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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the

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Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at

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Speaker 2: Welcome to the Little Friday Edition. Yeah, Thursday is here

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Speaker 2: on Bloomberg Radio Satellite radio channel one twenty one.

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Speaker 3: We're always on Bloomberg Originals.

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Speaker 2: Now and of course on YouTube search Bloomberg Business News

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Speaker 2: Live if you want to join us here in the studio.

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Speaker 2: There's nothing on the president's schedule today. He's got a

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Speaker 2: quiet Little Friday at least so far. We know that

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Speaker 2: can change, and we've got our eyes on truth social

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Speaker 2: because well more letters could be going out this What

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Speaker 2: is this day after what was deadline day? Yeah, it's

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Speaker 2: the tenth of July and we've got a new deadline,

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Speaker 2: as we've discussed when it comes to trade August one.

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Speaker 2: A whole bunch of letters dropped yesterday. And it's interesting

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Speaker 2: the way this all works because we keep seeing the

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Speaker 2: form letters. You know, they just change the number, change

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Speaker 2: the name at the top. Maybe the number in the copy,

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Speaker 2: but the one that went to Brazil certainly got some

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Speaker 2: attention yesterday as the President not only slaps a fifty

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Speaker 2: percent tariff on goods coming in from Brazil, but goes

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Speaker 2: on a long missive and it's not just truth social

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Speaker 2: it's actually in the letter about former President Balsonaro, the

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Speaker 2: censorship of American social media and so forth, making many

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Speaker 2: wonder exactly what is driving the trade policy in this

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Speaker 2: White House? Is this getting a little personal. Mike Pence

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Speaker 2: talked about it today, the trade policy that is you

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Speaker 2: see Mike Pence on Bloomberg Surveillance. The former Vice President,

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Speaker 2: of course, has been making the media arounds, has a

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Speaker 2: lot of nice things to say, most recently about this

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Speaker 2: second Trump administration when it comes to the big beautiful bill,

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Speaker 2: when it comes to strikes against Iran, not so much tariffs.

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Speaker 2: Here's Mike Pence from this morning.

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Speaker 4: What we saw several months ago and now it's paused again, happily,

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Speaker 4: is the kind of broad based industrial policy that I

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Speaker 4: think ultimately will harm the American economy. What I like

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Speaker 4: to say is free trade with free nations. Be tough

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Speaker 4: on China, be tough on trade abusers, but have the

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Speaker 4: objective of ultimately lowering trade barriers, and that's how America

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Speaker 4: wins and prospers.

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Speaker 3: Free to be you and me.

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Speaker 2: The old Republican is coming out of the former governor

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Speaker 2: of Indiana, longtime Congressman Mike Pence. Interesting reflecting with the

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Speaker 2: old line and the Republican Party, which of course had

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Speaker 2: an allergy to tariffs. Then again, Mike Pence seems to

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Speaker 2: think tariff's worked all right the way they did it

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Speaker 2: surgically speaking strategically in the first administration. This across the

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Speaker 2: board throwing of darts and now adding personal affections to

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Speaker 2: tariff decisions is making everybody wonder and it certainly is

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Speaker 2: making Wall Street skip a little bit of beat today.

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Speaker 2: You heard from Charlie Pellow. This isn't a massive sell

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Speaker 2: off here, but maybe a little pause in the rally now.

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Speaker 2: We want to get to all of this and what

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Speaker 2: this means for what will be our future trade relations

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Speaker 2: with countries around the world by the first of August.

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Speaker 2: Not to mention what's happening elsewhere when it comes to

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Speaker 2: foreign policy. In this White House with a great voice

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Speaker 2: of experience working out of the newsroom here in Washington, DC,

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Speaker 2: that's Jenny Welch, Bloomberg Economics chief geoeconomics analyst, a veteran

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Speaker 2: of the Biden White House, and Jenny gets great to

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Speaker 2: have you with us here, as always on balance of

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Speaker 2: power here on Bloomberg. What do you make specifically of

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Speaker 2: the Brazil letter, the fact that he's calling out a

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Speaker 2: former president who's facing charges over an attempted coup. This

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Speaker 2: is giving the market some agity here to think that

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Speaker 2: Donald Trump is capable maybe of more than some thought

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Speaker 2: when it comes to throwing tariffs around. Jenny, how do

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Speaker 2: you see it?

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Speaker 5: Thanks, Jera. Well, as you noted, this letter stands out

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Speaker 5: from the others and that he's taking aim at Brazil

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Speaker 5: over polluted issues. Certainly, we've seen the Trump administration criticize

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Speaker 5: other countries for their handling of political leaders who share

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Speaker 5: some of the same politics as President Trump, but this

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Speaker 5: is the first time he's used the cudgel of tariffs

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Speaker 5: to sort of reinforce those threats or that's criticism. I

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Speaker 5: also suspect this isn't just about former President Volsnaro, but

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Speaker 5: might reflect on Trump's criticism of the Bricks, which held

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Speaker 5: their summit over the weekend. Afterwards, he saw him lobb

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Speaker 5: threats at the Bricks and partners associated with it over

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Speaker 5: what he characterized as anti American policies. Well, Brazil was

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Speaker 5: a host country for the Bricks and is largely supportive

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Speaker 5: of some of those policies that I think President Trump

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Speaker 5: criticized as being anti American. I think a lot remains

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Speaker 5: to be seen in how this few plays out. Obviously,

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Speaker 5: Brazil's initial response is relatively muscular assertives, saying we're going

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Speaker 5: to defend ourselves and retaliate privately. It's very likely they're

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Speaker 5: going to try and approach the administration negotiate. But what's

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Speaker 5: also different about Trump's letter to the President of Brazil

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Speaker 5: is that he did really offer an off ramp, and

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Speaker 5: the same way all the other form letters do, noting

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Speaker 5: the potential for negotiations. In that August first deadline, he

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Speaker 5: seems to be laying it down as though this is

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Speaker 5: what's going to.

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Speaker 6: Happen, Jenny.

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Speaker 2: He also talked about the Brazilian Supreme Court's hundreds This

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Speaker 2: is a direct quote, hundreds of secret and unlawful censorship

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Speaker 2: orders to US social media platforms in his letter to

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Speaker 2: President Lula DeSilva.

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Speaker 3: What's he talking about?

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Speaker 2: Here, and is this we've ever seen a crossover of

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Speaker 2: personal attitude toward politics with trade policy like this.

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Speaker 5: I think what he might be referring to in part

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Speaker 5: is if you remember some of the view that happened

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Speaker 5: between Elon musk X in Brazil in the past. Now

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Speaker 5: that dispute was worked out separately, that could be part

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Speaker 5: of what Trump is referring to here. Was obviously something

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Speaker 5: that at the time he was paying pretty close attention to,

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Speaker 5: and in terms of the use of tariffs and sort

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Speaker 5: of advance, what you might frame here is more a

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Speaker 5: personal political issue. This is relatively unique. Obviously, we've seen

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Speaker 5: him use tariffs towards other non trade related policy concerns,

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Speaker 5: for example, the fentanyl related tariffs geared towards China, concerns

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Speaker 5: about the euse regulatory issues, leveraging teriffs, in his words,

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Speaker 5: to try and bring about peace between India Pakistan. Of course,

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Speaker 5: they would dispute that trade was part of those conversations.

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Speaker 5: But all that is to say Trump very clearly sees

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Speaker 5: terriffs as a tool that he can use to achieve

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Speaker 5: many different ends beyond the trade realm. However, this is

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Speaker 5: a unique case where he seems to be leveraging it

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Speaker 5: to try and influence domestic politics or what is seen

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Speaker 5: within Brazil as a domestic political issue.

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Speaker 2: Well, we did hear back from little of de Silva

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Speaker 2: pretty quickly, actually, the response for the leader of Brazil

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Speaker 2: saying that his nation will not be tutored the word

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Speaker 2: he used by anyone, and that unilateral rate hikes will

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Speaker 2: be respons bonded to using Brazil's economic reciprocity laws. So

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Speaker 2: this has going pretty well so far. As we spend

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Speaker 2: time with Jenny Welch, I want to ask you about Ukraine. Jenny,

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Speaker 2: there is reporting today that weapons shipments from the US

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Speaker 2: have in fact resumed to Ukraine, and the news that's

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Speaker 2: coming out of Ukraine has been horrifying, hit with a

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Speaker 2: deadly attack once again. As Allies gather in Rome to

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Speaker 2: talk about post war revival, I don't know how we

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Speaker 2: can even advance the conversation to post war when we

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Speaker 2: can't get Vladimir Putin to stop bombing civilians. Jenny, what's

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Speaker 2: going to happen here when the United States runs out

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Speaker 2: of weapons that we can continue to draw down from

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Speaker 2: the Biden administration by the end of the summer, They're

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Speaker 2: going to need a new request, aren't they Yeah.

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Speaker 5: I think one of the challenges here is, as you noted,

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Speaker 5: there's one set of authorities that the Biden administration use

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Speaker 5: called Presidential draw Down Authority, that allowed US to essentially

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Speaker 5: ship Ukraine weapons right out of US stocks. That authority

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Speaker 5: has been largely used up. US stocks to some in

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Speaker 5: the Pentagon are also severely depleted. And the challenge with

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Speaker 5: that is that was the authority that allowed us to

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Speaker 5: get stuck to Ukraine very quickly. There are other authorities

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Speaker 5: that allow us to, for example, manufacture new weapons for Ukraine,

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Speaker 5: and in fact, a lot of usaid to Ukraine was

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Speaker 5: in that form, allowing them to purchase US weapons or

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Speaker 5: for other partners to purchase US weapons on behalf of Ukraine.

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Speaker 5: But manufacturing those weapons takes a significant amount of time.

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Speaker 5: There is a backlog in many US customers who are

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Speaker 5: waiting for some of the same systems that Ukraine is

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Speaker 5: hoping to procure. This is the challenge that we've been

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Speaker 5: facing for months to a year now. Europeans are trying

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Speaker 5: to step up and fill in the gaps in US assistants,

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Speaker 5: but one of the key gaps that remains is on

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Speaker 5: air defense and specifically the capability that US patriot defense

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Speaker 5: batteries provide. That's one that's going to be really hard

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Speaker 5: to find an alternative to, and that's one that can

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Speaker 5: really make a huge difference in terms of defending, in

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Speaker 5: particular Ukrainian population centers and cities from Russian attacks.

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Speaker 2: Well, Marco Rubio, the Secretary of State, met today with

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Speaker 2: Sergei Lavrov's Russian counterpart. They met along the sidelines of

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Speaker 2: the Assian Foreign ministers meeting in Malaysia. Not great when

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Speaker 2: you consider what he said coming out of this, Jenny,

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Speaker 2: it was a frank conversation, it was an important one.

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Speaker 2: It apparently did not advance the march to peace at all.

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Speaker 2: We only have about thirty seconds. Is this administration helpless

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Speaker 2: from a diplomatic standpoint right now?

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Speaker 5: I think the administration has a lot of options at

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Speaker 5: their disposal. The key question is whether they want to

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Speaker 5: use them, and sations being the key option that we

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Speaker 5: haven't yet seen them willing to deploy in a stronger

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Speaker 5: form against Russia.

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Speaker 3: I'm really glad you mentioned that, Jenny.

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Speaker 2: We're going to talk later on this hour with our

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Speaker 2: political panel about the advancement of a sanctions bill in

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Speaker 2: the US Senate written up by Lindsay Graham. John Thune

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Speaker 2: says this could in fact head to the floor sooner.

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Speaker 2: It looks like the President is about to lean into this.

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Speaker 2: Jenny Welch, thank you so much. As always with Bloomberg Economics,

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Speaker 2: our geoeconomics analyst.

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Speaker 1: Here, you're listening to the Bloomberg Balance of Power podcast

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Speaker 1: ketchs live weekdays at noon and five pm. He's durn

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Speaker 1: on Apple, Cockley and Android Auto with the blue Berg

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Speaker 1: Business App. You can also listen live on Amazon Alexa

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Speaker 1: from our flagship New York station Just Say Alexa played

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Speaker 1: Bloomberg eleven thirty.

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Speaker 7: Don Kaylee lines alongside Joe Matthew here in Washington, where

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Speaker 7: we of course are keeping track of domestic developments and

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Speaker 7: changes on that front, but changes in geopolitics as well,

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Speaker 7: or at least changes in attitude it seems on the

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Speaker 7: part of President Donald Trump when it comes to the

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Speaker 7: ongoing war between Russia and Ukraine, of course, remembering he

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Speaker 7: promised to end the war on day one of his presidency.

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Speaker 7: Here we are in July with still no ceasefire agreement

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Speaker 7: having been made, though his administration has been pushing for one,

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Speaker 7: and he's expressed increasing frustration with the Russian President Vladimir

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Speaker 7: Putin in that regard, so much so, in fact, that

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Speaker 7: he actually reversed a decision made by his own Department

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Speaker 7: of Defense, which was, of course a pause of weapons

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Speaker 7: defensive webs in particular to Ukraine. That flow is now

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Speaker 7: resuming on the President's orders, and it's something that the

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Speaker 7: former number two to President Trump, at least during his

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Speaker 7: first administration, former Vice President Mike Pence, is pretty happy about.

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Speaker 7: He spoke earlier on Bloomberg Surveillance.

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Speaker 4: I was pleased that the President countermanded what had been

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Speaker 4: a pause of aid to Ukraine last week, which I

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Speaker 4: think was unfortunate wherever it originated. I command the President

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Speaker 4: for reversing that decision. And my hope is when the

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Speaker 4: Senate reconvenes that Senator Thunal will put the Graham Bill

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Speaker 4: on the floor and put it on the President's desk.

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Speaker 6: I think it's time.

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Speaker 2: Counter Mandate is an interesting word that Mike Pence uses there,

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Speaker 2: and we want to bring this to an expert, A

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Speaker 2: voice of experience. David Scheimer spent time as the director

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Speaker 2: of the National Security Council's Eastern Europe in Ukraine, Peace

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Speaker 2: director for Russian Affairs.

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Speaker 3: And the Biden White House.

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Speaker 2: He's now senior research scholar at Columbia University's School of

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Speaker 2: International and Public Affairs, joining us.

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Speaker 3: From World Headquarters in New York.

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Speaker 2: David, it's great to have you on Bloomberg TV and

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Speaker 2: Radio bring us inside the bubble for this. Have you

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Speaker 2: ever heard of an instance quite like this where the

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Speaker 2: civilian leadership of the Pentagon acted without the approval of

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Speaker 2: the commander in chief.

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Speaker 8: Great to be here. It's hard for me to comment

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Speaker 8: from the outside on the precise decision making that's occurring

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Speaker 8: on the inside, but what I can say is that

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Speaker 8: when I was serving at the National Security Council, there

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Speaker 8: was a robust interagency process where on a daily basis,

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Speaker 8: decisions were being made on support for Ukraine at meetings

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Speaker 8: that were chaired by the White House, with participation from

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Speaker 8: the Department of Defense, from State, from the intelligence community,

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Speaker 8: and from others, such that coordination would take place and

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Speaker 8: folks being overruled after the fact wouldn't actually have to occur.

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Speaker 8: Whether that process this is still taking place, I think

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Speaker 8: is in some doubt given the tell mote and changeover

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Speaker 8: at the National Security Council, and elsewhere. And I do

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Speaker 8: think that this is a reminder as to the value

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Speaker 8: of having a robust, rigorous government decision making process around

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Speaker 8: issues as serious as these.

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Speaker 7: Well, So, putting aside how exactly the initial decision was made,

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Speaker 7: let's focus on the President's decision to reverse the initial

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Speaker 7: decision to resume the flow of aid to Ukraine, knowing

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Speaker 7: that there was a time at which we thought that

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Speaker 7: Ukraine did not necessarily have the explicit support of this

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Speaker 7: particular president. What does it signal to you, David, that

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Speaker 7: this reversal happened, What it means for the way in

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Speaker 7: which the President may be looking at the conflict between

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Speaker 7: Ukraine and Russia now versus before.

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Speaker 8: So I think it's certainly a good step to reverse

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Speaker 8: whatever pause or decision had been made to halt aid

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Speaker 8: to Ukraine, because Ukraine needs the support and it's in

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Speaker 8: US interest to provide Ukraine with the support. However, I

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Speaker 8: also want to make clear that what was pause that

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Speaker 8: has now been unpaused is aid that was authorized during

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Speaker 8: the Biden administration, during the administration in which I was

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Speaker 8: a part, and that was a drawdown package of one

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Speaker 8: point twenty five billion dollars authorized in December of last

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Speaker 8: year that has lasted up until this summer, as well

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Speaker 8: as what's called USAI deliveries that are similarly contracted for

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Speaker 8: last year, and the problem is that those deliveries are

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Speaker 8: running out. And so even though the pause has been lifted,

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Speaker 8: which again is a good step, what matters far more

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Speaker 8: is whether this administration will go further and authorize additional

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Speaker 8: new support for Ukraine which will provide continued flows over

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Speaker 8: time and enable Ukraine to continue to defend itself over time.

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Speaker 8: And I very much believe that they should do that.

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Speaker 2: Well, that's a great point that you make here. So

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Speaker 2: we're set to go through the end of summer, which

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Speaker 2: is in about five minutes. You've actually gone through this process.

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Speaker 2: Would the administration not have to submit an emergency supplemental

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Speaker 2: request now to prevent a gap in weapons shipments?

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Speaker 3: And what would you be asking for?

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Speaker 2: These be defensive systems like patriots or offensive ballistic missiles.

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Speaker 8: So as a side point, I struggle with the distinction

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Speaker 8: in this context between defensive and offensive systems because Ukraine

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Speaker 8: is defending itself and Ukraine is now being provided with

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Speaker 8: artillery and rockets to defend itself. That has been unpaused,

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Speaker 8: and so I don't find that distinction especially useful. But

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Speaker 8: taking a step back from that, I would also say

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Speaker 8: that there is approximately three point eight billion dollars in

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Speaker 8: draw down authority that still remains available to the President

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Speaker 8: of the United States to use without having to go

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Speaker 8: to Congress, and so tomorrow this administration could decide to

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Speaker 8: draw down additional weapons from US stockpiles for Ukraine without

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Speaker 8: additional funding or authorization from the Congress's point one point

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Speaker 8: two is that the Europeans and the Ukrainians have set

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Speaker 8: explicitly that they want to buy weapons from the United

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Speaker 8: States to give to Ukraine, and so not only would

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Speaker 8: we be furthering our support for Ukraine, there would also

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Speaker 8: be additional generated revenue and trade inflows into the United States.

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Speaker 8: That is another available option to the United States to

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Speaker 8: get weapons to Ukraine. And so there are options to

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Speaker 8: maintain our support beyond what was authorized in December. The

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Speaker 8: question is whether those options will actually be executed upon.

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Speaker 9: Well.

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Speaker 7: And when we consider the options that the administration has

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Speaker 7: to exercise leverage or to try to influence the behavior

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Speaker 7: of Russia specifically, I wonder what you make, David, of

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Speaker 7: the sanctions package that it seems there is building momentum

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Speaker 7: toward at least in the United States Senate and possibly

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Speaker 7: with the White House as well. What would this particular

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Speaker 7: package of sanctions do that all of the other previous

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Speaker 7: sanctions package, including the ones that of course were pursued

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Speaker 7: by the Biden administration, due to alter the behavior of

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Speaker 7: Vladimir Putin when he is still engaged in this war

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Speaker 7: consistently throughout all of those sanctions being implemented.

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Speaker 8: So absolutely, I think if we just take a step

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Speaker 8: back here, the reason that Ukraine has agreed to a

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Speaker 8: cease fire but Russia has not is because Russia and

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Speaker 8: President putn't believe that time is on his side. Seize

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Speaker 8: US support is declining. He believes that the longer this

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Speaker 8: war goes on, the more likely it is that his

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Speaker 8: battlefield position will improve compared to Ukraine's. And so the

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Speaker 8: objective in order to get to a ceasefire should be

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Speaker 8: to affect Puden's calculus and make him believe the time

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Speaker 8: is not on his side. And how do you do

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Speaker 8: that A you continue and even surge weapons flows as

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Speaker 8: we just discussed. B To your point, I believe that

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Speaker 8: sanctions against Russia's energy sector should be intensified, built upon

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Speaker 8: sanctions that have already been implemented, in order to increase

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Speaker 8: the pressure on the Russian economy and make it more

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Speaker 8: challenging for Russia to sustain its war of aggression. Third,

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Speaker 8: something that we haven't yet discussed is I believe that

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Speaker 8: the Europeans should move towards seizing the approximately three hundred

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Speaker 8: billion dollars in Russian sovereign assets that are immobilized in

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Speaker 8: its jurisdictions in order to provide Ukraine with a long

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Speaker 8: term source of support, both to help Ukraine but also

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Speaker 8: to send a message to Russia that aid for Ukraine

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Speaker 8: will not dry up with time. If you do those

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Speaker 8: three things, surge weapons, deliveries, intense I sanctions, and acquire

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Speaker 8: a long term source of assistance through the sovereign assets.

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Speaker 8: That recipe could be enough to adjust Pudent's thinking and

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Speaker 8: to put him push him to the table in a

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Speaker 8: meaningful way.

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Speaker 7: All right, David, great to have you here on Balance

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Speaker 7: of Power. David Scheimer, former Director for Russia at the

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Speaker 7: National Security Council in addition to former Director for Eastern

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Speaker 7: Europe and Ukraine at the National Security Council.

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Speaker 1: Plus, you're listening to the Bloomberg Balance of Power podcast

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Speaker 1: ketts live weekdays at noon and five pm. E's den

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Speaker 1: on Alma Cockley and Android Auto with the Bloomberg Business App.

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Speaker 1: Listen on demand wherever you get your podcasts, or watch

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Speaker 1: us live on YouTube.

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Speaker 7: In our Washington, d C. Studio. Someone who is intimately

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Speaker 7: familiar with this process as well, sitting on the Appropriations

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Speaker 7: Committee in the House, Congressman Chuck Fleischman is joining US

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Speaker 7: Republican representing Tennessee's third district. Congressman, Welcome back to Balance

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Speaker 7: of Power. Always great to have you, and nice to

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Speaker 7: see you in studio. Because you're here in studio, I

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Speaker 7: could see you nodding along when Eric was suggesting it's

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Speaker 7: going to be really hard to meet that September thirtieth deadline.

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Speaker 7: You're betting on a continuing resolution.

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Speaker 6: Well, I'm an optimist. I'm always betting on a budget.

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Speaker 6: But probably if you look at where things are, we

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Speaker 6: never want to see a government shutdown. I've lived through three.

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Speaker 6: It's not good, it costs more to reopen, and it

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Speaker 6: just really is disadvantageous for the entire nation, including markets

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Speaker 6: and the like. But what do I think will happen.

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Speaker 6: I'm actually riding the Energy and Water bill for appropriations.

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Speaker 6: We're going to mark that up next week in full committee.

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Speaker 6: But the reality is, you look at the clock and

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Speaker 6: things like that, probably a short term cr He's right,

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Speaker 6: we do not want a government shutdown. But the key

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Speaker 6: thing to remember, and I try to tell my friends

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Speaker 6: in my party this, it's going to take sixty votes

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Speaker 6: in the Senate to get an appropriations package, unlike reconciliation.

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Speaker 2: So will Republicans have a posture that involves Democrats in

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Speaker 2: this process? What are you hearing from your colleagues across

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Speaker 2: the aisle.

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Speaker 6: That's an interesting question. Right now, we're not receiving any

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Speaker 6: help from Democrats. I can tell you with pretty certainty

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Speaker 6: that my bill will pass out of my committee next

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Speaker 6: week with all Republican votes. Now, when we go to

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Speaker 6: the floor, that may be a different story. We have

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Speaker 6: obviously three wonderful factions in our party. Our moderates are

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Speaker 6: center right. I'm in the center right, and then are

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Speaker 6: folks who are further to the right. So we've got

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Speaker 6: to make sure that we hold our Republican votes together.

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Speaker 6: But every once in a while, when we see increases,

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Speaker 6: for example in the Office of Science, which I'm going

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Speaker 6: to put forth in nuclear energy. And I'm getting tremendous

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Speaker 6: bipartisan and bicameral support. Young progressivests who agree with me

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Speaker 6: on nothing come to me and support me on new

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Speaker 6: nuclear So we've got some things in some of these

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Speaker 6: bills that are going to be attractive. I just don't

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Speaker 6: know whether or not their leadership team in the House

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Speaker 6: and in the Senate will allow them to do that.

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Speaker 6: But the country does not want another continuing resolution. I

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Speaker 6: don't think we've ever had two in a row. They're

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Speaker 6: never good. They're preferable to a government shutdown, but they're

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Speaker 6: never good.

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Speaker 7: We need a budget well, and so if getting Democrats

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Speaker 7: on board with the budget is required. Here to your

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Speaker 7: point on needing sixty votes in the Senate, do you

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Speaker 7: see the recisions package currently being considered by the Senate

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Speaker 7: as posing a danger to that bipartisan effort.

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Speaker 6: There's no question that it's less palatable to our friends

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Speaker 6: in the Senate, both Republican and I think democratic over there,

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Speaker 6: largely Democrats. It will have a much easier time in

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Speaker 6: the House. Remember, the recision is rescinding taking back money

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Speaker 6: that's already been.

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Speaker 7: Appropriated which is why Democrats are saying, why would we

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Speaker 7: make an appropriations deal with you if you can recancele it?

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Speaker 6: Indeed, but going forward, and again the eternal optimist in

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Speaker 6: me says, let's look forward. Let's get our budget done.

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Speaker 6: The Energy and Water bill that I've written this year

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Speaker 6: for the House is as strong as it was in

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Speaker 6: twenty four. We passed it. It was great for energy,

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Speaker 6: especially in new nuclear. Twenty five we didn't get there.

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Speaker 6: Why because of the continuing resolution. So the reality is

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Speaker 6: you get out there, you put your best work product forward.

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Speaker 6: The other Cardinals, subcommittee chairs on approbe creations, Republicans have

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Speaker 6: written very good bills. We've passed some. Some are going

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Speaker 6: to be very difficult to pass.

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Speaker 2: What do you think about the Mic Rounds of the

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Speaker 2: world who worry about eliminating funding for NPR And I

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Speaker 2: ask you this because you know, I believe it was

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Speaker 2: Bill Cassidy said last evening, a Senator from Louisiana got

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Speaker 2: to cut the funding because it's a partisan operation. But

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Speaker 2: there are some lawmakers like Senator Rounds to say this

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Speaker 2: is a lifeline for people in rural areas. You might

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Speaker 2: not like what's on the NPR network, but these local

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Speaker 2: newsrooms are delivering critical emergency information.

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Speaker 6: Does he have a point, Well, he has a vote.

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Speaker 6: I don't know if he has a point, but he

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Speaker 6: has a vote. And I have heard that rhetoric coming

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Speaker 6: from some of my Republican colleagues, and prior to this discourse,

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Speaker 6: I never did understand or know that that dynamic was

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Speaker 6: out there. They feel that that is a lifeline to

439
00:22:48,440 --> 00:22:52,520
Speaker 6: many years in rural America. So if a senator particularly

440
00:22:52,560 --> 00:22:54,679
Speaker 6: feels that strongly about it, it is going to have

441
00:22:54,720 --> 00:22:57,440
Speaker 6: to be addressed. Again, there's not always an equal weight

442
00:22:58,080 --> 00:23:01,840
Speaker 6: between the House and the Senate. One senator can really

443
00:23:02,800 --> 00:23:06,320
Speaker 6: derail or stop a process, so we have to listen

444
00:23:06,359 --> 00:23:09,399
Speaker 6: to that. However, we need to see strong reforms. I

445
00:23:09,440 --> 00:23:12,960
Speaker 6: think at MPR there are things that are done there

446
00:23:13,960 --> 00:23:16,720
Speaker 6: that really need to be addressed. I would like to

447
00:23:16,760 --> 00:23:19,159
Speaker 6: see more of a political balance like we do on

448
00:23:19,200 --> 00:23:22,160
Speaker 6: your great show. We've got to listen to both sides

449
00:23:22,200 --> 00:23:25,000
Speaker 6: and let the American people then make their decisions. But

450
00:23:25,480 --> 00:23:27,359
Speaker 6: I come from the right. Either just come from the

451
00:23:27,440 --> 00:23:31,040
Speaker 6: left or the center. But the reality is we need balance.

452
00:23:31,400 --> 00:23:33,440
Speaker 7: Well, as Joe makes the point about the role of

453
00:23:33,680 --> 00:23:36,760
Speaker 7: public notification, especially in these rural areas. That brings me

454
00:23:36,880 --> 00:23:39,520
Speaker 7: to a question around emergency response given what we've just

455
00:23:39,560 --> 00:23:42,400
Speaker 7: seen play out in Texas, but frankly is still unfolding

456
00:23:42,400 --> 00:23:45,240
Speaker 7: before our eyes with so many people remaining missing in

457
00:23:45,320 --> 00:23:48,920
Speaker 7: Hill Country. Tennessee is obviously no stranger to natural disasters either,

458
00:23:49,240 --> 00:23:52,320
Speaker 7: And I'm wondering if you're learning lessons about the way

459
00:23:52,359 --> 00:23:55,080
Speaker 7: in which information was distributed, if it's too early to

460
00:23:55,200 --> 00:23:58,800
Speaker 7: have those conversations as the still as an active rescue

461
00:23:58,920 --> 00:24:02,000
Speaker 7: effort and the station around reforms to FEMA as well

462
00:24:02,040 --> 00:24:03,800
Speaker 7: as this teaching us that you still need to have

463
00:24:03,880 --> 00:24:06,480
Speaker 7: the federal response able to be put into place.

464
00:24:06,920 --> 00:24:10,240
Speaker 6: You raise an excellent point. Anytime we have a national

465
00:24:10,280 --> 00:24:14,360
Speaker 6: disaster where there's Tennessee or anywhere across the Great United States,

466
00:24:14,640 --> 00:24:19,199
Speaker 6: there's sadness, there's disaster, there's tragedy, there's sadly loss of

467
00:24:19,200 --> 00:24:23,640
Speaker 6: life and the like. After the event, we can learn

468
00:24:23,680 --> 00:24:26,760
Speaker 6: from these events sometimes how to predict these. We've seen

469
00:24:26,840 --> 00:24:30,000
Speaker 6: Doppler radars and things put in in my state over

470
00:24:30,040 --> 00:24:32,960
Speaker 6: the years to watch hurricanes and watch tornadoes. There's a

471
00:24:32,960 --> 00:24:36,320
Speaker 6: lot of tornadoes in Tennessee that touch down. These flooding

472
00:24:36,359 --> 00:24:39,240
Speaker 6: incidents were horrific. The one in Texas is of a

473
00:24:39,280 --> 00:24:41,560
Speaker 6: magnitude I don't think that we've seen in a long time.

474
00:24:41,680 --> 00:24:46,240
Speaker 6: It's really, really horrible. FEMA will be looked at, obviously.

475
00:24:46,560 --> 00:24:49,760
Speaker 6: I know Christinome very well, actually came into Congress with

476
00:24:49,800 --> 00:24:53,520
Speaker 6: a Secretary Nome, wonderful lady. She'll do a great job.

477
00:24:53,560 --> 00:24:55,800
Speaker 6: I think President Trump will do a good job. But

478
00:24:55,920 --> 00:24:58,840
Speaker 6: I think the American people want to see reform. They

479
00:24:58,880 --> 00:25:04,080
Speaker 6: want to see the these largest federal organizations, agencies that

480
00:25:04,119 --> 00:25:07,640
Speaker 6: have just really year after year just had bigger budgets,

481
00:25:07,840 --> 00:25:11,240
Speaker 6: loaded budgets and have not really spent wisely. I think

482
00:25:11,280 --> 00:25:13,960
Speaker 6: if we start to spend our money more wisely, they

483
00:25:14,000 --> 00:25:16,560
Speaker 6: need to be funded. I don't think you'll see FEMA

484
00:25:16,720 --> 00:25:19,320
Speaker 6: go away, but I think you're going to see a reformed,

485
00:25:19,480 --> 00:25:23,280
Speaker 6: stronger FEMA as well as other federal organizations that are

486
00:25:23,320 --> 00:25:26,199
Speaker 6: going to be more responsive to their ultimate constituents.

487
00:25:26,280 --> 00:25:28,480
Speaker 2: Well, this event in Texas also reminds us of the

488
00:25:28,520 --> 00:25:31,560
Speaker 2: improvements needed to the grid, the electic grid that we

489
00:25:31,640 --> 00:25:34,159
Speaker 2: talked to you about a lot hard making the grid

490
00:25:34,800 --> 00:25:37,800
Speaker 2: as well. We just saw the President's big beautiful bill pass.

491
00:25:38,200 --> 00:25:40,280
Speaker 2: They were part of the celebration, of course, and we

492
00:25:40,320 --> 00:25:45,040
Speaker 2: saw watering down of incentives for solar and wind. Could

493
00:25:45,040 --> 00:25:48,520
Speaker 2: this bill do enough to secure nuclear, which is one of.

494
00:25:48,440 --> 00:25:50,680
Speaker 3: Your most passionate issues.

495
00:25:50,840 --> 00:25:54,000
Speaker 6: Thank you. Yes, it did a lot for nuclear. At

496
00:25:54,000 --> 00:25:57,200
Speaker 6: first we were very concerned. I was very concerned, as

497
00:25:57,320 --> 00:25:59,919
Speaker 6: was our very good Secretary of Energy, Chris Right, wonderful

498
00:26:00,080 --> 00:26:03,240
Speaker 6: man doing a good job about the nuclear tax credits.

499
00:26:03,480 --> 00:26:06,920
Speaker 6: Excuse the pun. Nuclear is hot right now. There's a

500
00:26:06,960 --> 00:26:11,520
Speaker 6: lot of private investment. Markets are moving towards investing a

501
00:26:11,560 --> 00:26:14,440
Speaker 6: lot of capital, and that was not the case five

502
00:26:14,520 --> 00:26:18,800
Speaker 6: or ten years ago. New nuclear is so important. Big

503
00:26:18,880 --> 00:26:22,000
Speaker 6: nuclear is important. I mean the larger nuclear power plants.

504
00:26:22,160 --> 00:26:24,560
Speaker 6: We're seeing three Mile Island reopen. We're going to see

505
00:26:24,560 --> 00:26:27,879
Speaker 6: a power plant Michigan, an older one opened. We had

506
00:26:27,960 --> 00:26:30,560
Speaker 6: Vogel in Georgia. So we're going to have small, mid

507
00:26:30,640 --> 00:26:34,720
Speaker 6: size and larger nuclear power plants. It's reliable, it's resilient.

508
00:26:35,080 --> 00:26:37,880
Speaker 6: But yes, the big beautiful bill was very good for nuclear.

509
00:26:38,920 --> 00:26:42,000
Speaker 6: I don't think it was as disadvantageous to some of

510
00:26:42,040 --> 00:26:44,400
Speaker 6: the things as solar as some of the people think

511
00:26:44,400 --> 00:26:47,480
Speaker 6: it will be. Solar I think is here to stay,

512
00:26:47,520 --> 00:26:49,360
Speaker 6: but it's got to find its place in the market.

513
00:26:49,640 --> 00:26:54,760
Speaker 6: Wind has problems. Wind has major, major problems, but ultimately

514
00:26:54,880 --> 00:26:57,640
Speaker 6: we're going to see natural gas come back very strong.

515
00:26:57,840 --> 00:27:01,360
Speaker 6: I think it's a very good bridge fuel. We're seeing TVA,

516
00:27:01,480 --> 00:27:05,040
Speaker 6: my utility building more gas as we get to nuclear.

517
00:27:05,480 --> 00:27:09,159
Speaker 6: Nuclear is incredible. But new nuclear right now is going

518
00:27:09,200 --> 00:27:11,080
Speaker 6: to take a lot of capital to build the first

519
00:27:11,080 --> 00:27:13,119
Speaker 6: of the kinds. But when you build the tenth and

520
00:27:13,160 --> 00:27:16,199
Speaker 6: the hundredths, it will drop down in costs. But the

521
00:27:16,280 --> 00:27:19,880
Speaker 6: nuclear industry in America is booming in every way well, and.

522
00:27:20,119 --> 00:27:23,480
Speaker 7: We consider the role nuclear may have empowering artificial intelligence

523
00:27:23,520 --> 00:27:26,960
Speaker 7: and data centers going forward. To get that power to

524
00:27:27,200 --> 00:27:29,320
Speaker 7: a data center to allow the data center and the

525
00:27:29,400 --> 00:27:32,439
Speaker 7: data centers being built to allow that to happen, you

526
00:27:32,480 --> 00:27:35,040
Speaker 7: need copper for a lot of that transit. And the

527
00:27:35,119 --> 00:27:37,439
Speaker 7: President says, effective August first, there's going to be a

528
00:27:37,440 --> 00:27:40,679
Speaker 7: fifty percent tariff on copper. Do you worry about the

529
00:27:40,680 --> 00:27:44,000
Speaker 7: potential ramifications of that, knowing that by and large it

530
00:27:44,000 --> 00:27:46,080
Speaker 7: does not seem we have adequate supply to meet the

531
00:27:46,160 --> 00:27:48,800
Speaker 7: kind of demand that we are expected to see.

532
00:27:49,840 --> 00:27:51,840
Speaker 6: We're going to wait and see where the President goes

533
00:27:51,880 --> 00:27:54,560
Speaker 6: with copper. But you're absolutely right, not only copper, but

534
00:27:54,640 --> 00:27:59,560
Speaker 6: there's other metals and minerals that are important for this process.

535
00:28:00,080 --> 00:28:02,399
Speaker 6: Of the reasons I support our national labs through the

536
00:28:02,400 --> 00:28:04,119
Speaker 6: Office of Science. I think have the best in the

537
00:28:04,160 --> 00:28:07,840
Speaker 6: country at Oakridge National Laboratory in oak Ridge. But the

538
00:28:07,920 --> 00:28:11,960
Speaker 6: reality is our labs are looking at ways to use

539
00:28:12,240 --> 00:28:16,199
Speaker 6: other products. Unfortunately, the Chinese have about a ninety percent

540
00:28:16,320 --> 00:28:18,960
Speaker 6: share of this market. They control a lot of this market.

541
00:28:19,160 --> 00:28:22,199
Speaker 6: We've allowed that to happen as we regained some of

542
00:28:22,240 --> 00:28:25,400
Speaker 6: that control with existing rare earths and things like that.

543
00:28:26,000 --> 00:28:29,240
Speaker 6: It's important, but the reality is maybe we can use

544
00:28:29,520 --> 00:28:32,880
Speaker 6: our labs to go out and find alternates that are

545
00:28:32,880 --> 00:28:37,159
Speaker 6: more reliable, less expensive, more resilient, and that's part of

546
00:28:37,200 --> 00:28:40,280
Speaker 6: our great national research that I don't think any other country,

547
00:28:40,320 --> 00:28:41,520
Speaker 6: even the Chinese can match.

548
00:28:41,960 --> 00:28:45,240
Speaker 2: We actually spent some time with a young nuclear entrepreneur

549
00:28:45,600 --> 00:28:47,360
Speaker 2: who was at the White House a couple of weeks

550
00:28:47,360 --> 00:28:50,720
Speaker 2: ago to talk about the future of this technology. The

551
00:28:50,760 --> 00:28:53,000
Speaker 2: Governor of Utah joined him on the air to talk

552
00:28:53,000 --> 00:28:56,120
Speaker 2: about their project together. How quickly will we see these

553
00:28:56,200 --> 00:28:59,360
Speaker 2: small modular nuclear reactors being permanent for you? So I

554
00:28:59,400 --> 00:29:02,720
Speaker 2: realized a big nuke plant is another matter, but these

555
00:29:02,720 --> 00:29:06,800
Speaker 2: small modular reactors could be something that we see much sooner.

556
00:29:07,120 --> 00:29:09,680
Speaker 6: Well. Fortunately, in the great state of Tennessee, with our

557
00:29:09,720 --> 00:29:13,200
Speaker 6: great utility, the Tennessee Valley Authority, we actually have a

558
00:29:13,240 --> 00:29:16,800
Speaker 6: permitted site at Clinch River, and that would be for

559
00:29:17,000 --> 00:29:20,320
Speaker 6: an SMR, a small modular reactor with less output. They're

560
00:29:20,400 --> 00:29:24,080
Speaker 6: smaller to build, they're easier to license. They've chosen a

561
00:29:24,200 --> 00:29:29,200
Speaker 6: g Yataci model which basically uses the existing fuel supply.

562
00:29:29,560 --> 00:29:31,560
Speaker 6: So when you talk to SMRs, you have to say,

563
00:29:31,920 --> 00:29:34,320
Speaker 6: what would the SMR if today look like, and then

564
00:29:34,320 --> 00:29:37,120
Speaker 6: maybe the SMR in five or ten years. The reason

565
00:29:37,200 --> 00:29:40,320
Speaker 6: for the other SMRs, we have very good designs out

566
00:29:40,320 --> 00:29:44,240
Speaker 6: there terror power x energy, but they require a higher fuel.

567
00:29:44,280 --> 00:29:48,560
Speaker 6: It's called halu, and actually, sadly Russia produces a lot

568
00:29:48,560 --> 00:29:50,520
Speaker 6: of halu. Is going to be a ban on that

569
00:29:50,600 --> 00:29:53,120
Speaker 6: in twenty twenty eight. But that's why I've worked so

570
00:29:53,320 --> 00:29:56,400
Speaker 6: hard in fiscal twenty twenty four to put up two

571
00:29:56,440 --> 00:29:59,720
Speaker 6: point seven billion dollars so that the United States could

572
00:29:59,760 --> 00:30:04,920
Speaker 6: then begin to have HALU and LU. Of course we

573
00:30:04,960 --> 00:30:07,800
Speaker 6: have LU as an existing fuel, but we want to

574
00:30:07,800 --> 00:30:11,920
Speaker 6: start enriching uranium domestically. Again. Think about it, We're the

575
00:30:11,960 --> 00:30:15,880
Speaker 6: birthplace of the Manhattan Project. We started this technology and

576
00:30:15,920 --> 00:30:19,400
Speaker 6: we've led it. Basically wither away America is coming back.

577
00:30:19,440 --> 00:30:22,400
Speaker 6: So we have American companies doing it. We're attracting other

578
00:30:22,440 --> 00:30:26,080
Speaker 6: foreign countries to this. Uranko and Arono're in the space,

579
00:30:26,120 --> 00:30:30,120
Speaker 6: but Centrist is an American company doing this. So that

580
00:30:30,280 --> 00:30:33,160
Speaker 6: is the fuel end of that. But right now, to

581
00:30:33,160 --> 00:30:35,280
Speaker 6: get one built, we need to use in my view,

582
00:30:35,640 --> 00:30:38,320
Speaker 6: existing fuel supply l EU that they're using in the

583
00:30:38,320 --> 00:30:41,880
Speaker 6: big plants and designs at work. So Tennessee will lead

584
00:30:41,920 --> 00:30:45,760
Speaker 6: in this regard. Utah will also be leading, and our

585
00:30:45,800 --> 00:30:48,400
Speaker 6: friends in Idaho, I can't leave them out well.

586
00:30:48,400 --> 00:30:50,800
Speaker 7: On the subject of Tennessee, knowing that, of course you're

587
00:30:50,840 --> 00:30:53,280
Speaker 7: fresh off of the effort to pass the One Big

588
00:30:53,320 --> 00:30:56,920
Speaker 7: Beautiful Bill, what impact are you expecting in Tennessee of

589
00:30:56,960 --> 00:30:59,480
Speaker 7: the changes that were made in that bill to the

590
00:30:59,520 --> 00:31:02,480
Speaker 7: way in which which Medicaid benefits can be access accessed

591
00:31:03,040 --> 00:31:06,720
Speaker 7: and distributed. Who qualifies for them? What are you preparing

592
00:31:06,760 --> 00:31:07,680
Speaker 7: your constituents for.

593
00:31:08,080 --> 00:31:10,640
Speaker 6: It's another great question. I just returned from home. I

594
00:31:10,680 --> 00:31:13,240
Speaker 6: flew up this morning from Chattanooga, so I've been here

595
00:31:13,440 --> 00:31:15,360
Speaker 6: in Chattanooga the past few days. I came up to

596
00:31:15,400 --> 00:31:19,960
Speaker 6: have dinner with their great speaker, Mike Johnson tonight. Most

597
00:31:19,960 --> 00:31:24,000
Speaker 6: of my constituents, not all everywhere I went in rural America,

598
00:31:24,360 --> 00:31:26,880
Speaker 6: very very strong for the big, beautiful bill, no question

599
00:31:26,960 --> 00:31:30,320
Speaker 6: about that. In Oakridge, I went up there the same situation.

600
00:31:32,360 --> 00:31:36,600
Speaker 6: The few Democrats I ran into candidly, and my district

601
00:31:36,640 --> 00:31:39,520
Speaker 6: is Ruby red. But I represent all my constituents and

602
00:31:39,560 --> 00:31:43,200
Speaker 6: I'm very cognizant of that, just as I tell friends

603
00:31:43,200 --> 00:31:46,120
Speaker 6: of mine who are Republicans in Massachusetts and blue states,

604
00:31:46,440 --> 00:31:48,680
Speaker 6: their voice needs to be heard too. We're all Americans.

605
00:31:49,320 --> 00:31:52,400
Speaker 6: The Democrats in the district are living. They do not

606
00:31:52,600 --> 00:31:56,560
Speaker 6: like this bill. The Republicans and Independence I spoke with,

607
00:31:57,120 --> 00:32:00,480
Speaker 6: very very positive about that. Why number one, and we

608
00:32:00,600 --> 00:32:03,360
Speaker 6: raised the debt limit that does not get talked about much.

609
00:32:03,640 --> 00:32:06,400
Speaker 6: We raised it by five trillion dollars. Why is that important?

610
00:32:06,600 --> 00:32:08,840
Speaker 6: We were on the verge of a default. And give

611
00:32:08,880 --> 00:32:11,480
Speaker 6: President Trump good credit when he was talking to the

612
00:32:11,600 --> 00:32:14,680
Speaker 6: members about why we needed to pass this thing. That

613
00:32:14,840 --> 00:32:16,960
Speaker 6: was the sleeper that most people don't want to lead with.

614
00:32:17,040 --> 00:32:18,960
Speaker 6: That's not your best card that you want to play

615
00:32:19,120 --> 00:32:21,560
Speaker 6: with the American people, especially in our party. I mean,

616
00:32:21,600 --> 00:32:23,840
Speaker 6: those are the strongest calls I'll get at our office

617
00:32:23,920 --> 00:32:28,560
Speaker 6: when on the precipice of a raising the national debt,

618
00:32:29,000 --> 00:32:30,760
Speaker 6: but they said no, no, no, don't do it. Don't

619
00:32:30,800 --> 00:32:33,360
Speaker 6: do it. We can never go into default. So that

620
00:32:33,480 --> 00:32:37,360
Speaker 6: was done. The tax situation is something that's going to

621
00:32:37,400 --> 00:32:40,160
Speaker 6: impact most people. No tax on tips. I eat out

622
00:32:40,200 --> 00:32:45,960
Speaker 6: a lot. The servers are happy, but overwhelmingly where I live,

623
00:32:46,160 --> 00:32:48,959
Speaker 6: it's not a hard sell. In Bluer States, it's going

624
00:32:49,000 --> 00:32:50,200
Speaker 6: to be a hard seller and no sale.

625
00:32:50,280 --> 00:32:51,520
Speaker 3: Congressman, it's great to see you.

626
00:32:51,560 --> 00:32:53,200
Speaker 2: Tell the Speaker, we'd love for him to join our

627
00:32:53,200 --> 00:32:54,880
Speaker 2: conversation next time we've come.

628
00:32:54,760 --> 00:32:55,160
Speaker 3: To see us.

629
00:32:55,280 --> 00:32:58,280
Speaker 2: Yes, sir, I should let everyone know, well, we like

630
00:32:58,400 --> 00:33:01,400
Speaker 2: visiting with you. You're writing books now. This is a novel,

631
00:33:01,840 --> 00:33:06,280
Speaker 2: Once Upon an Empire by Chuck Fleischman Kayley. The review

632
00:33:06,320 --> 00:33:09,920
Speaker 2: on the cover is from Kevin McCarthy, a former Speakers

633
00:33:10,360 --> 00:33:12,560
Speaker 2: of the House of Representator, and he congrats on the

634
00:33:12,560 --> 00:33:15,600
Speaker 2: new book. And I got a wonderful letter from Donald Trump.

635
00:33:15,640 --> 00:33:18,400
Speaker 2: He read it and liked it. It's political fiction.

636
00:33:18,920 --> 00:33:20,920
Speaker 6: I promise all my works or works of fiction.

637
00:33:21,120 --> 00:33:22,160
Speaker 3: Yeah, so it's.

638
00:33:22,000 --> 00:33:23,360
Speaker 6: Time to make America think again.

639
00:33:23,400 --> 00:33:25,080
Speaker 2: We're gonna stick with the facts here for now.

640
00:33:25,120 --> 00:33:26,360
Speaker 3: Congressmen. Great to see.

641
00:33:26,160 --> 00:33:29,880
Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch

642
00:33:29,960 --> 00:33:32,800
Speaker 1: us live weekdays at noon and five pm e Stern

643
00:33:32,960 --> 00:33:36,360
Speaker 1: on Apple Cocklay and Android Auto with the Bloomberg Business app.

644
00:33:36,400 --> 00:33:39,440
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645
00:33:39,480 --> 00:33:45,680
Speaker 1: flagship New York station. Just say Alexa play Bloomberg eleven thirty.

646
00:33:45,680 --> 00:33:48,720
Speaker 2: As we add the voice of Senator shall Eat Moore Capito,

647
00:33:48,840 --> 00:33:53,040
Speaker 2: another Republican member here with the idea of recisions coming

648
00:33:53,120 --> 00:33:56,760
Speaker 2: up very quickly here from West Virginia. Senator, it's great

649
00:33:56,760 --> 00:33:58,840
Speaker 2: to see you back on Bloomberg TV and radio. We

650
00:33:58,840 --> 00:34:02,800
Speaker 2: were just discussing this nine billion plus dollar decisions package.

651
00:34:02,800 --> 00:34:05,120
Speaker 6: Will it pass well?

652
00:34:05,160 --> 00:34:07,000
Speaker 10: I think we're going to be considering it next week.

653
00:34:07,080 --> 00:34:09,600
Speaker 10: We are now looking at the details of the recision package.

654
00:34:09,640 --> 00:34:13,480
Speaker 10: It's a nine billion dollar package, mostly USAID but also

655
00:34:13,600 --> 00:34:16,879
Speaker 10: Corporation for Public Broadcasting, and we have some we may

656
00:34:16,880 --> 00:34:20,399
Speaker 10: make some adjustments there in terms of where we think

657
00:34:20,440 --> 00:34:24,080
Speaker 10: this may be may have gone too far in some cases,

658
00:34:25,120 --> 00:34:27,080
Speaker 10: and so we're in the process of that right now.

659
00:34:28,560 --> 00:34:31,040
Speaker 7: Well and well, the end result of that process, Senator,

660
00:34:31,160 --> 00:34:35,040
Speaker 7: risk being that Democrats do not find themselves ultra willing

661
00:34:35,160 --> 00:34:38,560
Speaker 7: for a bipartisan compromise on appropriations on keeping the government

662
00:34:38,560 --> 00:34:42,560
Speaker 7: funded beyond September thirtieth, because they know there's always a

663
00:34:42,640 --> 00:34:44,240
Speaker 7: risk that funding gets rescinded.

664
00:34:45,400 --> 00:34:48,440
Speaker 10: Well, I think that the Democrats are certainly making that argument.

665
00:34:48,560 --> 00:34:53,560
Speaker 10: I think basically the overwhelmingly, the overwhelming opinion across the country,

666
00:34:53,560 --> 00:34:58,440
Speaker 10: and what President Trump campaigned on is that the usaid money,

667
00:34:58,560 --> 00:35:00,279
Speaker 10: much of it and this is not cutting all of it,

668
00:35:00,320 --> 00:35:03,120
Speaker 10: of course, but much of it is used for ways

669
00:35:03,120 --> 00:35:05,600
Speaker 10: that are really not benefiting global health and others that

670
00:35:05,640 --> 00:35:09,120
Speaker 10: it's advertised for. And also the fact that the Corporation

671
00:35:09,200 --> 00:35:13,160
Speaker 10: for Public Broadcasting, particularly on the NPR side, has for

672
00:35:13,360 --> 00:35:18,080
Speaker 10: years been very much a left leaning organization, and why

673
00:35:18,120 --> 00:35:21,200
Speaker 10: are we using our taxpayer dollars for this? So these

674
00:35:21,200 --> 00:35:24,840
Speaker 10: are pretty well defined areas that the President talked about,

675
00:35:25,120 --> 00:35:28,160
Speaker 10: So the Democrats shouldn't be surprised by this. We are

676
00:35:28,160 --> 00:35:31,200
Speaker 10: in appropriations. I just came from my appropriations meeting. It

677
00:35:31,280 --> 00:35:33,839
Speaker 10: could be a rocky road here, but we did pass

678
00:35:33,880 --> 00:35:35,640
Speaker 10: two bills out of committee, so there's a plus.

679
00:35:36,800 --> 00:35:38,799
Speaker 3: We would love to hear a little bit more about that.

680
00:35:38,840 --> 00:35:41,000
Speaker 2: But I'd also like to ask you first about the

681
00:35:41,000 --> 00:35:45,400
Speaker 2: President's Big beautiful bill. Senator, I saw some local reporting

682
00:35:45,520 --> 00:35:48,200
Speaker 2: from West Virginia that you were met by a small

683
00:35:48,239 --> 00:35:50,840
Speaker 2: band of protesters at not a town hall, but a

684
00:35:50,920 --> 00:35:55,799
Speaker 2: ribbon cutting event in Fayetteville, in your home state. Do

685
00:35:55,840 --> 00:35:58,560
Speaker 2: you have any buyer's remorse for this bill concerns about

686
00:35:58,640 --> 00:36:00,000
Speaker 2: changes to medicator will you?

687
00:36:00,000 --> 00:36:00,880
Speaker 3: Can you tell us that these.

688
00:36:00,719 --> 00:36:03,640
Speaker 2: Were democratic activists and this is the cost of doing business.

689
00:36:04,400 --> 00:36:05,960
Speaker 9: Well, you know what. I stopped and talked.

690
00:36:06,520 --> 00:36:09,200
Speaker 10: We talked to ten fifteen minutes before the event that

691
00:36:09,280 --> 00:36:11,840
Speaker 10: was opening up a really beautiful bike trail in Fayetteville,

692
00:36:11,840 --> 00:36:14,920
Speaker 10: West Virginia, so I'd invite visitors to visit it, and

693
00:36:15,640 --> 00:36:17,400
Speaker 10: I tried to talk about the facts of the bill.

694
00:36:18,040 --> 00:36:20,800
Speaker 10: The facts of the bill is every West Virginia taxpayer

695
00:36:20,840 --> 00:36:23,719
Speaker 10: will not see their taxes go up. Their taxes will

696
00:36:23,719 --> 00:36:27,200
Speaker 10: actually go down because we increase the standard deduction. We

697
00:36:27,280 --> 00:36:31,200
Speaker 10: also provide seniors with a tax break of those that

698
00:36:31,200 --> 00:36:34,040
Speaker 10: are relying on Social Security, no taxes on tips, no

699
00:36:34,120 --> 00:36:35,200
Speaker 10: taxes on overtime.

700
00:36:35,480 --> 00:36:37,240
Speaker 9: So this isn't important for West Virginia.

701
00:36:37,480 --> 00:36:40,960
Speaker 10: Their main focus was, as you would expect, medicaid and

702
00:36:41,120 --> 00:36:43,720
Speaker 10: basically what I tried to tell them and what I believe,

703
00:36:43,800 --> 00:36:46,040
Speaker 10: and why I do not have buyer's remorse is that

704
00:36:46,080 --> 00:36:49,200
Speaker 10: I believe in order to preserve Medicaid for future generations,

705
00:36:49,239 --> 00:36:50,879
Speaker 10: we've got to get people off of it that don't

706
00:36:50,920 --> 00:36:52,880
Speaker 10: deserve to be there. That we have to bend the

707
00:36:52,920 --> 00:36:55,640
Speaker 10: curve and spending, and we will be spending two hundred

708
00:36:55,680 --> 00:36:58,880
Speaker 10: billion over ten years, just not a trillion, and I

709
00:36:58,960 --> 00:37:02,319
Speaker 10: really think a body people being able to work some

710
00:37:02,360 --> 00:37:03,239
Speaker 10: for their benefits.

711
00:37:03,800 --> 00:37:06,080
Speaker 9: In my view, these are not unreasonable asks.

712
00:37:06,160 --> 00:37:09,520
Speaker 10: And the thing I'm concerned about is are these programs

713
00:37:09,560 --> 00:37:11,759
Speaker 10: going to be there in ten twenty years and at

714
00:37:11,760 --> 00:37:14,520
Speaker 10: the rate of growth the answers know, so we need

715
00:37:14,560 --> 00:37:17,040
Speaker 10: to make sure that this is going to the people

716
00:37:17,040 --> 00:37:19,960
Speaker 10: that it's intended for and serve their health needs the best.

717
00:37:20,120 --> 00:37:23,040
Speaker 10: The Rural Stabilization Fund is big in my state because

718
00:37:23,160 --> 00:37:26,120
Speaker 10: obviously we're very rural in West Virginia, and I think

719
00:37:26,160 --> 00:37:29,200
Speaker 10: this will help our hospitals that have issues are going

720
00:37:29,239 --> 00:37:32,600
Speaker 10: to have some issues with affordability well.

721
00:37:32,600 --> 00:37:34,799
Speaker 7: And that Stabilization Fund, to the tune, of course, of

722
00:37:34,840 --> 00:37:38,200
Speaker 7: fifty billion dollars, do you expect Senator that to be adequate?

723
00:37:38,320 --> 00:37:40,600
Speaker 7: Not knowing it's not just West Virginia that is going

724
00:37:40,640 --> 00:37:43,440
Speaker 7: to need the assistance, but states across the country or

725
00:37:43,480 --> 00:37:46,520
Speaker 7: could their need be a need that arises for further

726
00:37:46,719 --> 00:37:48,160
Speaker 7: subsidies for those hospitals.

727
00:37:48,560 --> 00:37:50,680
Speaker 10: Well, I think we need to keep in mind too

728
00:37:50,800 --> 00:37:53,400
Speaker 10: that the changes were made on the provider tax and

729
00:37:53,440 --> 00:37:56,799
Speaker 10: other things on Medicaid don't go into effect for three years,

730
00:37:56,840 --> 00:37:59,240
Speaker 10: so we've got time to adjust here. If in fact

731
00:37:59,239 --> 00:38:02,640
Speaker 10: what you're saying is true, I think what we're going

732
00:38:02,680 --> 00:38:06,319
Speaker 10: to see is our rural hospitals stronger because they're going

733
00:38:06,360 --> 00:38:09,160
Speaker 10: to run more efficiently. There's going to be ways through

734
00:38:09,200 --> 00:38:12,560
Speaker 10: CMS and others to make sure that it systems and

735
00:38:12,600 --> 00:38:14,000
Speaker 10: everything are better coordinated.

736
00:38:14,320 --> 00:38:15,640
Speaker 9: I have confidence that.

737
00:38:15,680 --> 00:38:18,560
Speaker 10: Rural health care and rural health care delivery is very difficult,

738
00:38:18,800 --> 00:38:21,080
Speaker 10: and we've got to preserve every avenue, and that means

739
00:38:21,120 --> 00:38:23,720
Speaker 10: preserving all the rural hospitals in my state and across

740
00:38:23,719 --> 00:38:24,240
Speaker 10: the country.

741
00:38:25,120 --> 00:38:26,880
Speaker 2: We talked a lot of senator about the cuts to

742
00:38:26,880 --> 00:38:30,319
Speaker 2: subsidies for clean energy. We were just discussing wind and

743
00:38:30,360 --> 00:38:34,920
Speaker 2: solar with Congressman Chuck Fleischman. What does that mean for

744
00:38:35,080 --> 00:38:38,880
Speaker 2: West Virginia and will it create a demand for more coal?

745
00:38:40,239 --> 00:38:42,720
Speaker 10: Well, I think what it does is evens the playing

746
00:38:42,760 --> 00:38:46,320
Speaker 10: field for every resource or every source of energy supply.

747
00:38:47,160 --> 00:38:49,920
Speaker 10: It also I think boosts nuclear energy. We have all

748
00:38:49,960 --> 00:38:54,200
Speaker 10: this energy demand through AI and data centers. We can't

749
00:38:54,239 --> 00:38:58,279
Speaker 10: meet the demand, so we need baseload energy, which wind

750
00:38:58,280 --> 00:38:59,120
Speaker 10: and solar.

751
00:38:58,800 --> 00:39:00,920
Speaker 9: Do not provide. It's euphemeral.

752
00:39:01,080 --> 00:39:04,279
Speaker 10: Sometimes it works, sometimes it doesn't. We need that base load.

753
00:39:04,360 --> 00:39:08,480
Speaker 10: So that's natural gas, coal, nuclear, and there's a hydrogen

754
00:39:08,520 --> 00:39:11,120
Speaker 10: piece in there that's particularly of interest to me. I

755
00:39:11,160 --> 00:39:13,480
Speaker 10: asked to move the deadline out just a little bit

756
00:39:13,480 --> 00:39:15,800
Speaker 10: to see if we can jumpstart a lot of these projects,

757
00:39:15,840 --> 00:39:18,080
Speaker 10: and I was successful with that. So I think it

758
00:39:18,160 --> 00:39:22,520
Speaker 10: really just evens the playing field for all energy, all

759
00:39:22,760 --> 00:39:25,000
Speaker 10: types of energy, and I think it'll be good for

760
00:39:25,080 --> 00:39:26,760
Speaker 10: my state because we're an energy state.

761
00:39:28,360 --> 00:39:30,200
Speaker 7: Senator, I'd like to go back to the subject of

762
00:39:30,239 --> 00:39:34,280
Speaker 7: appropriations in your seat on the committee, Senator rather Congressman.

763
00:39:34,320 --> 00:39:37,239
Speaker 7: Fleischman also just told us that he's expecting a short

764
00:39:37,320 --> 00:39:40,160
Speaker 7: term continuing resolution is likely going to be required to

765
00:39:40,239 --> 00:39:43,160
Speaker 7: keep the government funded beyond the end of the fiscal year.

766
00:39:43,239 --> 00:39:45,160
Speaker 7: Is that also your expectation.

767
00:39:46,080 --> 00:39:48,240
Speaker 10: Well, I mean, we wouldn't have to make that decision

768
00:39:48,280 --> 00:39:51,440
Speaker 10: until the end of September. The Leader Leader throone has

769
00:39:51,520 --> 00:39:56,720
Speaker 10: said with our chair Chair Collins and Vice Chair Murray

770
00:39:56,880 --> 00:39:57,560
Speaker 10: that we want to.

771
00:39:57,480 --> 00:39:59,520
Speaker 9: Have these bills up on the floor. Let's give that

772
00:39:59,600 --> 00:40:01,960
Speaker 9: a chance to work. I mean, we're running out of time.

773
00:40:02,040 --> 00:40:04,320
Speaker 10: We only have seven weeks, but we do have seven weeks,

774
00:40:04,320 --> 00:40:06,320
Speaker 10: so hopefully we can have some successes there.

775
00:40:06,640 --> 00:40:09,000
Speaker 9: Before I make the declaration.

776
00:40:08,520 --> 00:40:11,480
Speaker 10: That we have to have a continuing resolution, I'd rather

777
00:40:11,560 --> 00:40:14,399
Speaker 10: see us keep this process moving as much as we can.

778
00:40:15,880 --> 00:40:18,600
Speaker 7: All right, Senator, we appreciate your time joining us live

779
00:40:18,600 --> 00:40:21,759
Speaker 7: from Capitol Hill. Republican Senator Shelley Moore, Capital of West

780
00:40:21,840 --> 00:40:25,040
Speaker 7: Virginia here with us on Bloomberg TV and Radio. Thank

781
00:40:25,080 --> 00:40:27,239
Speaker 7: you so much, and we want to continue the conversation

782
00:40:27,320 --> 00:40:29,839
Speaker 7: now as we turn here to our political panel. Mrick

783
00:40:29,920 --> 00:40:32,920
Speaker 7: Davis is with us Bloomberg Politics contributor, Republican strategist and

784
00:40:32,920 --> 00:40:36,520
Speaker 7: Stone Court Capital partner, alongside Archie Sadiki, former senior aide

785
00:40:36,560 --> 00:40:39,400
Speaker 7: to former Speaker of the House Nancy Pelosi, now founder

786
00:40:39,400 --> 00:40:42,959
Speaker 7: and CEO of Bellweather Government Affairs. Welcome to you both.

787
00:40:43,080 --> 00:40:45,320
Speaker 7: R She to begin with you, we were just speaking

788
00:40:45,320 --> 00:40:47,360
Speaker 7: with both the Senator and the Congressman about this notion

789
00:40:47,680 --> 00:40:51,040
Speaker 7: that Democrats may not have much incentive to make a

790
00:40:51,080 --> 00:40:53,959
Speaker 7: spending deal with Republicans that are pursuing at the same

791
00:40:53,960 --> 00:40:58,560
Speaker 7: time recisions of previously appropriated spending by Congress. We know

792
00:40:58,680 --> 00:41:01,719
Speaker 7: Nancy Pelosi wasn't afraid to hold a firm line on

793
00:41:02,400 --> 00:41:05,759
Speaker 7: spending oriented deals and shutdowns when she needed to. What

794
00:41:05,800 --> 00:41:08,400
Speaker 7: do you expect to happen here as we approach the

795
00:41:08,440 --> 00:41:09,239
Speaker 7: end of the fiscal year?

796
00:41:09,520 --> 00:41:12,200
Speaker 11: I think your question was spot on because the recisions

797
00:41:12,239 --> 00:41:14,920
Speaker 11: discussion is going to be critical in terms of paving

798
00:41:14,960 --> 00:41:19,439
Speaker 11: the future in terms of not only the continuing resolution, appropriations, etc.

799
00:41:20,120 --> 00:41:22,319
Speaker 11: And as you know, in the Senate has traditionally been

800
00:41:22,560 --> 00:41:26,240
Speaker 11: very bipartisan, and this recisions bill, they're talking about changes,

801
00:41:26,280 --> 00:41:28,600
Speaker 11: and the question is are they bringing in Democrats? Are

802
00:41:28,600 --> 00:41:31,400
Speaker 11: they because you know, to your point, if you can't

803
00:41:31,680 --> 00:41:34,160
Speaker 11: rely on a deal that's made, and we've already seen

804
00:41:34,239 --> 00:41:37,120
Speaker 11: Republicans go back on these types of deals. So I think,

805
00:41:37,120 --> 00:41:40,840
Speaker 11: particularly after this past reconciliation bill, I think it's going

806
00:41:40,880 --> 00:41:42,359
Speaker 11: to set the tone for the rest of the year.

807
00:41:42,800 --> 00:41:45,280
Speaker 2: Rick, would it be who for Republicans to step away

808
00:41:45,480 --> 00:41:48,160
Speaker 2: from the recisions plan in hopes of actually clearing a

809
00:41:48,160 --> 00:41:50,239
Speaker 2: budget before the end of the fiscal year.

810
00:41:51,920 --> 00:41:54,759
Speaker 12: I'd love to tell you that I'm enthusiastic that we

811
00:41:54,800 --> 00:41:57,600
Speaker 12: could get the regular order in a past twelve appropriations

812
00:41:57,719 --> 00:42:01,560
Speaker 12: bills before the end of September given up. You know,

813
00:42:01,600 --> 00:42:09,200
Speaker 12: Mark this da Davis doesn't think the sel so so

814
00:42:09,200 --> 00:42:13,000
Speaker 12: so look, I think that the Senate may creator the

815
00:42:13,040 --> 00:42:16,040
Speaker 12: recisions package on its own right. There are lots of

816
00:42:16,080 --> 00:42:20,640
Speaker 12: Senators concerned about pepfar getting stricken and rural radio, as

817
00:42:20,640 --> 00:42:24,560
Speaker 12: you mentioned in your last interview, has become a real

818
00:42:25,160 --> 00:42:28,240
Speaker 12: big issue for people like Center Rounds and Senator Sullivan,

819
00:42:28,760 --> 00:42:31,440
Speaker 12: so that may die on its own court. That being said,

820
00:42:31,640 --> 00:42:34,960
Speaker 12: whether or not the Senate can actually produce appropriation pills

821
00:42:34,960 --> 00:42:37,680
Speaker 12: on time, my guess is soon has a plan to.

822
00:42:37,680 --> 00:42:39,080
Speaker 6: Do a continuing resolution.

823
00:42:40,239 --> 00:42:43,440
Speaker 12: He will continue the public attitude that we want to

824
00:42:43,480 --> 00:42:46,640
Speaker 12: do our business. But of course there's never been anybody

825
00:42:47,080 --> 00:42:50,440
Speaker 12: fired from a chairmanship because they didn't get the appropriations done.

826
00:42:50,520 --> 00:42:53,719
Speaker 12: So at the end of the day, count me as skeptical.

827
00:42:55,440 --> 00:42:58,960
Speaker 7: Well, when we consider what the Senate majority leader might

828
00:42:59,000 --> 00:43:01,880
Speaker 7: have its his sleeve, it's also a question of the

829
00:43:01,880 --> 00:43:06,160
Speaker 7: Minority leader of Hockey Jeffreys in the House. How should

830
00:43:06,200 --> 00:43:08,840
Speaker 7: we be thinking about the democratic calculus here? As to

831
00:43:08,880 --> 00:43:11,160
Speaker 7: whether or not they want to play hardball on this

832
00:43:11,239 --> 00:43:14,360
Speaker 7: issue risk a shutdown, how that plays for them politically.

833
00:43:14,360 --> 00:43:16,440
Speaker 7: I just wonder what kind of leverage they're really working with.

834
00:43:16,719 --> 00:43:21,440
Speaker 11: I mean, traditionally, Democrats have always put government first in

835
00:43:21,520 --> 00:43:24,520
Speaker 11: terms of that continuity. So I think we have seen

836
00:43:24,560 --> 00:43:26,759
Speaker 11: that quite a bit. But I do think that there

837
00:43:26,880 --> 00:43:30,240
Speaker 11: is a tried and true blueprint of bipartisan by cameral

838
00:43:30,640 --> 00:43:33,800
Speaker 11: negotiations on these packages. I mean, time and time again,

839
00:43:34,040 --> 00:43:36,680
Speaker 11: I think we're in an aberration in terms of moving

840
00:43:36,680 --> 00:43:39,840
Speaker 11: away from that in this past negotiation. And you know,

841
00:43:39,960 --> 00:43:43,080
Speaker 11: the Reconciliation Bill, when you have one party control, that

842
00:43:43,200 --> 00:43:45,960
Speaker 11: is usually given that. You know when you have the House,

843
00:43:46,000 --> 00:43:49,960
Speaker 11: White House, and Senate. But on the appropriations packages and

844
00:43:50,000 --> 00:43:53,239
Speaker 11: you're in packages, those have generally been bipartisan, and that's

845
00:43:53,239 --> 00:43:55,160
Speaker 11: a give and take. So I think that's both sides.

846
00:43:55,200 --> 00:43:57,240
Speaker 11: I mean, so far the Republicans have not been willing

847
00:43:57,280 --> 00:43:59,279
Speaker 11: to do that give and take. But I do think

848
00:43:59,280 --> 00:44:03,080
Speaker 11: that Democrats are going to drive a hard bargain and

849
00:44:03,800 --> 00:44:06,399
Speaker 11: but again I think the recisions package will pay that way.

850
00:44:06,680 --> 00:44:09,640
Speaker 2: Hakim Jeffries has a very different style than Nancy Pelosi do.

851
00:44:10,200 --> 00:44:12,120
Speaker 2: What would your former boss have been doing right now,

852
00:44:12,160 --> 00:44:14,200
Speaker 2: because I feel like she would have been screaming from

853
00:44:14,239 --> 00:44:17,640
Speaker 2: the rooftops about this. Hakim Jeffries has a much more,

854
00:44:17,800 --> 00:44:21,000
Speaker 2: much more subtle approach. How loud does he need to

855
00:44:21,040 --> 00:44:22,279
Speaker 2: get about recisions?

856
00:44:22,760 --> 00:44:26,560
Speaker 11: So I think Hakiem Jeffries needs to be hackem Jeffries. Yeah, absolutely.

857
00:44:26,600 --> 00:44:29,400
Speaker 11: I mean we're in a different era, there's generational shift.

858
00:44:29,800 --> 00:44:32,359
Speaker 11: I talked to a lot of members of Congress there

859
00:44:32,760 --> 00:44:36,759
Speaker 11: there there there's a lot of support for Jeffries. He's

860
00:44:36,840 --> 00:44:40,480
Speaker 11: very thoughtful, he's very smart. He really does try to

861
00:44:41,080 --> 00:44:43,920
Speaker 11: put country first. So I think it's a different style.

862
00:44:44,000 --> 00:44:45,839
Speaker 11: So I don't think we should that that shouldn't be

863
00:44:45,920 --> 00:44:48,440
Speaker 11: the template. He's also can be very tough. I mean

864
00:44:48,440 --> 00:44:50,160
Speaker 11: he's a tough politician. He comes from New York.

865
00:44:50,280 --> 00:44:52,000
Speaker 2: I'm not questioning that. But sometimes you need to put

866
00:44:52,040 --> 00:44:53,719
Speaker 2: this on front street so people know about it.

867
00:44:53,880 --> 00:44:55,920
Speaker 11: Absolutely and you you saw him on the floor. I

868
00:44:55,920 --> 00:44:58,520
Speaker 11: think that was a shining moment for Jeffries, right like

869
00:44:58,560 --> 00:45:01,120
Speaker 11: the leader was on the floor or eight plus hours

870
00:45:01,160 --> 00:45:04,400
Speaker 11: he broke the record. So I think from that perspective,

871
00:45:04,800 --> 00:45:07,920
Speaker 11: I think Democrats are very united against this bill because

872
00:45:07,960 --> 00:45:11,279
Speaker 11: it really represents it's not the usual tax bill that

873
00:45:11,280 --> 00:45:13,440
Speaker 11: we've seen in the past. It's an ideological bill in

874
00:45:13,440 --> 00:45:15,600
Speaker 11: many respects. So I think that's going to serve as

875
00:45:15,600 --> 00:45:17,440
Speaker 11: the blueprint for Jeffreys going forward.

876
00:45:18,040 --> 00:45:20,120
Speaker 7: Well, Democrats may not like the bill, but it's the

877
00:45:20,120 --> 00:45:22,200
Speaker 7: bill that the President wanted, Rick, and it's the bill

878
00:45:22,280 --> 00:45:25,600
Speaker 7: the President ultimately got. To the point you were making

879
00:45:25,600 --> 00:45:27,399
Speaker 7: a few minutes ago about you think the Senate might

880
00:45:27,480 --> 00:45:30,879
Speaker 7: ultimately and this recision's effort all on its own, How

881
00:45:30,960 --> 00:45:32,920
Speaker 7: is that going to sit with Donald Trump?

882
00:45:33,000 --> 00:45:33,680
Speaker 9: Do you expect?

883
00:45:34,960 --> 00:45:36,840
Speaker 12: Well, you know, it was interesting when a bill was

884
00:45:36,880 --> 00:45:40,520
Speaker 12: first submitted, there wasn't really a strong commitment by the

885
00:45:40,520 --> 00:45:42,600
Speaker 12: White House. They said things like, well, you know, we've

886
00:45:42,600 --> 00:45:44,880
Speaker 12: got more we can send if this one goes through,

887
00:45:45,440 --> 00:45:47,800
Speaker 12: you know, kind of raising a question like how committed

888
00:45:47,800 --> 00:45:52,400
Speaker 12: are you to really drive this through? And so, you know,

889
00:45:52,480 --> 00:45:54,640
Speaker 12: I think this is actually, you know, sort of ball

890
00:45:54,719 --> 00:45:57,680
Speaker 12: in the Senate court. It's really up to them to

891
00:45:57,719 --> 00:46:01,120
Speaker 12: decide whether that they want to see another one hundred

892
00:46:01,280 --> 00:46:04,120
Speaker 12: billion dollars in recisions coming from the White House, because

893
00:46:04,120 --> 00:46:08,320
Speaker 12: if this doesn't pass, it's highly likely to raise questions

894
00:46:08,360 --> 00:46:10,400
Speaker 12: inside the White House whether this is a good commitment

895
00:46:10,400 --> 00:46:14,279
Speaker 12: of their time and effort. You know, with Congress, they've

896
00:46:14,280 --> 00:46:16,279
Speaker 12: got a lot of agenda items that they need to

897
00:46:16,320 --> 00:46:21,480
Speaker 12: get through Congress, and recision packages have historically never fared well.

898
00:46:21,920 --> 00:46:24,279
Speaker 12: And in this case, especially when you think you have

899
00:46:24,320 --> 00:46:26,839
Speaker 12: a backlog of hundreds of billions of dollars with more

900
00:46:26,920 --> 00:46:30,840
Speaker 12: recisions to come, you know, does Congress really want to

901
00:46:30,840 --> 00:46:33,040
Speaker 12: get in that business? I mean, these are very difficult

902
00:46:33,120 --> 00:46:35,719
Speaker 12: votes for some of these members, and you know how

903
00:46:35,719 --> 00:46:37,520
Speaker 12: many times you're going to ask them to walk the plank?

904
00:46:39,239 --> 00:46:41,800
Speaker 3: Just have thirty seconds? Are she? If this doesn't pass?

905
00:46:42,080 --> 00:46:43,920
Speaker 3: Is this the last vestige of the Doge?

906
00:46:44,760 --> 00:46:44,920
Speaker 9: Well?

907
00:46:44,960 --> 00:46:47,040
Speaker 11: I think what's interesting about the doge is that there's

908
00:46:47,040 --> 00:46:49,399
Speaker 11: supposed to be two trillion dollars in cuts, and as

909
00:46:49,520 --> 00:46:52,520
Speaker 11: we know, this recision bill is nine billion dollars in change.

910
00:46:52,719 --> 00:46:55,040
Speaker 9: So I think that speaks for a lot, a bit of.

911
00:46:55,080 --> 00:46:57,520
Speaker 2: A delta there, Yeah, a little different, Yes, indeed, are she?

912
00:46:57,640 --> 00:46:59,279
Speaker 2: Thanks for joining our panel. We'd love to have you

913
00:46:59,320 --> 00:47:02,280
Speaker 2: back soon as we can. Archie Sidiki and Rick Davis

914
00:47:02,560 --> 00:47:05,520
Speaker 2: with a smart conversation you'll only hear on Balance of Power.

915
00:47:11,000 --> 00:47:14,200
Speaker 2: Thanks for listening to the Balance of Power podcast. Make

916
00:47:14,239 --> 00:47:17,200
Speaker 2: sure to subscribe if you haven't already, at Apple, Spotify,

917
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918
00:47:19,920 --> 00:47:23,160
Speaker 2: us live every weekday from Washington, DC at noontime Eastern

919
00:47:23,480 --> 00:47:26,280
Speaker 2: at Bloomberg dot com