1: fully paid for. There was a lot of Swiss cheese 712 00:39:28,560 --> 00:39:33,760 Speaker 1: and their offsets, and certainly in Chuck Schumer's approach using reconciliation, 713 00:39:34,160 --> 00:39:38,080 Speaker 1: I don't see any effort uh to offset that spending 714 00:39:38,160 --> 00:39:42,480 Speaker 1: except through very large tax increases on the productive part 715 00:39:42,520 --> 00:39:44,759 Speaker 1: of the economy. And I don't know that they even 716 00:39:44,840 --> 00:39:48,279 Speaker 1: have agreement frankly among the House and Senate Democrats on 717 00:39:48,360 --> 00:39:52,000 Speaker 1: that approach. No Congressman actually wanted to touch a little 718 00:39:52,040 --> 00:39:54,680 Speaker 1: bit on that process because that is something that's come 719 00:39:54,760 --> 00:39:57,879 Speaker 1: up for debate a lot. Speaker Nancy Pelosi has said 720 00:39:57,960 --> 00:40:01,120 Speaker 1: that if a bipartisan infrastructure plan is passed through the 721 00:40:01,200 --> 00:40:03,440 Speaker 1: Senate sent to the House, that she will hold that 722 00:40:03,560 --> 00:40:07,279 Speaker 1: until a reconciliation package comes. If she does that, is 723 00:40:07,320 --> 00:40:11,640 Speaker 1: she going to jeopardize potential support from House Republicans who 724 00:40:11,760 --> 00:40:16,600 Speaker 1: might have otherwise supported the bipartisan infrastructure plan but then 725 00:40:17,000 --> 00:40:19,960 Speaker 1: won't want to do so because of the hold up 726 00:40:20,040 --> 00:40:24,080 Speaker 1: for reconciliation, which is Democrat only. Yeah, I think yes, 727 00:40:24,160 --> 00:40:27,320 Speaker 1: that's a possibility. She also could split House Democrats and 728 00:40:27,440 --> 00:40:31,719 Speaker 1: not have a majority for certainty. In that strategy, she 729 00:40:31,800 --> 00:40:35,239 Speaker 1: can only lose five Democrats in the House and move legislation. 730 00:40:35,640 --> 00:40:40,520 Speaker 1: So that makes reconciliation a very tenuous balance, and also 731 00:40:40,640 --> 00:40:44,080 Speaker 1: in a fifty Senate where you've got to have those 732 00:40:44,239 --> 00:40:48,000 Speaker 1: moderate Democrats in the Senate fully on board with whatever 733 00:40:48,400 --> 00:40:52,680 Speaker 1: the strategy is. So that's why I thought President Biden's 734 00:40:52,760 --> 00:40:56,120 Speaker 1: goodwill gesture the work the Senate Republicans and try to 735 00:40:56,160 --> 00:40:58,799 Speaker 1: find a compromise that it was for the most part, 736 00:40:58,840 --> 00:41:03,080 Speaker 1: as you note it paid for for surface transportation, was 737 00:41:03,719 --> 00:41:06,759 Speaker 1: a good idea, but that's been thrown under the proverbial 738 00:41:06,960 --> 00:41:11,279 Speaker 1: bus by Speaker Pelosi and Chuck Schumer by demanding this 739 00:41:11,600 --> 00:41:16,280 Speaker 1: very large non infrastructure budget budget reconciliation approach with large 740 00:41:16,360 --> 00:41:19,840 Speaker 1: tax increases. So you're right, I think the Democrats have 741 00:41:20,200 --> 00:41:24,520 Speaker 1: mangled their legislative strategy and I look forward to seeing 742 00:41:24,600 --> 00:41:29,120 Speaker 1: them reconcile their strategy before they can bring reconciliation to 743 00:41:29,239 --> 00:41:32,760 Speaker 1: the House. Quick One to close, Congressman, is should Chairman 744 00:41:32,800 --> 00:41:34,480 Speaker 1: pal get a second term? And what do you think 745 00:41:34,520 --> 00:41:38,640 Speaker 1: the outlook is on that? I think j Pal has 746 00:41:39,080 --> 00:41:44,320 Speaker 1: demonstrated the temperament, tone and leadership to earn a second 747 00:41:44,520 --> 00:41:48,640 Speaker 1: term as our FED chair. That's up to the President 748 00:41:48,960 --> 00:41:52,560 Speaker 1: and I'm sure that he'll make a hopefully a good 749 00:41:52,640 --> 00:41:55,960 Speaker 1: decision there. But j Pal has worked hard to build 750 00:41:56,160 --> 00:42:00,440 Speaker 1: a rapport and reputation with both Democrats and with publicans 751 00:42:00,560 --> 00:42:03,360 Speaker 1: both in the Senate and the House. In his tenure 752 00:42:03,520 --> 00:42:06,400 Speaker 1: is as the fetcher Congressman. Thank you so much for 753 00:42:06,719 --> 00:42:10,200 Speaker 1: joining us. That was Congressman french Hill, uh and before 754 00:42:10,280 --> 00:42:14,800 Speaker 1: that Congresswoman Sherry Bustos. Really great insights. Thanks earlier again 755 00:42:14,880 --> 00:42:19,319 Speaker 1: to Rick Davis and Jeannie Schanzano or Bloomberg Politics contributors, 756 00:42:19,840 --> 00:42:23,360 Speaker 1: as well as Ken Doyle from Bloomberg Government, who covers 757 00:42:23,520 --> 00:42:26,440 Speaker 1: money in politics. That's it for us today. You've been 758 00:42:26,480 --> 00:42:30,360 Speaker 1: listening to Sound On with Emily Wilkins. I'm Jack Fitzpatrick. 759 00:42:30,719 --> 00:42:31,560 Speaker 1: This is Bloomberg