1 00:00:02,920 --> 00:00:10,600 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the 2 00:00:10,640 --> 00:00:14,560 Speaker 1: Bloomberg Balance of Power podcast. Catch Just Live weekdays at 3 00:00:14,560 --> 00:00:17,239 Speaker 1: noon Eastern on Appo, CarPlay, and then Roudoo with the 4 00:00:17,239 --> 00:00:21,200 Speaker 1: Bloomberg Business app. Listen on demand wherever you get your podcasts, 5 00:00:21,400 --> 00:00:23,600 Speaker 1: or watch us live on YouTube. 6 00:00:25,800 --> 00:00:28,560 Speaker 2: Wednesday's going to be a big day as well. Friday 7 00:00:28,560 --> 00:00:31,880 Speaker 2: fiscal policy, Wednesday monetary policy, because we will get a 8 00:00:31,880 --> 00:00:34,360 Speaker 2: decision from the Federal Reserve, though they're not expected to 9 00:00:34,400 --> 00:00:37,080 Speaker 2: cut rates at this meeting or even signal when they 10 00:00:37,080 --> 00:00:39,760 Speaker 2: will be cutting rates, which means for the time being, 11 00:00:40,200 --> 00:00:42,159 Speaker 2: rates will stay at the high levels where they sit 12 00:00:42,200 --> 00:00:42,360 Speaker 2: in it. 13 00:00:42,840 --> 00:00:44,840 Speaker 3: Yeah, that's absolutely right. We'll be counting down to special 14 00:00:44,840 --> 00:00:47,840 Speaker 3: coverage and decision at this time tomorrow, and that will 15 00:00:47,880 --> 00:00:50,280 Speaker 3: be the story. That is what everyone will be talking about. 16 00:00:50,680 --> 00:00:52,600 Speaker 3: But as we think back to President Biden's State of 17 00:00:52,600 --> 00:00:54,960 Speaker 3: the Union address and the more than two hundred and 18 00:00:55,000 --> 00:00:57,760 Speaker 3: fifty billion dollars in housing investments that the White House 19 00:00:57,800 --> 00:01:00,440 Speaker 3: is rolling out here, so much of that is Kaylee 20 00:01:00,640 --> 00:01:04,280 Speaker 3: keys on interest rates. When you consider this sort of 21 00:01:04,400 --> 00:01:06,880 Speaker 3: frozen market that we're in, a lot of people feel 22 00:01:06,880 --> 00:01:09,679 Speaker 3: like they're nailed in place because of the rates that 23 00:01:09,720 --> 00:01:12,920 Speaker 3: they might adjust to, and then of course you've got 24 00:01:12,920 --> 00:01:17,119 Speaker 3: the cross currents of supply and demand. Young people trying 25 00:01:17,120 --> 00:01:19,640 Speaker 3: to break into this housing market are beating their head 26 00:01:19,640 --> 00:01:20,480 Speaker 3: against the wall. 27 00:01:21,200 --> 00:01:25,240 Speaker 2: Myself being you know about this just for full disclosure purposes, 28 00:01:25,240 --> 00:01:28,400 Speaker 2: but yes, you have high interest rates which are crumping affordability, 29 00:01:28,400 --> 00:01:30,319 Speaker 2: but also meaning that a lot of people don't want 30 00:01:30,360 --> 00:01:32,400 Speaker 2: to let go of the mortgage rate they have at 31 00:01:32,440 --> 00:01:35,560 Speaker 2: the moment. If it's lower, that means constrained supply. Rules 32 00:01:35,560 --> 00:01:37,400 Speaker 2: of supply and demand dictate when there's not a lot 33 00:01:37,440 --> 00:01:40,200 Speaker 2: of supply out there, it pushes up prices, and that's 34 00:01:40,240 --> 00:01:41,640 Speaker 2: certainly a phenomenon that we have seen. 35 00:01:42,200 --> 00:01:44,600 Speaker 3: Yes, indeed, which brings us to a special conversation. We're 36 00:01:44,600 --> 00:01:46,240 Speaker 3: going to go to the White House for this one. 37 00:01:46,360 --> 00:01:49,840 Speaker 3: Daniel Hornan is Deputy Director of the White House's National 38 00:01:49,880 --> 00:01:52,960 Speaker 3: Economic Council and with us for the first time here 39 00:01:53,000 --> 00:01:55,040 Speaker 3: on balance of power. Daniel, it's great to see you 40 00:01:55,120 --> 00:01:59,000 Speaker 3: based on the scenario that we just described here, not 41 00:01:59,080 --> 00:02:01,360 Speaker 3: only supply and because I know you're trying to get 42 00:02:01,400 --> 00:02:05,400 Speaker 3: to lower costs and to increase inventory, but for the 43 00:02:05,440 --> 00:02:08,880 Speaker 3: time being, as long as interest rates remain where they are. 44 00:02:09,720 --> 00:02:11,200 Speaker 3: Does the market remain frozen? 45 00:02:13,080 --> 00:02:15,000 Speaker 4: Well, it's good to be with you, you know. I 46 00:02:15,000 --> 00:02:17,359 Speaker 4: think it's an important question. And the President's going to 47 00:02:17,440 --> 00:02:20,639 Speaker 4: talk about housing policy when he travels to Las Vegas today, 48 00:02:20,919 --> 00:02:23,040 Speaker 4: and I think we really need an approach on housing 49 00:02:23,040 --> 00:02:27,239 Speaker 4: policy that goes at putting incentives in place to add 50 00:02:27,280 --> 00:02:29,560 Speaker 4: to the supply of housing. So his plan that he's 51 00:02:29,600 --> 00:02:32,560 Speaker 4: sent to Congress would lead to the construction of two 52 00:02:32,600 --> 00:02:35,640 Speaker 4: million homes. But we also need to take action that 53 00:02:35,720 --> 00:02:39,400 Speaker 4: goes at unlocking the housing market now, supporting renters now. 54 00:02:39,760 --> 00:02:41,840 Speaker 4: So his plan really tries to go at all of 55 00:02:41,880 --> 00:02:44,040 Speaker 4: those pieces. You talked a little bit about the for 56 00:02:44,160 --> 00:02:47,160 Speaker 4: sale market. It includes a tax credit that would be 57 00:02:47,200 --> 00:02:50,520 Speaker 4: targeted at first time home buyers and a tax credit 58 00:02:50,520 --> 00:02:53,280 Speaker 4: to try to get some starter home inventory on the market. 59 00:02:53,320 --> 00:02:56,880 Speaker 4: We think together that would be an important bridge to 60 00:02:57,000 --> 00:02:59,600 Speaker 4: more supply coming online. 61 00:03:00,040 --> 00:03:03,240 Speaker 2: Well, Daniel, you mentioned how the President has set a 62 00:03:03,280 --> 00:03:05,680 Speaker 2: plan to Congress which includes a lot of components of 63 00:03:05,720 --> 00:03:08,680 Speaker 2: this policy. And yet we're familiar with this Congress. We 64 00:03:08,760 --> 00:03:12,200 Speaker 2: know that it is not entirely in control of the Democrats. 65 00:03:12,200 --> 00:03:14,560 Speaker 2: It is indeed divided. It's proven very difficult to get 66 00:03:14,560 --> 00:03:17,760 Speaker 2: anything over the finish line, including just appropriations bills for 67 00:03:17,960 --> 00:03:20,680 Speaker 2: the current fiscal year, not even getting to the fiscal 68 00:03:20,760 --> 00:03:24,480 Speaker 2: year that the President has outlined for next year yet. 69 00:03:25,000 --> 00:03:27,640 Speaker 2: So what can be done immediately that isn't going to 70 00:03:27,680 --> 00:03:31,480 Speaker 2: require congressional approval when we know that that is probably 71 00:03:31,520 --> 00:03:33,520 Speaker 2: all but impossible to secure right now. 72 00:03:34,800 --> 00:03:36,800 Speaker 4: Well, let me just say that, you know, the President 73 00:03:36,840 --> 00:03:40,120 Speaker 4: will be making the case about the necessity of these investments. 74 00:03:40,200 --> 00:03:43,720 Speaker 4: There's never been a better time to make a substantial 75 00:03:43,760 --> 00:03:46,960 Speaker 4: investment in boosting the supply of housing and getting relief 76 00:03:47,040 --> 00:03:50,200 Speaker 4: to home buyers and to renters. To your question, though, 77 00:03:50,240 --> 00:03:52,840 Speaker 4: I think the President will also in Las Vegas today 78 00:03:52,920 --> 00:03:56,280 Speaker 4: be talking about steps the administration has already taken and 79 00:03:56,480 --> 00:03:59,440 Speaker 4: is taking to try to get more financing flowing to 80 00:03:59,520 --> 00:04:03,520 Speaker 4: affordable housing construction, to try to reduce barriers to building 81 00:04:04,120 --> 00:04:06,440 Speaker 4: throughout the country and in the state of the Union. 82 00:04:06,440 --> 00:04:09,240 Speaker 4: He also talked about some additional steps that federal agencies 83 00:04:09,280 --> 00:04:11,840 Speaker 4: have taken to started going at lowering some of the 84 00:04:11,840 --> 00:04:15,000 Speaker 4: closing costs that homeowners and home buyers face as well. 85 00:04:15,400 --> 00:04:17,960 Speaker 4: So I think there are actions that we can take 86 00:04:18,000 --> 00:04:19,880 Speaker 4: on our own that we're continuing to take on our 87 00:04:19,920 --> 00:04:22,800 Speaker 4: own but we'll continue to call on Congress to act. 88 00:04:22,880 --> 00:04:26,080 Speaker 4: This is a challenge throughout the country. We've made real 89 00:04:26,120 --> 00:04:29,599 Speaker 4: progress in bringing inflation down while keeping a strong job market, 90 00:04:29,720 --> 00:04:32,680 Speaker 4: but housing remains a key challenge for families throughout the 91 00:04:32,680 --> 00:04:35,479 Speaker 4: country and one where you'll hear the President continue to 92 00:04:35,520 --> 00:04:36,960 Speaker 4: advocate for congressional action. 93 00:04:38,240 --> 00:04:40,720 Speaker 3: Janiel, I want to ask you about a component in 94 00:04:40,760 --> 00:04:45,520 Speaker 3: this package of proposals that is aimed at not first 95 00:04:45,560 --> 00:04:50,120 Speaker 3: time home buyers, but first generation home buyers, and the 96 00:04:50,120 --> 00:04:53,200 Speaker 3: way that you're delineating this, it's twenty five thousand dollars 97 00:04:53,200 --> 00:04:56,799 Speaker 3: in down payment assistance to home buyers you describe whose 98 00:04:56,839 --> 00:05:01,320 Speaker 3: families have not benefited from the generational wealth building associated 99 00:05:01,360 --> 00:05:05,080 Speaker 3: with home ownership. How do you qualify those people and 100 00:05:05,120 --> 00:05:06,120 Speaker 3: how large is that group? 101 00:05:07,960 --> 00:05:11,320 Speaker 4: Well, we estimate that around four hundred thousand people could 102 00:05:11,400 --> 00:05:15,120 Speaker 4: benefit from a proposal like this, And as you say, 103 00:05:15,240 --> 00:05:17,280 Speaker 4: this is not just for first time home buyers, but 104 00:05:17,320 --> 00:05:21,320 Speaker 4: it's additional support for folks whose parents haven't owned homes either. 105 00:05:21,560 --> 00:05:23,680 Speaker 4: It really gets at the fact that we know that 106 00:05:24,120 --> 00:05:27,320 Speaker 4: in today's market, the down payment is a barrier to 107 00:05:27,480 --> 00:05:31,800 Speaker 4: entry for many folks who haven't built substantial wealth. And 108 00:05:31,920 --> 00:05:34,680 Speaker 4: one way that some people get around that is their 109 00:05:34,720 --> 00:05:37,880 Speaker 4: parents who have built wealth help them with the down payment. 110 00:05:37,920 --> 00:05:41,440 Speaker 4: That's obviously not an option that's available to everybody, and 111 00:05:41,480 --> 00:05:44,720 Speaker 4: so this tries to level the playing field and provide 112 00:05:44,760 --> 00:05:47,800 Speaker 4: additional support to folks whose parents haven't owned a home 113 00:05:47,800 --> 00:05:49,040 Speaker 4: and they haven't owned a home either. 114 00:05:51,040 --> 00:05:54,240 Speaker 2: Well, Daniel, as we started off this conversation by saying, 115 00:05:54,240 --> 00:05:56,599 Speaker 2: obviously there is a FED rate decision tomorrow, and I 116 00:05:56,640 --> 00:05:58,359 Speaker 2: know the White House is not in the business of 117 00:05:58,360 --> 00:06:01,960 Speaker 2: commenting directly on FED. But whether it is the impact 118 00:06:02,080 --> 00:06:05,200 Speaker 2: on the housing market or potentially future impact on the 119 00:06:05,279 --> 00:06:08,360 Speaker 2: labor market as you assess the economy as you see it, now, 120 00:06:08,400 --> 00:06:12,080 Speaker 2: what risks out there do you see related to policy 121 00:06:12,480 --> 00:06:15,760 Speaker 2: potentially staying too tight for too long? 122 00:06:17,720 --> 00:06:20,080 Speaker 4: Well, you'll definitely you're definitely right. I'll do the standard 123 00:06:20,080 --> 00:06:23,640 Speaker 4: caveat that. Obviously, I won't comment on monetary policy. You know, 124 00:06:23,720 --> 00:06:27,200 Speaker 4: taking a step back, we've seen real progress on inflation 125 00:06:27,320 --> 00:06:30,120 Speaker 4: coming down from you know, the nine percent range to 126 00:06:30,160 --> 00:06:34,600 Speaker 4: the three percent range, that core PCE measure down below 127 00:06:35,120 --> 00:06:37,919 Speaker 4: three percent and projected to continue to fall over the 128 00:06:37,960 --> 00:06:41,640 Speaker 4: course of the year. And so you know, critically we've 129 00:06:41,680 --> 00:06:44,880 Speaker 4: made that progress while maintaining a strong job market, a 130 00:06:44,960 --> 00:06:50,040 Speaker 4: strong economy. We really look for that progress to continue, 131 00:06:50,360 --> 00:06:54,000 Speaker 4: and you know, we're obviously in the business of monitoring 132 00:06:54,040 --> 00:06:58,480 Speaker 4: all risks on the horizon, and we do that consistently. 133 00:06:58,520 --> 00:07:00,760 Speaker 4: But I think where we sit now feel good about 134 00:07:00,760 --> 00:07:04,120 Speaker 4: the direction of the economy, continued growth in the economy, 135 00:07:04,120 --> 00:07:05,840 Speaker 4: as inflation continues to come down. 136 00:07:07,160 --> 00:07:09,400 Speaker 3: I want to ask you lastly, Daniel, while you were 137 00:07:09,400 --> 00:07:11,480 Speaker 3: with us about this settlement last week with the National 138 00:07:11,520 --> 00:07:15,480 Speaker 3: Association of Realtors, that you call in your release an 139 00:07:15,520 --> 00:07:19,600 Speaker 3: important step toward boosting competition in the housing market, and 140 00:07:19,640 --> 00:07:22,920 Speaker 3: you say that competition could save as much as ten 141 00:07:23,080 --> 00:07:26,560 Speaker 3: thousand dollars on a median home sale. That sounds like 142 00:07:27,160 --> 00:07:29,920 Speaker 3: something that we don't need Congress's help on. Is that right? 143 00:07:32,160 --> 00:07:33,960 Speaker 4: As you said? I mean, I think this was an 144 00:07:33,960 --> 00:07:37,720 Speaker 4: important step. We are still early in the process where 145 00:07:38,000 --> 00:07:40,120 Speaker 4: this will need to get worked out, but I think 146 00:07:40,160 --> 00:07:43,080 Speaker 4: that one of the things that we feel very strongly 147 00:07:43,120 --> 00:07:46,680 Speaker 4: about is that as we get more competition and more 148 00:07:47,320 --> 00:07:50,040 Speaker 4: choice of the fee structure, you should start to see 149 00:07:50,080 --> 00:07:53,320 Speaker 4: lower costs for consumers. And we'll need to make sure 150 00:07:53,320 --> 00:07:56,800 Speaker 4: that first time home buyers are protected and that we're 151 00:07:56,840 --> 00:08:00,960 Speaker 4: monitoring this developments as the new these structures are put 152 00:08:01,000 --> 00:08:03,600 Speaker 4: in place, but we think that this reported settlement is 153 00:08:03,600 --> 00:08:06,760 Speaker 4: an important step early days still, but an important step 154 00:08:06,800 --> 00:08:09,560 Speaker 4: in boosting competition and lowering costs. 155 00:08:10,440 --> 00:08:12,520 Speaker 2: All Right, Daniel, thank you so much for joining us 156 00:08:12,520 --> 00:08:15,680 Speaker 2: here on Bloomberg TV and Radio. That's Daniel Hornung, Deputy 157 00:08:15,680 --> 00:08:19,720 Speaker 2: director of the White House's National Economic Council, talking there 158 00:08:20,120 --> 00:08:24,000 Speaker 2: about some of the policy initiatives in regard to housing 159 00:08:24,000 --> 00:08:26,600 Speaker 2: that we're going to hear from President Biden talking about 160 00:08:26,800 --> 00:08:29,880 Speaker 2: in Nevada today. But of course, as we discussed with Daniel, 161 00:08:29,880 --> 00:08:33,439 Speaker 2: a lot of that does depend on Congressional approval, and 162 00:08:33,520 --> 00:08:35,680 Speaker 2: in the meantime, Congress is still trying to work to 163 00:08:35,720 --> 00:08:38,800 Speaker 2: approve to actually get across the finish line appropriations bills 164 00:08:39,200 --> 00:08:41,840 Speaker 2: for the fiscal year. We are almost halfway through at 165 00:08:41,840 --> 00:08:43,480 Speaker 2: this time. And on that note, we want to turn 166 00:08:43,520 --> 00:08:48,280 Speaker 2: out to shy Akaba's Bipartisan Policy Center, executive director of 167 00:08:48,320 --> 00:08:51,079 Speaker 2: the Economic Policy Program, as we think about the pretty 168 00:08:51,120 --> 00:08:55,400 Speaker 2: broken fiscal process here in Washington. Shai, it's great to 169 00:08:55,440 --> 00:08:58,000 Speaker 2: have you on the show. It seems as though we 170 00:08:58,040 --> 00:09:00,840 Speaker 2: do have a deal, it doesn't necessarily a short a 171 00:09:00,880 --> 00:09:04,240 Speaker 2: shutdown even just a short shutdown will be entirely avoided. 172 00:09:04,240 --> 00:09:06,720 Speaker 2: But my question is more, if it's this difficult to 173 00:09:06,720 --> 00:09:10,480 Speaker 2: get this done in March, when we're about halfway through 174 00:09:10,520 --> 00:09:12,440 Speaker 2: the fiscal year, how hard is it going to be 175 00:09:13,200 --> 00:09:16,000 Speaker 2: on September thirtieth, when all of this expires and we're 176 00:09:16,080 --> 00:09:17,960 Speaker 2: just about a month out from an election. 177 00:09:19,840 --> 00:09:23,520 Speaker 5: Yeah, we've found ourselves into this in this recurring cycle 178 00:09:23,679 --> 00:09:26,720 Speaker 5: of governing and budgeting by crisis, whether it's on the 179 00:09:26,720 --> 00:09:30,200 Speaker 5: debt limit as we've seen most recently last summer, or 180 00:09:31,160 --> 00:09:33,800 Speaker 5: now on the government shutdown, and we were likely, as 181 00:09:33,840 --> 00:09:35,520 Speaker 5: you said, be back here again at the end of 182 00:09:35,520 --> 00:09:39,600 Speaker 5: this fiscal year come October one. So this is a 183 00:09:39,760 --> 00:09:41,880 Speaker 5: problem for our country because it means that we have 184 00:09:41,920 --> 00:09:45,520 Speaker 5: such severe dysfunction that we can't even finish the basic 185 00:09:45,600 --> 00:09:47,840 Speaker 5: priorities of governing, much less think about what our priorities 186 00:09:47,840 --> 00:09:50,840 Speaker 5: should be for the future or fixing the massive fiscal 187 00:09:50,880 --> 00:09:53,120 Speaker 5: problem that we have. As you said, we are one 188 00:09:53,160 --> 00:09:56,880 Speaker 5: hundred seventy days into the fiscal year already. It's crazy 189 00:09:56,960 --> 00:09:59,320 Speaker 5: that we have not allocated our budgets yet in a 190 00:09:59,320 --> 00:10:03,200 Speaker 5: way that allocates money to the priorities that we have 191 00:10:03,280 --> 00:10:05,120 Speaker 5: for this year. And then allows us to start thinking 192 00:10:05,120 --> 00:10:07,520 Speaker 5: about next year. The President just laid out his vision 193 00:10:07,559 --> 00:10:09,839 Speaker 5: for next year's budget at the recent State of the Union, 194 00:10:10,080 --> 00:10:12,600 Speaker 5: but we're still haggling over one percent of the budget, 195 00:10:12,600 --> 00:10:14,840 Speaker 5: which is the difference between what Republicans would prefer to 196 00:10:14,840 --> 00:10:17,839 Speaker 5: spend here and Democrats when it comes to fiscal year 197 00:10:17,880 --> 00:10:20,040 Speaker 5: twenty twenty four, the year that we are currently in. 198 00:10:20,280 --> 00:10:22,480 Speaker 5: So this is really a problem, and it's a pattern 199 00:10:22,480 --> 00:10:24,680 Speaker 5: that we've seen in recent years and decades. 200 00:10:26,160 --> 00:10:28,440 Speaker 3: Well, Shy, I'm just going to crinkle up my questions 201 00:10:28,480 --> 00:10:31,240 Speaker 3: here because Kaylee now has me depressed through September thirtieth, 202 00:10:32,960 --> 00:10:35,200 Speaker 3: I suppose I should ask you about this weekend. Are 203 00:10:35,240 --> 00:10:36,800 Speaker 3: we going to shut down for a couple of days 204 00:10:36,880 --> 00:10:39,360 Speaker 3: or do you think Mike Johnson has one more cr 205 00:10:39,400 --> 00:10:40,400 Speaker 3: and them. 206 00:10:41,040 --> 00:10:42,760 Speaker 5: The good news is we can see the finish line 207 00:10:42,800 --> 00:10:45,160 Speaker 5: on appropriations for the year that we are currently in. 208 00:10:45,280 --> 00:10:48,240 Speaker 5: It sounds like from recent reports that a deal will 209 00:10:48,280 --> 00:10:50,600 Speaker 5: be released in the next twenty four to forty eight hours, 210 00:10:50,840 --> 00:10:52,960 Speaker 5: which will mean that they could hypothetically vote on it 211 00:10:53,000 --> 00:10:56,440 Speaker 5: over the weekend and avoid a shutdown next week. But 212 00:10:56,520 --> 00:10:58,400 Speaker 5: as you note, that will still mean that there would 213 00:10:58,440 --> 00:11:01,080 Speaker 5: be a shutdown over the weekend. While that won't impact 214 00:11:01,080 --> 00:11:04,000 Speaker 5: a lot of Americans in their daily lives, it's incredibly 215 00:11:04,000 --> 00:11:07,640 Speaker 5: inefficient for the government to continue from cr continuing resolution 216 00:11:07,760 --> 00:11:10,880 Speaker 5: to continuing resolution and to have these shutdowns, because what 217 00:11:10,920 --> 00:11:13,560 Speaker 5: that means is that thousands of government employees have to 218 00:11:13,559 --> 00:11:16,800 Speaker 5: spend their time preparing the government to shut down and 219 00:11:16,840 --> 00:11:20,160 Speaker 5: then quote unquote reopening the government when appropriations are in 220 00:11:20,160 --> 00:11:23,800 Speaker 5: place on Monday morning. That's such a waste of taxpayer dollars. 221 00:11:23,800 --> 00:11:26,400 Speaker 5: And at a time when we have trillions and trillions 222 00:11:26,440 --> 00:11:29,120 Speaker 5: of dollars in debt piling up, this is the last 223 00:11:29,120 --> 00:11:30,160 Speaker 5: thing we should be doing. 224 00:11:31,559 --> 00:11:31,760 Speaker 6: Well. 225 00:11:31,800 --> 00:11:35,120 Speaker 2: I'm sure that taxpayers often look to Washington and find 226 00:11:35,160 --> 00:11:38,160 Speaker 2: themselves frustrated with what they see in the difficulty of 227 00:11:38,200 --> 00:11:41,720 Speaker 2: doing the very basics of governing and seeing these things 228 00:11:41,800 --> 00:11:43,880 Speaker 2: get done. But it begs the question, shy of whether 229 00:11:44,080 --> 00:11:46,959 Speaker 2: this is fixable or if this process is just simply 230 00:11:47,000 --> 00:11:50,120 Speaker 2: broken beyond repair, and the process itself is what needs 231 00:11:50,120 --> 00:11:50,880 Speaker 2: to be reformed. 232 00:11:52,440 --> 00:11:53,320 Speaker 7: It's a little bit of both. 233 00:11:53,440 --> 00:11:56,440 Speaker 5: We are at the fiftieth anniversary of the Congressional Budget Act, 234 00:11:56,440 --> 00:11:58,760 Speaker 5: which was put in place in nineteen seventy four to 235 00:11:58,840 --> 00:12:02,760 Speaker 5: try to lay out a reasonable budget process for Congress 236 00:12:02,760 --> 00:12:05,560 Speaker 5: and policymakers to follow that worked for a period of time. 237 00:12:05,760 --> 00:12:08,000 Speaker 7: It's seen its ups and downs, but it's time for 238 00:12:08,040 --> 00:12:08,559 Speaker 7: a refresh. 239 00:12:08,640 --> 00:12:11,560 Speaker 5: We need reforms on the budget process to help us 240 00:12:11,600 --> 00:12:14,439 Speaker 5: get out of this governing by crisis cycle that we've 241 00:12:14,480 --> 00:12:15,000 Speaker 5: gotten into. 242 00:12:15,200 --> 00:12:16,720 Speaker 7: That's not going to fix all our problems. 243 00:12:16,800 --> 00:12:19,840 Speaker 5: The polarization that we have in our society today is 244 00:12:19,880 --> 00:12:22,880 Speaker 5: really at the root. But we need to avoid doing 245 00:12:23,760 --> 00:12:26,440 Speaker 5: this self inflicted damage that we get when we recurringly 246 00:12:26,520 --> 00:12:29,600 Speaker 5: hit the debt limit and these government shutdown impasses. We 247 00:12:29,640 --> 00:12:31,920 Speaker 5: can have a more rational system that takes away that 248 00:12:32,000 --> 00:12:35,000 Speaker 5: brinksmanship and replaces it with at least trying to have 249 00:12:35,040 --> 00:12:38,840 Speaker 5: a sensible conversation about how we do tackle our trillions 250 00:12:38,840 --> 00:12:41,520 Speaker 5: of dollars in debt and how we reform our major 251 00:12:41,559 --> 00:12:44,800 Speaker 5: spending programs and get enough revenues coming into the government 252 00:12:44,960 --> 00:12:47,680 Speaker 5: to bring those lines closer together over time and put 253 00:12:47,679 --> 00:12:49,559 Speaker 5: ourselves on a fiscally sustainable path. 254 00:12:50,600 --> 00:12:53,559 Speaker 3: Well, shy Speaker Mike Johnson seems to think four spending 255 00:12:53,640 --> 00:12:57,600 Speaker 3: deadlines a year might actually help, which some think would 256 00:12:57,679 --> 00:13:03,160 Speaker 3: lead to perpetual shutdown conversations, as if we're not already 257 00:13:03,200 --> 00:13:05,800 Speaker 3: in them. Is that something the Bipartisan Policy Center likes 258 00:13:05,800 --> 00:13:06,240 Speaker 3: the sound of. 259 00:13:07,760 --> 00:13:10,240 Speaker 7: I don't think we need more deadlines for ourselves. 260 00:13:10,320 --> 00:13:14,360 Speaker 5: What I do think we need is a logical default 261 00:13:14,400 --> 00:13:17,720 Speaker 5: option where we are proceeding on a path that makes 262 00:13:17,840 --> 00:13:22,440 Speaker 5: sense and gives the option for policy makers to adjust 263 00:13:22,520 --> 00:13:25,439 Speaker 5: as they see fit. So, for example, on the debt limit, 264 00:13:25,480 --> 00:13:27,760 Speaker 5: what we need is a process where we don't have 265 00:13:27,760 --> 00:13:30,280 Speaker 5: the brinksmanship. We get rid of that risk to our economy, 266 00:13:30,559 --> 00:13:33,280 Speaker 5: but we do have a logical conversation every year every 267 00:13:33,320 --> 00:13:37,400 Speaker 5: two years about policies that would actually stabilize our debt. 268 00:13:37,640 --> 00:13:39,680 Speaker 5: And when it comes to government shutdowns, we need a 269 00:13:39,679 --> 00:13:42,439 Speaker 5: policy that's called an automatic continuing resolution, where if the 270 00:13:42,480 --> 00:13:45,400 Speaker 5: government does not act and change their priorities for the 271 00:13:45,400 --> 00:13:47,760 Speaker 5: next year, that we will put in place the same 272 00:13:47,760 --> 00:13:49,400 Speaker 5: priorities as we had last year. 273 00:13:49,480 --> 00:13:52,160 Speaker 7: No shutdown, but there will be incentives in place. 274 00:13:51,880 --> 00:13:53,520 Speaker 5: For Congress to come to the table and figure out 275 00:13:53,559 --> 00:13:56,520 Speaker 5: what this year's priorities should be via the last year's priorities. 276 00:13:56,600 --> 00:13:58,360 Speaker 5: Those are a couple of the kinds of reforms that 277 00:13:58,400 --> 00:14:00,640 Speaker 5: we would get rid of this sprinksmanship. It won't solve 278 00:14:00,679 --> 00:14:03,280 Speaker 5: all the problems. It's not going to magically get rid 279 00:14:03,360 --> 00:14:05,440 Speaker 5: of the debates that we have in Washington over the budget. 280 00:14:05,600 --> 00:14:06,720 Speaker 7: But it would at least put. 281 00:14:06,600 --> 00:14:08,720 Speaker 5: Us on a more sensible course than what we've been 282 00:14:08,760 --> 00:14:09,720 Speaker 5: seeing in recent years. 283 00:14:11,000 --> 00:14:13,160 Speaker 3: All Right, Shi, it's great to have you, Shy Accompas 284 00:14:13,240 --> 00:14:15,839 Speaker 3: from the Bipartisan Policy Center where his executive director of 285 00:14:15,880 --> 00:14:19,480 Speaker 3: the Economic Policy Program. We really enjoyed the conversation, Shy. 286 00:14:19,560 --> 00:14:22,320 Speaker 3: Don't be a stranger. We're neighbors here in downtown Washington. 287 00:14:22,640 --> 00:14:25,440 Speaker 3: It gives you a sense of how much love there 288 00:14:25,520 --> 00:14:26,600 Speaker 3: is for the way things are. 289 00:14:26,520 --> 00:14:29,720 Speaker 2: Going on the hill, right, love totally. 290 00:14:29,760 --> 00:14:33,000 Speaker 3: The worst four deadlines a year, just let that marinate 291 00:14:33,040 --> 00:14:33,520 Speaker 3: for a while. 292 00:14:33,920 --> 00:14:37,200 Speaker 2: Just makes me feel a little anxious already. And of 293 00:14:37,240 --> 00:14:41,000 Speaker 2: course when we talk about fiscal policy and an increasing 294 00:14:41,080 --> 00:14:43,040 Speaker 2: debt load that the United States is facing, it brings 295 00:14:43,120 --> 00:14:45,480 Speaker 2: us right back to Fed policy and the level of 296 00:14:45,480 --> 00:14:47,760 Speaker 2: interest rates, and certainly Chairman Pal has to at least 297 00:14:47,760 --> 00:14:48,920 Speaker 2: give that some consideration. 298 00:14:49,080 --> 00:14:50,480 Speaker 3: That'll be the conversation tomorrow. 299 00:14:50,680 --> 00:14:52,640 Speaker 2: Indeed, right here on Bloomberg is Bloomberg. 300 00:14:55,960 --> 00:14:59,280 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Can 301 00:14:59,480 --> 00:15:02,480 Speaker 1: just lie weekdays at noon Eastern on Applecarplay and then 302 00:15:02,600 --> 00:15:05,200 Speaker 1: roud Oro with the Bloomberg business ad. You can also 303 00:15:05,240 --> 00:15:08,440 Speaker 1: listen live on Amazon Alexa from our flagship New York 304 00:15:08,480 --> 00:15:12,600 Speaker 1: station just Say Alexa playing Bloomberg eleven thirty. 305 00:15:14,120 --> 00:15:17,400 Speaker 2: Joe and I indeed are here in Washington, where usually 306 00:15:17,440 --> 00:15:20,120 Speaker 2: the President of the United States spends most of his time, 307 00:15:20,200 --> 00:15:23,120 Speaker 2: but since his State of the Union address earlier this month, 308 00:15:23,120 --> 00:15:25,800 Speaker 2: he's been spending a lot of time Joe elsewhere, including 309 00:15:26,280 --> 00:15:29,360 Speaker 2: in the critical swing states that ultimately will decide the 310 00:15:29,400 --> 00:15:35,120 Speaker 2: outcome of the election in November. He's gone to Pennsylvania, Michigan, Georgia, Wisconsin, 311 00:15:35,160 --> 00:15:38,320 Speaker 2: and now he heads west. Will be in Nevada today. 312 00:15:38,520 --> 00:15:41,040 Speaker 3: Yep, this is the road show, but we knew would follow. 313 00:15:41,080 --> 00:15:43,760 Speaker 3: He and the cabinet fanning out around the country, and 314 00:15:43,800 --> 00:15:47,680 Speaker 3: then other officials like Daniel Hornham, who just joined us 315 00:15:47,680 --> 00:15:50,120 Speaker 3: from the White House, are having conversations like this with 316 00:15:50,160 --> 00:15:53,200 Speaker 3: members of the media, with members of Congress to try 317 00:15:53,240 --> 00:15:55,000 Speaker 3: to move the needle on some of these proposals. There's 318 00:15:55,040 --> 00:15:57,280 Speaker 3: so many of them. Yeah, but for Joe Biden, it 319 00:15:57,320 --> 00:16:00,600 Speaker 3: really seems he's crystallizing things around the economy. Housing was 320 00:16:00,600 --> 00:16:03,280 Speaker 3: our topic of conversation. That's a big deal in Nevada, 321 00:16:03,360 --> 00:16:04,120 Speaker 3: right now, Yeah, and. 322 00:16:04,040 --> 00:16:06,440 Speaker 2: That's exactly what he's going to be speaking about today. 323 00:16:06,480 --> 00:16:09,640 Speaker 2: Economic policy seems to be something really he is focusing on, 324 00:16:09,960 --> 00:16:11,680 Speaker 2: not just when it comes to housing, but also when 325 00:16:11,720 --> 00:16:14,880 Speaker 2: it comes to say, union workers. That's the point he's 326 00:16:14,880 --> 00:16:16,280 Speaker 2: been making in some of these states as well. 327 00:16:16,320 --> 00:16:16,440 Speaker 8: Well. 328 00:16:16,520 --> 00:16:20,040 Speaker 3: Yeah, you just delineated the audience here as we assimbil 329 00:16:20,080 --> 00:16:21,760 Speaker 3: our panel, Let's see how they feel about it. We've 330 00:16:21,760 --> 00:16:24,200 Speaker 3: got news on both sides for Joe Biden and Donald 331 00:16:24,240 --> 00:16:26,360 Speaker 3: Trump today. Genie Shanzano and Rick Davis are with us 332 00:16:26,360 --> 00:16:31,840 Speaker 3: Bloomberg Politics contributors. The strategy here in states like Arizona 333 00:16:31,920 --> 00:16:35,680 Speaker 3: and Nevada for Joe Biden, knowing that people are still 334 00:16:35,720 --> 00:16:40,040 Speaker 3: feeling the impact of high grocery prices and are wondering, 335 00:16:40,480 --> 00:16:42,800 Speaker 3: based on the polling that we've seen, at least when 336 00:16:42,800 --> 00:16:46,479 Speaker 3: this economy is going to include them. 337 00:16:46,760 --> 00:16:49,240 Speaker 9: Yeah, you know, and we see the President going out 338 00:16:49,240 --> 00:16:51,840 Speaker 9: west and I was just talking to somebody about how 339 00:16:51,880 --> 00:16:54,920 Speaker 9: important a state like Arizona is. You can just tell 340 00:16:54,960 --> 00:16:57,120 Speaker 9: by the number of visits He's obviously as you were 341 00:16:57,120 --> 00:17:01,080 Speaker 9: talking about going to Nevada, Arizona, this Western swing, Arizona's 342 00:17:01,120 --> 00:17:03,480 Speaker 9: so important. We also saw the Vice President out there. 343 00:17:03,520 --> 00:17:06,399 Speaker 9: We saw the first lady out there. You contrast that 344 00:17:06,480 --> 00:17:09,520 Speaker 9: with Donald Trump, who hasn't visited the state this year, 345 00:17:09,880 --> 00:17:12,439 Speaker 9: and that just tells you how critical this is to 346 00:17:12,520 --> 00:17:15,199 Speaker 9: the Biden campaign. It was, of course, one of the 347 00:17:15,240 --> 00:17:17,960 Speaker 9: states that decided the twenty campaign and one of the 348 00:17:17,960 --> 00:17:21,960 Speaker 9: states that Donald Trump and his voters protested, and Joe 349 00:17:21,960 --> 00:17:25,399 Speaker 9: Biden only won it by ten thousand votes. So the 350 00:17:25,680 --> 00:17:28,520 Speaker 9: you know, it's critical for them, and he is out 351 00:17:28,520 --> 00:17:32,679 Speaker 9: there talking about issues that he knows that the people 352 00:17:32,720 --> 00:17:35,520 Speaker 9: out there care about. And you know, one of the 353 00:17:35,560 --> 00:17:38,280 Speaker 9: interesting things about the state is there is a large 354 00:17:38,400 --> 00:17:43,000 Speaker 9: independent vote, a large independent streak there. We won't necessarily 355 00:17:43,119 --> 00:17:46,159 Speaker 9: see their votes today because if you're registered independent, you 356 00:17:46,160 --> 00:17:49,560 Speaker 9: can't vote, but you know, we will see for those 357 00:17:49,600 --> 00:17:53,480 Speaker 9: who are maybe say registered Republican but who aren't quite 358 00:17:53,600 --> 00:17:57,199 Speaker 9: crazy about Donald Trump, do they vote in another direction. 359 00:17:57,440 --> 00:17:59,800 Speaker 9: So we're going to get some signs today and they're 360 00:17:59,840 --> 00:18:03,000 Speaker 9: out They're talking about everything from the economy and housing 361 00:18:03,320 --> 00:18:07,520 Speaker 9: to immigration and abortion, because that is something you see 362 00:18:07,560 --> 00:18:10,720 Speaker 9: some Democrats trying to get reproductive rights on the ballot 363 00:18:11,000 --> 00:18:14,040 Speaker 9: out west in a state like Arizona, which Democrats feel 364 00:18:14,119 --> 00:18:17,480 Speaker 9: can help them as they seek to hold this important 365 00:18:17,520 --> 00:18:18,679 Speaker 9: state in November. 366 00:18:20,240 --> 00:18:23,439 Speaker 2: Well, Rick to expand on Genie's point here, Sure, going 367 00:18:23,520 --> 00:18:25,639 Speaker 2: there is one thing, but what you say when you 368 00:18:25,640 --> 00:18:28,240 Speaker 2: get there is another. To her point on the issues, 369 00:18:28,280 --> 00:18:32,560 Speaker 2: what should the Biden campaign be leaning into most when 370 00:18:32,560 --> 00:18:33,800 Speaker 2: he's making these trips. 371 00:18:35,119 --> 00:18:37,680 Speaker 6: Yeah, Look, I mean he's got some constituencies that are 372 00:18:37,840 --> 00:18:41,160 Speaker 6: a bit problematic for him. I'd say the most obvious 373 00:18:41,240 --> 00:18:45,320 Speaker 6: one is are Hispanics. You know, Hispanics have a you know, 374 00:18:45,480 --> 00:18:49,800 Speaker 6: significant voting block in both Nevada and Arizona. You know, 375 00:18:49,960 --> 00:18:56,040 Speaker 6: actually an increasing array of support within even Georgia. So 376 00:18:56,880 --> 00:19:00,960 Speaker 6: he's launching latinos for Biden Harris as part of this swing. 377 00:19:01,160 --> 00:19:05,440 Speaker 6: So clearly in Arizona on Tuesday, they'll they'll be talking 378 00:19:05,480 --> 00:19:09,880 Speaker 6: about that. I think additionally to that, uh, they they 379 00:19:09,960 --> 00:19:14,840 Speaker 6: see erosion in the ex urbs, in rural areas with 380 00:19:15,000 --> 00:19:18,040 Speaker 6: people who you know, maybe are experiencing the pinch of 381 00:19:18,119 --> 00:19:23,240 Speaker 6: high housing costs, maybe you know, manufacturing loss. In some 382 00:19:23,280 --> 00:19:25,080 Speaker 6: of these areas, you still have some of that kind 383 00:19:25,160 --> 00:19:28,760 Speaker 6: of activity, but by and large, you know, the growth 384 00:19:28,880 --> 00:19:31,800 Speaker 6: out there in the what I would call the Biden 385 00:19:31,920 --> 00:19:36,560 Speaker 6: sun belt states, uh, North Carolina, Georgia, Arizona and Nevada. 386 00:19:37,080 --> 00:19:39,119 Speaker 7: You know, are going to overtake that. 387 00:19:39,160 --> 00:19:41,600 Speaker 6: In other words, there's so much economic activity in these 388 00:19:41,640 --> 00:19:45,320 Speaker 6: states right now that that that there's a buffer to 389 00:19:45,440 --> 00:19:48,040 Speaker 6: some of these downturn in in these areas. And so 390 00:19:48,240 --> 00:19:52,080 Speaker 6: I think that's the Biden economic message, especially for suburban 391 00:19:52,160 --> 00:19:54,520 Speaker 6: voters who get the you know, line share of the 392 00:19:54,600 --> 00:19:58,919 Speaker 6: benefit of a of a growing economy. And so I 393 00:19:58,920 --> 00:20:01,200 Speaker 6: don't think it's a don't I think it's a hard 394 00:20:01,240 --> 00:20:05,520 Speaker 6: pitch to make, but just because of logistics, you know, 395 00:20:05,640 --> 00:20:08,000 Speaker 6: Joe Biden's been sitting in a White House more than 396 00:20:08,000 --> 00:20:10,120 Speaker 6: he's been out on a camp train trail, and this 397 00:20:10,200 --> 00:20:16,320 Speaker 6: represents really the first chance as the future nominee the 398 00:20:16,359 --> 00:20:20,439 Speaker 6: party that he's really launched a presidential campaign in these states. 399 00:20:20,480 --> 00:20:24,720 Speaker 6: So this is a really important swing. Obviously, anything that 400 00:20:24,760 --> 00:20:29,320 Speaker 6: goes wrong in the blue states of Pennsylvania, you know, 401 00:20:29,400 --> 00:20:32,440 Speaker 6: Michigan and Wisconsin has to be made up by this 402 00:20:32,520 --> 00:20:34,080 Speaker 6: Sunbelt strategy. 403 00:20:35,480 --> 00:20:38,639 Speaker 3: It does make you consider a different cadence potentially for 404 00:20:38,720 --> 00:20:41,800 Speaker 3: Joe Biden after the campaign that we saw during the 405 00:20:41,840 --> 00:20:44,800 Speaker 3: pandemic in twenty twenty. I have to ask you both 406 00:20:44,800 --> 00:20:47,119 Speaker 3: about what we're hearing from Donald Trump This has been 407 00:20:47,160 --> 00:20:50,280 Speaker 3: a remarkable week for things that he has been caught 408 00:20:50,320 --> 00:20:52,760 Speaker 3: to say on a microphone, in this case in a 409 00:20:52,880 --> 00:20:57,360 Speaker 3: radio interview following his remarks about immigrants, who he said 410 00:20:57,400 --> 00:21:00,160 Speaker 3: are not human beings, they're animals, and the speech next 411 00:21:00,200 --> 00:21:04,040 Speaker 3: weekend where everyone obsessed over the bloodbath remark said to 412 00:21:04,119 --> 00:21:08,840 Speaker 3: Sebastian Gorka in an interview, any Jewish person, genie that 413 00:21:09,000 --> 00:21:15,199 Speaker 3: votes for Democrats hates their religion. They hate everything about Israel. 414 00:21:15,240 --> 00:21:18,920 Speaker 3: They should be ashamed of themselves, accusing Jews who support 415 00:21:18,960 --> 00:21:23,800 Speaker 3: Democrats of hating their own religion. This is coming against 416 00:21:23,800 --> 00:21:27,320 Speaker 3: the backdrop of a very difficult debate among progressive Democrats 417 00:21:27,320 --> 00:21:32,439 Speaker 3: who are upset with Joe Biden's policies in Israel and Gaza. 418 00:21:32,680 --> 00:21:34,600 Speaker 3: What's driving this from Donald Trump? 419 00:21:36,160 --> 00:21:38,840 Speaker 9: I think it's exactly that. I mean, he's trying to 420 00:21:38,960 --> 00:21:42,800 Speaker 9: drive a wedge. He's trying to ensure that, you know, 421 00:21:43,040 --> 00:21:49,119 Speaker 9: American Israeli's Jewish Americans vote on the Republican side. You know, 422 00:21:49,200 --> 00:21:54,040 Speaker 9: the language is absolutely as usual, deplorable, you know, speaking 423 00:21:54,080 --> 00:21:56,520 Speaker 9: of some of these western states in Arizona that we're 424 00:21:56,560 --> 00:22:00,960 Speaker 9: watching today, one thing Democrats are watching is to see whether, 425 00:22:01,040 --> 00:22:05,600 Speaker 9: in fact, we see a vote for Marion Williamson in 426 00:22:05,720 --> 00:22:09,359 Speaker 9: terms of you know, not having the uncommitted option, a 427 00:22:09,440 --> 00:22:13,200 Speaker 9: vote against Joe Biden for the very issue of Israel 428 00:22:13,320 --> 00:22:16,080 Speaker 9: and Gaza. So that's something to watch in Donald Trump 429 00:22:16,359 --> 00:22:18,480 Speaker 9: picking up on that, which is not hard to do, 430 00:22:18,680 --> 00:22:21,640 Speaker 9: is trying to drive this wedge, you know. I think 431 00:22:21,680 --> 00:22:25,639 Speaker 9: for Donald Trump. The reality is, however, that this could 432 00:22:25,680 --> 00:22:29,439 Speaker 9: absolutely backfire, and that's why we hear even some people 433 00:22:29,440 --> 00:22:32,919 Speaker 9: on his campaign trying to backtrack. But this isn't keeping 434 00:22:32,960 --> 00:22:36,440 Speaker 9: with Donald Trump and his language, you know, starting from 435 00:22:36,480 --> 00:22:39,560 Speaker 9: that unfortunate rally in Ohio on the weekend, all the 436 00:22:39,560 --> 00:22:41,840 Speaker 9: way through to these statements to Gorka just in the 437 00:22:41,920 --> 00:22:42,639 Speaker 9: last day or so. 438 00:22:44,920 --> 00:22:49,160 Speaker 2: Yeah, absolutely, from blood blath to migrants being animals now 439 00:22:49,200 --> 00:22:52,040 Speaker 2: to this, and of course at the same time, this 440 00:22:52,080 --> 00:22:54,800 Speaker 2: is all happening in the Contextrick of an active campaign 441 00:22:55,280 --> 00:22:58,359 Speaker 2: for being in the Oval office once again, we're seeking 442 00:22:58,359 --> 00:23:01,480 Speaker 2: the presidency and also around considerations of who he will 443 00:23:01,480 --> 00:23:05,200 Speaker 2: be surrounding himself with if he does indeed win. In November, 444 00:23:05,240 --> 00:23:07,159 Speaker 2: we had some great reporting here at Bloomberg from our 445 00:23:07,160 --> 00:23:10,800 Speaker 2: colleagues Justin Sink and Jennifer Jacobs overnight that apparently the 446 00:23:10,880 --> 00:23:15,080 Speaker 2: Viake Ramaswami not going to be the VP pick, maybe 447 00:23:15,119 --> 00:23:19,960 Speaker 2: instead the Department of Homeland Security Secretary Rick. Does that 448 00:23:20,040 --> 00:23:23,240 Speaker 2: make sense to you? 449 00:23:23,280 --> 00:23:27,000 Speaker 6: Nothing about the Vake Ramaswami makes any sense to me. 450 00:23:27,160 --> 00:23:29,560 Speaker 6: I couldn't figure it out when he was running for president, 451 00:23:29,640 --> 00:23:31,840 Speaker 6: and I'm pretty confident I won't be able to figure 452 00:23:31,880 --> 00:23:34,360 Speaker 6: it out if he winds up in the Trump administration. 453 00:23:34,440 --> 00:23:36,440 Speaker 6: I mean, here's a guy who's one of his main 454 00:23:36,520 --> 00:23:41,119 Speaker 6: platforms running for president is to dramatically reduce the number 455 00:23:41,240 --> 00:23:45,760 Speaker 6: of employees in the federal government, I mean by hundreds 456 00:23:45,760 --> 00:23:48,760 Speaker 6: of thousands. And you can only imagine if he was 457 00:23:48,800 --> 00:23:52,240 Speaker 6: wind up put in charge of Homeland Security that probably 458 00:23:52,280 --> 00:23:56,679 Speaker 6: one agency that everyone agrees needs more workforce on the border, 459 00:23:56,840 --> 00:24:00,960 Speaker 6: needs to be able to protect our our border, in 460 00:24:01,040 --> 00:24:04,240 Speaker 6: our in our assets, you know in konas United States, 461 00:24:04,720 --> 00:24:08,280 Speaker 6: uh from terrorists that that that wanted to destroy our 462 00:24:08,280 --> 00:24:11,080 Speaker 6: way life. And he's going to like reduce the number 463 00:24:11,080 --> 00:24:13,840 Speaker 6: of people at work that day. It just doesn't make 464 00:24:13,880 --> 00:24:17,040 Speaker 6: any sense. But he'll do and say what Donald Trump 465 00:24:17,080 --> 00:24:20,240 Speaker 6: wants him to, so he'll have the one qualification that's 466 00:24:20,320 --> 00:24:22,520 Speaker 6: necessary to serve in the Trump administration. 467 00:24:23,880 --> 00:24:27,240 Speaker 3: Wow, incredible. We talked a little earlier, Kaylee, about another 468 00:24:27,240 --> 00:24:30,960 Speaker 3: report that Kevin McCarthy, who incidentally his seat is up 469 00:24:31,320 --> 00:24:34,840 Speaker 3: indeed special special elections tonight, might be a chief of 470 00:24:35,000 --> 00:24:38,560 Speaker 3: staff for Donald Trump in a second term. 471 00:24:38,680 --> 00:24:42,159 Speaker 2: Well, he did when he announced his retirement that he 472 00:24:42,280 --> 00:24:45,720 Speaker 2: was just going to serve his country in different ways, 473 00:24:45,880 --> 00:24:48,800 Speaker 2: didn't necessarily say I'm out on politics forever. 474 00:24:49,080 --> 00:24:51,879 Speaker 3: I feel like these decisions might just end up writing 475 00:24:51,920 --> 00:24:55,480 Speaker 3: on who last shows up at mar A Lago before November. 476 00:24:55,520 --> 00:24:58,440 Speaker 3: I don't know, so much could happen. Interesting to consider 477 00:24:58,920 --> 00:25:01,200 Speaker 3: as some of this begins to take form, at least 478 00:25:01,200 --> 00:25:02,360 Speaker 3: in presumptive fashion. 479 00:25:06,200 --> 00:25:09,720 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch 480 00:25:09,800 --> 00:25:12,880 Speaker 1: us live weekdays at noon Eastern on Applecarplay and then 481 00:25:13,520 --> 00:25:16,560 Speaker 1: with the Bloomberg Business app. Listen on demand wherever you 482 00:25:16,600 --> 00:25:21,800 Speaker 1: get your podcasts, or watch us live on YouTube. 483 00:25:22,280 --> 00:25:25,879 Speaker 3: I know the presidential thing is already pretty much worked out, presumptive. 484 00:25:25,920 --> 00:25:28,680 Speaker 3: We're looking down ballot as some really important races. We've 485 00:25:28,680 --> 00:25:31,800 Speaker 3: talked about the Senate primary in Ohio. We're looking at 486 00:25:32,119 --> 00:25:35,520 Speaker 3: some pretty important House races in Illinois, a special election 487 00:25:35,600 --> 00:25:38,200 Speaker 3: in California to fill the seat held by once held 488 00:25:38,240 --> 00:25:41,520 Speaker 3: by a guy named Kevin McCarthy. And I'm glad to 489 00:25:41,560 --> 00:25:44,120 Speaker 3: say that with me at the table here in Washington 490 00:25:44,240 --> 00:25:47,159 Speaker 3: is Greg Jurou in person in the flesh Bloomberg government. 491 00:25:47,160 --> 00:25:49,119 Speaker 3: He's a real boy. Great to see you. Welcome to 492 00:25:49,200 --> 00:25:51,600 Speaker 3: Joe to the program. Happy primary day, Mary Primary date. 493 00:25:51,640 --> 00:25:54,000 Speaker 3: Everybody way overdue on this, So let's pick through a 494 00:25:54,040 --> 00:25:57,240 Speaker 3: couple of these you have. I'll call it a manifesto 495 00:25:57,280 --> 00:25:59,800 Speaker 3: at the risk of getting in trouble on any election day, 496 00:26:00,359 --> 00:26:02,199 Speaker 3: races to watch. You did a great job on this, 497 00:26:02,240 --> 00:26:04,080 Speaker 3: and you can find this on the terminal and of 498 00:26:04,080 --> 00:26:07,360 Speaker 3: course at Bloomberg dot com. We'll start with the big one. 499 00:26:07,400 --> 00:26:10,760 Speaker 3: That's the Senate primary in Ohio. We're going to learn 500 00:26:11,200 --> 00:26:13,760 Speaker 3: here who's going to run against Shared Brown. And we're 501 00:26:13,760 --> 00:26:15,760 Speaker 3: gonna learn a little bit about the impact that Donald 502 00:26:15,800 --> 00:26:17,679 Speaker 3: Trump may have as well, aren't we. 503 00:26:17,880 --> 00:26:18,040 Speaker 9: Yeah. 504 00:26:18,040 --> 00:26:20,080 Speaker 8: It's really the first big test of the sway of 505 00:26:20,119 --> 00:26:22,879 Speaker 8: Donald Trump's endorsement with the Republican Electric You have a 506 00:26:22,920 --> 00:26:25,679 Speaker 8: three way Republican primary in Ohio, one of the states 507 00:26:25,680 --> 00:26:28,960 Speaker 8: that will help determine control the nariroly divided Senate. Trump 508 00:26:29,080 --> 00:26:32,600 Speaker 8: endorsed Bernie Marino. He's a wealthy luxury car dealer from 509 00:26:32,600 --> 00:26:36,399 Speaker 8: the Cleveland Sales. It's a pretty fractious primary, but he's 510 00:26:36,480 --> 00:26:38,880 Speaker 8: up against two opponents, including Matt Dolan, the state center 511 00:26:38,920 --> 00:26:40,800 Speaker 8: with also a lot of personal wealth. Yeah, part of 512 00:26:40,800 --> 00:26:43,439 Speaker 8: the family who owns the Cleveland Guardians baseball team. Then 513 00:26:43,480 --> 00:26:45,640 Speaker 8: there's Ohio Secretary of State Frank LeRose is the only 514 00:26:45,680 --> 00:26:47,960 Speaker 8: one of the three who's actually been elected statewide. Looks 515 00:26:48,000 --> 00:26:51,520 Speaker 8: like it's a two person rays between Marino and Matt Dolan. 516 00:26:51,280 --> 00:26:56,560 Speaker 3: And Dolan's been taking a pretty straight ahead establishment Republican approach, 517 00:26:57,520 --> 00:27:00,600 Speaker 3: so voters have a real choice to make here. It's 518 00:27:01,119 --> 00:27:02,479 Speaker 3: it's a pretty stark one, isn't it. 519 00:27:02,600 --> 00:27:05,440 Speaker 8: They really do, and Dolan ran in twenty twenty two 520 00:27:05,440 --> 00:27:07,960 Speaker 8: in the primary that jd vance. Now the other center, 521 00:27:08,000 --> 00:27:10,040 Speaker 8: from the other center, from the other seat in that 522 00:27:10,080 --> 00:27:13,480 Speaker 8: state one that Dolan came in a close third. He 523 00:27:13,880 --> 00:27:16,520 Speaker 8: sort of told Republican primary voters, then it's time to 524 00:27:16,600 --> 00:27:19,240 Speaker 8: move on from Donald Trump, and he's not. He sort 525 00:27:19,280 --> 00:27:21,879 Speaker 8: of modified that rhetoric a little bit, saying he supports 526 00:27:21,920 --> 00:27:25,560 Speaker 8: pro Trump policies, but he did not actively seek Trump's endorsement, 527 00:27:25,560 --> 00:27:27,560 Speaker 8: and the preps former president endorse Marino. 528 00:27:27,720 --> 00:27:30,920 Speaker 3: We talked to Spencer Kimball from Emerson Polling right around 529 00:27:30,920 --> 00:27:35,280 Speaker 3: this time yesterday, and remarkable to see the numbers just 530 00:27:35,440 --> 00:27:38,520 Speaker 3: over the course of a week, to see moreno gain 531 00:27:38,640 --> 00:27:42,719 Speaker 3: momentum off the Trump endorsement. What appears to be at 532 00:27:42,760 --> 00:27:44,679 Speaker 3: the expense of Dolan. How close are they in the 533 00:27:44,720 --> 00:27:46,840 Speaker 3: aggregate of polls here? Is this too close to call? 534 00:27:46,920 --> 00:27:47,439 Speaker 3: Or how would you? 535 00:27:47,840 --> 00:27:49,520 Speaker 8: I think it's still a pretty close race. I think 536 00:27:49,600 --> 00:27:52,720 Speaker 8: Marino might be a slight favorite over Dolan. Looks like 537 00:27:52,760 --> 00:27:55,040 Speaker 8: Frank LeRose is running in third place, so it looks 538 00:27:55,080 --> 00:27:57,320 Speaker 8: like a two person race right now. But you know, 539 00:27:57,359 --> 00:28:00,400 Speaker 8: Trump's endorsement clearly helped jd vance late in that twenty 540 00:28:00,440 --> 00:28:02,760 Speaker 8: twenty two CENTI Prime. Will wait and see how much 541 00:28:02,840 --> 00:28:05,040 Speaker 8: love a lift that Trump's endorsement gives them Marino. 542 00:28:05,240 --> 00:28:09,960 Speaker 3: Sure, while we're there, Marcy Captor, a veteran Democrat, has 543 00:28:10,000 --> 00:28:12,240 Speaker 3: something to worry about. Based on what we learned tonight. 544 00:28:12,680 --> 00:28:15,199 Speaker 8: I think she might. She's the longest serving woman in 545 00:28:15,200 --> 00:28:17,480 Speaker 8: the history of Congress, one of the most durable politicians 546 00:28:17,520 --> 00:28:19,960 Speaker 8: you'll see in either party. She's been there since nineteen 547 00:28:19,960 --> 00:28:23,320 Speaker 8: eighty three, has dominated that Toledo area district, the Republicans 548 00:28:23,400 --> 00:28:25,520 Speaker 8: redrew it to lean Republican and the redistricting of a 549 00:28:25,560 --> 00:28:28,240 Speaker 8: couple of years ago. What happened two years ago was 550 00:28:28,240 --> 00:28:32,639 Speaker 8: the Republicans nominated a flawed candidate was very closely aligned 551 00:28:32,640 --> 00:28:34,840 Speaker 8: with Donald Trump. He wound up losing by double digits. 552 00:28:35,119 --> 00:28:36,879 Speaker 8: He tried to he started to run again, then he 553 00:28:36,920 --> 00:28:39,400 Speaker 8: withdrew from the race, and the Republicans are backing a 554 00:28:39,400 --> 00:28:43,520 Speaker 8: different candidate, state Representative Derek Merin, and so they think 555 00:28:43,560 --> 00:28:45,920 Speaker 8: that he'll be a more electable candidate in November than 556 00:28:46,280 --> 00:28:47,360 Speaker 8: the twenty twenty two nominee. 557 00:28:47,400 --> 00:28:49,320 Speaker 3: Chair mcjuski was. So that would be bad news for her. 558 00:28:49,400 --> 00:28:50,760 Speaker 3: If Meren is the winner. 559 00:28:51,120 --> 00:28:53,160 Speaker 8: Well, she'll definitely have a very competitive race. It's a 560 00:28:53,200 --> 00:28:55,800 Speaker 8: district that Trump would have carried by three percentage points, 561 00:28:55,800 --> 00:28:58,480 Speaker 8: so it leans a little bit Republican, but not overwhelmingly. 562 00:28:58,560 --> 00:29:00,680 Speaker 8: So there are some other districts that demokretsl that are 563 00:29:00,720 --> 00:29:03,800 Speaker 8: more pro Trump than this one. And you Captor has 564 00:29:03,840 --> 00:29:07,000 Speaker 8: been a long time politicians. Should probably try and win 565 00:29:07,080 --> 00:29:09,400 Speaker 8: some ticket splitting voters, although that's going to be that's 566 00:29:09,480 --> 00:29:11,520 Speaker 8: usually harder to do these days than it was, you know, 567 00:29:11,520 --> 00:29:12,560 Speaker 8: a generation or two ago. 568 00:29:12,680 --> 00:29:14,840 Speaker 3: How true. As we spend time with Greg Duro from 569 00:29:14,880 --> 00:29:19,200 Speaker 3: Bloomberg Government on primary day as we moved to Illinois. 570 00:29:19,920 --> 00:29:26,080 Speaker 3: This is interesting. The House Veterans Affair Committee chair is 571 00:29:26,200 --> 00:29:28,880 Speaker 3: facing a primary challenge. We're starting to see this more 572 00:29:28,920 --> 00:29:35,920 Speaker 3: and more with establishment politicians getting a challenge, frequently endorsed 573 00:29:35,960 --> 00:29:38,840 Speaker 3: by Donald Trump. But how do you look at this race? 574 00:29:38,960 --> 00:29:40,880 Speaker 8: Yeah, this is in the Illinois twelfth district, which is 575 00:29:40,880 --> 00:29:44,160 Speaker 8: in downstate maybe the bottom third of Illinois, which culturally 576 00:29:44,200 --> 00:29:45,840 Speaker 8: has a lot more in common I think with the 577 00:29:45,880 --> 00:29:48,760 Speaker 8: South than would say Chicago. Actually, there's some areas of 578 00:29:48,800 --> 00:29:51,640 Speaker 8: this district that are closer to like Nashville, Tennessee, or 579 00:29:51,640 --> 00:29:54,880 Speaker 8: even Jackson, Mississippi, than the Chicago. That's how vast like 580 00:29:54,920 --> 00:29:58,400 Speaker 8: Illinois is, how different its political geography is. But Mike Boss, 581 00:29:58,480 --> 00:30:02,480 Speaker 8: the Veterans Committee chair, faces unusually a comparative primary challenge 582 00:30:02,720 --> 00:30:05,400 Speaker 8: from a former state Senator, Darren Bailey, who was the 583 00:30:05,440 --> 00:30:08,520 Speaker 8: twenty twenty two Republican nominee for Illinois governor, who won 584 00:30:08,560 --> 00:30:11,960 Speaker 8: the nomination overwhelmingly with Trump's endorsement. And I think he's 585 00:30:11,960 --> 00:30:12,600 Speaker 8: still trying to. 586 00:30:12,640 --> 00:30:15,360 Speaker 3: Maybe ride Matt Gates out there, right. 587 00:30:15,560 --> 00:30:18,560 Speaker 8: Yeah, Matt Gates and Matt Gates is supporting Bailey, which 588 00:30:18,560 --> 00:30:19,200 Speaker 8: is unusual. 589 00:30:19,280 --> 00:30:21,120 Speaker 3: Yeah, why are they even involved. 590 00:30:20,880 --> 00:30:25,360 Speaker 8: Because Gates and a boss have feuded for so it's personal. 591 00:30:25,560 --> 00:30:27,040 Speaker 8: It's personal, Yeah, got it. 592 00:30:27,120 --> 00:30:29,520 Speaker 3: So it's on everyone's map though of races to watch 593 00:30:29,560 --> 00:30:33,360 Speaker 3: tonight because he've got a chair obviously at hand. And Greg, 594 00:30:33,400 --> 00:30:37,240 Speaker 3: we've got a special in California. This is the seat 595 00:30:37,280 --> 00:30:38,440 Speaker 3: held by Kevin McCarthy. 596 00:30:38,600 --> 00:30:41,200 Speaker 8: That's right. McCarthy resigned on New Year's Eve after being 597 00:30:41,200 --> 00:30:44,200 Speaker 8: ousted from the speakership, and this is probably going to 598 00:30:44,240 --> 00:30:46,240 Speaker 8: be the first round election to replace him. I think 599 00:30:46,240 --> 00:30:48,480 Speaker 8: this election is going to winnow the field rather than 600 00:30:48,560 --> 00:30:51,160 Speaker 8: elect a successor. Because you have nine people on the belt, 601 00:30:51,160 --> 00:30:55,440 Speaker 8: you need a majority of all votes. Most likely the 602 00:30:55,440 --> 00:30:58,400 Speaker 8: top candidate there, Vince Fong, is a state assemblyman used 603 00:30:58,400 --> 00:31:01,800 Speaker 8: to be McCarthy's aide. He ran in the regular primary 604 00:31:02,280 --> 00:31:04,800 Speaker 8: on March the fifth, and one about forty one percent 605 00:31:04,800 --> 00:31:06,440 Speaker 8: of the votes, Soho's probably the front runner here, but 606 00:31:06,480 --> 00:31:08,800 Speaker 8: he needs fifty percent plus one to win. That's going 607 00:31:08,840 --> 00:31:11,400 Speaker 8: to be tough. But if if no one wins a 608 00:31:11,400 --> 00:31:13,480 Speaker 8: majority of them, the top two advance to a May 609 00:31:13,560 --> 00:31:14,720 Speaker 8: twenty one runoff. 610 00:31:14,400 --> 00:31:17,480 Speaker 3: And Fong's got Trump behind him, as as Trump and 611 00:31:17,720 --> 00:31:19,120 Speaker 3: McCarthy's George, So how much of it? 612 00:31:19,120 --> 00:31:19,280 Speaker 9: You know? 613 00:31:19,560 --> 00:31:21,200 Speaker 3: Part of the media narrative is that this is a 614 00:31:21,280 --> 00:31:23,080 Speaker 3: night where we're watching Trump and I'm going to get 615 00:31:23,360 --> 00:31:26,280 Speaker 3: tweets from people who are upset because I'm talking about 616 00:31:26,320 --> 00:31:28,000 Speaker 3: Trump and he's not well. Of course, he is on 617 00:31:28,040 --> 00:31:30,480 Speaker 3: the ballot, but he's the presumptive nominee, and that's not 618 00:31:30,560 --> 00:31:33,760 Speaker 3: the contest. We're following his influences on the line in 619 00:31:33,840 --> 00:31:35,080 Speaker 3: some of these races, though, is it not? 620 00:31:35,320 --> 00:31:37,240 Speaker 8: It really is. We want to see how much clout 621 00:31:37,240 --> 00:31:41,160 Speaker 8: Eastool has with the Republican electorate. You know, in the 622 00:31:41,160 --> 00:31:43,680 Speaker 8: twenty twenty two races, a lot of his candidates got 623 00:31:43,680 --> 00:31:45,600 Speaker 8: over the finish line of the Republican primers, but then 624 00:31:45,760 --> 00:31:47,560 Speaker 8: a lot of them failed in the general election and 625 00:31:48,360 --> 00:31:51,320 Speaker 8: very likely cost to Republicans a golden opportunity to winning 626 00:31:51,320 --> 00:31:53,280 Speaker 8: control of the Senate. That's certainly the scenario that the 627 00:31:53,440 --> 00:31:55,960 Speaker 8: Republicans do not want to repeat this November. 628 00:31:56,440 --> 00:32:01,080 Speaker 3: He was stumping in Ohio last weekend that was obviously 629 00:32:01,120 --> 00:32:03,600 Speaker 3: to influence the Senate race. Are you looking for any 630 00:32:03,640 --> 00:32:08,080 Speaker 3: sort of influence of a protest vote that Nicky Hayley 631 00:32:08,200 --> 00:32:10,560 Speaker 3: might pick up votes the way she did in Georgia. 632 00:32:10,600 --> 00:32:13,880 Speaker 3: Anything to get a sense of what the general election 633 00:32:14,040 --> 00:32:16,960 Speaker 3: could bring for either candidate Donald Trump or Joe Biden. 634 00:32:17,000 --> 00:32:18,760 Speaker 8: I'm definitely going to look at the political geography of 635 00:32:18,760 --> 00:32:23,480 Speaker 8: this Ohio Republican US Senate primary. I think maybe Bernie 636 00:32:23,480 --> 00:32:26,000 Speaker 8: Marino's kind of path that victory would be winning kind 637 00:32:26,000 --> 00:32:30,000 Speaker 8: of the Appalachian poor, lower educated counties along the Ohio River. 638 00:32:30,440 --> 00:32:32,800 Speaker 8: I expect Matt Dolan's path of victory would be kind 639 00:32:32,840 --> 00:32:36,480 Speaker 8: of winning well educated, upper income areas like around the 640 00:32:36,520 --> 00:32:39,240 Speaker 8: Columbus suburbs, the Cleveland suburbs, sort of like the path 641 00:32:39,280 --> 00:32:41,840 Speaker 8: and victory that Mitt Romney had in the twenty twelve 642 00:32:42,040 --> 00:32:45,000 Speaker 8: Republican primary in Ohio, or that John Kasak had in 643 00:32:45,040 --> 00:32:46,840 Speaker 8: twenty sixteen in Ohio. 644 00:32:47,360 --> 00:32:49,760 Speaker 3: I'll look fascinated by Ohio. Remember how we used to 645 00:32:49,760 --> 00:32:52,080 Speaker 3: obsess over that you win Ohio, you w in the country. 646 00:32:52,360 --> 00:32:55,560 Speaker 3: It was Ohio and Florida, those were the swing states. 647 00:32:55,600 --> 00:32:58,800 Speaker 3: Look at them. Now, do you call with it? Even 648 00:32:58,840 --> 00:33:03,400 Speaker 3: with a editor like Shared Brown in the contest here 649 00:33:03,440 --> 00:33:06,040 Speaker 3: and he might win it, you call Ohio or red state? 650 00:33:06,480 --> 00:33:09,880 Speaker 8: I do, yeah, especially at the presidential level, in the 651 00:33:09,960 --> 00:33:10,680 Speaker 8: at the Senate. 652 00:33:10,880 --> 00:33:12,920 Speaker 3: Shared Brown's the exception he is. 653 00:33:13,000 --> 00:33:14,760 Speaker 8: I mean, we only have five senators now out of 654 00:33:14,760 --> 00:33:18,560 Speaker 8: one hundred whose states were won by the opposite party's 655 00:33:18,600 --> 00:33:22,280 Speaker 8: a presidential nominee in the twenty twenty election. Shared Brown 656 00:33:22,360 --> 00:33:24,680 Speaker 8: is one of those, one of three Democrats senators. The 657 00:33:24,720 --> 00:33:27,120 Speaker 8: other two are John Tester of Montana up for election 658 00:33:27,160 --> 00:33:30,080 Speaker 8: and Joe Mansion of West Virginia, whose retirement has basically 659 00:33:30,080 --> 00:33:33,200 Speaker 8: turned this fifty one to forty nine Democrat Senate starting 660 00:33:33,200 --> 00:33:35,680 Speaker 8: out at fifty to fifty. And so that means shared 661 00:33:35,720 --> 00:33:38,840 Speaker 8: Brown's reelection is vital to Democratic hopes of. 662 00:33:38,960 --> 00:33:42,840 Speaker 3: So they can outcome of this Senate primary tonight is 663 00:33:42,880 --> 00:33:45,360 Speaker 3: going to have a lot to do with who controls 664 00:33:45,400 --> 00:33:49,240 Speaker 3: the Senate in the fall. That's why Democrats, this is 665 00:33:49,320 --> 00:33:53,120 Speaker 3: Chuck Schumer's essentially his political Action Committee's been spending money 666 00:33:53,120 --> 00:33:55,480 Speaker 3: to boost Moreno right, I think they stand a better 667 00:33:55,560 --> 00:33:56,760 Speaker 3: chance against the MAGA candidate. 668 00:33:56,840 --> 00:33:58,720 Speaker 8: That's exactly right. And from time to time we sort 669 00:33:58,720 --> 00:34:01,480 Speaker 8: of see this intrusion about the other by the other party, 670 00:34:01,480 --> 00:34:03,920 Speaker 8: into by one party to the other party's primary. We're 671 00:34:03,920 --> 00:34:06,160 Speaker 8: seeing it here with this Democratic group thinking that Bernie 672 00:34:06,240 --> 00:34:08,800 Speaker 8: Morena would be I guess the least difficult. 673 00:34:09,200 --> 00:34:12,080 Speaker 3: That's a risky game they're playing, it really is, but 674 00:34:12,160 --> 00:34:14,160 Speaker 3: it's paid off and it certainly did in the midterms 675 00:34:14,160 --> 00:34:15,279 Speaker 3: for Democrats. It did. 676 00:34:15,400 --> 00:34:17,160 Speaker 8: Yeah, I mean they made some of those bets and 677 00:34:17,440 --> 00:34:19,000 Speaker 8: I can think of a few primaries where they I 678 00:34:19,000 --> 00:34:22,520 Speaker 8: think they elevated Gamble the candidate that they wanted to 679 00:34:22,560 --> 00:34:23,399 Speaker 8: face in the general action. 680 00:34:23,560 --> 00:34:26,400 Speaker 3: Fascinating. Great to see you. You're going to be a 681 00:34:26,440 --> 00:34:28,640 Speaker 3: fixture during this campaign, right and we want to have 682 00:34:28,680 --> 00:34:30,200 Speaker 3: you back when we can. Let us know what you're 683 00:34:30,239 --> 00:34:32,360 Speaker 3: working on, what you're looking at, because it means a 684 00:34:32,360 --> 00:34:34,160 Speaker 3: lot to us here on balance and power. Absolutely, Greg 685 00:34:34,239 --> 00:34:37,160 Speaker 3: Duo up Bloomberg Government. Find the story that I'm talking 686 00:34:37,160 --> 00:34:40,920 Speaker 3: about on the terminal congressional primary races to watch in 687 00:34:40,960 --> 00:34:44,560 Speaker 3: Tuesday's election. Very simple, but a really great breakdown on 688 00:34:44,640 --> 00:34:46,520 Speaker 3: everything that we just talked about, and a couple of 689 00:34:46,520 --> 00:34:48,840 Speaker 3: more races if you want to sound smart at the 690 00:34:48,840 --> 00:34:53,320 Speaker 3: cocktail party. It'll also help you understand the results, of course, 691 00:34:53,360 --> 00:35:01,759 Speaker 3: when we're deciphering them tomorrow Ohio, Illinois, California among other 692 00:35:01,800 --> 00:35:03,360 Speaker 3: states here in the next that we're going to be 693 00:35:03,440 --> 00:35:07,600 Speaker 3: watching here and we'll have of course some analysis for 694 00:35:07,680 --> 00:35:13,560 Speaker 3: you tomorrow. Thanks for listening to the Balance of Power podcast. 695 00:35:14,200 --> 00:35:17,319 Speaker 3: Make sure to subscribe if you haven't already, at Apple, Spotify, 696 00:35:17,400 --> 00:35:20,000 Speaker 3: or wherever you get your podcasts, and you can find 697 00:35:20,040 --> 00:35:23,280 Speaker 3: us live every weekday from Washington, DC at noontime Eastern 698 00:35:23,600 --> 00:35:25,000 Speaker 3: at Bloomberg dot com.