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Speaker 1: Live from our nation's capital. This is Bloomberg Sound on.

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Speaker 1: This was never an effective of African of course, it

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Speaker 1: was much smaller than the figures people of Quotad. It's

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Speaker 1: a twenty year waste to get back to where we started.

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Speaker 1: Bloomberg Sound on, Politics, Policy and Perspective from DC's top names.

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Speaker 1: And we got a real threat with climate change. If

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Speaker 1: we don't do everything in our power, the prices we're

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Speaker 1: in will only loom large. Eric, we just did more

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Speaker 1: than a trillion dollars in infrastructure, going throw it on

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Speaker 1: the President's desk. That's a big win. Sloomberg Sound On

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Speaker 1: with Joe Matthew on Bloomberg Radio. Welcome back to reality. Well,

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Speaker 1: at least for some of us. This was supposed to

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Speaker 1: be the day we all got back to work after

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Speaker 1: the kids all went back to school and enhanced unemployment

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Speaker 1: benefits expired. At least one of those happened. The benefits

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Speaker 1: expired along with summer for millions of Americans. As Democrats

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Speaker 1: in Washington seek trillions of dollars for human infrastructure like

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Speaker 1: Childcrea to again help people get back to work, the trouble,

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Speaker 1: of course, is paying for it. And as the debate

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Speaker 1: over proposed tax hikes gets real. We're gonna talk about

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Speaker 1: it on the way with the top Republican on the

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Speaker 1: House Ways and Means Committee, Congressman Kevin Brady of Texas.

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Speaker 1: And we're gonna dig into it as well with our

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Speaker 1: panel Bloomberg Politics contributors Jeannie she and Zano as well

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Speaker 1: as Rick Davis, and a special conversation later with former

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Speaker 1: Massachusetts Governor Deval Patrick. Three and a half trillion keeps

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Speaker 1: coming up. Number twenty five is also important as the

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Speaker 1: debate over proposed tax hikes to pay for reconciliation gets real,

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Speaker 1: and we talked about it right now with the top

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Speaker 1: Republican on the House Ways and Means Committee, Congressman Kevin

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Speaker 1: Brady of Texas. Welcome back to Bloomberg Radio. You're looking

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Speaker 1: at all the same numbers I am, Congressman here. Number

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Speaker 1: twenty five is where I would like to start with you.

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Speaker 1: Though the corporate tax rate that your Democratic colleagues in

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Speaker 1: the House have reportedly come to a consensus on, it's

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Speaker 1: below the number President Biden asked for. Remembering we're at

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Speaker 1: twenty one right now, would you support no, absolutely not

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Speaker 1: one that takes us exactly the wrong direction at a

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Speaker 1: time when we need to be competing and having a

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Speaker 1: stronger economy. This feels like an economic surrender. Uh. This

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Speaker 1: will be a give us one of the worst tax

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Speaker 1: burdens on the planet, on par with communist China's tax rate. Uh.

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Speaker 1: And I think will drive US jobs, research, manufacturing, and

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Speaker 1: intellectual property overseas at a time when frankly, we need

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Speaker 1: the economic growth here in the US. So no, I've

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Speaker 1: not yet heard a reason of what's wrong. What's wrong

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Speaker 1: with being the most competitive economy on the planet and

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Speaker 1: driving US investment in jobs into the United States. Well,

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Speaker 1: the President likes to talk about people paying their fair share,

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Speaker 1: and we heard about quite a number of other ideas

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Speaker 1: Congressman last week. Uh, taxing capital gains, are more aggressively,

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Speaker 1: taxing stock buybacks, even excessive CEO compensation. What House Republicans

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Speaker 1: support any of the more creative ideas that are coming

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Speaker 1: from across the isisand well, we've not seen one that

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Speaker 1: tackles this economic recovery in a positive way. In fact,

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Speaker 1: I think that the three key elements of the tax

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Speaker 1: provisions have been one an economic surrender to our foreign

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Speaker 1: competitors that will certainly damage jobs, here in the US. Secondly,

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Speaker 1: uh significant tax increases on small businesses. There are about

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Speaker 1: a package of five of these Biden tax increases that

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Speaker 1: do wheel damage to what we traditionally believe our main

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Speaker 1: street businesses. And then the President is breaking his pledge

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Speaker 1: by hacking taxes on the middle class. And then my

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Speaker 1: final point on capital gains and issues like that, America

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Speaker 1: has an investment in structure in the tax code that

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Speaker 1: is extremely successful in driving incentivizing new investment into the

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Speaker 1: US and into our communities. You know, his tax hikes

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Speaker 1: weakened that investment infrastructure in a significant way. And at

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Speaker 1: the end of the day, who gets hurt really are

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Speaker 1: people of color, communities that desperately need that investment, main

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Speaker 1: street that's looking for those capital dollars to help grow

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Speaker 1: and expand. So overall, I look at this package as

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Speaker 1: putting at risk or killing up to four million American

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Speaker 1: jobs over time and comes at exactly the wrong time

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Speaker 1: for an economy hoping to recover faster than it is.

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Speaker 1: President says he won't hike taxes on anyone, any family

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Speaker 1: making more than four dred thousand dollars a year. Are

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Speaker 1: you seeing that's not true? Now? In fact, two groups,

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Speaker 1: very credible groups, have already made it clear in their

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Speaker 1: own analysis his tax plan breaks that pledge. The left

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Speaker 1: leaning Tax Policy Center their analysis show seventy five pimental

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Speaker 1: class families will see a tax increased beginning next year.

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Speaker 1: And then the Joint Committee on Taxation, which is the

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Speaker 1: official scorekeeper for Congress, acknowledges very close to the same figures.

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Speaker 1: They believe two thirds the middle class families will see

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Speaker 1: tax hikes because of the President's plans. Congressman, I want

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Speaker 1: to ask you about jobs and the expiration of unemployment

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Speaker 1: benefits today for millions of people, seven million lose it.

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Speaker 1: Altogether three million lose the enhanced benefits the weekly check.

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Speaker 1: Do you believe this expiration will prompt people to get

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Speaker 1: back to work? Yeah, I do. I think without question,

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Speaker 1: the generous federal benefits on top of the state unemployment

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Speaker 1: benefits have had unintended consequences, which is paying about four

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Speaker 1: out of ten jobless more to stay home than to

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Speaker 1: reconnect work. That's become a made your barrier to survival

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Speaker 1: of small businesses certainly has slowed our recovery. You saw this,

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Speaker 1: I think again, in the the terrible August jobs report

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Speaker 1: and when combined with in some cases better healthcare, not

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Speaker 1: working than reconnected. I think you're creating a situation almost

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Speaker 1: a workerless recovery that is hammering both main street businesses

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Speaker 1: fighting to fill jobs. I think it's hurting families struggling

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Speaker 1: with rising prices. A jobless recovery is a real concerned

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Speaker 1: White House Press Secretary Jensaki was asked about this the

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Speaker 1: expiration of benefits as she flew with President Biden today

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Speaker 1: to New York on Air Force one. This is what

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Speaker 1: she said. We are going to continue to have your

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Speaker 1: back and continue to work with states where you're living

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Speaker 1: to help them implement UH programs, including the distribution of

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Speaker 1: the American Rescue Plan funding so that you can get

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Speaker 1: the assistance you need. We're gonna have your back, she said. Congressman,

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Speaker 1: is it realistic to count on states or I guess

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Speaker 1: half of them by her accounts twenty six dates? And

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Speaker 1: are you worried that cutting off millions of Americans the

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Speaker 1: other side of this coin will lead to a drop

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Speaker 1: in spending. So short answer is no one. I think

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Speaker 1: I think it's economically reckless to be encouraging states to

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Speaker 1: pay people more on unemployment when We have ten million

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Speaker 1: job openings around this nation, and our main street businesses

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Speaker 1: are our suppliers up and down supply chains in manufacturing, delivery,

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Speaker 1: are are desperate for workers. So economically it makes no

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Speaker 1: sense to extend those extraordinary unemployment benefits. UH. Secondly, most

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Speaker 1: Americans who are jobless, and unemployment will continue at the

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Speaker 1: state level. There are some who received pandemic unemployment. These

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Speaker 1: would be gig workers, for example, the uber drivers and

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Speaker 1: others who you know haven't been part of the system,

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Speaker 1: having paid into the unemployment system. Congress created these um

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Speaker 1: extraordinary unemployment benefits during the height of COVID, But now

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Speaker 1: with regions reopening and jobs frankly plentiful, I think now

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Speaker 1: is the right time to encourage people to reconnect to work.

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Speaker 1: Talking with Congressman Kevin Brady of Texas, the top Republican

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Speaker 1: on the House Ways and Means Committee, and you're about

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Speaker 1: to get down to business this week, right the debate,

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Speaker 1: actually the markup, I guess will begin later on this week. UH.

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Speaker 1: I had separately, it's hard to keep track of all

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Speaker 1: these deadlines. Congressman. There's a deadline to fund the government

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Speaker 1: coming up at the end of this month. As well,

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Speaker 1: are we at risk of a government shutdown? Or is

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Speaker 1: that bluster for cable news? You know, I hope it's

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Speaker 1: just bluster. Look, everyone understands imports of keeping the government's open.

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Speaker 1: Probably no more important time than now to do it. Uh,

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Speaker 1: we always find a way to do it. My frustration,

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Speaker 1: I think is that there's been not a single conversation

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Speaker 1: with Republicans and how best to either you know, raise

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Speaker 1: the debt ceiling or continue funding the government. And so

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Speaker 1: I guess Democrats and the President have decided to go

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Speaker 1: it alone on this as well, And so I don't

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Speaker 1: have a whole lot of insight into this, but it

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Speaker 1: is important that we get that done on time. Congressman

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Speaker 1: Kevin Brady, we thank you for coming in to talk

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Speaker 1: to us again on Bloomberg Radio. He's the ranking Republican

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Speaker 1: member the House Ways and Means Committee from the great

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Speaker 1: state of Texas. Thanks for talking with us once again.

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Speaker 1: Thompson on Bloomberg Radio. You're listening to Bloomberg you sound

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Speaker 1: on with Joe Matthew on Bloomberg Radio. Thanks for being

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Speaker 1: with us on the Tuesday Feels Like Monday edition of

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Speaker 1: Bloomberg Sound On. Ten million people have less money in

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Speaker 1: their pockets starting right now. Is unemployment benefits expired for some?

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Speaker 1: Enhanced COVID benefits expire for others? The question is what's

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Speaker 1: about to happen most people start looking for work, have

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Speaker 1: they re envisioned work? And will they spend less as

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Speaker 1: it slow the economic recovery? As we were just discussing

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Speaker 1: with Congressman Kevin Brady, a lot of questions for our

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Speaker 1: panel with Bloombery Politics contributors Genie shain Zano and Rick Davis,

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Speaker 1: welcome to both of you. Say how to Boston? Genie?

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Speaker 1: Democrats say, unemployment benefits, We're not keeping people at home?

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Speaker 1: Republicans say they were. Who ends up being right? And

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Speaker 1: I want to say how to Boston? To Joe, it

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Speaker 1: was just there over the weekend for rarely lived in Framingham,

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Speaker 1: loved that city. I miss it terribly. Um you know,

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Speaker 1: I I just am listening to your conversation with the

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Speaker 1: Congressman and it is just astounding the amount that Congress

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Speaker 1: has on their plate, not to mention the White House

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Speaker 1: as we go into this September, and of course you

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Speaker 1: know central to that is going to be how they

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Speaker 1: propose to pay for this three point five trillion and

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Speaker 1: what happens with the corporate tax right. But to your point,

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Speaker 1: so much of this depends on whether this econ of

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Speaker 1: me can recover in the way that it should and

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Speaker 1: and the you know, I wouldn't say the economic recovery

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Speaker 1: has been you know, disastrous, disastrous by any means, but

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Speaker 1: it hasn't been nearly as strong as many people, most

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Speaker 1: of us hoped, And so I think it is going

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Speaker 1: to be you know, a telling four weeks or more

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Speaker 1: as we see both what Congress does and what the

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Speaker 1: next unemployment jobs numbers show, and if the economy looks

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Speaker 1: like it's going to recover, because that is going to

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Speaker 1: impact people like Joe Manchin and Kristen sent among others,

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Speaker 1: in terms of what they would be willing to support

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Speaker 1: for this three point five trillion. Where are you on this?

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Speaker 1: Rick Mayor Walsh, who I still called Mayor by accident.

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Speaker 1: Secretary of Labor Marty Walsh told us on Friday that

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Speaker 1: there was no evidence in the states that had stopped

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Speaker 1: paying out the enhanced benefits that that was keeping people

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Speaker 1: away from work. But what what do you think we're

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Speaker 1: about to see? Well, you know, some of the data

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Speaker 1: does confirm that um, some of the payroll data coming

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Speaker 1: in has said that in the states that did not

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Speaker 1: extend the payroll employment benefit past June and July, that

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Speaker 1: it didn't increased employment in those states. I mean, basically,

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Speaker 1: Republican states opted not to take the unemployment extension. UH,

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Speaker 1: Democratic states took it and and and frankly, it's bad

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Speaker 1: news if that's the case. The real hope was that um,

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Speaker 1: that people would go back to work. Uh. This is

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Speaker 1: the one thing that's holding back much of the economy

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Speaker 1: is the need to fill jobs. And the question and

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Speaker 1: a lot of economists are grappling with now, is is

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Speaker 1: it because of personal situations? People have children at home

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Speaker 1: and you know there, they can't get away to work,

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Speaker 1: they've retired and taken themselves out of the workforce. I mean,

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Speaker 1: there are a lot of factors that could lead to

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Speaker 1: this phenomena, but it's it's a phenomena that neither Republicans

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Speaker 1: nor Democrats are gonna particularly like, because they want everybody

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Speaker 1: to get back to work, They want to fill the

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Speaker 1: unemployment roles, and they want these economies to start to

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Speaker 1: turn the way they were before COVID. You add the

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Speaker 1: impact of Hurricane Ida Jennie and it it's it's a

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Speaker 1: up through Massachusetts, we got trouble, that's right. And you know,

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Speaker 1: you couple that in with a pandemic, what's happened with

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Speaker 1: that makes for a very very dicey situation. You've also

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Speaker 1: whether that is in school or whether that is some

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Speaker 1: something that obviously Congress is debating right now, but this

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Speaker 1: As we see I'm at a college, but as we

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Speaker 1: how little coverage the expiration of benefits is getting in

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Speaker 1: the mainstream media. And that will change if this does

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Speaker 1: not work the way people are hoping and people, in

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Speaker 1: fact workers go back into the office. How about the

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Speaker 1: debate over taxes today, we got a little bit of

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Speaker 1: another wrinkle. It's been a real slow drip lately here,

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Speaker 1: but we understand Punch Bowl was the first to report

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Speaker 1: that that's the Democratic consensus for a corporate tax hike.

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Speaker 1: Rick Davis, Is that a happy medium? It didn't sound

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Speaker 1: like it when we talked to Kevin Brady there. Yeah,

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Speaker 1: Congressman Brady was pretty clear he thinks that that's going

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Speaker 1: to offload jobs overseas. Uh. You know, is the former

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Speaker 1: He's got a point of view on that um and

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Speaker 1: I think it's one that that is going to show

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Speaker 1: that there aren't going to be any Republican votes for

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Speaker 1: an increase in a corporate tax. Right. Plus, he owns

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Speaker 1: that two thousand seventeen tax cut. The guy it to,

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Speaker 1: so it's it's awful tough to ask a guy whose

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Speaker 1: signature legislative achievement in twenty five years in Congress is

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Speaker 1: going to get changed. So there's a lot of a

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Speaker 1: lot of personal politics invested with with Brady. But look,

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Speaker 1: this is the bigger issue in the Senate. Is that

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Speaker 1: is this the kind of deal that they can cut

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Speaker 1: could be negotiated. Maybe that's the hope to get mansion

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Speaker 1: go through broadcasting live from our nation's capital, Bloomberg to

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Speaker 1: New York, Bloomberg eleven Frio to Boston, Bloomberg one O

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Speaker 1: six one to San Francisco, Bloomberg nine sixty to the country,

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Speaker 1: Serious x M General one and around the globe, the

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Speaker 1: Bloomberg Business app and Bloomberg Radio dot Com. This is

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Speaker 1: Bloomberg sound On with Joe Matt Hugh. It's running us,

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Speaker 1: says Bloomberg sound On goes national with help from our

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Speaker 1: friends at Bloomberg's one oh six one in Boston. It's

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Speaker 1: great to be with you today as we try to

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Speaker 1: gauge the impact that expiring unemployment benefits and potentially higher

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Speaker 1: taxes will have on the job market and the overall recovery.

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Speaker 1: And to that end, we are joined by former Massachusetts

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Speaker 1: Governor deval Patrick, Governor. Welcome back to Bloomberg Radio. Welcome

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Speaker 1: back to Bloomberg Radio. Good to be with you, Joe.

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Speaker 1: Thank you. This program is live in Boston for the

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Speaker 1: first time today and we're glad to have you aboard

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Speaker 1: for it, so thank you for being here. Millions of

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Speaker 1: Americans today are losing their unemployment benefits, over seven million

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Speaker 1: losing them altogether, another three million losing the three hundred

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Speaker 1: dollar weekly benefit, the enhanced weekly benefit. Do you believe

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Speaker 1: this will push more people back into the workforce. Well,

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Speaker 1: first of all, I don't believe it's kept people out

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Speaker 1: of the workforce. I know that's been a Republican narrative,

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Speaker 1: but the whole idea of the Rescue Plan was to

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Speaker 1: be a bridge to a stronger economy and a safer

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Speaker 1: workplace or working environment, because we've taken steps to to

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Speaker 1: beat back the pandemic and the impact of it. So

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Speaker 1: I think that the idea of these benefits expiring was

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Speaker 1: a good idea from the start. It will be inconvenient

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Speaker 1: for some, especially the ones who haven't planned for it.

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Speaker 1: But fortunately we have an economy where folks are where

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Speaker 1: jobs are wanting for accounting. What is still I think

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Speaker 1: a challenge for many people, Joe, is getting the skills

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Speaker 1: necessary for the jobs that are going wanting and having

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Speaker 1: the services that make that possible. And I think that's

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Speaker 1: what in the latter case, the the infrastructure bills are about. Yeah,

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Speaker 1: there's been a big disagreement, as you well know, over

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Speaker 1: the role that benefits have played. Some safe jobs are

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Speaker 1: going unfilled because of a lack of childcare, for instance,

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Speaker 1: during COVID. Now that kids are going back to school,

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Speaker 1: do you think we're about to find out Well, I

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Speaker 1: certainly hope that kids are able to get back in

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Speaker 1: school for their own sake, uh, and also for the sake,

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Speaker 1: as you say, of working families who need a way

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Speaker 1: to be able to make work and home life, um,

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Speaker 1: you know, work to have it, have it come together.

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Speaker 1: I think that there is still in many parts of

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Speaker 1: the country some resistance to some of the known measures

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Speaker 1: that work in keeping young people and teachers UH and

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Speaker 1: staff safe. Issues around getting the vaccine and being masks

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Speaker 1: when you're masked when you're indoors and in close proximity

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Speaker 1: to others, some of the things that we've been advocating

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Speaker 1: in my role as co chair of the COVID Collaboratives.

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Speaker 1: So I'm hoping that schools being open for as I say,

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Speaker 1: for the for the sake of the students, for the

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Speaker 1: sake of working families is a go in every region,

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Speaker 1: in every community, and we can help make it so

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Speaker 1: by taking the simple steps that the medical community agrees

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Speaker 1: on that keep us all fake. I wonder if your

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Speaker 1: work through the COVID Collaborative as you hoping uh for

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Speaker 1: maybe more of a mandate? Governor. We understand that President

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Speaker 1: Biden is going to speak Thursday and unveil a six

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Speaker 1: pronged approach to at last defeating COVID. Do we need

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Speaker 1: a national mandate once and for all? I just don't know.

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Speaker 1: It's you know, Joe, I've said this before publicly and

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Speaker 1: lots and less privately. Never in my wildest dreams would

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Speaker 1: I have imagined that we could politicize in this country

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Speaker 1: a public health emergency, and yet we have, uh. And

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Speaker 1: that goes back to you know, a year and a

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Speaker 1: half or more. Now. Um So the I commend the

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Speaker 1: Biden administration for trying to bring reason, um and science

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Speaker 1: to the forefront. And I am proud of the work

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Speaker 1: we've been doing on a bib partisan basis for over

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Speaker 1: a year now with the COVID Collaborative to try to

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Speaker 1: do the very same things. Now we're fortunate to have

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Speaker 1: an administration we can be aligned with on that work.

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Speaker 1: Now that we have full approval of at least one

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Speaker 1: of the vaccines, do you think Massachusetts should pursue a mandate.

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Speaker 1: I think it will depend on the circumstances. I certainly

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Speaker 1: encouraged and we have, as I said, through the COVID Collaborative,

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Speaker 1: encouraged everyone to be vaccinated, and vaccination rates are pretty

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Speaker 1: high in Massachusetts. Um Nationally, we've said, you know, schools

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Speaker 1: can serve and should serve as vaccination sites for both

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Speaker 1: eligible age students and their parents. We've been partnering with

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Speaker 1: the Five Power Football Conferences around getting messages out about

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Speaker 1: the importance of the vaccination and with trusted messengers in community,

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Speaker 1: in the medical community, faith leaders, and others about the

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Speaker 1: importance of of getting the vaccine. We've continued to partner

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Speaker 1: with the ad Council, especially now that the FDA has

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Speaker 1: fully approved the Friser vaccine isn't mentioned earlier, So through

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Speaker 1: public service announcements and good, high quality, high integrity information

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Speaker 1: out for lots and lots of communities who remain unvaccinated.

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Speaker 1: Um and then you know, we've we've been calling for,

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Speaker 1: particularly given the the rise of the delta variants and

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Speaker 1: the fact that the pandemic doesn't know boundaries and won't

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Speaker 1: respect them. UM to for a for a global COVID

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Speaker 1: summit during the UN General Assembly UH this month where

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Speaker 1: leaders can come together and start to express consensus guideline

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Speaker 1: so we have a more consistent global messaging to citizens

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Speaker 1: about how to protect themselves in their families and communities

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Speaker 1: in which they lived. We're talking with former Governor Deval

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Speaker 1: Patrick on Bloomberg Sound on Governor. The debate over taxes

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Speaker 1: and spending right now in Washington is one that you're

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Speaker 1: all too familiar with, and you even have a little

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Speaker 1: bit of history with you hiked the sales tax and

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Speaker 1: the minimum wage both while you were a governor, and

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Speaker 1: you have a unique view of the corporate sector working

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Speaker 1: at BAIN. I wonder if you think Democrats are moving

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Speaker 1: in the right direction by paying for this with a

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Speaker 1: higher corporate tax rate. I think so. I mean, first

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Speaker 1: of all, you remember when the Trump administration and the

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Speaker 1: and the Senate and House Republicans were pushing the last

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Speaker 1: big round of tax cuts, the consensus in the corporate

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Speaker 1: community was that the corporate tax rate ought to be around.

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Speaker 1: It was a sort of a gratuitous gesture or something

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Speaker 1: that the Republicans made by cutting it to what is

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Speaker 1: I think Biden has proposed taking it back up. The

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Speaker 1: percentage you cut the difference, you kind of land where

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Speaker 1: the consensus was all along. And you know, I was

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Speaker 1: probably one of the few, or I think I think

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Speaker 1: of myself, was one of the few Democrats who thought

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Speaker 1: that the idea of a reduction in the in the

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Speaker 1: rate to that consensus was a good idea. But I

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Speaker 1: think the rest of the work remains to be done.

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Speaker 1: Which is one thing, to cut the race, but if

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Speaker 1: you leave all the loopholes in place, you haven't really

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Speaker 1: gotten to where you need to get. Um. So, we

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Speaker 1: have lots and lots of ways in which some of

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Speaker 1: the most profitable companies in the world based here in

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Speaker 1: the United States pay zero or nearly zero in in taxas.

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Speaker 1: So I think that work remains. And then the last

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Speaker 1: thing I say on this, Joe, is that I resually

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Speaker 1: feel that we need to quit all of us talking

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Speaker 1: about taxes as if they are some sort of penalty

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Speaker 1: instead of the price of civilization. And we ought to

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Speaker 1: have a conversation. And I think that the Biden administration,

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Speaker 1: the President himself, and Democrats in the Senate and the

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Speaker 1: House have started to lead that conversation about just what

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Speaker 1: kind of civilization we want, and so why not have

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Speaker 1: a civilization that is organized around rebuilding and modernizing our infrastructure,

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Speaker 1: around public families help themselves with affordable and accessible healthcare

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Speaker 1: and lower drug prices, and affordable childcare. That's not inherently wrong,

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Speaker 1: it is, in my view, inherently right. But that's the

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Speaker 1: way it seems to me we ought to be having

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Speaker 1: the conversation and the debate. And former Governor Deval Patrick

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Speaker 1: with us here on Bloomberg. Sound On. You're listening to Bloomberg.

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Speaker 1: You sound on with Joe Matthew on Bloomberg Radio. Deadlines

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Speaker 1: are piling up in Washington. There seems to be a

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Speaker 1: new one every day, or at least we're reminded of

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Speaker 1: one every day, with not only votes on infrastructure and

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Speaker 1: reconciliation at least they say at the end of this month,

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Speaker 1: but also ending for the government before the lights go

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Speaker 1: out in October. And in that spending bill that would

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Speaker 1: keep the government running, the White House is seeking emergency

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Speaker 1: funding for hurricanes and for the Afghan withdrawal and settlement

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Speaker 1: and resettlement to be specific, of the refugees, thousands upon

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Speaker 1: thousands of them joining us to talk about it. Bloomberg

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Speaker 1: Politics contributors Jeanie, Shane Zano, and Rick Davis our panel

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Speaker 1: on the Tuesday edition. Here, Genie, do you think there's

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Speaker 1: a real chance that the government shuts down? And will

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Speaker 1: the White House get all of this money? When you

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Speaker 1: add it up here, it's about thirty billion dollars to

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Speaker 1: deal with disaster, to deal with refugees. I do not

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Speaker 1: think we will the government will shut down, um, and

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Speaker 1: may I hope that's not just wishful thinking, But I

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Speaker 1: cannot imagine a scenario in which they do. And of

433
00:25:51,760 --> 00:25:54,800
Speaker 1: course the money that they're requesting. Um, you know, you

434
00:25:54,880 --> 00:25:58,480
Speaker 1: look at what they're requesting and it does make sense. Um.

435
00:25:58,520 --> 00:26:01,240
Speaker 1: You know, the disasters across the country have to be

436
00:26:01,280 --> 00:26:05,000
Speaker 1: dealt with. Whether you're Republican or Democrat. And you know,

437
00:26:05,280 --> 00:26:08,040
Speaker 1: you look at just the case like New Orleans for example,

438
00:26:08,680 --> 00:26:12,440
Speaker 1: you have, you know, a state controlled basically by Republicans there,

439
00:26:12,560 --> 00:26:15,520
Speaker 1: they need that money. They're asking for that money rightly.

440
00:26:15,600 --> 00:26:18,280
Speaker 1: So so I do think that the White House is

441
00:26:18,280 --> 00:26:20,320
Speaker 1: smart to ask for it. They have to ask for it,

442
00:26:20,359 --> 00:26:22,199
Speaker 1: and I do think it will get through and the

443
00:26:22,240 --> 00:26:24,960
Speaker 1: government will stay open. Does anyone say no to this? Rick?

444
00:26:25,000 --> 00:26:27,120
Speaker 1: And we we haven't put the debt ceiling in here,

445
00:26:27,200 --> 00:26:29,720
Speaker 1: right or will that be part of this pile as well?

446
00:26:30,359 --> 00:26:32,480
Speaker 1: I think the debt ceiling will come separate. But um,

447
00:26:32,600 --> 00:26:36,520
Speaker 1: nobody's really talking against the continuing resolution or that stopgap

448
00:26:36,600 --> 00:26:39,679
Speaker 1: funding that you mentioned. It will keep the government functioning. Uh.

449
00:26:40,000 --> 00:26:42,040
Speaker 1: We don't see any of the rhetoric like we've seen

450
00:26:42,080 --> 00:26:45,080
Speaker 1: in the past, where like Donald Trump shut down the

451
00:26:45,200 --> 00:26:48,400
Speaker 1: government uh to force a deal on a broader budget.

452
00:26:48,520 --> 00:26:51,520
Speaker 1: So hopefully, UH, they won't add this to the pile

453
00:26:51,560 --> 00:26:53,480
Speaker 1: of things to be done. And of course it is

454
00:26:53,520 --> 00:26:57,000
Speaker 1: typical that we would add supplemental funding for hurricanes. It's

455
00:26:57,040 --> 00:26:59,560
Speaker 1: the way it's done. There's usually about a ten billion

456
00:26:59,600 --> 00:27:03,119
Speaker 1: dollar ujet for FEMA, and it's usually exhausted before the

457
00:27:03,240 --> 00:27:05,720
Speaker 1: end of the hurricane season. So governments always go back

458
00:27:05,760 --> 00:27:07,320
Speaker 1: and say, hey, we're gonna need some more money to

459
00:27:07,359 --> 00:27:09,840
Speaker 1: help people out, and Congress tends to give them what

460
00:27:09,880 --> 00:27:12,480
Speaker 1: they asked for. So, uh, it's a lot of money. Uh,

461
00:27:12,560 --> 00:27:16,639
Speaker 1: it keeps piling up. But in Washington these days, unless

462
00:27:16,640 --> 00:27:18,439
Speaker 1: it's got a trillion next to it, nobody seems to

463
00:27:18,440 --> 00:27:22,880
Speaker 1: take it very seriously. President Biden did get a firsthand

464
00:27:22,880 --> 00:27:25,960
Speaker 1: look at the flooding damage from Hurricane Ida. Went north.

465
00:27:26,080 --> 00:27:29,640
Speaker 1: This time, after visiting Louisiana, he went to New York

466
00:27:29,680 --> 00:27:33,640
Speaker 1: and New Jersey. In Manville, New Jersey, the President made

467
00:27:33,680 --> 00:27:38,840
Speaker 1: some remarks on the destruction he had just witnessed. I'm

468
00:27:38,880 --> 00:27:43,399
Speaker 1: surprised by is that and what otherwise he would not

469
00:27:43,520 --> 00:27:50,080
Speaker 1: assume could generate a water height that went up, in

470
00:27:50,119 --> 00:27:53,240
Speaker 1: some cases almost to the windows of these homes, over

471
00:27:53,800 --> 00:27:57,879
Speaker 1: little literally over your head. According to the focus, that

472
00:27:58,119 --> 00:28:01,680
Speaker 1: is pretty amazing. It was amazing, Genie, and not in

473
00:28:01,720 --> 00:28:03,880
Speaker 1: a good way. Genie. I know this is personal for you.

474
00:28:03,880 --> 00:28:06,080
Speaker 1: You were in the storm's path at your own home,

475
00:28:06,160 --> 00:28:09,000
Speaker 1: and I know it's impacted people you work with. Is

476
00:28:09,000 --> 00:28:13,119
Speaker 1: at the right time to make the case for infrastructure spending,

477
00:28:13,160 --> 00:28:17,159
Speaker 1: specifically for climate change, as President Biden did today. I

478
00:28:17,280 --> 00:28:19,879
Speaker 1: do think that that he has to make this case.

479
00:28:19,920 --> 00:28:23,200
Speaker 1: And yes, we've been personally impacted by it. To professors

480
00:28:23,200 --> 00:28:25,600
Speaker 1: at the college I work at, both deceased in the storm.

481
00:28:25,680 --> 00:28:29,760
Speaker 1: It was incredibly unexpected here. And um, I do think

482
00:28:29,760 --> 00:28:32,960
Speaker 1: it is important because we are all living through it

483
00:28:33,000 --> 00:28:35,720
Speaker 1: across the country, and he has got to make the

484
00:28:35,800 --> 00:28:38,960
Speaker 1: case that the best way to address this is to

485
00:28:39,080 --> 00:28:42,400
Speaker 1: deal with the issue of climate change. Otherwise we're constantly

486
00:28:42,520 --> 00:28:45,520
Speaker 1: running behind it trying to catch up. So I do

487
00:28:45,600 --> 00:28:47,760
Speaker 1: think he's smart to say it. Obviously he has to

488
00:28:47,800 --> 00:28:50,480
Speaker 1: do at the same time being sensitive and not politicizing

489
00:28:50,480 --> 00:28:53,320
Speaker 1: the issue. But again, this is something that cuts across

490
00:28:53,520 --> 00:28:56,760
Speaker 1: partisan divides. It doesn't matter the Republican or Democrat. We're

491
00:28:56,800 --> 00:29:00,040
Speaker 1: all feeling these, you know, these weather events and a

492
00:29:00,080 --> 00:29:02,280
Speaker 1: way we've never felt them before. I'm not even trying

493
00:29:02,320 --> 00:29:05,320
Speaker 1: to suggest the President's being insensitive, and maybe some are,

494
00:29:05,880 --> 00:29:08,920
Speaker 1: Rick Davis if if that's the case, I'm just curious

495
00:29:08,920 --> 00:29:11,320
Speaker 1: more about the effectiveness of this message. Does do these

496
00:29:11,320 --> 00:29:15,400
Speaker 1: storms heighten the urgency? Yeah, they tend to grab the

497
00:29:15,400 --> 00:29:18,960
Speaker 1: headline and and no insensitivity associated with it. I think

498
00:29:19,280 --> 00:29:21,560
Speaker 1: Iden did do a good job of pointing out that

499
00:29:21,600 --> 00:29:23,840
Speaker 1: more people were killed in this hurricane in New Jersey,

500
00:29:23,960 --> 00:29:26,640
Speaker 1: New York, in Connecticut and Delaware than they were when

501
00:29:26,680 --> 00:29:30,440
Speaker 1: a Category four hit the coast of Louisiana. So UM,

502
00:29:30,560 --> 00:29:33,880
Speaker 1: I think that what he's trying to do is build

503
00:29:33,960 --> 00:29:37,680
Speaker 1: momentum for a major push by this administration on climate

504
00:29:38,040 --> 00:29:43,000
Speaker 1: as we get into the Glasgow cop which he will

505
00:29:43,000 --> 00:29:46,280
Speaker 1: attend and which will become a centerpiece of his global

506
00:29:46,360 --> 00:29:49,560
Speaker 1: climate initiative. And I think he made a hard line

507
00:29:49,960 --> 00:29:53,960
Speaker 1: uh mark on this speech that I watched, which was, uh,

508
00:29:54,080 --> 00:29:58,360
Speaker 1: you know, climate deniers, beware, We're coming after you. We don't.

509
00:29:58,120 --> 00:30:02,760
Speaker 1: We can't continue to deno these these weather events. Scientists

510
00:30:02,800 --> 00:30:06,040
Speaker 1: always worry about putting too much credibility around weather events

511
00:30:06,080 --> 00:30:09,200
Speaker 1: because um weather is caused by a lot of different factors.

512
00:30:09,240 --> 00:30:11,640
Speaker 1: But there's no question that the heating of the Earth

513
00:30:12,160 --> 00:30:14,600
Speaker 1: results in more severe storms, and that's what we're seeing

514
00:30:14,920 --> 00:30:16,560
Speaker 1: as we spend time with the panel, I want to

515
00:30:16,560 --> 00:30:19,600
Speaker 1: ask you about COVID. This would have been a monster

516
00:30:19,720 --> 00:30:23,040
Speaker 1: headline what two months ago at this point now, but

517
00:30:23,120 --> 00:30:27,040
Speaker 1: the US today reached seventy five of adults with at

518
00:30:27,120 --> 00:30:29,760
Speaker 1: least one vaccine dose I'm reading this on the terminal

519
00:30:29,800 --> 00:30:32,600
Speaker 1: as we speak in our White House, corresponded Josh wind

520
00:30:32,600 --> 00:30:35,760
Speaker 1: Grove carries the byline. Three quarters of US adults have

521
00:30:35,840 --> 00:30:38,600
Speaker 1: received at least one dose of a vaccine as of

522
00:30:38,680 --> 00:30:41,840
Speaker 1: this day, Tuesday, a White House official out with that number,

523
00:30:41,840 --> 00:30:44,640
Speaker 1: setting a new milestone in the country's fight against the pandemic.

524
00:30:45,600 --> 00:30:49,120
Speaker 1: As we prepare for a speech from President Biden Thursday, Genie,

525
00:30:49,120 --> 00:30:51,280
Speaker 1: we understand he's going to roll out the way forward

526
00:30:51,360 --> 00:30:53,920
Speaker 1: yet again, kind of a reset on COVID. I presume

527
00:30:54,000 --> 00:30:57,960
Speaker 1: there will be some news on boosters. This is a

528
00:30:58,120 --> 00:31:02,160
Speaker 1: major achievement in a country that doesn't always love vaccines.

529
00:31:03,000 --> 00:31:05,880
Speaker 1: That's right, and it is really important that we mark

530
00:31:05,960 --> 00:31:08,680
Speaker 1: that it's that is the positive news that we're seeing.

531
00:31:08,720 --> 00:31:11,840
Speaker 1: But of course, on the flip side, we're seeing you know,

532
00:31:12,040 --> 00:31:17,840
Speaker 1: case rates, particularly amongst the unvaccinated, that are incredibly high,

533
00:31:17,880 --> 00:31:20,800
Speaker 1: and of course the real concern is the people who

534
00:31:20,880 --> 00:31:23,880
Speaker 1: are in the hospitals dying sick, and of course the

535
00:31:23,920 --> 00:31:27,440
Speaker 1: impact on the country and the inability for us to

536
00:31:27,560 --> 00:31:30,360
Speaker 1: move beyond this pandemic and get the economy back working.

537
00:31:30,680 --> 00:31:33,000
Speaker 1: And you know, I think it's important that President come

538
00:31:33,000 --> 00:31:34,720
Speaker 1: out on Thursday I don't think we have a good

539
00:31:34,720 --> 00:31:36,680
Speaker 1: sense yet as to what he's going to say. We've

540
00:31:36,720 --> 00:31:39,560
Speaker 1: got heard some inklings, but I do think it's important

541
00:31:39,560 --> 00:31:41,680
Speaker 1: he come out, and I really think he is going

542
00:31:41,720 --> 00:31:44,680
Speaker 1: to have to clarify what is going on with these

543
00:31:44,720 --> 00:31:48,880
Speaker 1: booster shots. There's a lot of confusion there public health experts.

544
00:31:49,120 --> 00:31:52,080
Speaker 1: The messaging has been confusing. So I do think we

545
00:31:52,160 --> 00:31:55,680
Speaker 1: need real clarity from the administration on that by Thursday,

546
00:31:55,680 --> 00:31:58,640
Speaker 1: because we're about, you know what, eleven days out and

547
00:31:59,040 --> 00:32:02,200
Speaker 1: that's a particular confusing issue for people. Well, that's true,

548
00:32:02,200 --> 00:32:04,040
Speaker 1: and hopefully the CDC will be doing some of the

549
00:32:04,080 --> 00:32:06,720
Speaker 1: talking as well, so we're not you know, confused between

550
00:32:06,720 --> 00:32:10,400
Speaker 1: the White House and and the agencies. But Rick, I

551
00:32:10,400 --> 00:32:11,960
Speaker 1: guess it's a little too late for Joe Biden to

552
00:32:12,000 --> 00:32:13,560
Speaker 1: take a victory lap on this. Do you have a

553
00:32:13,600 --> 00:32:16,040
Speaker 1: sense of what he might roll out Thursday. They're they're

554
00:32:16,080 --> 00:32:21,520
Speaker 1: describing a six pronged approach because five is not enough, uh,

555
00:32:21,560 --> 00:32:25,600
Speaker 1: in dealing with this. It's just interesting, uh, interesting messaging

556
00:32:25,640 --> 00:32:28,400
Speaker 1: two days before the speech. Yeah, so much for the

557
00:32:28,520 --> 00:32:31,400
Speaker 1: three point plan. Now we've got six points and I'm

558
00:32:31,400 --> 00:32:35,120
Speaker 1: gonna I'm probably gonna fall asleep before we get past five. Look,

559
00:32:35,160 --> 00:32:38,320
Speaker 1: I mean, this is a pandemic that he took very

560
00:32:38,320 --> 00:32:41,479
Speaker 1: seriously when he took over the presidency. Uh. They thrust

561
00:32:41,560 --> 00:32:44,280
Speaker 1: trillions of dollars into its path to try and stop it,

562
00:32:44,640 --> 00:32:46,320
Speaker 1: and they haven't been able to stop it. And as

563
00:32:46,320 --> 00:32:50,680
Speaker 1: a result, Uh, some of these economies, uh, the employment

564
00:32:50,760 --> 00:32:53,480
Speaker 1: rate and things like that have started to slow, and

565
00:32:53,680 --> 00:32:56,600
Speaker 1: his hope for an economic rebound with the GDP and

566
00:32:56,680 --> 00:32:59,440
Speaker 1: excess of you know, five or six percent is starting

567
00:32:59,440 --> 00:33:03,000
Speaker 1: to come into questions. So so this administration is still

568
00:33:03,040 --> 00:33:05,680
Speaker 1: going to be defined by the midterms at least as

569
00:33:05,720 --> 00:33:09,200
Speaker 1: the administration that either did a great job of handling

570
00:33:09,200 --> 00:33:11,920
Speaker 1: the COVID or are still handling it, and we'll get

571
00:33:11,920 --> 00:33:14,720
Speaker 1: back to you with the result. And so I can't

572
00:33:14,760 --> 00:33:17,520
Speaker 1: imagine that that he's going to do anything in this

573
00:33:17,560 --> 00:33:20,640
Speaker 1: speech but try to get the cooperation of that other

574
00:33:23,120 --> 00:33:26,080
Speaker 1: that are unvaccinated, because that's what's continuing to hold the

575
00:33:26,080 --> 00:33:29,600
Speaker 1: economy back, that's what's continuing to ravage the pandemic, and

576
00:33:29,680 --> 00:33:32,200
Speaker 1: until at which point that pandemic is put to rest.

577
00:33:32,600 --> 00:33:35,760
Speaker 1: I can't imagine a situation where his administration is going

578
00:33:35,800 --> 00:33:37,160
Speaker 1: to be able to look up and say, hey, we

579
00:33:37,280 --> 00:33:39,960
Speaker 1: finally accomplished something. I asked you guys this couple of

580
00:33:39,960 --> 00:33:42,280
Speaker 1: months ago, what if Donald Trump got involved here? And

581
00:33:42,320 --> 00:33:45,280
Speaker 1: I don't mean Joe Biden walking out of the the

582
00:33:45,400 --> 00:33:48,240
Speaker 1: Rose Garden, you know, arm in arm with Donald Trump

583
00:33:48,320 --> 00:33:50,680
Speaker 1: telling people to get a vaccination. But as I read today,

584
00:33:50,840 --> 00:33:54,000
Speaker 1: reports suggest that Donald Trump is at least laying the

585
00:33:54,040 --> 00:33:57,000
Speaker 1: foundation for a for a potential second run. Whether or

586
00:33:57,040 --> 00:34:00,040
Speaker 1: not that happens, why not grab the limelight, Rick, if

587
00:34:00,040 --> 00:34:04,000
Speaker 1: you're Donald Trump, grab the limelight right now so you

588
00:34:04,040 --> 00:34:07,840
Speaker 1: can later take credit for people getting the vaccine. Well,

589
00:34:07,880 --> 00:34:10,800
Speaker 1: you know, he tried that out in Alabama a little

590
00:34:10,800 --> 00:34:13,520
Speaker 1: over a week ago at a rally he was having

591
00:34:13,520 --> 00:34:17,200
Speaker 1: and do something big. Well, he got booed by his

592
00:34:17,239 --> 00:34:19,680
Speaker 1: own crowd, and so I think this he probably took

593
00:34:19,719 --> 00:34:22,239
Speaker 1: a big step backwards after he said, yeah, you want

594
00:34:22,239 --> 00:34:24,000
Speaker 1: to go out and get a vaccine and they booed

595
00:34:24,080 --> 00:34:26,080
Speaker 1: him the first time he's ever been booed by his

596
00:34:26,120 --> 00:34:29,120
Speaker 1: own audience. And so I am quite confident that they

597
00:34:29,160 --> 00:34:31,600
Speaker 1: went back tomorrow lago and said, well, we're never doing

598
00:34:31,640 --> 00:34:35,319
Speaker 1: that again. I don't know what that means, Genie, this

599
00:34:35,360 --> 00:34:39,240
Speaker 1: is the man who helped to to get Operation warp

600
00:34:39,320 --> 00:34:42,920
Speaker 1: speed into reality helped get these vaccines made. He did

601
00:34:42,960 --> 00:34:45,759
Speaker 1: into Rick's point. He has, he has said that publicly,

602
00:34:45,800 --> 00:34:48,000
Speaker 1: but you know, you look at recent polls, nine out

603
00:34:48,000 --> 00:34:51,680
Speaker 1: of ten Biden voters vaccinated, only five out of ten

604
00:34:51,760 --> 00:34:55,480
Speaker 1: Trump voters. There is a real political element to all

605
00:34:55,520 --> 00:34:58,600
Speaker 1: of this, and I think a very very difficult position

606
00:34:58,680 --> 00:35:02,719
Speaker 1: for President Biden right now is that when we had

607
00:35:02,800 --> 00:35:05,560
Speaker 1: the first wave of the pandemic, if you will, the

608
00:35:05,600 --> 00:35:08,200
Speaker 1: government was stepping in the federal government to help. But

609
00:35:08,239 --> 00:35:11,040
Speaker 1: as you just mentioned, though, that help is you know,

610
00:35:11,160 --> 00:35:14,319
Speaker 1: slowly or quickly going away, and we are in yet

611
00:35:14,320 --> 00:35:18,000
Speaker 1: another wave. What do we do about that is a big,

612
00:35:18,040 --> 00:35:21,279
Speaker 1: big challenge. So the President's got to make this six

613
00:35:21,320 --> 00:35:23,319
Speaker 1: pron case. We've got to keep Rick away for all

614
00:35:23,320 --> 00:35:25,080
Speaker 1: six but you've got to get the six pron case

615
00:35:25,120 --> 00:35:27,799
Speaker 1: out there. And he's got to get the private sector

616
00:35:28,000 --> 00:35:29,880
Speaker 1: involved in this. They already are, but he's got to

617
00:35:29,920 --> 00:35:32,640
Speaker 1: get them involved in this, you know, trying to push

618
00:35:32,680 --> 00:35:35,120
Speaker 1: for these vaccines via private mandate, because he doesn't have

619
00:35:35,160 --> 00:35:37,200
Speaker 1: the power to do that publicly. I don't know Rick's

620
00:35:37,200 --> 00:35:38,560
Speaker 1: good for at least three of them. We're going to

621
00:35:38,640 --> 00:35:41,040
Speaker 1: find out on Thursday, and I hope you're both with us.

622
00:35:41,280 --> 00:35:45,240
Speaker 1: Rick and Jennie are Bloomberg political contributors, Just a taste

623
00:35:45,239 --> 00:35:47,480
Speaker 1: for you. In Boston, we do this every day. It's

624
00:35:47,520 --> 00:35:48,840
Speaker 1: called Bloomberg Sound on