1
00:00:02,320 --> 00:00:06,600
Speaker 1: Live from our nation's capitol. This is Bloomberg Sound On.

2
00:00:07,680 --> 00:00:10,240
Speaker 1: No president should be able to sustain booth on the

3
00:00:10,240 --> 00:00:14,240
Speaker 1: ground without congressional approval and without a clear explanation of

4
00:00:14,280 --> 00:00:16,720
Speaker 1: what the mission is and what the endgame is. This

5
00:00:16,880 --> 00:00:20,520
Speaker 1: isn't really about the economy policy. This is about the coronavirus.

6
00:00:20,520 --> 00:00:25,560
Speaker 1: Bloomberg Sound On, Politics, Policy and Press from DC's top name.

7
00:00:26,079 --> 00:00:28,800
Speaker 1: We must use every school possible to defeat as the

8
00:00:28,880 --> 00:00:32,080
Speaker 1: fault on women's reproductive right. This is a steady growth

9
00:00:32,159 --> 00:00:33,960
Speaker 1: that we're seeing here in our economy, you know, over

10
00:00:34,000 --> 00:00:38,199
Speaker 1: the last three months. Bloomberg Sound On with Joe Matthew

11
00:00:38,600 --> 00:00:44,240
Speaker 1: on Bloomberg Radio Live from Washington, where another piece falls

12
00:00:44,400 --> 00:00:47,280
Speaker 1: into place on Capitol Hill, this time the debt ceiling.

13
00:00:47,640 --> 00:00:51,320
Speaker 1: The Democratic leadership gets on the same page with a

14
00:00:51,400 --> 00:00:54,240
Speaker 1: plan now to suspend the debt limit through December twenty

15
00:00:54,320 --> 00:00:56,920
Speaker 1: two as part of a government funding bill that they're

16
00:00:56,960 --> 00:00:58,920
Speaker 1: about to vote on the coming days. Here would avert

17
00:00:59,000 --> 00:01:01,360
Speaker 1: a shutdown next month. We'll get the latest from Bloomberg

18
00:01:01,400 --> 00:01:05,320
Speaker 1: Congressional reporter Eric Wasson, and we'll discuss it with Mia McGinnis,

19
00:01:05,319 --> 00:01:08,520
Speaker 1: president of the Committee for a Responsible Federal Budget, and

20
00:01:08,560 --> 00:01:11,040
Speaker 1: As President Biden heads to the u N in New York,

21
00:01:11,080 --> 00:01:12,919
Speaker 1: we will look ahead to his speech to the General

22
00:01:12,920 --> 00:01:16,760
Speaker 1: Assembly tomorrow with Brett Ruin, President of the Global Situation Room,

23
00:01:17,120 --> 00:01:20,440
Speaker 1: former Director of Global Engagement in the Obama White House,

24
00:01:20,440 --> 00:01:24,640
Speaker 1: and analysis, of course from the panel. Bloomberg Politics contributors

25
00:01:24,720 --> 00:01:28,240
Speaker 1: Genie Schanzano and Rick Davis with us for the full hour.

26
00:01:28,680 --> 00:01:30,759
Speaker 1: For what it's worth, The spillover from the whole ever

27
00:01:30,840 --> 00:01:33,319
Speaker 1: grand story made its way to the White House today.

28
00:01:33,440 --> 00:01:36,800
Speaker 1: Press Secretary Jen Saki was asked if the White House

29
00:01:36,920 --> 00:01:40,160
Speaker 1: was concerned that this issue could widen and if the

30
00:01:40,240 --> 00:01:43,959
Speaker 1: PRC has this under control. Here's what she said. Let

31
00:01:43,959 --> 00:01:46,440
Speaker 1: me first note that this is a company based in

32
00:01:46,560 --> 00:01:50,960
Speaker 1: China whose activities are overwhelmingly centered in China. That being said,

33
00:01:51,280 --> 00:01:54,280
Speaker 1: we always are monitoring global markets. Obviously from this the

34
00:01:54,320 --> 00:01:57,520
Speaker 1: Department of Treasury primarily including the assessment of any rest

35
00:01:57,560 --> 00:02:00,000
Speaker 1: to the U. S economy and stand prepared to respond

36
00:02:00,160 --> 00:02:04,440
Speaker 1: appropriately if needed. How about that a prepared response. It's

37
00:02:04,440 --> 00:02:07,320
Speaker 1: not often we hear a response from the podium to

38
00:02:07,400 --> 00:02:09,600
Speaker 1: what's happening on Wall Street, but they were ready today.

39
00:02:09,600 --> 00:02:12,560
Speaker 1: It was that bad and that was just the beginning

40
00:02:12,560 --> 00:02:15,280
Speaker 1: of the briefing. So welcome to the fastest hour in politics.

41
00:02:15,840 --> 00:02:20,000
Speaker 1: We have ten days ten days until the government runs

42
00:02:20,040 --> 00:02:21,959
Speaker 1: out of money. And while no one is predicting a

43
00:02:22,000 --> 00:02:24,840
Speaker 1: shutdown this time, it does feel a bit different, doesn't it.

44
00:02:25,440 --> 00:02:28,120
Speaker 1: There are so many questions hanging over this process, and

45
00:02:28,120 --> 00:02:31,079
Speaker 1: today we actually got an answer to one of them.

46
00:02:31,120 --> 00:02:33,919
Speaker 1: As lawmakers returned to town, the House Rules Committee began

47
00:02:34,000 --> 00:02:36,320
Speaker 1: drawing up the road map for a government spending bill,

48
00:02:36,720 --> 00:02:39,959
Speaker 1: the continuing Resolution as we call it in Wonkville here,

49
00:02:40,720 --> 00:02:43,640
Speaker 1: that will fund operations through December of this year. And

50
00:02:43,680 --> 00:02:46,880
Speaker 1: just like that, Speaker Pelosi sent a Majority Leader Chuck

51
00:02:46,919 --> 00:02:50,000
Speaker 1: Schumer issuing a joint statement say they will include a

52
00:02:50,320 --> 00:02:55,120
Speaker 1: suspension of the debt ceiling through December of twenty two,

53
00:02:56,280 --> 00:02:59,959
Speaker 1: which they say would provide an amount of time commenced

54
00:03:00,000 --> 00:03:03,119
Speaker 1: a writ with the debt incurred from last winter's emergency

55
00:03:03,160 --> 00:03:06,360
Speaker 1: COVID relief legislation that, as they point out, was authored

56
00:03:06,360 --> 00:03:10,840
Speaker 1: by Republican senators and signed into law by the previous president.

57
00:03:11,960 --> 00:03:14,120
Speaker 1: The President Biden just tweeted support for the plan. And

58
00:03:14,160 --> 00:03:17,160
Speaker 1: we're joined right now by Bloomberg Congressional reporter Eric Wasson,

59
00:03:17,200 --> 00:03:20,680
Speaker 1: who has been covering every stage of this, Eric, thank

60
00:03:20,720 --> 00:03:22,079
Speaker 1: you for being here. I know you were up really

61
00:03:22,120 --> 00:03:24,360
Speaker 1: because I saw you on TV. Well, this creative approach

62
00:03:24,400 --> 00:03:27,000
Speaker 1: solved the problem? Or do Republicans say no to including

63
00:03:27,000 --> 00:03:30,799
Speaker 1: the debt limit or the suspension? Joe? Republicans are still

64
00:03:30,800 --> 00:03:33,359
Speaker 1: saying no, Mitch McConnell, make clear even after this new

65
00:03:33,520 --> 00:03:36,040
Speaker 1: combined bill was released, that Republicans will be voting no

66
00:03:36,160 --> 00:03:39,880
Speaker 1: on that. I'm standing out here outside a Republican leadership

67
00:03:39,920 --> 00:03:42,360
Speaker 1: meeting and Rick Scotch has told me that, yes, the

68
00:03:42,600 --> 00:03:45,760
Speaker 1: cock has voted as a group in April they would

69
00:03:45,800 --> 00:03:48,520
Speaker 1: not be supporting a debtsitely increase without structural cuts to

70
00:03:48,560 --> 00:03:51,440
Speaker 1: the US sending profile. So yeah, I don't think this

71
00:03:51,880 --> 00:03:54,760
Speaker 1: solves anything. And you know, there is maybe even a

72
00:03:54,800 --> 00:03:57,400
Speaker 1: slight chance of a government shutdown if they really bobble this.

73
00:03:57,520 --> 00:03:59,680
Speaker 1: We're ten days out, which is enough time for them

74
00:03:59,680 --> 00:04:02,200
Speaker 1: to but believe votes is down and pivot to something else.

75
00:04:02,880 --> 00:04:06,120
Speaker 1: But as of right now, we're looking at a pretty

76
00:04:06,120 --> 00:04:09,280
Speaker 1: big showdown between the two parties over the dead ceiling here.

77
00:04:09,560 --> 00:04:11,240
Speaker 1: So what was the real lane here? Eric? Was it

78
00:04:11,280 --> 00:04:13,960
Speaker 1: to generate that response from Republicans to dare them to

79
00:04:14,000 --> 00:04:17,760
Speaker 1: say no? To funding the government and storm relief and

80
00:04:17,839 --> 00:04:21,560
Speaker 1: Afghan refugee resettlement, everything else in that bill. Well, you know,

81
00:04:21,640 --> 00:04:23,360
Speaker 1: I think some people in the right House seemed to

82
00:04:23,360 --> 00:04:26,040
Speaker 1: think Republicans are gonna cave. I don't think that's likely,

83
00:04:26,480 --> 00:04:28,760
Speaker 1: but they're gonna put that to the chest and uh,

84
00:04:28,880 --> 00:04:31,799
Speaker 1: you know, there there'll be a track record the midtermswo

85
00:04:31,920 --> 00:04:35,400
Speaker 1: midterms are looking rough for Democrats. They're looking for political issues.

86
00:04:35,440 --> 00:04:38,440
Speaker 1: Perhaps that plays a role here. They continue Republicans voted

87
00:04:38,520 --> 00:04:40,720
Speaker 1: to default. But in any case, it looks like that's

88
00:04:40,720 --> 00:04:42,800
Speaker 1: where we'reheaded. The House is probably gonna pass that for

89
00:04:43,040 --> 00:04:45,040
Speaker 1: this week, probably go to the Senate, and then we'll

90
00:04:45,080 --> 00:04:47,599
Speaker 1: go from there. So this this passes, the House dies

91
00:04:47,640 --> 00:04:50,600
Speaker 1: in the Senate. That's how you see it happening. Yeah,

92
00:04:50,640 --> 00:04:52,560
Speaker 1: and then I think we'll both see the cr come up.

93
00:04:52,680 --> 00:04:55,120
Speaker 1: I also have reporting my sources are telling me that

94
00:04:55,480 --> 00:04:57,320
Speaker 1: there are right now is at this moment, there's some

95
00:04:57,360 --> 00:05:00,880
Speaker 1: problems between Republicans Democrats on the content of a stop

96
00:05:00,880 --> 00:05:05,000
Speaker 1: gap build. There's Afghan refugee aided there and Republicans wants

97
00:05:05,040 --> 00:05:09,040
Speaker 1: stronger money in there for vetting, uh these refugees. On

98
00:05:09,120 --> 00:05:11,040
Speaker 1: the fear that there's some mad maybe some terrorists, and

99
00:05:11,080 --> 00:05:13,520
Speaker 1: there's a cycling on over that. But presuming they resolved

100
00:05:13,600 --> 00:05:17,080
Speaker 1: that they could probably pass this stop gap bill on

101
00:05:17,160 --> 00:05:20,120
Speaker 1: a bipartisan way once the dead sailing stripped out, once

102
00:05:20,160 --> 00:05:22,880
Speaker 1: it's stripped out, and then that means a standalone vote, Eric,

103
00:05:23,800 --> 00:05:26,000
Speaker 1: they could do that or you know there the Democrats

104
00:05:26,040 --> 00:05:29,080
Speaker 1: do have the ability using the budget reconciliation process, which

105
00:05:29,120 --> 00:05:32,520
Speaker 1: is totally separate process here, to pass it on their own,

106
00:05:32,520 --> 00:05:34,360
Speaker 1: but so far they have declined to do so. Yeah,

107
00:05:34,480 --> 00:05:37,440
Speaker 1: Nancy Pelosius said they would not do that. Fascinating, Eric,

108
00:05:37,800 --> 00:05:40,080
Speaker 1: real time reporting from the halls of Congress. We really

109
00:05:40,120 --> 00:05:42,360
Speaker 1: do appreciate it. Eric Wasson has been doing an amazing job.

110
00:05:42,400 --> 00:05:43,720
Speaker 1: And if you're on the term and to look for

111
00:05:44,240 --> 00:05:47,440
Speaker 1: his byline while we're talking deadlines. By the way, September

112
00:05:48,279 --> 00:05:51,520
Speaker 1: is one week away, the date win Speaker Pelosi promised

113
00:05:51,560 --> 00:05:54,200
Speaker 1: moderates a vote on the bipartis an infrastructure build you

114
00:05:54,240 --> 00:05:56,960
Speaker 1: remember it. We talked about all of this now with

115
00:05:57,040 --> 00:05:59,480
Speaker 1: Miam mc ginnis, who I'm glad to have a chance

116
00:05:59,520 --> 00:06:01,880
Speaker 1: to speak with on this day of all, the President

117
00:06:02,040 --> 00:06:05,760
Speaker 1: of the Committee for a Responsible Federal Budget, Welcome back.

118
00:06:05,839 --> 00:06:09,000
Speaker 1: Maya are we officially playing politics with the good faith

119
00:06:09,000 --> 00:06:12,479
Speaker 1: and credit of the United States Treasury. We really are.

120
00:06:12,640 --> 00:06:17,880
Speaker 1: It's so discouraging to watch words like hostage taking or

121
00:06:18,000 --> 00:06:20,600
Speaker 1: playing chicken when it comes to the debt feeling being

122
00:06:20,640 --> 00:06:24,279
Speaker 1: thrown around, and they are um and honestly, I don't

123
00:06:24,400 --> 00:06:26,920
Speaker 1: quite see how this plays out. I don't think we're

124
00:06:26,920 --> 00:06:31,280
Speaker 1: going to default, but the amount of posturing and politicking

125
00:06:31,760 --> 00:06:34,400
Speaker 1: around something that's a no brainer because it has to

126
00:06:34,440 --> 00:06:37,960
Speaker 1: get done, and their shared responsibility for it. It's just

127
00:06:38,080 --> 00:06:42,080
Speaker 1: a reminder why politics these days, to so many of us,

128
00:06:42,360 --> 00:06:46,279
Speaker 1: feels like it's a bunch of kindergartner's running the country.

129
00:06:46,440 --> 00:06:49,520
Speaker 1: This is serious stuff and this is not serious behavior. Well,

130
00:06:49,520 --> 00:06:51,200
Speaker 1: it's getting close. I mean, I don't know how many

131
00:06:51,240 --> 00:06:56,800
Speaker 1: op ed's Janet Yellencoln right now in the next ten days, right,

132
00:06:57,000 --> 00:07:00,280
Speaker 1: But the language in this statement from the leader ship

133
00:07:00,360 --> 00:07:02,200
Speaker 1: was really something. As I was just reading it with

134
00:07:02,320 --> 00:07:04,599
Speaker 1: Eric here, you know, we've been we've been hearing about

135
00:07:04,640 --> 00:07:07,960
Speaker 1: the Trump credit card from Nancy Pelosi, and they've made

136
00:07:07,960 --> 00:07:11,160
Speaker 1: the point that not everyone understands raising the debt ceiling

137
00:07:11,200 --> 00:07:14,200
Speaker 1: is to pay for money already spent, and so they right,

138
00:07:14,320 --> 00:07:18,280
Speaker 1: we believe that's suspending the limit through December of two

139
00:07:18,280 --> 00:07:20,920
Speaker 1: would provide an amount of time commensurate with the debt

140
00:07:20,920 --> 00:07:24,360
Speaker 1: incurred as a result of passing last winters by partisan

141
00:07:24,440 --> 00:07:28,800
Speaker 1: emergency COVID relief legislation. There's no mention of the tax

142
00:07:28,880 --> 00:07:30,680
Speaker 1: cuts in here, though, and isn't that what we were

143
00:07:30,720 --> 00:07:33,840
Speaker 1: really paying for, Maya. So we're paying for a lot

144
00:07:33,880 --> 00:07:36,880
Speaker 1: of things. There's a lot of past policies that have

145
00:07:37,000 --> 00:07:40,520
Speaker 1: put on the books the structural deficits that we now face.

146
00:07:41,040 --> 00:07:45,320
Speaker 1: There were the Trump tax cuts, uh two trillion dollars.

147
00:07:45,320 --> 00:07:49,120
Speaker 1: Those were followed by another two trillion plus in bipartisans

148
00:07:49,160 --> 00:07:53,720
Speaker 1: spending increases, their structural imbalances in our biggest program social

149
00:07:53,760 --> 00:07:57,119
Speaker 1: Security and Medicare, and aging of the population healthcare costs.

150
00:07:57,200 --> 00:08:00,720
Speaker 1: Those are also contributing to the ongoing deficits. Of course,

151
00:08:00,760 --> 00:08:03,960
Speaker 1: the COVID borrowing, most of which was bipartisan, and then

152
00:08:04,000 --> 00:08:07,800
Speaker 1: the last bill which was Democratic only, So there's lots

153
00:08:07,840 --> 00:08:10,440
Speaker 1: of borrowing from the past. The need to increase the

154
00:08:10,480 --> 00:08:15,360
Speaker 1: debt selling reflects some Republican only policies, some BIBE and

155
00:08:15,400 --> 00:08:18,960
Speaker 1: some Democratic owned policies. But I don't think it's right

156
00:08:19,000 --> 00:08:22,040
Speaker 1: to say this is you know, just one parties or

157
00:08:22,080 --> 00:08:25,680
Speaker 1: the others. It's clearly not that said, I could certainly

158
00:08:25,720 --> 00:08:29,760
Speaker 1: understand why Republicans would say, if they were acting adults

159
00:08:29,800 --> 00:08:32,800
Speaker 1: about this, we should lift the debt sailing. We are

160
00:08:32,840 --> 00:08:35,280
Speaker 1: partially responsible for the debt, but we want to do

161
00:08:35,360 --> 00:08:39,439
Speaker 1: so in a way that also prohibits new borrowing, because

162
00:08:39,440 --> 00:08:41,800
Speaker 1: there's no reason to be borrowing now. And I could

163
00:08:41,840 --> 00:08:44,480
Speaker 1: imagine a fair deal which said we're gonna lift the

164
00:08:44,520 --> 00:08:46,960
Speaker 1: debt ceiling to accommodate what we've done before, but we're

165
00:08:47,000 --> 00:08:51,200
Speaker 1: not going to allow additional legislation to pass that borrows more. Now.

166
00:08:51,240 --> 00:08:53,960
Speaker 1: Would Democrats agree, Probably not, But that would be a

167
00:08:53,960 --> 00:08:57,280
Speaker 1: sensible kind of trade, right, and it would be rational

168
00:08:57,320 --> 00:09:00,199
Speaker 1: and not necessarily play the best game of politics here

169
00:09:00,240 --> 00:09:02,439
Speaker 1: right Miami. And this has been a pretty steady message

170
00:09:02,760 --> 00:09:05,280
Speaker 1: from Mitch McConnell from the very beginning. You guys own

171
00:09:05,320 --> 00:09:09,640
Speaker 1: the government, you fix it. Yeah, um. And and again,

172
00:09:09,760 --> 00:09:12,480
Speaker 1: the debt ceiling is particularly complicated because it's a policy

173
00:09:12,520 --> 00:09:18,680
Speaker 1: we're doing today that's past legislation. Um. And that doesn't

174
00:09:18,960 --> 00:09:21,480
Speaker 1: the timing of it doesn't make sense. Frankly, what we

175
00:09:21,480 --> 00:09:23,360
Speaker 1: should do is we should fix the debt ceiling, so

176
00:09:23,400 --> 00:09:25,880
Speaker 1: that at the same time you're passing a vote to

177
00:09:26,160 --> 00:09:30,520
Speaker 1: approve policies that would require borrowing, there's a separate vote

178
00:09:30,679 --> 00:09:33,280
Speaker 1: where you also have to vote to increase the debt ceiling.

179
00:09:33,640 --> 00:09:36,240
Speaker 1: So in two thousand seventeen on the Trump tax cuts,

180
00:09:36,520 --> 00:09:39,480
Speaker 1: all the Republicans who voted for that would have also

181
00:09:39,600 --> 00:09:42,440
Speaker 1: had to vote to increase the debt ceiling. Same when

182
00:09:42,480 --> 00:09:45,600
Speaker 1: they all passed COVID legislation. UM. The same would go

183
00:09:45,679 --> 00:09:48,240
Speaker 1: for if any of these future infrastructure bills passed and

184
00:09:48,280 --> 00:09:50,800
Speaker 1: they too will require borrowing, then you'd lift the debt

185
00:09:50,840 --> 00:09:54,439
Speaker 1: ceiling then. But to say I approve the legislation now

186
00:09:54,920 --> 00:09:57,720
Speaker 1: and I don't approve that allow us to pay the

187
00:09:57,760 --> 00:10:01,040
Speaker 1: bills later shows how the these things are separated in

188
00:10:01,080 --> 00:10:03,960
Speaker 1: a way that no longer makes sense. Miam McGinnis. Let's

189
00:10:04,120 --> 00:10:07,679
Speaker 1: look out to the September that's even closer. That's I

190
00:10:07,720 --> 00:10:11,840
Speaker 1: believe Monday, that's the day moderates were promised that there

191
00:10:11,840 --> 00:10:14,520
Speaker 1: would be a vote on bipartisan infrastructure. If they don't

192
00:10:14,559 --> 00:10:17,679
Speaker 1: get it, many say they will not vote to pass

193
00:10:17,760 --> 00:10:21,000
Speaker 1: the reconciliation plan, and of course progressive say they won't

194
00:10:21,040 --> 00:10:25,240
Speaker 1: pass reconciliation unless they know that's a sure thing before

195
00:10:25,280 --> 00:10:28,760
Speaker 1: they vote for bipart as an infrastructure Are you envisioning

196
00:10:28,760 --> 00:10:31,480
Speaker 1: a world on this Monday, the twenty September where the

197
00:10:31,559 --> 00:10:37,319
Speaker 1: whole thing falls apart. I see so many possible scenarios,

198
00:10:37,440 --> 00:10:40,520
Speaker 1: and I guess it's not surprising when we're talking about

199
00:10:40,960 --> 00:10:46,040
Speaker 1: massively large legislation, huge levels of polarization in the country,

200
00:10:46,320 --> 00:10:49,600
Speaker 1: and you know, huge differences within the Democratic Party and

201
00:10:50,040 --> 00:10:53,880
Speaker 1: huge amounts of debt and an unwillingness to raise taxes.

202
00:10:53,960 --> 00:10:56,000
Speaker 1: So there are a lot of different pieces going on,

203
00:10:56,440 --> 00:10:59,800
Speaker 1: and suddenly every member of Congress is realizing, Hey, I

204
00:11:00,000 --> 00:11:02,080
Speaker 1: have a lot of leverage. I think I might go

205
00:11:02,120 --> 00:11:04,680
Speaker 1: ahead and use it. So it's not just that we

206
00:11:04,720 --> 00:11:08,520
Speaker 1: hear about Center Mansion, Center Cinema. There's just about every

207
00:11:08,559 --> 00:11:10,680
Speaker 1: member has a vote that really makes a difference in

208
00:11:10,679 --> 00:11:12,360
Speaker 1: the House too. There's only a couple of votes they

209
00:11:12,360 --> 00:11:15,080
Speaker 1: can afford to lose, and so you're hearing a lot

210
00:11:15,120 --> 00:11:18,400
Speaker 1: of requests on the things that matter most to members um,

211
00:11:18,440 --> 00:11:21,199
Speaker 1: everything from the salt cap to the dates that we

212
00:11:21,320 --> 00:11:26,560
Speaker 1: vote for for the bipartisan infrastructure bill. And I I

213
00:11:26,600 --> 00:11:28,880
Speaker 1: feel like I have more questions than answers for you today.

214
00:11:28,920 --> 00:11:31,560
Speaker 1: But I don't know what leadership is going to do

215
00:11:31,640 --> 00:11:34,120
Speaker 1: to try to main control over the situation. But it

216
00:11:34,240 --> 00:11:38,319
Speaker 1: is absolutely a possibility that this legislation dies on its

217
00:11:38,360 --> 00:11:40,640
Speaker 1: own weight. You've heard it from Miya McGuinness. I'm not

218
00:11:40,640 --> 00:11:43,199
Speaker 1: sure the leadership knows what it's going to do. MAYA

219
00:11:43,280 --> 00:11:46,120
Speaker 1: thank you, President of the Committee, for a responsible federal

220
00:11:46,120 --> 00:11:49,000
Speaker 1: budget and a great conversation. Sound On is brought to

221
00:11:49,000 --> 00:11:51,760
Speaker 1: you by Barrisha McGary, lawyers for the nine eleven community.

222
00:11:52,080 --> 00:11:53,839
Speaker 1: For it twenty years. They've been fighting for those who

223
00:11:53,840 --> 00:11:56,440
Speaker 1: continue to get sick from the nine eleven Toxin's free

224
00:11:56,440 --> 00:12:00,880
Speaker 1: healthcare and compensation available visit nine eleven Victims dot com.

225
00:12:00,920 --> 00:12:08,400
Speaker 1: This is Bloomberg. This is Bloomberg Sound On with Joe

226
00:12:08,440 --> 00:12:16,280
Speaker 1: Matthew on Bloomberg Radio. The debt ceiling deadline only a

227
00:12:16,320 --> 00:12:19,720
Speaker 1: couple of weeks off, according to the Treasury Secretary. And

228
00:12:19,720 --> 00:12:22,920
Speaker 1: of course the government funding bill Democrats want to attach

229
00:12:22,960 --> 00:12:24,400
Speaker 1: it to you has to be passed in the next

230
00:12:24,400 --> 00:12:28,360
Speaker 1: ten days. And with that we assemble the panel. Bloomberg

231
00:12:28,360 --> 00:12:32,400
Speaker 1: Politics contributors Jeanie Chanzano and Rick Davis, both of whom

232
00:12:32,440 --> 00:12:35,360
Speaker 1: I saw some version of this coming, and Genie, I'll

233
00:12:35,360 --> 00:12:38,079
Speaker 1: start with you. Is this clever politics by the Speaker

234
00:12:38,160 --> 00:12:41,000
Speaker 1: and Majority leader call it a suspension of the debt

235
00:12:41,080 --> 00:12:43,800
Speaker 1: ceiling to cover Republican debt stuff it in the CR

236
00:12:43,880 --> 00:12:45,920
Speaker 1: even though you know it won't pass. What's this all about.

237
00:12:47,000 --> 00:12:50,120
Speaker 1: I think it's about making the case that to underscore

238
00:12:50,120 --> 00:12:52,000
Speaker 1: and I think we're seeing and you just discussed this

239
00:12:52,080 --> 00:12:54,360
Speaker 1: posturing on both sides, But I think what they're trying

240
00:12:54,360 --> 00:12:58,040
Speaker 1: to do is underscore the fact that Republicans were quite

241
00:12:58,080 --> 00:13:01,280
Speaker 1: willing to borrow money and to raise the debt ceiling

242
00:13:01,360 --> 00:13:04,840
Speaker 1: when Donald Trump was in office, and now that President Obama,

243
00:13:05,200 --> 00:13:07,880
Speaker 1: President Biden I'm sorry, is in office, that they are

244
00:13:07,960 --> 00:13:11,160
Speaker 1: unwilling to pay for what they borrowed at that point.

245
00:13:11,480 --> 00:13:13,959
Speaker 1: But as you heard from Bill Cassidy and others over

246
00:13:14,000 --> 00:13:17,360
Speaker 1: the weekend, Republicans are unflinching about this. I mean, he

247
00:13:17,440 --> 00:13:21,640
Speaker 1: was very clear on Sunday. He said, if the Democrats

248
00:13:21,800 --> 00:13:25,320
Speaker 1: want us on board with raising this debt ceiling, they

249
00:13:25,360 --> 00:13:28,439
Speaker 1: should talk to us and compromise with us about how

250
00:13:28,520 --> 00:13:31,280
Speaker 1: much they're going to borrow and pay for this infrastructure bill.

251
00:13:31,360 --> 00:13:33,920
Speaker 1: And of course Democrats are unwilling to do that. So

252
00:13:34,200 --> 00:13:36,400
Speaker 1: you've got posturing on both sides. I think the real

253
00:13:36,520 --> 00:13:39,120
Speaker 1: story here is the fact we are the only nation

254
00:13:39,240 --> 00:13:42,000
Speaker 1: in the world that plays this game with the debt ceiling.

255
00:13:42,320 --> 00:13:45,000
Speaker 1: It has run its course. We should not have it anymore.

256
00:13:45,160 --> 00:13:47,440
Speaker 1: We should either get rid of it, or as you

257
00:13:47,480 --> 00:13:50,120
Speaker 1: were just talking about, it should be tied to the

258
00:13:50,120 --> 00:13:52,400
Speaker 1: borrowing at the time it occurs. To set it on

259
00:13:52,480 --> 00:13:56,160
Speaker 1: down the road makes little sense for public policy perspective

260
00:13:56,240 --> 00:13:58,800
Speaker 1: or an economic perspective. You're part of this ping pong

261
00:13:58,840 --> 00:14:01,600
Speaker 1: game a bunch of times, Rick Davis. This is an

262
00:14:01,600 --> 00:14:04,800
Speaker 1: interesting wrinkle though. Is a good politics? You know, I

263
00:14:05,160 --> 00:14:08,840
Speaker 1: think it's politics right. It's whether it's good or not,

264
00:14:10,040 --> 00:14:12,320
Speaker 1: but it's just political. Right. We now know that what

265
00:14:12,360 --> 00:14:14,160
Speaker 1: the Republicans of the center really trying to do is

266
00:14:14,200 --> 00:14:17,080
Speaker 1: get some leverage that they didn't have because the Democrats

267
00:14:17,440 --> 00:14:21,520
Speaker 1: decided to do reconciliation to fund three point five trillion

268
00:14:21,520 --> 00:14:24,560
Speaker 1: dollars of spending. And now they found some leverage and

269
00:14:24,560 --> 00:14:26,760
Speaker 1: they're like, fine, you know what you want to you

270
00:14:26,800 --> 00:14:28,800
Speaker 1: want to do this, do it yourself. And if you

271
00:14:28,840 --> 00:14:30,760
Speaker 1: can't do it yourself, which I don't think they can,

272
00:14:31,360 --> 00:14:33,200
Speaker 1: then the question is what are you going to do

273
00:14:33,240 --> 00:14:36,520
Speaker 1: for us? And this now is a way that Mitch McConnell,

274
00:14:36,800 --> 00:14:39,920
Speaker 1: minority leader in the Senate, has found to leverage his

275
00:14:40,040 --> 00:14:45,240
Speaker 1: way into what otherwise was a purely democratic initiative. Uh.

276
00:14:45,320 --> 00:14:48,600
Speaker 1: This budget reconciliation bill, and I think he's got winded

277
00:14:48,720 --> 00:14:50,840
Speaker 1: is back because even the Democrats have been working to

278
00:14:50,880 --> 00:14:53,600
Speaker 1: pair it down, you know, from its original three point

279
00:14:53,640 --> 00:14:56,560
Speaker 1: five trillion dollars spending limit to something down around a

280
00:14:56,560 --> 00:14:59,960
Speaker 1: trillion trillion and a half. And so he's he's now

281
00:15:00,200 --> 00:15:04,360
Speaker 1: entered the field of play for budget reconciliation and the

282
00:15:04,400 --> 00:15:08,760
Speaker 1: card he has to play is called the debt ceiling. Amazing. Uh,

283
00:15:08,800 --> 00:15:11,400
Speaker 1: as I read on the terminal this morning, Emily Wilkins

284
00:15:11,400 --> 00:15:13,760
Speaker 1: with the story that the ads have started running as

285
00:15:13,840 --> 00:15:17,720
Speaker 1: lawmakers have now come back to town. Listen to what

286
00:15:17,840 --> 00:15:22,360
Speaker 1: they're hearing when they go online in the DC area. Hey, politicians,

287
00:15:22,600 --> 00:15:25,280
Speaker 1: we get it these days. It seems like some of

288
00:15:25,320 --> 00:15:28,680
Speaker 1: you only know the word no, but when you obstruct

289
00:15:28,680 --> 00:15:31,920
Speaker 1: the build back Better agenda, we hear you say yes.

290
00:15:32,760 --> 00:15:35,720
Speaker 1: Just one of many ads coming out of this block

291
00:15:35,760 --> 00:15:39,160
Speaker 1: of commercials that are now playing in an in an

292
00:15:39,160 --> 00:15:43,760
Speaker 1: effort to convince lawmakers, not voters, but lawmakers, is they're

293
00:15:43,800 --> 00:15:47,080
Speaker 1: back here in the Capital area taking part in this debate.

294
00:15:47,480 --> 00:15:49,600
Speaker 1: I don't know if this moves the needle, uh for

295
00:15:49,680 --> 00:15:52,320
Speaker 1: anyone here, Genie, but all of this is being decided

296
00:15:52,480 --> 00:15:55,120
Speaker 1: at once, and it seems like something is going to

297
00:15:55,240 --> 00:15:58,160
Speaker 1: have to give. We get the continuing resolution, then the

298
00:15:58,240 --> 00:16:02,640
Speaker 1: debt ceiling has to go to reconciliation. Reconciliation isn't high

299
00:16:02,720 --> 00:16:05,480
Speaker 1: enough number than that impacts by part as an infrastructure.

300
00:16:05,760 --> 00:16:08,080
Speaker 1: I can't imagine a time when Nancy Pelosi had this

301
00:16:08,120 --> 00:16:10,760
Speaker 1: many plates spinning in the air. That's right, and of

302
00:16:10,800 --> 00:16:13,720
Speaker 1: course the White House has got to be very, very

303
00:16:13,760 --> 00:16:16,960
Speaker 1: concerned at this point. You have Kristen Cinema, you have

304
00:16:17,080 --> 00:16:20,680
Speaker 1: Joe Mansion showing no signs of cooperating. And you know,

305
00:16:20,720 --> 00:16:22,320
Speaker 1: a lot of people like to talk about this as

306
00:16:22,360 --> 00:16:26,320
Speaker 1: a by partisan issue that President Obama promised to, you know,

307
00:16:26,360 --> 00:16:29,960
Speaker 1: reach across the island, bring bipartisanship back to Washington. This

308
00:16:30,080 --> 00:16:33,520
Speaker 1: is not about bipartisanship anymore. This is about holding the

309
00:16:33,560 --> 00:16:37,680
Speaker 1: Democratic Caucus together. That is the White House's number one

310
00:16:37,760 --> 00:16:41,960
Speaker 1: concern here. Democrats have the votes to raise the debt sailing.

311
00:16:42,240 --> 00:16:44,680
Speaker 1: They can move forward with this. That will go ahead.

312
00:16:44,720 --> 00:16:47,840
Speaker 1: The real question here is does Joe Biden get this

313
00:16:47,960 --> 00:16:51,840
Speaker 1: infrastructure build passed at a level that progressive in moderates

314
00:16:51,880 --> 00:16:54,840
Speaker 1: can be comfortable with and he can claim a victory

315
00:16:54,880 --> 00:16:57,960
Speaker 1: because we are dangerously close to focusing on the mid

316
00:16:58,080 --> 00:17:01,600
Speaker 1: term election. He's dangerously most to being in December. And

317
00:17:01,680 --> 00:17:04,480
Speaker 1: we heard Joe mention just the other day saying he

318
00:17:04,520 --> 00:17:07,240
Speaker 1: wants to put this off, this pause he talked about publicly.

319
00:17:07,240 --> 00:17:08,800
Speaker 1: He was saying he wants to put this off till

320
00:17:08,880 --> 00:17:11,840
Speaker 1: next year. The Biden administration cannot afford that. And the

321
00:17:11,880 --> 00:17:14,600
Speaker 1: modern presidency, it's year one. You got to get your

322
00:17:14,600 --> 00:17:17,760
Speaker 1: big bills done. If not, it's much harder to get done.

323
00:17:17,920 --> 00:17:19,720
Speaker 1: That's right, and I'm glad to say that. If you're

324
00:17:19,720 --> 00:17:22,720
Speaker 1: a regular listener to this program, you saw this coming

325
00:17:22,800 --> 00:17:25,280
Speaker 1: as well. The headline of the New York Times Democrats

326
00:17:25,600 --> 00:17:29,639
Speaker 1: delta blow on immigration plans. As you well know, Rick Davis,

327
00:17:29,640 --> 00:17:32,520
Speaker 1: it all comes down to the Senate parliamentarian, and the

328
00:17:32,560 --> 00:17:37,320
Speaker 1: Parliamentarian Elizabeth mcdonnough said no to including at least this

329
00:17:37,440 --> 00:17:40,240
Speaker 1: version of immigration reform, which was a big part of

330
00:17:40,240 --> 00:17:43,879
Speaker 1: the Human Infrastructure bill. Jensaki was asked about it today

331
00:17:43,960 --> 00:17:46,119
Speaker 1: in the White House briefing. We don't have to go

332
00:17:46,200 --> 00:17:49,080
Speaker 1: through her comments because she's The White House is hoping

333
00:17:49,160 --> 00:17:51,520
Speaker 1: there's an alternative plan. Can they come up with one?

334
00:17:52,359 --> 00:17:55,600
Speaker 1: I don't think so. Not on immigration they needed SAI.

335
00:17:56,000 --> 00:17:58,840
Speaker 1: I think that ship is sailed. I mean, Elizabeth mcdonne's

336
00:17:58,880 --> 00:18:02,960
Speaker 1: gavel has hit the rock and and it's it's basically look,

337
00:18:03,160 --> 00:18:05,960
Speaker 1: you know, she's declared what everybody knew, which was this

338
00:18:06,040 --> 00:18:08,520
Speaker 1: has nothing to do with a budget matter. They tried

339
00:18:08,560 --> 00:18:11,919
Speaker 1: to sneak it in with a plausible but but not

340
00:18:12,080 --> 00:18:16,159
Speaker 1: effective argument. And and so now immigration moves back to

341
00:18:16,200 --> 00:18:19,160
Speaker 1: where it really needs to be, which is a standalone statute,

342
00:18:19,200 --> 00:18:21,439
Speaker 1: because one of the problems you have with trying to

343
00:18:21,480 --> 00:18:24,960
Speaker 1: do a bill like immigration and and and and a

344
00:18:25,040 --> 00:18:28,320
Speaker 1: pathway to legal citizenship for eight to eleven million people

345
00:18:28,960 --> 00:18:33,120
Speaker 1: is that it could be undone with just as easily

346
00:18:33,160 --> 00:18:36,400
Speaker 1: as it got done. And that's why lawmakers make laws,

347
00:18:36,880 --> 00:18:40,719
Speaker 1: because it's harder to change a law. Rick Davis and

348
00:18:40,840 --> 00:18:44,600
Speaker 1: Jeanie Janzano with Us for the Hour are Bloomberg sound

349
00:18:44,680 --> 00:18:47,880
Speaker 1: on panel will tackle the president's trip to the U N. Next.

350
00:18:48,000 --> 00:18:52,280
Speaker 1: I'm Joe Matthew. This is Bloomberg. Certainly, no shortage of

351
00:18:52,359 --> 00:18:55,320
Speaker 1: challenges to face on the global stage right now, as

352
00:18:55,359 --> 00:18:58,600
Speaker 1: President Biden arrives at the u N General Assembly, or

353
00:18:59,200 --> 00:19:03,720
Speaker 1: UNGA as like to call it, which sounds appropriately similar

354
00:19:03,760 --> 00:19:09,960
Speaker 1: to ug sort of reads the same too. Just think China, Afghanistan, France,

355
00:19:10,400 --> 00:19:15,240
Speaker 1: covid U as we're joined out by Brett Bruin, the

356
00:19:15,280 --> 00:19:18,200
Speaker 1: president of the Global Situation Room, former Director of Global

357
00:19:18,240 --> 00:19:22,040
Speaker 1: Engagements at the White House the Obama administration. Brett, welcome back.

358
00:19:22,040 --> 00:19:24,480
Speaker 1: I'm glad you're here. We heard from the Press secretary

359
00:19:24,600 --> 00:19:27,880
Speaker 1: today about the speech that Joe Biden will deliver tomorrow morning.

360
00:19:27,920 --> 00:19:30,880
Speaker 1: Here's what Jensaki said. The President is going to lay

361
00:19:30,920 --> 00:19:33,760
Speaker 1: out the case for why the next decade will determine

362
00:19:33,800 --> 00:19:36,360
Speaker 1: our future, not just for the United States, but for

363
00:19:36,480 --> 00:19:39,280
Speaker 1: the global community. And he will talk and this will

364
00:19:39,280 --> 00:19:42,000
Speaker 1: be a central part of his remarks about the importance

365
00:19:42,000 --> 00:19:45,200
Speaker 1: of re establishing our alliances after the last several years.

366
00:19:45,359 --> 00:19:48,040
Speaker 1: I also think it's important to note that re establishing

367
00:19:48,080 --> 00:19:51,560
Speaker 1: alliances doesn't mean that you won't have disagreements, or you

368
00:19:51,600 --> 00:19:54,720
Speaker 1: won't have disagreements about how to approach any particular issue

369
00:19:54,720 --> 00:19:56,880
Speaker 1: in the world. That is not the bar for having

370
00:19:56,920 --> 00:20:00,399
Speaker 1: an alliance the next decade, Brett Brewin, how about the

371
00:20:00,440 --> 00:20:05,040
Speaker 1: next month. Yeah, I think Unfortunately, you can't re establish

372
00:20:05,280 --> 00:20:10,159
Speaker 1: global alliances, global trust on the cheap. You've got to

373
00:20:10,320 --> 00:20:12,800
Speaker 1: show up, and Biden has got to show up here

374
00:20:12,800 --> 00:20:17,360
Speaker 1: in New York tomorrow with a big plan and big substance.

375
00:20:17,400 --> 00:20:21,240
Speaker 1: Because wil Beaters have heard all about his slogans, all

376
00:20:21,280 --> 00:20:25,960
Speaker 1: about the superficial commitment. It's time to show up with

377
00:20:26,040 --> 00:20:30,040
Speaker 1: some real commitments. So you're advising the president, maybe you're

378
00:20:30,040 --> 00:20:33,800
Speaker 1: writing his speech considering the list I rattled off. There

379
00:20:33,840 --> 00:20:37,320
Speaker 1: a potential cold war with China. You've got the withdrawal

380
00:20:37,520 --> 00:20:41,880
Speaker 1: now complete from Afghanistan, still Americans left in country. You've

381
00:20:41,920 --> 00:20:44,919
Speaker 1: got a botched attack against what we were told was

382
00:20:44,920 --> 00:20:47,840
Speaker 1: a group of terrorists, civilians killed. You've got France now

383
00:20:47,840 --> 00:20:51,800
Speaker 1: withdrawing the ambassador, and a global pandemic. How do you

384
00:20:52,000 --> 00:20:55,679
Speaker 1: prioritize all of these matters and how do you express

385
00:20:55,840 --> 00:21:00,800
Speaker 1: confidence in dealing with them in front of that crowd? Breath? Well,

386
00:21:00,840 --> 00:21:04,760
Speaker 1: I think all of those issues and more have one

387
00:21:05,400 --> 00:21:10,240
Speaker 1: thread in common. It is a lack of credibility, a

388
00:21:10,320 --> 00:21:15,560
Speaker 1: lack of confidence in American leadership. Afghanistan certainly shook it

389
00:21:16,119 --> 00:21:20,480
Speaker 1: the latest developments with France have further exacerbated it. So

390
00:21:20,640 --> 00:21:24,400
Speaker 1: Biden has to reframe this issue. He has got to

391
00:21:24,440 --> 00:21:28,760
Speaker 1: tell the world why they should trust him again. And

392
00:21:28,800 --> 00:21:31,479
Speaker 1: I think he lost a lot of goodwill. He lost

393
00:21:31,560 --> 00:21:34,880
Speaker 1: a lot of the trust that was given to him

394
00:21:34,880 --> 00:21:37,080
Speaker 1: at the outset of this year when he took over

395
00:21:37,160 --> 00:21:41,000
Speaker 1: from Donald Trump. And and quite frankly, we aren't far

396
00:21:41,200 --> 00:21:46,400
Speaker 1: from Trumpian levels of UH mistrust in America's global leadership.

397
00:21:46,920 --> 00:21:51,600
Speaker 1: Well that's saying something with the message from this administration

398
00:21:51,680 --> 00:21:55,960
Speaker 1: throughout its first year, UH that America is back and

399
00:21:56,080 --> 00:21:59,760
Speaker 1: that we are re establishing, as Jensaki said repeatedly, re

400
00:22:00,119 --> 00:22:04,640
Speaker 1: establishing our oldest and most important alliances. How much are

401
00:22:04,680 --> 00:22:07,320
Speaker 1: you referring there to the submarine deal that upset the

402
00:22:07,320 --> 00:22:11,479
Speaker 1: French versus our withdrawal from Afghanistan. Well, that has just

403
00:22:11,760 --> 00:22:19,160
Speaker 1: been a a massive, um mismanaged issue. Yes, of course, Um,

404
00:22:19,200 --> 00:22:22,480
Speaker 1: you're going to have these military arms deals that have

405
00:22:22,640 --> 00:22:25,879
Speaker 1: to be captain secret and obviously you've got to navigate

406
00:22:26,160 --> 00:22:29,520
Speaker 1: the interest of the French, the Australians, the Brits and others.

407
00:22:29,560 --> 00:22:31,480
Speaker 1: But how in the world did we end up in

408
00:22:31,480 --> 00:22:36,080
Speaker 1: a situation where France and China somehow are reading off

409
00:22:36,240 --> 00:22:40,320
Speaker 1: of the same sheet of music. It just doesn't make sense.

410
00:22:40,359 --> 00:22:43,879
Speaker 1: It doesn't make sense for our global objectives. I have

411
00:22:44,000 --> 00:22:46,160
Speaker 1: to say, it's almost a part of the problem, a

412
00:22:46,200 --> 00:22:49,320
Speaker 1: process problem that I've been talking about for months now,

413
00:22:49,640 --> 00:22:54,480
Speaker 1: which is that our national security team is just not recognizing,

414
00:22:54,920 --> 00:22:59,800
Speaker 1: not preparing for a lot of these potential consequences and

415
00:23:00,000 --> 00:23:03,280
Speaker 1: collateral damage from decisions they're making. You know how these

416
00:23:03,320 --> 00:23:06,320
Speaker 1: things work. Bred it's if everyone sees this speech, the

417
00:23:06,400 --> 00:23:10,280
Speaker 1: green marble, the pomp and circumstance of the UN General Assembly,

418
00:23:10,320 --> 00:23:12,600
Speaker 1: even though it will be smaller because of COVID this

419
00:23:12,680 --> 00:23:15,639
Speaker 1: time around. But it's the bilaterals where the work is

420
00:23:15,680 --> 00:23:18,160
Speaker 1: done right, the meetings with foreign leaders. The president will

421
00:23:18,160 --> 00:23:22,200
Speaker 1: be holding some of these. Will anyone be there? Who

422
00:23:22,280 --> 00:23:24,359
Speaker 1: who matters to the stories that you and I are

423
00:23:24,400 --> 00:23:27,800
Speaker 1: talking about right now? Well, I have to say, usually

424
00:23:27,920 --> 00:23:30,520
Speaker 1: an American president stays for a few days, does some

425
00:23:30,640 --> 00:23:34,720
Speaker 1: of those bilaterals, even trilaterals with key countries and leaders.

426
00:23:35,119 --> 00:23:38,880
Speaker 1: Biden is in New York for less than twenty four hours. Yes,

427
00:23:38,920 --> 00:23:42,840
Speaker 1: he will receive some countries back in Washington, but this

428
00:23:42,960 --> 00:23:47,440
Speaker 1: is definitely an ambridged engagement and It is further ring

429
00:23:47,560 --> 00:23:50,600
Speaker 1: the view of many world leaders that the US that

430
00:23:50,720 --> 00:23:54,920
Speaker 1: Biden himself is not spending enough time on the international

431
00:23:54,960 --> 00:23:58,639
Speaker 1: agenda on some of these international crises. He continues to

432
00:23:59,160 --> 00:24:01,800
Speaker 1: put foreign policy on the back burner, and I think

433
00:24:01,840 --> 00:24:04,199
Speaker 1: he's going to get an earful in those meetings he

434
00:24:04,359 --> 00:24:08,680
Speaker 1: is having about that lack of real robust engagement. We

435
00:24:09,080 --> 00:24:13,360
Speaker 1: talked a little bit earlier about the inaugural speech here

436
00:24:13,440 --> 00:24:17,000
Speaker 1: the first speech before UNGA coming from Brazil, which is

437
00:24:17,040 --> 00:24:19,720
Speaker 1: a long tradition, great story on the terminal about why

438
00:24:19,760 --> 00:24:21,080
Speaker 1: if you want to know, by the way, but we've

439
00:24:21,119 --> 00:24:26,040
Speaker 1: got an unvaccinated uh Brazilian leader who's going to be speaking,

440
00:24:26,200 --> 00:24:28,680
Speaker 1: and and the we're already reporting at Bloomberg that he,

441
00:24:29,080 --> 00:24:33,040
Speaker 1: a member of Balsonaro's delegation, is now in isolation after

442
00:24:33,080 --> 00:24:37,040
Speaker 1: testing positive for COVID in New York. How how important

443
00:24:37,160 --> 00:24:39,360
Speaker 1: is this and how how is COVID going to play

444
00:24:39,359 --> 00:24:43,000
Speaker 1: against this meeting? Is there a chance this gets cut short? Well,

445
00:24:43,040 --> 00:24:45,679
Speaker 1: there certainly are a lot of risks with all of

446
00:24:45,680 --> 00:24:48,960
Speaker 1: these delegations, because remember, heads of state do not travel

447
00:24:49,320 --> 00:24:52,040
Speaker 1: with a light footprint. It's not just American president, but

448
00:24:52,200 --> 00:24:55,840
Speaker 1: all of these leaders bring the long, large security and

449
00:24:55,920 --> 00:25:00,240
Speaker 1: other personal entourages with them. So there is certainly a

450
00:25:00,440 --> 00:25:03,680
Speaker 1: risk for a super spreader event at the super Bowl

451
00:25:03,720 --> 00:25:06,880
Speaker 1: of diplomacy. But at the same time, I think it's

452
00:25:06,920 --> 00:25:09,800
Speaker 1: really important that world heaters get back together and that

453
00:25:09,840 --> 00:25:12,280
Speaker 1: they have a chance to meet face to face, that

454
00:25:12,400 --> 00:25:14,840
Speaker 1: we show and I was having dinner last week with

455
00:25:14,920 --> 00:25:17,760
Speaker 1: an ambassador to the u N from another allied country,

456
00:25:17,760 --> 00:25:21,720
Speaker 1: and he said, you know, this is quite frankly, so

457
00:25:21,760 --> 00:25:25,399
Speaker 1: important so that we can get back to diplomacy as usual,

458
00:25:25,600 --> 00:25:28,760
Speaker 1: because diplomacy is not something you can do over zoom.

459
00:25:28,840 --> 00:25:30,560
Speaker 1: Now he tells us about the dinner. Now that we're

460
00:25:30,560 --> 00:25:32,000
Speaker 1: out of time, I want to know who you had

461
00:25:32,040 --> 00:25:33,960
Speaker 1: dinner with now, of course, Brett, thank you though, and

462
00:25:34,040 --> 00:25:36,399
Speaker 1: come back and see as soon. Brett Bruin of the

463
00:25:36,400 --> 00:25:40,080
Speaker 1: Global Situation Room, this is Bloomberg, sound on the fastest

464
00:25:40,080 --> 00:25:44,040
Speaker 1: hour in politics. And we reassemble the panel next Genie

465
00:25:44,080 --> 00:25:46,960
Speaker 1: Chanzano and Rick Davis with an eye on the u

466
00:25:47,119 --> 00:25:50,080
Speaker 1: N and what we might hear tomorrow, what we need

467
00:25:50,119 --> 00:25:53,199
Speaker 1: to hear tomorrow from the President of the United States.

468
00:25:53,880 --> 00:25:59,720
Speaker 1: I'm Joe Matthew. This is Bloomberg. This excuse Bloomberg So

469
00:26:00,680 --> 00:26:07,119
Speaker 1: with Joe Matthew on Bloomberg Radio. You know, Bloomberg sound

470
00:26:07,160 --> 00:26:09,280
Speaker 1: On has heard around the country. And if you're not

471
00:26:09,320 --> 00:26:11,240
Speaker 1: in New York this afternoon, you might have missed the

472
00:26:11,320 --> 00:26:14,840
Speaker 1: update in our traffic report that the helicopter has landed.

473
00:26:15,440 --> 00:26:18,680
Speaker 1: That would be Marine one, that would be President Biden

474
00:26:19,440 --> 00:26:21,840
Speaker 1: land at a short time ago near Wall Street. The

475
00:26:21,840 --> 00:26:27,439
Speaker 1: motorcade is now rolling, so Anga is on, and so

476
00:26:27,600 --> 00:26:31,800
Speaker 1: is the panel. Bloomberg Politics contributors Genie Chanzano and Rick

477
00:26:31,880 --> 00:26:34,880
Speaker 1: Davis with us here for the full hour. Rick, I'll

478
00:26:34,920 --> 00:26:38,639
Speaker 1: start with you this time and the stakes surrounding this

479
00:26:38,800 --> 00:26:42,600
Speaker 1: address and this gathering, albeit a bit smaller than usual,

480
00:26:43,200 --> 00:26:45,520
Speaker 1: uh in New York, with so many challenges we just

481
00:26:45,600 --> 00:26:48,520
Speaker 1: discussed with Brett. And I'll start with China here as

482
00:26:48,520 --> 00:26:51,320
Speaker 1: I find the headline on the terminal, Biden to tell

483
00:26:51,359 --> 00:26:55,600
Speaker 1: you and China US must cooperate on climate in COVID.

484
00:26:56,680 --> 00:26:59,919
Speaker 1: This came up today in the White House briefing at

485
00:27:00,080 --> 00:27:04,560
Speaker 1: we apparently try to move beyond our differences. What should

486
00:27:04,640 --> 00:27:08,920
Speaker 1: Joe Biden be seeking since well, Presidents, she won't even

487
00:27:08,920 --> 00:27:12,680
Speaker 1: be there, right, President, she won't be there. Um, Biden

488
00:27:12,720 --> 00:27:16,440
Speaker 1: has been looking for a reason to meet with him.

489
00:27:16,840 --> 00:27:20,639
Speaker 1: Evidently it's not as enthusiastically received on the China side.

490
00:27:21,080 --> 00:27:23,200
Speaker 1: So so he's got to try to position the US

491
00:27:23,320 --> 00:27:25,439
Speaker 1: as it relates to the rest of the world on

492
00:27:25,520 --> 00:27:29,679
Speaker 1: the China issue. We're in competition with China, the President

493
00:27:29,720 --> 00:27:32,720
Speaker 1: Biden has made that perfectly clear. Uh. And so there

494
00:27:32,760 --> 00:27:36,680
Speaker 1: are a lot of countries on the bubble people who

495
00:27:36,720 --> 00:27:39,960
Speaker 1: are taking technology and loans from China for their own development.

496
00:27:40,680 --> 00:27:44,560
Speaker 1: China is using vaccine diplomacy very effectively to try and

497
00:27:44,600 --> 00:27:47,520
Speaker 1: split the country into those who will do business with

498
00:27:47,600 --> 00:27:50,879
Speaker 1: China versus those who will do business with the United States.

499
00:27:51,320 --> 00:27:55,280
Speaker 1: That pressure is only getting higher, and this United Nations

500
00:27:55,359 --> 00:27:58,440
Speaker 1: General Assembly is going to see various outbreaks on that

501
00:27:58,600 --> 00:28:01,960
Speaker 1: you mentioned it. Climb is a big issue that is

502
00:28:02,359 --> 00:28:05,639
Speaker 1: right now dividing the two countries in the world. Uh.

503
00:28:05,680 --> 00:28:08,480
Speaker 1: And I think that the COVID story has not been

504
00:28:08,480 --> 00:28:11,879
Speaker 1: written yet. There's no question that Joe Biden's interest in

505
00:28:11,920 --> 00:28:15,399
Speaker 1: getting an extra five million shots is offset the impact

506
00:28:15,400 --> 00:28:19,360
Speaker 1: that China has been having around the world. The Secretary

507
00:28:19,359 --> 00:28:21,840
Speaker 1: General of the U N Antonio guit Terrorists, did an

508
00:28:21,840 --> 00:28:23,600
Speaker 1: interview over the weekend with the a P and got

509
00:28:23,600 --> 00:28:25,600
Speaker 1: a lot of people in Washington talking about it because

510
00:28:25,640 --> 00:28:28,199
Speaker 1: he called Genie and us, the US and China to

511
00:28:28,240 --> 00:28:32,119
Speaker 1: repair their relationship that he referred to he described as

512
00:28:32,240 --> 00:28:36,320
Speaker 1: completely dysfunctional, and he warned of a new Cold war.

513
00:28:37,280 --> 00:28:40,400
Speaker 1: Rick just used the word competitor, I think to describe

514
00:28:40,400 --> 00:28:44,040
Speaker 1: our relationship, and Jen Saki did as well today She

515
00:28:44,080 --> 00:28:47,160
Speaker 1: said our relationship when asked about this with China is

516
00:28:47,200 --> 00:28:51,600
Speaker 1: one of competition, not conflict. And Jen Psaki went on

517
00:28:51,680 --> 00:28:56,160
Speaker 1: to say this, and he will make absolutely clear that

518
00:28:56,200 --> 00:28:59,600
Speaker 1: he is not looking to pursue a future a new

519
00:28:59,680 --> 00:29:02,600
Speaker 1: Cold war with any country in the world. We will

520
00:29:02,640 --> 00:29:05,560
Speaker 1: continue to pursue our interests. We will continue to lift

521
00:29:05,640 --> 00:29:08,920
Speaker 1: up global priorities, but that is not the objective or

522
00:29:08,960 --> 00:29:11,840
Speaker 1: the policy of the United States. We'll let Rick answer

523
00:29:11,880 --> 00:29:14,120
Speaker 1: this as well. But Genie, how about you first? If

524
00:29:14,360 --> 00:29:16,720
Speaker 1: if this is not a Cold war, then what is it?

525
00:29:17,280 --> 00:29:20,200
Speaker 1: That's right? And you know the U. N Secretary's remarks

526
00:29:20,200 --> 00:29:23,640
Speaker 1: over the weekend, We're stunning. He called it completely dysfunctional.

527
00:29:23,680 --> 00:29:26,440
Speaker 1: As you said, he said today, we have only confrontation,

528
00:29:26,480 --> 00:29:29,120
Speaker 1: and he's absolutely right that we need to re establish

529
00:29:29,360 --> 00:29:32,520
Speaker 1: a relationship between these two powers. But I'm not sure

530
00:29:32,800 --> 00:29:35,480
Speaker 1: anybody should be holding their breath. Just look at the

531
00:29:35,560 --> 00:29:38,080
Speaker 1: meetings that Biden is going to be holding this week,

532
00:29:38,120 --> 00:29:42,480
Speaker 1: these one on one meetings Australian Prime minister, Indian Prime Minister,

533
00:29:42,600 --> 00:29:46,880
Speaker 1: and Japanese Prime minister. That tells almost the entire story

534
00:29:47,200 --> 00:29:49,480
Speaker 1: that while they are publicly saying they don't want a

535
00:29:49,520 --> 00:29:54,040
Speaker 1: cold war, they are gearing up to form alliances that

536
00:29:54,400 --> 00:29:57,840
Speaker 1: if they can try to address and strangle China as

537
00:29:57,920 --> 00:29:59,920
Speaker 1: best as possible. And that's what he's been up to,

538
00:30:00,240 --> 00:30:03,080
Speaker 1: and he's willing to risk, of all things, relationships with

539
00:30:03,200 --> 00:30:06,480
Speaker 1: places like France, allies like France in the process. So

540
00:30:07,000 --> 00:30:08,880
Speaker 1: I think that it is a long way to go.

541
00:30:08,960 --> 00:30:11,720
Speaker 1: But the reality is we do need to cooperate on

542
00:30:11,920 --> 00:30:14,920
Speaker 1: climate and COVID with China at the very least, not

543
00:30:15,040 --> 00:30:17,560
Speaker 1: to mention trade and so many other things. But we've

544
00:30:17,600 --> 00:30:21,840
Speaker 1: seen really no real I don't think show by either

545
00:30:21,960 --> 00:30:24,800
Speaker 1: side that they're willing to do that. Maybe a better

546
00:30:24,880 --> 00:30:26,800
Speaker 1: way to ask the question, Rick is if this is

547
00:30:26,800 --> 00:30:29,920
Speaker 1: not a cold war, what would that look like? Uh,

548
00:30:29,920 --> 00:30:32,800
Speaker 1: a cold war with China. I think that you start

549
00:30:32,840 --> 00:30:36,160
Speaker 1: to see the world divided. As I mentioned earlier, it's

550
00:30:36,200 --> 00:30:38,440
Speaker 1: kind of harkens back to the Cold War with Russia, right,

551
00:30:38,480 --> 00:30:41,680
Speaker 1: we had those countries that are aligned with Russia, and

552
00:30:41,720 --> 00:30:44,080
Speaker 1: we had those aligned with US, and then the people

553
00:30:44,080 --> 00:30:47,120
Speaker 1: in the middle were called the non aligns. And and

554
00:30:47,520 --> 00:30:50,120
Speaker 1: I think that is where the world is headed just

555
00:30:50,200 --> 00:30:54,360
Speaker 1: by sheer gravity. China on its own has enormous gravity,

556
00:30:54,400 --> 00:30:58,840
Speaker 1: their economic power, their military power that's growing significantly, and

557
00:30:58,840 --> 00:31:01,800
Speaker 1: and the US has the aging power system. Right. Our

558
00:31:01,960 --> 00:31:05,840
Speaker 1: our military are, our financial system has been around a

559
00:31:05,840 --> 00:31:09,880
Speaker 1: lot longer. Maybe deeper relationships exist there, but they've been

560
00:31:09,960 --> 00:31:13,479
Speaker 1: under assault. I think your last guest, Brett Brune, had

561
00:31:13,520 --> 00:31:15,440
Speaker 1: a very good job of talking about the fact that

562
00:31:15,800 --> 00:31:18,400
Speaker 1: part of Biden's job, just to get into the game

563
00:31:18,680 --> 00:31:22,640
Speaker 1: is to reinstill that trust that our allies and our

564
00:31:22,680 --> 00:31:26,080
Speaker 1: partners have around the world. In the United States. Well,

565
00:31:26,120 --> 00:31:28,320
Speaker 1: it's your point, Genie. France doesn't have a lot of

566
00:31:28,360 --> 00:31:32,080
Speaker 1: trust right now. They recalled their ambassador for crying out

567
00:31:32,080 --> 00:31:33,840
Speaker 1: loud the end of last week. I mean this started

568
00:31:33,880 --> 00:31:36,800
Speaker 1: for most people who are not initiated in the world

569
00:31:36,800 --> 00:31:39,600
Speaker 1: of geopolitics, it looked like a headline, you know, of

570
00:31:39,640 --> 00:31:43,719
Speaker 1: the submarine deal. Okay, let's move on. France is furious

571
00:31:43,760 --> 00:31:46,840
Speaker 1: about this, and I wonder what you think about our

572
00:31:46,920 --> 00:31:50,240
Speaker 1: long term relationship. Well, you know, I think it will

573
00:31:50,320 --> 00:31:53,560
Speaker 1: correct itself. France is you know, rightly concerned about the

574
00:31:53,560 --> 00:31:56,520
Speaker 1: impact on its economy, the impact on jobs at home.

575
00:31:56,640 --> 00:31:59,080
Speaker 1: It is frustrated that it was left out of this

576
00:31:59,480 --> 00:32:01,920
Speaker 1: you know, new sort of alliance and deal, and to

577
00:32:02,040 --> 00:32:04,640
Speaker 1: save face, I think they had to recall their ambassador.

578
00:32:04,720 --> 00:32:07,240
Speaker 1: But when I saw that headline, I thought it sounded

579
00:32:07,280 --> 00:32:09,400
Speaker 1: like something you know, that you would have heard hundreds

580
00:32:09,400 --> 00:32:11,880
Speaker 1: of years ago. So you know, it's it's it's a

581
00:32:11,960 --> 00:32:16,560
Speaker 1: strange time. But if the goal of the Biden administration

582
00:32:16,760 --> 00:32:20,000
Speaker 1: from the beginning has been to restore trust with our allies,

583
00:32:20,080 --> 00:32:23,840
Speaker 1: to re establish our alliances, to tell the world that

584
00:32:23,920 --> 00:32:26,800
Speaker 1: the Trumpians sort of you know, thumbing their nose at

585
00:32:26,800 --> 00:32:29,320
Speaker 1: these sort of global alliances NATO and the U, n

586
00:32:29,360 --> 00:32:32,240
Speaker 1: and others, was behind us. They have a good deal

587
00:32:32,280 --> 00:32:34,479
Speaker 1: of work to do. It's not just the issue of France.

588
00:32:34,800 --> 00:32:38,200
Speaker 1: It's the issue of what happened with our withdrawal from Afghanistan.

589
00:32:38,560 --> 00:32:41,640
Speaker 1: It's the issue of the confrontation with China. It's the

590
00:32:41,720 --> 00:32:44,960
Speaker 1: issue of how we are handling COVID, and I think

591
00:32:45,000 --> 00:32:47,280
Speaker 1: a real question as we look at the UN meetings,

592
00:32:47,360 --> 00:32:50,160
Speaker 1: you know, a little smaller than usual. Is do we

593
00:32:50,320 --> 00:32:54,240
Speaker 1: see the Biden administration not just talk but deliver, because

594
00:32:54,280 --> 00:32:56,360
Speaker 1: that's going to be what the world is looking for.

595
00:32:56,680 --> 00:32:59,479
Speaker 1: Can we deliver on something? And the two biggias are

596
00:32:59,520 --> 00:33:02,400
Speaker 1: probably at this point of two big possibilities are climate

597
00:33:02,440 --> 00:33:05,840
Speaker 1: initiatives and COVID and so those are I think are

598
00:33:05,920 --> 00:33:07,680
Speaker 1: what we need to watch for to see if we

599
00:33:07,680 --> 00:33:11,760
Speaker 1: can sort of re establish that relationship. For those relationships, well,

600
00:33:11,760 --> 00:33:14,800
Speaker 1: there's certainly a lot to to hash out there, Rick Davis.

601
00:33:14,800 --> 00:33:17,320
Speaker 1: And we can add Afghanistan to it. This, uh, this

602
00:33:17,600 --> 00:33:20,239
Speaker 1: errand bombing of civilians, the killing of ten civilians we

603
00:33:20,240 --> 00:33:24,480
Speaker 1: were told as a retribution and attack on terrorists who

604
00:33:24,640 --> 00:33:27,160
Speaker 1: bombed our marines in Cobble and killed a lot of

605
00:33:27,160 --> 00:33:30,440
Speaker 1: other people. Turns out they were carrying water. This was

606
00:33:31,160 --> 00:33:34,560
Speaker 1: this was someone who was actually going to help. Uh.

607
00:33:35,440 --> 00:33:38,560
Speaker 1: Not good for credibility when you're standing in front of

608
00:33:38,600 --> 00:33:42,600
Speaker 1: the General Assembly talking about over the horizon strategies. That's right.

609
00:33:43,000 --> 00:33:46,440
Speaker 1: This is a real shot to American prestige and credibility,

610
00:33:47,280 --> 00:33:51,520
Speaker 1: especially because initially, uh, normally you wouldn't you wouldn't even

611
00:33:51,560 --> 00:33:54,120
Speaker 1: talk about these kinds of attacks, But the military went

612
00:33:54,120 --> 00:33:57,040
Speaker 1: out and sort of did a victory dance around the

613
00:33:57,120 --> 00:33:59,080
Speaker 1: fact that they got these terrorists who were going to

614
00:33:59,160 --> 00:34:03,520
Speaker 1: disrupt if avacuation. UM, and then they had to eat crow. Uh.

615
00:34:03,560 --> 00:34:07,080
Speaker 1: It's it's it's not good. Uh. These things happen. That

616
00:34:07,160 --> 00:34:10,080
Speaker 1: flogger war is a real thing. UH. This was a

617
00:34:10,200 --> 00:34:15,000
Speaker 1: very difficult situation that the military presented themselves in Afghanistan

618
00:34:15,480 --> 00:34:19,000
Speaker 1: and it and frankly, UH, it will stay in the

619
00:34:19,040 --> 00:34:22,799
Speaker 1: honor of our military for some time to come. But

620
00:34:22,880 --> 00:34:26,440
Speaker 1: the bottom line is we're trying to do the right thing. Uh.

621
00:34:26,480 --> 00:34:29,640
Speaker 1: Afghanistan will be talked about. Uh. The UN General Assembly

622
00:34:29,680 --> 00:34:32,120
Speaker 1: has a big problem. Who are they going to recognize

623
00:34:32,280 --> 00:34:36,600
Speaker 1: as the proper leadership of Afghanistan. Do they see the

624
00:34:36,680 --> 00:34:40,680
Speaker 1: talibody or do they see someone from the previous administration. Uh.

625
00:34:40,680 --> 00:34:43,560
Speaker 1: It's it's not easy, but it does bring to focus

626
00:34:43,600 --> 00:34:47,920
Speaker 1: the fact that these kinds of changes have long term impacts,

627
00:34:47,920 --> 00:34:51,200
Speaker 1: both with the security economic freedoms that we all have

628
00:34:51,480 --> 00:34:54,319
Speaker 1: and and it's going to come into sharp contrast this week,

629
00:34:54,800 --> 00:34:58,120
Speaker 1: especially with the pressure that China is giving us in

630
00:34:58,160 --> 00:35:01,839
Speaker 1: that region. It just keeps getting back to China US

631
00:35:01,920 --> 00:35:04,840
Speaker 1: relations and how everything seemed to come into the same

632
00:35:05,280 --> 00:35:08,120
Speaker 1: vector of of of importance. I'll tell you now that

633
00:35:08,160 --> 00:35:11,240
Speaker 1: we know that the motorcade is rolling the president, Biden

634
00:35:11,360 --> 00:35:15,400
Speaker 1: is there. I know personally how difficult it is around

635
00:35:15,440 --> 00:35:18,359
Speaker 1: the White House complex to deal with COVID protocols. They

636
00:35:18,400 --> 00:35:21,279
Speaker 1: don't let anyone you're Joe Biden, who could be a

637
00:35:21,400 --> 00:35:25,040
Speaker 1: risk to his health. And we understand, of course that

638
00:35:25,040 --> 00:35:28,640
Speaker 1: that that Brazil's Balsonaro, who will be speaking first here,

639
00:35:28,719 --> 00:35:32,400
Speaker 1: Genie uh is an anti vax or certainly not vaccinated

640
00:35:32,400 --> 00:35:34,400
Speaker 1: in a member at least one member of his delegation

641
00:35:34,400 --> 00:35:38,520
Speaker 1: has already tested positive for COVID. If if you're managing

642
00:35:38,560 --> 00:35:41,480
Speaker 1: the president's travel and his meetings over the next couple

643
00:35:41,480 --> 00:35:44,759
Speaker 1: of days, is this riskier the normal m I making

644
00:35:44,800 --> 00:35:47,480
Speaker 1: too much out of this. I do think it's a risk,

645
00:35:47,520 --> 00:35:49,799
Speaker 1: and I think the White House has suggested that, and

646
00:35:49,840 --> 00:35:52,680
Speaker 1: they have talked about the fact, and Brett just mentioned

647
00:35:52,719 --> 00:35:54,759
Speaker 1: this that that the President's schedule is going to be

648
00:35:54,760 --> 00:35:59,040
Speaker 1: a little bit more truncated, understandably so given the pandemic

649
00:35:59,120 --> 00:36:01,400
Speaker 1: than usual. The House has said he is going to

650
00:36:01,480 --> 00:36:04,399
Speaker 1: be spending a lot more time at home, if you will.

651
00:36:04,440 --> 00:36:07,279
Speaker 1: The White House and in Delaware, working from there, And

652
00:36:07,360 --> 00:36:10,320
Speaker 1: I think it is a real concern about his health

653
00:36:10,719 --> 00:36:12,719
Speaker 1: and the fact that as you are out, as we

654
00:36:12,760 --> 00:36:15,520
Speaker 1: are all out and about vaccinated or not, there are

655
00:36:15,520 --> 00:36:19,200
Speaker 1: breakthrough cases of COVID, and certainly at meetings like this,

656
00:36:19,320 --> 00:36:22,200
Speaker 1: the President has got to be very, very careful. So

657
00:36:22,480 --> 00:36:24,799
Speaker 1: I do think that this sort of the pandemic, like

658
00:36:24,880 --> 00:36:27,520
Speaker 1: it looms over all of our lives, is looming over

659
00:36:27,600 --> 00:36:30,160
Speaker 1: this this meeting this week in New York City. Could

660
00:36:30,160 --> 00:36:32,040
Speaker 1: this is a general assembly? Could I'm gonna be a

661
00:36:32,080 --> 00:36:36,160
Speaker 1: super spreader, Rick? Yeah, I thought it was a hilarious term,

662
00:36:36,239 --> 00:36:41,919
Speaker 1: a super spreader event at the super Bowl of diploma. Yeah. Sure,

663
00:36:41,960 --> 00:36:44,600
Speaker 1: you gotta watch out for that, and I'm sure everybody

664
00:36:44,600 --> 00:36:48,800
Speaker 1: will take the protocols very seriously. In your free time,

665
00:36:49,800 --> 00:36:54,640
Speaker 1: read Genie's column Making Madisonian government work is a Sissythian task.

666
00:36:54,719 --> 00:36:56,480
Speaker 1: And we're gonna put the course to walk up the

667
00:36:56,560 --> 00:36:59,399
Speaker 1: hill again tomorrow on the fastest hour in politics. Find

668
00:36:59,440 --> 00:37:01,640
Speaker 1: Genie in the fold. From Genie and Rick our panel,

669
00:37:02,120 --> 00:37:05,560
Speaker 1: many thanks as always. I'll meet you back here this

670
00:37:05,640 --> 00:37:08,000
Speaker 1: time tomorrow. I'm Joe Matthew. This is Bloomberg