1 00:00:00,880 --> 00:00:04,360 Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch us 2 00:00:04,400 --> 00:00:07,520 Speaker 1: live weekdays at one Eastern on Bloomberg dot com, the 3 00:00:07,640 --> 00:00:10,760 Speaker 1: iHeartRadio app and the Bloomberg Business App, or listening on 4 00:00:10,800 --> 00:00:12,720 Speaker 1: demand wherever you get your podcast. 5 00:00:13,320 --> 00:00:15,760 Speaker 2: We've got a lot to talk about, of course, all 6 00:00:15,800 --> 00:00:18,480 Speaker 2: the issues we're discussing here when it comes to fiscal policy, 7 00:00:18,760 --> 00:00:21,759 Speaker 2: monetary policy, funding the government in Washington all plays in 8 00:00:22,160 --> 00:00:24,040 Speaker 2: to what Charlie's talking about in the markets, what the 9 00:00:24,120 --> 00:00:26,000 Speaker 2: Fed is going to be dealing with today. The Speaker 10 00:00:26,239 --> 00:00:29,400 Speaker 2: is sounding more optimistic this morning. We're eleven days out 11 00:00:29,440 --> 00:00:32,800 Speaker 2: now to a possible government shutdown, and Kevin McCarthy telling 12 00:00:32,840 --> 00:00:35,479 Speaker 2: reporters we are going to solve this problem. That's the 13 00:00:35,520 --> 00:00:39,080 Speaker 2: line this morning. We're making some progress, he says, not 14 00:00:39,320 --> 00:00:44,800 Speaker 2: sounding terribly upbeat last evening when an attempt to get 15 00:00:44,840 --> 00:00:48,000 Speaker 2: a vote on the floor, a procedural vote just to 16 00:00:48,080 --> 00:00:51,600 Speaker 2: move forward with the stopgap budget, was pulled off the 17 00:00:51,600 --> 00:00:54,880 Speaker 2: floor because he didn't have the votes, sounding frustrated as 18 00:00:55,400 --> 00:00:57,400 Speaker 2: he headed back to the Speaker's chambers. 19 00:00:57,920 --> 00:01:00,720 Speaker 3: What they're voting, they're voting against even bringing the bill 20 00:01:00,840 --> 00:01:03,160 Speaker 3: up to have a discussion about it, to vote on 21 00:01:03,240 --> 00:01:04,960 Speaker 3: if you're post to build vote against the bill. At 22 00:01:04,959 --> 00:01:06,960 Speaker 3: the end, you've got more than one hundred and seventy 23 00:01:06,959 --> 00:01:09,160 Speaker 3: amendments you could change if you don't mind it. But 24 00:01:09,240 --> 00:01:11,039 Speaker 3: the idea that you vote against the rule to you 25 00:01:11,120 --> 00:01:12,600 Speaker 3: to bring it up that makes sense for. 26 00:01:12,680 --> 00:01:15,720 Speaker 4: War makes no sense, he says. 27 00:01:16,080 --> 00:01:18,280 Speaker 2: But waking up this morning having spoken to some people, 28 00:01:18,280 --> 00:01:20,960 Speaker 2: presumably feeling better about things, but we still have no 29 00:01:21,080 --> 00:01:24,160 Speaker 2: real path forward. There's no plan B here that we're 30 00:01:24,160 --> 00:01:26,960 Speaker 2: looking at the problem Solver's caucus again apparently cooking up 31 00:01:27,000 --> 00:01:30,800 Speaker 2: something that they might present in the waning hours of 32 00:01:30,840 --> 00:01:33,200 Speaker 2: this debate. But we're waiting for something concrete, and that's 33 00:01:33,200 --> 00:01:36,200 Speaker 2: why we want to talk to Douglas holtz Eken. It's 34 00:01:36,240 --> 00:01:38,800 Speaker 2: been a while the president of the American Action Forum. 35 00:01:38,840 --> 00:01:41,760 Speaker 2: He spent time, as I mentioned, on both sides of 36 00:01:41,800 --> 00:01:46,000 Speaker 2: this issue, as the chief economist Council of Economic Advisors 37 00:01:46,000 --> 00:01:49,320 Speaker 2: and the director of the Congressional Budget Office. So, Douglas, 38 00:01:49,320 --> 00:01:52,360 Speaker 2: what's your thought here? Because a lot of Washington seems 39 00:01:52,400 --> 00:01:55,120 Speaker 2: to think that a shutdown is inevitable at this point, 40 00:01:55,240 --> 00:01:56,200 Speaker 2: it's good to have you back. 41 00:01:56,240 --> 00:01:56,880 Speaker 4: What's your thought? 42 00:01:58,480 --> 00:02:01,400 Speaker 5: Well, I understand why they think it's an there doesn't 43 00:02:01,400 --> 00:02:04,560 Speaker 5: appear to be anything that can pass the House with 44 00:02:04,720 --> 00:02:07,840 Speaker 5: strictly Republican votes and then pass the Senate where they're 45 00:02:07,840 --> 00:02:10,280 Speaker 5: going to need sixty and so they need bipartisan support. 46 00:02:11,840 --> 00:02:14,920 Speaker 5: And in the absence of that, the government closes. Because 47 00:02:15,440 --> 00:02:18,280 Speaker 5: Democrats in the House have no incentive to participate and 48 00:02:19,200 --> 00:02:21,440 Speaker 5: let their problems off the hook. They'll they'll let them 49 00:02:21,480 --> 00:02:23,919 Speaker 5: take the blame for shutting the government. Then they'll come 50 00:02:23,960 --> 00:02:26,280 Speaker 5: back and pass something in a bipartisan fashion in both 51 00:02:26,280 --> 00:02:28,840 Speaker 5: houses and this will be behind us. But we first 52 00:02:28,840 --> 00:02:31,560 Speaker 5: have to go through the ritual of shutting the government 53 00:02:31,600 --> 00:02:34,840 Speaker 5: and hopefully that is very short lived and has a 54 00:02:35,200 --> 00:02:36,799 Speaker 5: very small impact on the American people. 55 00:02:37,919 --> 00:02:42,280 Speaker 2: Bloomberg Intelligence is putting, i believe, seventy percent odds on 56 00:02:42,320 --> 00:02:44,520 Speaker 2: a shutdown that would last roughly a week. We've heard 57 00:02:44,560 --> 00:02:46,840 Speaker 2: from some Republican members say, get ready for a ten 58 00:02:46,919 --> 00:02:51,120 Speaker 2: days shutdown. At what point, Douglas, does the duration matter? 59 00:02:52,919 --> 00:02:56,679 Speaker 5: Well, the duration matters because you know, while lots of 60 00:02:56,880 --> 00:03:00,280 Speaker 5: essential government activities will continue, there are things that people 61 00:03:00,280 --> 00:03:03,000 Speaker 5: think are essential in their lives that will not happen. 62 00:03:03,120 --> 00:03:05,400 Speaker 5: So if for example, you want to close on a 63 00:03:05,440 --> 00:03:08,600 Speaker 5: home and you need flood insurance. If they close on 64 00:03:08,720 --> 00:03:11,320 Speaker 5: September thirtieth, we're not going to have a national flood 65 00:03:11,360 --> 00:03:14,320 Speaker 5: insurance program. New policies can't be issued. People can't close 66 00:03:14,360 --> 00:03:16,720 Speaker 5: on their homes. Is that a big macro event? 67 00:03:16,800 --> 00:03:16,880 Speaker 1: No? 68 00:03:17,080 --> 00:03:19,720 Speaker 5: Is it a nuisance in an American person's life? Yes? Absolutely? 69 00:03:20,040 --> 00:03:23,680 Speaker 5: And passports don't get renewed, and all sorts of the 70 00:03:23,800 --> 00:03:27,480 Speaker 5: routine functions of government can interrupted. People don't like it, 71 00:03:27,560 --> 00:03:30,080 Speaker 5: and every day that it goes on, congressmen hear about it, 72 00:03:30,120 --> 00:03:31,040 Speaker 5: and pretty soon it's over. 73 00:03:32,400 --> 00:03:33,640 Speaker 4: So let's say they blow it. 74 00:03:35,040 --> 00:03:38,320 Speaker 2: Your view, as the former director of the CBO, at 75 00:03:38,360 --> 00:03:40,560 Speaker 2: what point will the calculation be made? 76 00:03:40,600 --> 00:03:40,800 Speaker 6: Then? 77 00:03:41,360 --> 00:03:43,480 Speaker 2: If this, say, goes beyond a week or beyond the 78 00:03:43,560 --> 00:03:46,840 Speaker 2: weekend on what we pay for, how will those decisions 79 00:03:46,880 --> 00:03:50,560 Speaker 2: be made? Is that the Office of Budget Management or 80 00:03:50,680 --> 00:03:53,160 Speaker 2: is this CBO overseeing this? 81 00:03:53,200 --> 00:03:56,840 Speaker 4: Where does it come together? So there are. 82 00:03:57,280 --> 00:04:01,920 Speaker 5: Some shutdown rules that have been drafted, guidance that will 83 00:04:01,920 --> 00:04:04,160 Speaker 5: come from the Opfice of Management Budget and they'll send 84 00:04:04,160 --> 00:04:06,839 Speaker 5: it out to all the agencies, and they will identify 85 00:04:07,320 --> 00:04:09,240 Speaker 5: essential employees who want to show up for work, whether 86 00:04:09,280 --> 00:04:12,640 Speaker 5: they're paid or not, and the others will be furloughed 87 00:04:13,160 --> 00:04:16,359 Speaker 5: and then the Treasury will have the responsibility of using 88 00:04:16,440 --> 00:04:20,120 Speaker 5: its cash as available to pay bills as possible, and 89 00:04:20,600 --> 00:04:21,920 Speaker 5: the responsibility will lie there. 90 00:04:23,600 --> 00:04:25,719 Speaker 2: Kevin McCarthy says he's asked the White House to work 91 00:04:25,720 --> 00:04:30,400 Speaker 2: with Congress and not just send requests for supplemental What 92 00:04:30,560 --> 00:04:33,000 Speaker 2: role should the President be playing. 93 00:04:32,720 --> 00:04:36,520 Speaker 5: In this, Well, I mean, I think you think about 94 00:04:36,560 --> 00:04:41,039 Speaker 5: the endgame. The endgame is there's a large omnibus appropriations 95 00:04:41,040 --> 00:04:43,599 Speaker 5: bill that gets drafted in the Senate and thus can 96 00:04:44,040 --> 00:04:47,359 Speaker 5: get bipartisan support. By definition, has to have the support 97 00:04:47,360 --> 00:04:49,120 Speaker 5: of the White House. There's no point in vtailing such 98 00:04:49,320 --> 00:04:53,599 Speaker 5: a vehicle. It will have in it whatever necessary funds 99 00:04:53,600 --> 00:04:56,440 Speaker 5: for the Disaster Relief Fund, which is a real pressing issue. 100 00:04:56,480 --> 00:04:59,839 Speaker 5: FEMA is running out of money and any additional funding 101 00:04:59,839 --> 00:05:03,839 Speaker 5: for Ukraine supplementals, and it will come over from the 102 00:05:03,920 --> 00:05:06,240 Speaker 5: Senate to the House. It will pass with both the 103 00:05:06,240 --> 00:05:08,719 Speaker 5: support of Democrats who the White House will be getting 104 00:05:09,000 --> 00:05:11,640 Speaker 5: lined up and Republicans who choose to support it, and 105 00:05:12,080 --> 00:05:14,320 Speaker 5: that's where we'll end up. So if I'm the White House, 106 00:05:14,480 --> 00:05:17,320 Speaker 5: I'm shaping what does that look like right now, because 107 00:05:17,360 --> 00:05:19,240 Speaker 5: you want to have that ready to go as soon 108 00:05:19,279 --> 00:05:19,880 Speaker 5: as possible. 109 00:05:21,120 --> 00:05:24,080 Speaker 2: So The first matter to deal with here is potential 110 00:05:24,160 --> 00:05:26,640 Speaker 2: continuing resolution. There are a number of Republican members of 111 00:05:26,680 --> 00:05:29,320 Speaker 2: the House who say, hell no, we've heard about a 112 00:05:29,400 --> 00:05:32,719 Speaker 2: triggering emotion to vacate if that happens, But that's number one. 113 00:05:32,760 --> 00:05:34,560 Speaker 2: I just want to get your take on these, because 114 00:05:35,040 --> 00:05:37,200 Speaker 2: the CR buys some time, maybe a month. 115 00:05:37,279 --> 00:05:39,520 Speaker 4: Do you think, first of all, that that will pass. 116 00:05:41,040 --> 00:05:44,159 Speaker 5: I don't, and I don't have any special insight. I'm 117 00:05:44,480 --> 00:05:47,560 Speaker 5: listening to Bloomberg and reading the papers like everyone else. 118 00:05:47,960 --> 00:05:50,479 Speaker 5: But if you start counting on your fingers, you get 119 00:05:50,480 --> 00:05:52,560 Speaker 5: to five Republicans who have said they will not support 120 00:05:52,600 --> 00:05:56,520 Speaker 5: a CR. Well, they can't lose five votes, so that 121 00:05:56,560 --> 00:05:58,440 Speaker 5: doesn't appear to have a path forward at the moment. 122 00:05:58,839 --> 00:06:01,000 Speaker 5: They might be able to add onto a CR some 123 00:06:01,120 --> 00:06:04,880 Speaker 5: additional supplements like the disaster relief to make it more enticing. 124 00:06:05,560 --> 00:06:08,000 Speaker 5: That'll get it out of the House, but the Senate 125 00:06:08,000 --> 00:06:10,239 Speaker 5: won't pass that. The Senate will insist on Ukraine funding 126 00:06:10,240 --> 00:06:12,440 Speaker 5: and that won't pass the House. So this is where 127 00:06:12,520 --> 00:06:16,080 Speaker 5: I see the logjam. It's the initial bill that won't 128 00:06:16,080 --> 00:06:19,560 Speaker 5: make it through because House Democrats have non centerve to 129 00:06:19,800 --> 00:06:22,760 Speaker 5: participate in House, Republicans can't muster the votes. That's the 130 00:06:22,800 --> 00:06:23,440 Speaker 5: real problem. 131 00:06:23,480 --> 00:06:25,320 Speaker 2: Well, that's fascinating because a lot of people are looking 132 00:06:25,400 --> 00:06:27,560 Speaker 2: at the end of the year, maybe walking up the holidays. 133 00:06:27,600 --> 00:06:30,000 Speaker 2: You think it just happens now the fiscal year, we 134 00:06:30,800 --> 00:06:32,400 Speaker 2: go into a shutdown in October. 135 00:06:33,960 --> 00:06:37,320 Speaker 5: I think it happens quickly, you know, bluntly. I think 136 00:06:37,320 --> 00:06:39,560 Speaker 5: there's some members of the House who want to shut 137 00:06:39,600 --> 00:06:41,520 Speaker 5: the government and they have the power to do it. 138 00:06:41,560 --> 00:06:43,360 Speaker 5: I mean, if you can get four of your friends, 139 00:06:44,120 --> 00:06:47,120 Speaker 5: it's over. So that'll happen because they want it to 140 00:06:47,120 --> 00:06:48,799 Speaker 5: happen and they have the ability to make it happen. 141 00:06:49,240 --> 00:06:52,039 Speaker 5: And then we start figuring out the realistic future where 142 00:06:52,040 --> 00:06:54,240 Speaker 5: the Congress and United States funds the federal government, which 143 00:06:54,279 --> 00:06:57,039 Speaker 5: has to happen and will happen. And the question is 144 00:06:57,120 --> 00:07:00,359 Speaker 5: how long is the disruption that we have to suffer 145 00:07:00,400 --> 00:07:01,599 Speaker 5: before we get to that business. 146 00:07:02,480 --> 00:07:04,760 Speaker 2: It's looking like the Ukraine funding will not be part 147 00:07:04,800 --> 00:07:05,960 Speaker 2: of a continuing resolution. 148 00:07:06,120 --> 00:07:07,680 Speaker 4: That appears to be a deal breaker. 149 00:07:07,680 --> 00:07:10,040 Speaker 2: But to your point, you're not passing a budget without 150 00:07:10,120 --> 00:07:13,400 Speaker 2: some increase in funding here to get it through the Senate. 151 00:07:13,880 --> 00:07:16,440 Speaker 2: A lot of this might hinge on this meeting tomorrow 152 00:07:16,440 --> 00:07:19,840 Speaker 2: when President Zelenski comes to Washington. Kevin McCarthy was asked 153 00:07:19,840 --> 00:07:22,920 Speaker 2: again today about the questions that he and other potentially 154 00:07:22,960 --> 00:07:26,880 Speaker 2: skeptical members of his conference will have for Zelensky when 155 00:07:26,880 --> 00:07:29,520 Speaker 2: they meet. A little bit less downbeat than we heard 156 00:07:29,520 --> 00:07:30,760 Speaker 2: from him twenty four hours ago. 157 00:07:30,800 --> 00:07:34,080 Speaker 5: Here he is, these are hard working taxpayer dollars. I 158 00:07:34,120 --> 00:07:37,080 Speaker 5: want to make sure there's accountability where the resources are going. 159 00:07:37,480 --> 00:07:39,600 Speaker 5: I want to see a plan of what we're looking 160 00:07:39,640 --> 00:07:42,240 Speaker 5: for for victory, and I think members will sit and 161 00:07:42,280 --> 00:07:43,320 Speaker 5: have their questions as well. 162 00:07:44,600 --> 00:07:47,920 Speaker 2: I won't ask you to be a military analyst for us, Douglas, 163 00:07:47,960 --> 00:07:51,160 Speaker 2: but when it comes to this issue of accountability, what 164 00:07:51,160 --> 00:07:54,480 Speaker 2: would that look like? How could that actually work in 165 00:07:54,520 --> 00:07:57,560 Speaker 2: a way short of a full audit of everything that's 166 00:07:57,560 --> 00:07:58,240 Speaker 2: already been spent. 167 00:07:58,320 --> 00:07:59,200 Speaker 4: Maybe that's part of this. 168 00:07:59,240 --> 00:08:02,240 Speaker 2: How would you sell that to members who say, not 169 00:08:02,320 --> 00:08:06,760 Speaker 2: necessarily no more money for Ukraine, but new accountability for Ukraine. 170 00:08:08,280 --> 00:08:10,080 Speaker 5: Well, I think the number one thing would be to 171 00:08:10,200 --> 00:08:15,640 Speaker 5: have a convincing demonstration presentation on their efforts to root 172 00:08:15,680 --> 00:08:19,960 Speaker 5: out corruption and fraud in Ukraine. This has been an 173 00:08:20,040 --> 00:08:22,720 Speaker 5: ongoing issue. People have lost their jobs over so it's 174 00:08:22,760 --> 00:08:26,200 Speaker 5: not a secret, and some members are nervous about sending 175 00:08:26,200 --> 00:08:28,920 Speaker 5: more money to a government that has an ongoing corruption problem, 176 00:08:29,080 --> 00:08:32,200 Speaker 5: and the money may not be going to fight military. 177 00:08:33,480 --> 00:08:33,720 Speaker 7: War. 178 00:08:33,880 --> 00:08:36,800 Speaker 5: So you know that, I think is the key. What 179 00:08:36,840 --> 00:08:39,520 Speaker 5: evidence he can bring about his efforts to clean up 180 00:08:39,559 --> 00:08:43,240 Speaker 5: the operation of his government. I'm not sure, but I 181 00:08:43,240 --> 00:08:46,200 Speaker 5: think that's the key issue. 182 00:08:47,040 --> 00:08:50,720 Speaker 2: So a shutdown in October, when do we actually get 183 00:08:50,840 --> 00:08:53,280 Speaker 2: a budget for next fiscal here, Douglas roe Am, I 184 00:08:53,360 --> 00:08:54,680 Speaker 2: just asking too much right now? 185 00:08:55,840 --> 00:08:58,640 Speaker 5: Well, there isn't going to be a budget for next 186 00:08:58,640 --> 00:09:00,920 Speaker 5: for a few years. So, as it turns out, while 187 00:09:00,920 --> 00:09:04,040 Speaker 5: we're having this conversation, the House Budget Committee has finally 188 00:09:04,120 --> 00:09:07,240 Speaker 5: marked up a budget resolution, something it should have done 189 00:09:07,280 --> 00:09:09,600 Speaker 5: in March, and the Senate Budget Commute has no intention 190 00:09:09,679 --> 00:09:12,800 Speaker 5: of doing one, and neither chamber is going to vote 191 00:09:12,800 --> 00:09:17,160 Speaker 5: on a budget. So we have flunked the let's budget 192 00:09:17,200 --> 00:09:20,400 Speaker 5: and figure out how to govern steps that they're gone. 193 00:09:20,840 --> 00:09:22,800 Speaker 5: All we're going to do is pass a very large 194 00:09:22,840 --> 00:09:25,719 Speaker 5: spending bill that has enough money in different places to 195 00:09:26,440 --> 00:09:29,320 Speaker 5: get sixty votes in the Senate and two eighteen in 196 00:09:29,360 --> 00:09:32,679 Speaker 5: the House. And that's going to be a reactionary way 197 00:09:32,720 --> 00:09:35,040 Speaker 5: to find the government, not a plan, not a budget. 198 00:09:35,440 --> 00:09:37,280 Speaker 5: There's nothing to be proud of in this, but we 199 00:09:37,320 --> 00:09:38,080 Speaker 5: will get through it. 200 00:09:39,720 --> 00:09:43,640 Speaker 2: So much for regular order. Douglas Holtzecon, don't be a stranger. 201 00:09:43,679 --> 00:09:45,320 Speaker 2: It's great to have you back meebe. We'll talk again 202 00:09:45,320 --> 00:09:46,679 Speaker 2: on the other side of this thing, because we've got 203 00:09:46,679 --> 00:09:48,920 Speaker 2: a lot to learn still. He's the president the American 204 00:09:48,960 --> 00:09:52,079 Speaker 2: Action Forum. I'm Jill Matthew in Washington with an eye 205 00:09:52,160 --> 00:09:53,880 Speaker 2: on both ends of Pennsylvania Avenue. 206 00:09:53,960 --> 00:09:55,120 Speaker 4: Let's assemble our panel. 207 00:09:55,200 --> 00:09:57,280 Speaker 2: We're going to be hearing in a few moments from 208 00:09:57,400 --> 00:09:59,839 Speaker 2: Gary Gensler at the SEC who talked to her own 209 00:10:00,040 --> 00:10:03,280 Speaker 2: Kyley Lines earlier today. But Rick Davis and Jeanie Shanzano 210 00:10:03,360 --> 00:10:06,440 Speaker 2: jump in now as Bloomberg Politics contributors, our signature panel. 211 00:10:06,720 --> 00:10:09,160 Speaker 2: As we spent some time with Douglas holtz Ichan, I'd 212 00:10:09,160 --> 00:10:11,760 Speaker 2: love to hear from both of you. With an eye 213 00:10:11,840 --> 00:10:16,920 Speaker 2: on this conversation over at Ukraine. You heard Kevin McCarthy 214 00:10:17,760 --> 00:10:21,360 Speaker 2: talking about Ukraine. Rick, have you heard Ran Paul. Because 215 00:10:22,240 --> 00:10:24,400 Speaker 2: this is in the Senate, of course, where there's supposed 216 00:10:24,400 --> 00:10:26,640 Speaker 2: to be more galvanized support, and I think we can 217 00:10:27,000 --> 00:10:30,079 Speaker 2: credibly say that there is for the war in Ukraine. 218 00:10:30,480 --> 00:10:33,320 Speaker 2: But the Senator for Kentucky is apparently done. Here's what 219 00:10:33,360 --> 00:10:34,440 Speaker 2: he said on the House floor. 220 00:10:34,679 --> 00:10:38,160 Speaker 8: It's not just that this is not helping our national security. 221 00:10:38,520 --> 00:10:41,559 Speaker 8: The very threat to our national security is our debt. 222 00:10:42,160 --> 00:10:45,600 Speaker 8: The more we send money overseas, the more we deplete 223 00:10:45,679 --> 00:10:50,400 Speaker 8: our munitions, the worst things get. No matter how sympathetic 224 00:10:50,440 --> 00:10:53,240 Speaker 8: we are to the Ukrainian people, we must put the 225 00:10:53,280 --> 00:10:57,320 Speaker 8: American people first. And to that end, I encourage my 226 00:10:57,360 --> 00:11:00,800 Speaker 8: colleagues to pose any effort to hold the federal government 227 00:11:00,880 --> 00:11:02,679 Speaker 8: hostage for Ukraine funding. 228 00:11:03,880 --> 00:11:07,080 Speaker 2: So Rick Davis ran Paul apparently the one to crystallize 229 00:11:07,600 --> 00:11:09,560 Speaker 2: the argument against Ukraine funding. 230 00:11:09,640 --> 00:11:11,040 Speaker 4: Will others join him in the Senate? 231 00:11:12,440 --> 00:11:15,280 Speaker 6: Very few? I mean, there are some that have expressed 232 00:11:15,360 --> 00:11:19,240 Speaker 6: reservations about the use of the funds for Ukraine. And 233 00:11:20,480 --> 00:11:23,720 Speaker 6: ran Paul, though, is in a distinctly minority position. I mean, 234 00:11:23,760 --> 00:11:27,280 Speaker 6: you probably have eighty five to ninety Senate votes both parties, 235 00:11:28,120 --> 00:11:32,600 Speaker 6: the support increasing and funding and support for Ukraine. And 236 00:11:32,640 --> 00:11:34,680 Speaker 6: I don't know what he thinks about, like holding on 237 00:11:34,760 --> 00:11:37,600 Speaker 6: to all those munitions. Is he waiting for Russia to 238 00:11:37,600 --> 00:11:40,200 Speaker 6: invade Florida and then he'll go ahead and use him 239 00:11:40,280 --> 00:11:41,240 Speaker 6: or what's his plan? 240 00:11:41,480 --> 00:11:41,640 Speaker 1: Right? 241 00:11:41,720 --> 00:11:44,360 Speaker 6: I mean, I don't understand the idea that we don't 242 00:11:44,400 --> 00:11:48,440 Speaker 6: want to use the weapons we make to create peace 243 00:11:48,480 --> 00:11:52,319 Speaker 6: around Europe, especially, So it's a frustrating thing to hear 244 00:11:52,400 --> 00:11:55,640 Speaker 6: him talk. But you know, not many people are listening, 245 00:11:55,679 --> 00:11:58,880 Speaker 6: certainly not other senators. And so he's making news, but 246 00:11:58,960 --> 00:11:59,960 Speaker 6: he's not making history. 247 00:12:01,720 --> 00:12:06,000 Speaker 2: What does this tell those negotiating a budget plan? Though, Genie, 248 00:12:06,000 --> 00:12:08,959 Speaker 2: it's not getting any easier here in the House. And 249 00:12:09,040 --> 00:12:13,120 Speaker 2: now you've got a senator crystallizing an argument that others 250 00:12:13,200 --> 00:12:15,840 Speaker 2: might be able to lift others on the House side 251 00:12:15,840 --> 00:12:18,000 Speaker 2: who are pushing back on Kevin McCarthy. 252 00:12:19,320 --> 00:12:22,760 Speaker 9: Yeah. I mean, you know, it's interesting because I have 253 00:12:22,880 --> 00:12:25,360 Speaker 9: talked to several people in the last couple of days 254 00:12:25,440 --> 00:12:30,199 Speaker 9: who privately have expressed concern, as much as they support 255 00:12:30,360 --> 00:12:35,760 Speaker 9: Ukraine in the effort against Russia, expressed concern about making 256 00:12:35,840 --> 00:12:37,840 Speaker 9: the case that this is in the interest of the 257 00:12:37,960 --> 00:12:41,440 Speaker 9: United States to keep spending this money. And so I 258 00:12:41,600 --> 00:12:45,120 Speaker 9: do think that this argument, I agree, it probably doesn't 259 00:12:45,240 --> 00:12:48,240 Speaker 9: have many legs in the Senate. It's going to give 260 00:12:48,280 --> 00:12:51,280 Speaker 9: some oxygen to some of these Republicans in the House, 261 00:12:51,640 --> 00:12:54,520 Speaker 9: but I do think there is a necessity for the 262 00:12:54,600 --> 00:12:58,839 Speaker 9: administration and for Vladimir Zelensky when he comes to make 263 00:12:58,880 --> 00:13:01,160 Speaker 9: the case, and he's making it forcefully right now in 264 00:13:01,200 --> 00:13:03,880 Speaker 9: the UN that this is in the interest of the 265 00:13:04,000 --> 00:13:07,679 Speaker 9: United States of democracies around the world, and that we 266 00:13:07,760 --> 00:13:11,240 Speaker 9: have an obligation here because this is something you do 267 00:13:11,320 --> 00:13:15,320 Speaker 9: hear Americans scratching their head about. So as frustrating as 268 00:13:15,400 --> 00:13:18,200 Speaker 9: rand Paul is, I think he's raising something that does 269 00:13:18,360 --> 00:13:22,079 Speaker 9: need to be addressed straight on to make this case. 270 00:13:22,160 --> 00:13:25,080 Speaker 9: And I think the President tried yes yesterday, but more 271 00:13:25,200 --> 00:13:28,120 Speaker 9: needs to be done on this score. So we move 272 00:13:28,200 --> 00:13:30,240 Speaker 9: public opinion on this issue. It's critical. 273 00:13:31,240 --> 00:13:34,760 Speaker 2: Well, the democracy argument is clearly not enough for everybody. 274 00:13:34,840 --> 00:13:36,760 Speaker 2: Rick when it comes to accountability, what kind of a 275 00:13:36,760 --> 00:13:39,880 Speaker 2: system could be put in place that would give skeptics 276 00:13:40,200 --> 00:13:41,520 Speaker 2: the ability to track the money? 277 00:13:42,880 --> 00:13:44,680 Speaker 6: Well, first of all, I mean there's not a penny 278 00:13:44,679 --> 00:13:47,400 Speaker 6: that's spent that we don't have, you know, federal government 279 00:13:47,480 --> 00:13:49,960 Speaker 6: employees tracking where it goes and what it does. And 280 00:13:49,960 --> 00:13:52,880 Speaker 6: the vast majority of this Remember, these are checks that 281 00:13:52,920 --> 00:13:55,960 Speaker 6: are going to the US defense industrial complex. They're not 282 00:13:56,040 --> 00:13:58,840 Speaker 6: going to Ukraine. Where do you think the munitions are 283 00:13:58,880 --> 00:14:02,480 Speaker 6: coming from? You know, we have American jobs building you know, 284 00:14:02,600 --> 00:14:05,520 Speaker 6: this kind of weaponry and shipping it off to the Ukraine. 285 00:14:05,640 --> 00:14:09,880 Speaker 6: So there's only a fraction, especially the economic aid that's 286 00:14:09,880 --> 00:14:13,120 Speaker 6: actually being spent by Ukrainians. And I'm actually encouraged by 287 00:14:13,120 --> 00:14:17,840 Speaker 6: the steps that President Zelensky has made recently in cleaning 288 00:14:17,880 --> 00:14:22,560 Speaker 6: house in defense ministry of his own country to keep 289 00:14:22,600 --> 00:14:28,160 Speaker 6: people who might see some profiteering being made to kick 290 00:14:28,240 --> 00:14:30,160 Speaker 6: him out. I mean, that's really tough in the middle 291 00:14:30,200 --> 00:14:32,880 Speaker 6: of a war effort to clean house like that, And 292 00:14:33,000 --> 00:14:37,320 Speaker 6: kudos to him for keeping frankly common cause with the 293 00:14:37,320 --> 00:14:39,960 Speaker 6: American taxpayer. I think we can be encouraged by. 294 00:14:39,960 --> 00:14:45,080 Speaker 2: That fascinating conversation as always with Rick and Janie, and 295 00:14:45,480 --> 00:14:49,440 Speaker 2: we add another voice to our conversation today and that's 296 00:14:49,480 --> 00:14:52,960 Speaker 2: the Chair of the SEC. Bloomberg's Kaylee Liones, was on 297 00:14:53,000 --> 00:14:58,240 Speaker 2: Capitol Hill this morning spent some time with the Chair 298 00:14:58,480 --> 00:15:01,120 Speaker 2: as he was up there for a hearing talking about 299 00:15:01,160 --> 00:15:04,200 Speaker 2: a range of issues, including this matter of a shutdown. 300 00:15:04,280 --> 00:15:06,800 Speaker 2: We're trying to hear from as many policy makers as 301 00:15:06,840 --> 00:15:09,880 Speaker 2: we can in Washington for their view on this. Of course, 302 00:15:10,000 --> 00:15:13,240 Speaker 2: his agency would be subject to some changes in a 303 00:15:13,240 --> 00:15:16,680 Speaker 2: government shutdown, and that's where Kayley began the conversation with 304 00:15:16,760 --> 00:15:20,240 Speaker 2: the impact on financial regulation here he. 305 00:15:20,240 --> 00:15:28,880 Speaker 7: Is I would say first the market regulators, Security IS 306 00:15:28,920 --> 00:15:31,760 Speaker 7: and Exchange Commission. I'll leave Chair Benham to speak about 307 00:15:32,240 --> 00:15:36,240 Speaker 7: the other great market regulator, the CFGC. But we're appropriated 308 00:15:36,280 --> 00:15:42,480 Speaker 7: agencies and so public should understand we will largely be 309 00:15:42,520 --> 00:15:48,000 Speaker 7: a skeletal staff under the laws, and so the normal 310 00:15:48,760 --> 00:15:52,800 Speaker 7: oversight we have in markets will not be possible, just 311 00:15:53,160 --> 00:16:00,720 Speaker 7: simply not for how many days that happens. Companies that 312 00:16:00,760 --> 00:16:03,880 Speaker 7: want to go public may not find that their filings 313 00:16:03,920 --> 00:16:06,280 Speaker 7: could even be reviewed by the SEC and the like 314 00:16:06,400 --> 00:16:12,520 Speaker 7: during pendency of a shutdown. Those are the most immediate functions. 315 00:16:12,840 --> 00:16:16,080 Speaker 7: But also we won't be able to oversee the markets 316 00:16:16,080 --> 00:16:20,520 Speaker 7: if there's significant events or in the like. 317 00:16:20,800 --> 00:16:23,360 Speaker 10: But you don't anticipate significant events could emanate from the 318 00:16:23,360 --> 00:16:26,080 Speaker 10: government shutting down potentially for a prolonged period of time 319 00:16:26,160 --> 00:16:32,400 Speaker 10: that would be disruptive to the apsual activity. 320 00:16:32,440 --> 00:16:37,600 Speaker 7: We have the deepest, most liquid capital markets, but the base, 321 00:16:38,000 --> 00:16:40,560 Speaker 7: the absolute base of that capital markets, is our US 322 00:16:40,680 --> 00:16:43,640 Speaker 7: treasury market. It's about a quarter of the market, it's 323 00:16:43,680 --> 00:16:46,640 Speaker 7: twenty five trillion dollars, but it's the base, and the 324 00:16:46,760 --> 00:16:50,920 Speaker 7: trust in that market is in part just that we 325 00:16:51,040 --> 00:16:56,560 Speaker 7: function well that we are able to resolve our differences 326 00:16:56,600 --> 00:17:06,920 Speaker 7: in our democratic ways. But importantly, the treasury markets will 327 00:17:06,920 --> 00:17:11,720 Speaker 7: still function, They'll be trading in the stock markets. You 328 00:17:11,920 --> 00:17:16,520 Speaker 7: just want to have the oversight of the market regulators. 329 00:17:17,480 --> 00:17:20,159 Speaker 2: Gary Gensler, a chair of the SEC, talking with our 330 00:17:20,200 --> 00:17:23,439 Speaker 2: own Kayley Lines earlier today on Capitol Hill as we 331 00:17:23,480 --> 00:17:27,160 Speaker 2: bring back Rick Davis and Jeanie Shanzano. It's just a reminder, Genie, 332 00:17:27,200 --> 00:17:30,359 Speaker 2: he doesn't sound terribly worried about things, but yet another 333 00:17:30,440 --> 00:17:33,400 Speaker 2: element of a shutdown that we don't always think about. 334 00:17:33,480 --> 00:17:37,119 Speaker 2: That's the watchdog, I guess would be what in the doghouse? 335 00:17:38,960 --> 00:17:42,399 Speaker 9: Yeah, that's right, And I think these conversations are critically 336 00:17:42,440 --> 00:17:47,159 Speaker 9: important because we keep hearing from Republicans. You know, we 337 00:17:47,240 --> 00:17:50,120 Speaker 9: heard from Andy Biggs in the last forty eight hours. 338 00:17:50,480 --> 00:17:53,960 Speaker 9: My constituents are okay with a shutdown. It's a pause, 339 00:17:54,040 --> 00:17:57,080 Speaker 9: as he describes it, and the impact is going to 340 00:17:57,119 --> 00:18:02,159 Speaker 9: be minimal. But as that conversation just suggested and showed 341 00:18:02,240 --> 00:18:06,160 Speaker 9: us in so many ways, the impact is real, and 342 00:18:06,240 --> 00:18:09,560 Speaker 9: so I think we need to and also to go 343 00:18:09,680 --> 00:18:11,760 Speaker 9: back to your conversation earlier. 344 00:18:12,280 --> 00:18:13,200 Speaker 1: You know, the. 345 00:18:13,080 --> 00:18:17,159 Speaker 9: Reality is is that you cannot run and function a 346 00:18:17,240 --> 00:18:20,440 Speaker 9: government this way. This is no way to run anything, 347 00:18:20,520 --> 00:18:23,600 Speaker 9: let alone a government. And so there is an impact, 348 00:18:23,640 --> 00:18:26,120 Speaker 9: as much as we're told there's not. If people want 349 00:18:26,160 --> 00:18:29,280 Speaker 9: to get religion on spending, God bless them, we should, 350 00:18:29,600 --> 00:18:32,080 Speaker 9: but this is not the way to do it. There 351 00:18:32,160 --> 00:18:35,080 Speaker 9: is damage on the other side when we proceed down 352 00:18:35,160 --> 00:18:35,760 Speaker 9: this path. 353 00:18:36,960 --> 00:18:38,720 Speaker 4: Where's your head on this at this point? 354 00:18:38,800 --> 00:18:41,159 Speaker 2: Rick, Obviously a government shutdown isn't going to shake the 355 00:18:41,160 --> 00:18:46,480 Speaker 2: world here. We avoided a default earlier this year. There 356 00:18:46,480 --> 00:18:49,000 Speaker 2: are some Republicans like Mick Mulvaney who sat right in 357 00:18:49,040 --> 00:18:50,800 Speaker 2: this room and said, hey, calm down here, we're not 358 00:18:50,800 --> 00:18:53,360 Speaker 2: shutting down the government. It's you know, it's a partial shutdown, 359 00:18:53,400 --> 00:18:55,879 Speaker 2: and we can direct money to places that we need 360 00:18:56,359 --> 00:19:00,680 Speaker 2: to go for a pretty good chunk of time. Where 361 00:19:00,680 --> 00:19:02,399 Speaker 2: does duration become a problem for you? 362 00:19:03,840 --> 00:19:04,040 Speaker 11: Yeah? 363 00:19:04,080 --> 00:19:06,480 Speaker 6: Well, look, I mean duration matters on those things that 364 00:19:06,600 --> 00:19:09,159 Speaker 6: you know, checks need to be delivered. I think you know, 365 00:19:09,640 --> 00:19:12,919 Speaker 6: Cheermyer makes a good point, right, is that on the 366 00:19:12,920 --> 00:19:15,600 Speaker 6: regulatory agency side, Well, your paperwork just sits in a 367 00:19:15,640 --> 00:19:16,920 Speaker 6: bin until we get back to work. 368 00:19:17,440 --> 00:19:18,120 Speaker 4: Tough luck. 369 00:19:18,359 --> 00:19:21,840 Speaker 6: You should call your congressman. But in things that we 370 00:19:21,920 --> 00:19:25,840 Speaker 6: need to cut checks for military pay things like that, 371 00:19:26,000 --> 00:19:29,400 Speaker 6: especially if it goes beyond just a limited shutdown. Uh, 372 00:19:29,440 --> 00:19:31,560 Speaker 6: those really have a pinch, and those can affect us. 373 00:19:31,600 --> 00:19:35,040 Speaker 6: But the latter part that he makes and Genie picked 374 00:19:35,119 --> 00:19:37,040 Speaker 6: up on, is, you know, we we need to quit 375 00:19:37,119 --> 00:19:40,280 Speaker 6: operating like a third world country. You know, we're we're 376 00:19:40,320 --> 00:19:42,880 Speaker 6: supposed to be the standard of democracies around the world. 377 00:19:42,880 --> 00:19:44,600 Speaker 6: We have to actually start acting like it if we 378 00:19:44,640 --> 00:19:48,240 Speaker 6: want others to participate in this great democratic experiment, and 379 00:19:48,320 --> 00:19:49,760 Speaker 6: we have to show them way to do it that 380 00:19:49,800 --> 00:19:51,760 Speaker 6: looks a lot better than what we're currently doing. 381 00:19:57,760 --> 00:20:00,960 Speaker 1: You're listening to The Bloomberg Sound on pun Cast. Catch 382 00:20:01,040 --> 00:20:04,800 Speaker 1: the program live weekdays at one Eastern on Bloomberg Radio, 383 00:20:04,960 --> 00:20:07,680 Speaker 1: the tune in alf Bloomberg dot Com, and the Bloomberg 384 00:20:07,760 --> 00:20:11,040 Speaker 1: Business app. You can also listen live on Amazon Alexa 385 00:20:11,119 --> 00:20:14,480 Speaker 1: from our flagship New York station, Just say Alexa play 386 00:20:14,600 --> 00:20:15,920 Speaker 1: Bloomberg eleven thirty. 387 00:20:17,400 --> 00:20:19,679 Speaker 2: Rand Paul, who we heard from earlier, was urging his 388 00:20:19,720 --> 00:20:23,959 Speaker 2: colleagues to vote against increased Ukraine funding. He said, this 389 00:20:24,000 --> 00:20:26,760 Speaker 2: isn't a democracy anyway over there in Ukraine. They canceled 390 00:20:26,760 --> 00:20:29,639 Speaker 2: their presidential election. Of course, things are a little bit 391 00:20:29,760 --> 00:20:32,920 Speaker 2: difficult there at the time. But we heard from Voladimir 392 00:20:32,960 --> 00:20:36,560 Speaker 2: Zelenski himself in an interview with CNN this following his 393 00:20:36,600 --> 00:20:40,159 Speaker 2: address at the UN yesterday, and he was asked about 394 00:20:40,200 --> 00:20:43,840 Speaker 2: Donald Trump's claims, as we hear frequently, to be able 395 00:20:43,840 --> 00:20:46,960 Speaker 2: to negotiate an end of this war in twenty four 396 00:20:47,000 --> 00:20:49,560 Speaker 2: hours in his first day in office. He says, not 397 00:20:49,600 --> 00:20:53,119 Speaker 2: only is it possible, it'll be easy. He's speaking in 398 00:20:53,200 --> 00:20:55,800 Speaker 2: English here, but I think you'll get the point in 399 00:20:55,880 --> 00:20:56,480 Speaker 2: his response. 400 00:20:56,800 --> 00:21:00,840 Speaker 11: The question is to Trump, or maybe it's not his idea, somebody, 401 00:21:02,320 --> 00:21:09,080 Speaker 11: what what the United States really ready to give to 402 00:21:09,200 --> 00:21:14,679 Speaker 11: put him from your territories? What you are ready to 403 00:21:14,800 --> 00:21:21,040 Speaker 11: give but for the possibility, possibility not to risk after 404 00:21:21,240 --> 00:21:24,520 Speaker 11: his public wars about nuclear weapon. 405 00:21:26,200 --> 00:21:29,640 Speaker 2: So after he's invoked, after Putin has invoked the possible 406 00:21:29,720 --> 00:21:33,040 Speaker 2: use of a nuclear weapon, how can you negotiate with 407 00:21:33,160 --> 00:21:34,160 Speaker 2: him about anything? 408 00:21:34,200 --> 00:21:35,520 Speaker 4: What would you be willing to give him? 409 00:21:35,520 --> 00:21:38,480 Speaker 2: As what he's saying, Genie, how does that argument resonate 410 00:21:38,600 --> 00:21:39,680 Speaker 2: tomorrow in Washington? 411 00:21:41,240 --> 00:21:45,280 Speaker 9: I think it's gonna resonate incredibly strongly. And he makes 412 00:21:45,359 --> 00:21:49,280 Speaker 9: an really important point, And you know, these are the 413 00:21:49,359 --> 00:21:53,399 Speaker 9: exact points that the American public needs to hear over 414 00:21:53,520 --> 00:21:57,199 Speaker 9: and over again. You know, Rick was saying earlier something 415 00:21:57,200 --> 00:22:01,640 Speaker 9: I wish the administration would say about this money. These 416 00:22:01,640 --> 00:22:04,840 Speaker 9: are exactly the arguments that need to be had, because 417 00:22:04,880 --> 00:22:08,240 Speaker 9: what we're hearing, or what people are hearing out there, 418 00:22:08,680 --> 00:22:11,679 Speaker 9: is that we are giving billions of dollars away to 419 00:22:11,840 --> 00:22:15,480 Speaker 9: a corrupt regime while we have trouble at home that 420 00:22:15,760 --> 00:22:18,560 Speaker 9: is got to be countered. And so Zelensky does a 421 00:22:18,720 --> 00:22:22,080 Speaker 9: very good job making the case and asking Donald Trump 422 00:22:22,080 --> 00:22:24,720 Speaker 9: and anybody else who has this idea, what are you 423 00:22:24,880 --> 00:22:27,800 Speaker 9: planning to give up? And likewise we have to ask, 424 00:22:28,400 --> 00:22:30,560 Speaker 9: we have to explain to people where this money is 425 00:22:30,600 --> 00:22:33,440 Speaker 9: coming from and what it's for and why it's critical. 426 00:22:33,880 --> 00:22:36,840 Speaker 9: Those arguments have to be had over and over again 427 00:22:37,280 --> 00:22:40,480 Speaker 9: so people feel assured and rightly so, that their money 428 00:22:40,520 --> 00:22:42,840 Speaker 9: and their time and their energy is being well spent. 429 00:22:43,000 --> 00:22:45,720 Speaker 9: And the fight that we are in, as distance that 430 00:22:45,800 --> 00:22:48,280 Speaker 9: we are from it, is one that we should be 431 00:22:48,359 --> 00:22:50,760 Speaker 9: in as it pertains to Russia and Ukraine. 432 00:22:51,960 --> 00:22:55,600 Speaker 2: How does President Zelenski need to compose himself tomorrow? Rick, 433 00:22:55,680 --> 00:22:58,280 Speaker 2: He was criticized, for instance, for not wearing a suit 434 00:22:58,720 --> 00:23:01,520 Speaker 2: when he addressed a joint session of Congress. He's going 435 00:23:01,600 --> 00:23:03,639 Speaker 2: to be going with his hand out to Speaker McCarthy 436 00:23:03,720 --> 00:23:07,000 Speaker 2: and other members who might, according to McCarthy, have some 437 00:23:07,000 --> 00:23:08,159 Speaker 2: difficult questions for him. 438 00:23:08,160 --> 00:23:09,000 Speaker 4: How does he approach this? 439 00:23:10,280 --> 00:23:15,160 Speaker 6: Yeah, I mean obviously his brand is military warfare outfits, right, 440 00:23:15,320 --> 00:23:19,040 Speaker 6: and I guess that's that's part of it. But look, 441 00:23:19,080 --> 00:23:21,480 Speaker 6: I think he has to be appreciative of what the 442 00:23:21,680 --> 00:23:23,800 Speaker 6: United States has already done. We've done a lot, We've 443 00:23:23,800 --> 00:23:26,920 Speaker 6: done more than anybody else. And I think he needs 444 00:23:26,960 --> 00:23:29,840 Speaker 6: to those stress this urgency. These aren't you know, these 445 00:23:30,119 --> 00:23:33,360 Speaker 6: arguments that people are making against this aren't moral equivalents. 446 00:23:33,720 --> 00:23:36,840 Speaker 6: You know, if Vladimir Putin is able to threaten Western 447 00:23:36,840 --> 00:23:39,600 Speaker 6: countries with nuclear weapons, to leave him alone and let 448 00:23:39,720 --> 00:23:43,560 Speaker 6: him take land in the Ukraine. What's the stop from saying, hey, Germany, 449 00:23:43,600 --> 00:23:45,280 Speaker 6: you got to get rid of those US bases there, 450 00:23:45,320 --> 00:23:47,520 Speaker 6: or I'm going to New you know, one of your city, 451 00:23:48,000 --> 00:23:51,200 Speaker 6: or Poland you know, how about those missile defense systems 452 00:23:51,240 --> 00:23:53,120 Speaker 6: that you just bought for the United States? Take them down, 453 00:23:53,200 --> 00:23:54,840 Speaker 6: or I'm going to New I mean, like, this is 454 00:23:54,920 --> 00:23:57,480 Speaker 6: not the kind of behavior you want to start rewarding. 455 00:23:57,840 --> 00:24:00,439 Speaker 6: And so unless you take a strong stand against this 456 00:24:00,520 --> 00:24:04,400 Speaker 6: one dictator, you're going to have a European turmoil, which 457 00:24:04,440 --> 00:24:08,040 Speaker 6: affects all of our security and economic prosperity. 458 00:24:09,720 --> 00:24:12,439 Speaker 2: We're going to be throwing to our special FED coverage 459 00:24:12,440 --> 00:24:13,880 Speaker 2: in just a couple of moments. I want to get 460 00:24:13,880 --> 00:24:17,080 Speaker 2: both of you on this matter of a dress code. 461 00:24:17,160 --> 00:24:20,440 Speaker 2: Since we're talking about this, I guess President Selenski won't 462 00:24:20,480 --> 00:24:22,280 Speaker 2: need to worry about what he's wearing if he enters 463 00:24:22,320 --> 00:24:24,880 Speaker 2: the Senate chamber. We told you about this in response 464 00:24:24,920 --> 00:24:29,879 Speaker 2: to Senator John Fetterman's preference wearing shorts and hoodies, and 465 00:24:29,920 --> 00:24:32,199 Speaker 2: that will keep him on the floor without having to 466 00:24:32,200 --> 00:24:34,240 Speaker 2: give a thumbs up from the door like he's been doing. 467 00:24:35,480 --> 00:24:38,040 Speaker 2: But I just saw him presiding over the Senate when 468 00:24:38,080 --> 00:24:41,840 Speaker 2: Ran Paul made his comments on Ukraine, John Fetterman was presiding. 469 00:24:42,560 --> 00:24:46,240 Speaker 2: Where's short sleeve shirt? And we've got a bit of 470 00:24:46,280 --> 00:24:49,040 Speaker 2: an update on this. A group of forty six Senate 471 00:24:49,080 --> 00:24:52,280 Speaker 2: Republicans that's almost all of them, sending a letter to 472 00:24:52,359 --> 00:24:55,679 Speaker 2: Chuck Schumer asking that he reversed his decision here to 473 00:24:55,720 --> 00:24:58,800 Speaker 2: relax the Senate dress code. I believe it was Susan 474 00:24:58,880 --> 00:25:02,040 Speaker 2: Collins Rick who said that maybe she should start wearing 475 00:25:02,080 --> 00:25:05,440 Speaker 2: a bikini in the Senate. I don't know where either 476 00:25:05,480 --> 00:25:07,719 Speaker 2: of your heads are on this, Ricket. Is this going 477 00:25:07,800 --> 00:25:11,280 Speaker 2: to turn around? Or do we wait for a potential 478 00:25:11,640 --> 00:25:14,359 Speaker 2: different leader? What's the future dressing? 479 00:25:14,640 --> 00:25:18,000 Speaker 6: I just think, you know, I think it's a mistake. 480 00:25:18,119 --> 00:25:22,560 Speaker 6: I think Chuck Schumer is lessening the value of the chamber. 481 00:25:22,720 --> 00:25:25,240 Speaker 6: The Senate is the greatest deliberate body in the world, 482 00:25:25,760 --> 00:25:28,600 Speaker 6: and it should look like it, and looking like it 483 00:25:28,640 --> 00:25:32,240 Speaker 6: is not a weekend at Bernie's where everyone's wearing shades 484 00:25:32,280 --> 00:25:36,600 Speaker 6: and shorts. And I certainly think that Susan Collins made 485 00:25:36,600 --> 00:25:40,520 Speaker 6: the right point, although just the concept is just so 486 00:25:40,720 --> 00:25:45,040 Speaker 6: bothersome to me that you should wake up, Chuck Schumer 487 00:25:45,280 --> 00:25:49,280 Speaker 6: and rescind and go back to a policy that you know, 488 00:25:50,359 --> 00:25:54,040 Speaker 6: really I think maintains the level of the Senate Away 489 00:25:54,040 --> 00:25:54,680 Speaker 6: it should be. 490 00:25:56,000 --> 00:26:04,280 Speaker 2: The response from John Fetterman Genie talking to the Hill newspaper, quote, America, 491 00:26:04,359 --> 00:26:07,760 Speaker 2: it's about freedom and choice. It's like a burger king 492 00:26:07,960 --> 00:26:09,200 Speaker 2: you rule kind of thing. 493 00:26:09,680 --> 00:26:10,280 Speaker 4: Unquote. 494 00:26:11,200 --> 00:26:13,360 Speaker 2: Is this working for you or does this go right 495 00:26:13,400 --> 00:26:18,600 Speaker 2: back when Republicans potentially take control of the Senate someday 496 00:26:17,960 --> 00:26:19,120 Speaker 2: or both? 497 00:26:19,119 --> 00:26:19,720 Speaker 4: All right with you? 498 00:26:21,600 --> 00:26:25,440 Speaker 9: The burger king thing that goes over my head completely. 499 00:26:25,960 --> 00:26:27,760 Speaker 9: You know, I do think it's a bit of a 500 00:26:27,800 --> 00:26:30,560 Speaker 9: bridge too far for Susan Collins to be talking about 501 00:26:30,560 --> 00:26:34,320 Speaker 9: wearing bathing suits on the floor. That's not what the 502 00:26:34,440 --> 00:26:37,280 Speaker 9: senator with the majority leader is talking about. I think 503 00:26:37,320 --> 00:26:41,000 Speaker 9: we should have faith that our leaders can make a 504 00:26:41,080 --> 00:26:44,760 Speaker 9: dignified choice for clothing, and that the rule that they 505 00:26:44,840 --> 00:26:47,800 Speaker 9: have to stand in their Jim Shortz on the you know, 506 00:26:47,840 --> 00:26:49,960 Speaker 9: with one foot in the cloakroom and one foot on 507 00:26:50,000 --> 00:26:53,120 Speaker 9: the floor to vote is a little fashion at this point. 508 00:26:53,359 --> 00:26:56,159 Speaker 9: And let them have their way. And good for Zelenski. 509 00:26:56,240 --> 00:26:59,800 Speaker 9: He's in a war. He should wear his military dress. 510 00:26:59,560 --> 00:27:01,359 Speaker 4: All right. So where to go with the That was 511 00:27:01,440 --> 00:27:02,119 Speaker 4: my follow up? 512 00:27:02,119 --> 00:27:05,639 Speaker 2: There go with the the olive thing and where the suit? 513 00:27:11,240 --> 00:27:13,520 Speaker 2: Thanks for listening to the Sound on podcast. Make sure 514 00:27:13,560 --> 00:27:16,399 Speaker 2: to subscribe if you haven't already, at Apple, Spotify, and 515 00:27:16,480 --> 00:27:19,040 Speaker 2: anywhere else you get your podcasts, And you can find 516 00:27:19,080 --> 00:27:22,160 Speaker 2: us live every weekday from Washington, DC at one pm 517 00:27:22,200 --> 00:27:25,840 Speaker 2: Eastern Time at Bloomberg dot com.