WEBVTT - McCarthy Debt Plan Passes House; Meta Surges

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<v Speaker 1>From the Bloomberg Interactive Burgers Studios. This is Bloomberg day

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<v Speaker 1>Break for Thursday, April twenty seventh.

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<v Speaker 2>Coming up today, House Speaker Kevin McCarthy's dead limit bill

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<v Speaker 2>passes the House, escalating a stand off with President Biden.

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<v Speaker 1>Meta shares surge as revenue, Tom's estimates.

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<v Speaker 2>Deutsche Bank and Barclay's rise following solid results, and.

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<v Speaker 1>First Republic may face limits on borrowing from the Fed.

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<v Speaker 3>Yerk Mayor Adams has released his budget for fiscal twenty

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<v Speaker 3>twenty four. Plus, the woman who's accused Donald Trump of

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<v Speaker 3>raping her decades ago was on the witness stand. I'm

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<v Speaker 3>John Tucker Moray Head, I'm.

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<v Speaker 4>John stansh aarons Ford's the next one in Cleveland will

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<v Speaker 4>now play Miami. The Yankees won, the Mets lost. The

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<v Speaker 4>NFL Draft starts tonight.

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<v Speaker 5>That's all straight ahead on Bloomberg day Break, The business

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<v Speaker 5>news you need to sturn your day in just one

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<v Speaker 5>fifteen minute podcast each morning on Apples, Spotify, the Bloomberg

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<v Speaker 5>Business app, and everywhere you get your podcasts.

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<v Speaker 1>Good morning, I maybe Morris and I'm Karen Moscow. Here

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<v Speaker 1>are the stories we're following today.

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<v Speaker 2>House Speaker Kevin McCarthy has gotten his debt bill passed

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<v Speaker 2>in the House. Bloomberg's Ed Baxter reports still has a

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<v Speaker 2>tough road ahead.

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<v Speaker 6>McCarthy did get enough votes to pass it and is

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<v Speaker 6>loudly claiming victory.

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<v Speaker 3>We are the only party to take fiscal action in

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<v Speaker 3>a sound mind that would lift the debt limit, so

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<v Speaker 3>we wouldn't have economic damage.

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<v Speaker 6>So it's onto the Senate, where the Democratic control says

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<v Speaker 6>DOA Senator Richard Blumenthal says they may look later, but.

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<v Speaker 7>There may be a way to combine the two, but

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<v Speaker 7>right now, let's do the debt ceiling.

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<v Speaker 6>President Biden says the bill as it is now will

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<v Speaker 6>never become law, but he's willing to sit down with

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<v Speaker 6>McCarthy if default has taken off the table. In San Francisco.

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<v Speaker 6>I'm at Baxter Bloomberg Gay Break, All.

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<v Speaker 1>Right, thanks well. The two front runners for the Republican

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<v Speaker 1>nomination are making news this morning. A federal appeals court

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<v Speaker 1>has rejected Donald Trump's leadst attempt to stop former Vice

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<v Speaker 1>President Mike Pence from testifying before a grand jury. The

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<v Speaker 1>panel is investigating whether crimes were committed by the former

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<v Speaker 1>president and his allies as they try to undo Joe

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<v Speaker 1>Biden selection win.

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<v Speaker 2>Meantime, Ron DeSantis is now the target of a lawsuit

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<v Speaker 2>from Disney over municipal authority of its theme parks. Disney

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<v Speaker 2>accuses the Florida governor of retaliating against the company for

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<v Speaker 2>speaking out against legislation that he backed. Bloomberg political contributor

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<v Speaker 2>Genie Sheanzano says this will be a tough battle for

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<v Speaker 2>DeSantis to win.

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<v Speaker 8>I think Disney has done a very smart thing here

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<v Speaker 8>and they have really taken it to Ron de Santis.

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<v Speaker 8>He's going to have to either give up, which we

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<v Speaker 8>doubt because it will upend his chances of running, or

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<v Speaker 8>he's going to have to push back. And I think

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<v Speaker 8>either way this is a losing battle for Rond de Santis.

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<v Speaker 2>Bloomberg political contributor Genie Sheanzano spoke with Joe Matthew on

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<v Speaker 2>Bloomberg's Sound on Catch That program weekdays at one pm

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<v Speaker 2>Eastern on Bloomberg Radio. Hear the full interview on the

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<v Speaker 2>Sound on podcast, available on Apple, Spotify or anywhere else

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<v Speaker 2>you get your podcasts.

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<v Speaker 1>Well, we turn to Mark, It's now Amy and it's

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<v Speaker 1>all about earnings again. Today shares a meta up more

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<v Speaker 1>than eleven percent in early trading. The Facebook parent reported

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<v Speaker 1>revenue and user growth that beat estimates. The surprising ADS

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<v Speaker 1>sales rebound is buying Meta time to keep pouring money

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<v Speaker 1>into artificial intelligence and virtual reality. CEO Mark Zuckerberg spoke

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<v Speaker 1>in the company's earnings call, I continue to.

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<v Speaker 9>Believe that's flowing, hiring, slappening our management structure, increasing the

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<v Speaker 9>percent of our company that is technical, and more rigorously

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<v Speaker 9>prioritizing projects will improve the speed and quality of our work.

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<v Speaker 1>CEO Mark Zuckerberg says Meta reached a new milestone in

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<v Speaker 1>the quarter. More than three billion people used at least

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<v Speaker 1>one of its products Facebook, Instagram, or WhatsApp every day.

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<v Speaker 2>And Karen, the earnings continue to roll in today, with

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<v Speaker 2>more than seventy companies in the S and P five

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<v Speaker 2>hundred reporting heading the list, Amazon, Mark and Caterpillar. Amazon

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<v Speaker 2>set to report after the close of US trading.

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<v Speaker 1>Well and you're up today, Amy shares a Barclay's more

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<v Speaker 1>than four percent fixed income rene unexpectedly rose in the

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<v Speaker 1>quarter that helped offset losses and equities trading and deal making.

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<v Speaker 1>In an interview with Bloomberg, CEO cs Venkata Krishnan says

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<v Speaker 1>Barclay's has been relatively sheltered from a global deposit withdrawals.

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<v Speaker 7>The UK has been more insulated from that deposit flight

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<v Speaker 7>across banks than certainly the US has been, between the

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<v Speaker 7>regionals and the big money center banks. Having said that,

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<v Speaker 7>our deposit franchise grew by about ten billion pounds during

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<v Speaker 7>the quarter, and a lot of that was actually people

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<v Speaker 7>corporates putting deposits with US.

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<v Speaker 1>And barclay CEO cs Venketa Krishnan says transaction banking income

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<v Speaker 1>rose sixty eight percent. That's the best first quarter performance

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<v Speaker 1>since twenty fourteen.

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<v Speaker 2>Shares of Deutsche banker up more than one percent. The

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<v Speaker 2>bank is pluging more jobs cuts to save five hundred

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<v Speaker 2>million dollars. This comes after Deutsche Bank's trading business trailed

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<v Speaker 2>peers for a second quarter. When it comes to deposits,

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<v Speaker 2>Chief finance JEL officer James von Moltke tell's outflows stabilized

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<v Speaker 2>after the collapse of Credit Suise.

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<v Speaker 10>Once March was over and we were into April, like

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<v Speaker 10>a light switch, you know, the concerns around the banking

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<v Speaker 10>industry went away, and we've seen deposits stabilize and grow

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<v Speaker 10>over the course of April, in the.

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<v Speaker 2>Wake of the Credit Suez crisis. CFO James von Milkey

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<v Speaker 2>says Deutsche Bank has opportunities to boost its wealth management

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<v Speaker 2>business and.

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<v Speaker 1>Back here in the US. Samy troubles for a First

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<v Speaker 1>Republic are getting deeper. The regional lender could now face

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<v Speaker 1>limits on borrowing from the Federal Reserve. Regulators are weighing

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<v Speaker 1>the prospect of downgrading their assessments of the bank that

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<v Speaker 1>could curb First Republic's access to FED lending facilities. JP

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<v Speaker 1>Morgan Asset Managements Bob Michael says the regional banking sector

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<v Speaker 1>remains in a crisis.

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<v Speaker 11>It's somewhat naive to say that this is just limited

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<v Speaker 11>to First Republic. If you step back and think about this,

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<v Speaker 11>should never have happened. This one after the most heavily

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<v Speaker 11>regulated capitalized industry on the planet, banking, and the regional

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<v Speaker 11>banking system I think is quite vital to the US.

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<v Speaker 11>So I think it is a crisis.

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<v Speaker 1>And JP Morgan's bon Michael notes that First Republic shares

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<v Speaker 1>drop forty nine percent on Tuesday and thirty percent yesterday.

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<v Speaker 2>Thank you, Kieren five oh seven on Wall Street fifty

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<v Speaker 2>two degrees in New York, A few morning showers. Then

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<v Speaker 2>look for partly sunny skies this afternoon. We'll get up

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<v Speaker 2>to sixty five degrees. Tom now for a look at

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<v Speaker 2>some of the other stories making news in New York

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<v Speaker 2>and around the world. For that, we're joined by Bloomberg's

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<v Speaker 2>John Tucker.

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<v Speaker 3>Good morning, John, Good morning Amy. Mayor Eric Adams unveiled

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<v Speaker 3>New York City's budget for fiscal year twenty twenty four.

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<v Speaker 3>The city's budget will be one hundred and six point

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<v Speaker 3>seven billion dollars, the largest executive budget in city history. However,

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<v Speaker 3>in a reversal from earlier talk, no cuts will be

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<v Speaker 3>made to the budgets for libraries and cultural institutions.

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<v Speaker 12>I've been a support of libraries since my day of

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<v Speaker 12>the State Senate. If you would speak with each one

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<v Speaker 12>of the heads of libraries in general, but specifically in Brooklyn,

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<v Speaker 12>they would tell you how much of a friend I

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<v Speaker 12>am to libraries.

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<v Speaker 3>Mayor Adams says, in the last year, more than fifty

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<v Speaker 3>seven thousand asylum seekers have arrived in the city, calling

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<v Speaker 3>it an ongoing crisis. The man convicted of fatally running

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<v Speaker 3>over an fd NYEMT was sentenced to life in prison

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<v Speaker 3>without parole. Jose Gonzalez was high on PCP in March

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<v Speaker 3>of twenty seventeen when he stole the ambulance from Yadira

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<v Speaker 3>Arroyo and motored down in the Bronx. Before he was sentenced, Gonzalez,

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<v Speaker 3>who's thirty one, apologized and said he didn't mean to

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<v Speaker 3>kill anyone. Writer Egene Carroll, who was accused Donald Trump

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<v Speaker 3>of raping her decades ago, was on the witness stand

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<v Speaker 3>in New York part of her civil suit against the

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<v Speaker 3>former president. Carol says when she wrote about it, Trump

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<v Speaker 3>said it didn't happen, shattering her reputation. Carol testified that

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<v Speaker 3>Trump attacked her nearly thirty years ago in a dressing

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<v Speaker 3>room at a Fifth Avenue department store. Still unclear whether

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<v Speaker 3>Trump will testify in the case. The Montana Houses voted

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<v Speaker 3>to bar Montana Representative Zoe Zephyr, the state's only transgender lawmaker,

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<v Speaker 3>from the House floor for taking part in a state

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<v Speaker 3>House protest. Shall no longer be allowed on the House floor,

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<v Speaker 3>but can vote on bills remotely. Republicans limited Zephyr's participation

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<v Speaker 3>in debates aster she rebuked supporters of a proposed ban

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<v Speaker 3>on gender affirming care for children.

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<v Speaker 13>When I rose up and said, there is blood on

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<v Speaker 13>your hands. I was not being hyperbolic. I was speaking

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<v Speaker 13>to the real consequences of the votes that we as

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<v Speaker 13>legislators take in this body.

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<v Speaker 3>Zephyr says that she's confident her punishment has only amplified

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<v Speaker 3>her message. Republican lawmakers said she encouraged the protest Monday

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<v Speaker 3>that disrupted House business and broke decorum. Global News twenty

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<v Speaker 3>four hours a day, powered by more than twenty seven

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<v Speaker 3>hundred journalists and analysts in more than one hundred and

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<v Speaker 3>twenty countries. I'm John Tucker, and this he's Bloomberg. Amy.

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<v Speaker 2>All right, thank you, John. Time now for our Bloomberg

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<v Speaker 2>Sports update. For that, we bring in John Stashauer.

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<v Speaker 3>Thanks Amy.

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<v Speaker 4>The Knicks are moving on their first playoff series victory

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<v Speaker 4>since twenty thirteen, just their second since two thousand. They

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<v Speaker 4>won in Cleveland one oh six to ninety five, won

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<v Speaker 4>the series four to one. Plenty of Nick heroes, maybe

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<v Speaker 4>none more so than Mitchell Robinson protecting the rim and

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<v Speaker 4>grabbing eighteen rebounds. Josh Hard played forty seven minutes. He

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<v Speaker 4>had twelve boards. Jalen Brunson scored twenty three points.

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<v Speaker 8>R J.

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<v Speaker 4>Barrett had twenty one. Julius Randall was playing well until

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<v Speaker 4>he re injured his left ankle late in the first half.

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<v Speaker 4>Nick said to be hopeful Randall will be able to

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<v Speaker 4>play in the second round that starts Sunday afternoon at

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<v Speaker 4>the Garden against the Miami Heat, who in Milwaukee came

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<v Speaker 4>from sixteen down in the fourth quarter one in overtime

0:09:50.160 --> 0:09:52.960
<v Speaker 4>to win that series in a massive upset. Only the

0:09:53.000 --> 0:09:55.760
<v Speaker 4>sixth to eight seed to beat a one wins in

0:09:55.800 --> 0:09:58.880
<v Speaker 4>the West from Memphis and Golden State Bruins lost in

0:09:58.920 --> 0:10:01.520
<v Speaker 4>overtime to Florida. Still lead that series three to two.

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<v Speaker 4>Tonight in Newark, we'll see who goes up three two

0:10:04.360 --> 0:10:07.000
<v Speaker 4>between the Devils and Rangers. Mets were playing well in

0:10:07.120 --> 0:10:10.400
<v Speaker 4>won eight of nine since then four straight losses, beaten

0:10:10.400 --> 0:10:13.000
<v Speaker 4>again by lowly Washington at City Field four to one.

0:10:13.120 --> 0:10:16.080
<v Speaker 4>Yankee Bats came alive in a twelve to six route

0:10:16.120 --> 0:10:19.679
<v Speaker 4>in Minnesota. Aaron Rodgers came to town and remarked about the

0:10:19.760 --> 0:10:21.719
<v Speaker 4>jets lack of history.

0:10:21.400 --> 0:10:26.720
<v Speaker 12>Watching old VHS tapes of the Super Bowls, and so

0:10:26.800 --> 0:10:29.920
<v Speaker 12>obviously I know about the guarantee and roadway.

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<v Speaker 4>Joe.

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<v Speaker 12>It's been a while since then.

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<v Speaker 4>I noticed walking in this morning with that Super Bowl

0:10:36.520 --> 0:10:39.640
<v Speaker 4>three trophies looking more lonely, so Jets now turn their

0:10:39.679 --> 0:10:42.200
<v Speaker 4>attention to the draft that begins tonight in Kansas City.

0:10:42.280 --> 0:10:45.160
<v Speaker 4>Jets have the fifteenth pick, the Giants the twenty fifth pick.

0:10:45.480 --> 0:10:48.840
<v Speaker 4>Carolina picks first expected to take Alabama Keev Bryce Young,

0:10:49.200 --> 0:10:51.319
<v Speaker 4>John stash Ewett. Boomberg Sports.

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<v Speaker 5>Live from coast to coast, from New York to San Francisco,

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<v Speaker 5>Boston to Washington, d C. Nationwide on Syriaxam. The Bloomberg

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<v Speaker 5>Business appened Bloomberg dot Com. This is Bloomberg Daybreak.

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<v Speaker 2>Good morning, I Amy Morris. House Republicans narrowly passed that

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<v Speaker 2>bill to raise the debt ceiling while cutting spending by

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<v Speaker 2>nearly fourteen percent over the coming decade, but the bill

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<v Speaker 2>might not get too far. We're joined now by doctor

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<v Speaker 2>Jullie Norman at the Center on US Politics at University

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<v Speaker 2>College London. Doctor Norman, thanks for joining us this morning.

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<v Speaker 2>Would you call this a victory for House Speaker Kevin McCarthy.

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<v Speaker 14>Well, he definitely needed to get this over the line,

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<v Speaker 14>and he did. I mean, we saw the debacle around

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<v Speaker 14>McCarthy's confirmation as speaker. He really needed this as a

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<v Speaker 14>win to show that he could keep the caucus together

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<v Speaker 14>when it really mattered on issues where they really do

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<v Speaker 14>have leverage. So I do think this was a big

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<v Speaker 14>win for him, even though in reality this was more

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<v Speaker 14>of a symbolic vote as he even was trying to

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<v Speaker 14>get votes. He was even saying, look, we know this

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<v Speaker 14>isn't going to be legislation, but we need this to

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<v Speaker 14>get over the line to show that we're putting something

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<v Speaker 14>on the table.

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<v Speaker 2>So mainly this vote was about showing that they do

0:12:04.240 --> 0:12:08.040
<v Speaker 2>have unity within his caucus. So the bill's future in

0:12:08.040 --> 0:12:09.559
<v Speaker 2>the Senate, what does that look like.

0:12:10.559 --> 0:12:13.240
<v Speaker 14>Well, it was pretty much to debt unarrival. Democrats have

0:12:13.320 --> 0:12:16.479
<v Speaker 14>been very clear that they are not going to compromise

0:12:16.520 --> 0:12:18.560
<v Speaker 14>on the debt sealing, they're not to negotiate on it,

0:12:18.600 --> 0:12:21.839
<v Speaker 14>and they're not going to even consider passing this bill.

0:12:22.120 --> 0:12:24.840
<v Speaker 14>So what really the hope is through this legislation is

0:12:24.880 --> 0:12:27.440
<v Speaker 14>to put the pressure on the White House to start

0:12:27.480 --> 0:12:30.280
<v Speaker 14>negotiating around the debt ceiling. That's what McCarthy has been

0:12:30.320 --> 0:12:32.960
<v Speaker 14>saying from the beginning. That's really the aim of this bill,

0:12:33.080 --> 0:12:36.880
<v Speaker 14>rather than actual passage of the legislation. So in some ways,

0:12:36.960 --> 0:12:38.680
<v Speaker 14>I think from McCarthy's point of view, the ball is

0:12:38.679 --> 0:12:41.480
<v Speaker 14>in Biden's court now with how to engage. Biden so

0:12:41.559 --> 0:12:44.040
<v Speaker 14>far is saying, look, I'm not going to negotiate on

0:12:44.080 --> 0:12:45.840
<v Speaker 14>the debt ceiling. I'm not going to do this for

0:12:45.920 --> 0:12:48.000
<v Speaker 14>the gun to my head and that kind of thing.

0:12:48.880 --> 0:12:50.640
<v Speaker 14>But what he has said is, look, I'll meet and

0:12:50.640 --> 0:12:53.800
<v Speaker 14>talk about spending, but I want it divorced from the

0:12:53.840 --> 0:12:56.439
<v Speaker 14>debt ceiling. That has to be its own passage without

0:12:56.440 --> 0:12:57.360
<v Speaker 14>any strings attached.

0:12:58.640 --> 0:13:01.760
<v Speaker 2>So who has the leverage? Does this possibly force the

0:13:01.760 --> 0:13:04.080
<v Speaker 2>President's hand because there's been a lot of time that

0:13:04.120 --> 0:13:07.679
<v Speaker 2>has passed, nothing technically has been accomplished, and could push

0:13:07.760 --> 0:13:11.720
<v Speaker 2>the country closer to default. So does McCarthy now have

0:13:11.800 --> 0:13:13.600
<v Speaker 2>the leverage or does President Biden.

0:13:14.480 --> 0:13:16.960
<v Speaker 14>It's a good question, Amy, because honestly, they are both

0:13:17.120 --> 0:13:20.600
<v Speaker 14>I think, really pushing this for political gain at the moment.

0:13:21.080 --> 0:13:23.960
<v Speaker 14>We really this kind of brinkmanship is not good for

0:13:24.000 --> 0:13:26.440
<v Speaker 14>the country or for markets. I think we all know that.

0:13:26.720 --> 0:13:28.520
<v Speaker 14>But the same time, I think there's almost coming out

0:13:28.559 --> 0:13:30.959
<v Speaker 14>politically neutral at the moment because both of them can

0:13:30.960 --> 0:13:33.760
<v Speaker 14>spin this to their own advantage. Biden can say that

0:13:33.920 --> 0:13:37.439
<v Speaker 14>Republicans are forcing a negotiation on the debt. McCarthy can

0:13:37.480 --> 0:13:40.080
<v Speaker 14>say Biden the White House aren't negotiating, So I think

0:13:40.160 --> 0:13:42.480
<v Speaker 14>right now they're almost canceling each other out. And I

0:13:42.520 --> 0:13:44.160
<v Speaker 14>do think things are going to have to move forward

0:13:44.160 --> 0:13:46.440
<v Speaker 14>in one shape or form. I think it might be

0:13:46.520 --> 0:13:48.000
<v Speaker 14>a kind of a question of this who's going to

0:13:48.040 --> 0:13:48.760
<v Speaker 14>blink first?

0:13:48.880 --> 0:13:49.160
<v Speaker 8>Again?

0:13:49.280 --> 0:13:52.200
<v Speaker 14>My sense is that there can and will be negotiations

0:13:52.200 --> 0:13:55.719
<v Speaker 14>on spending, but who can actually kind of set the

0:13:55.800 --> 0:13:57.800
<v Speaker 14>terms of when that's going to happen before after the

0:13:57.840 --> 0:14:00.800
<v Speaker 14>debts and land agreement goes through that both parties are

0:14:00.800 --> 0:14:03.360
<v Speaker 14>going to be trying to get upper hand on. Now.

0:14:03.360 --> 0:14:05.439
<v Speaker 2>We've been talking a lot about congressional leaders in the

0:14:05.480 --> 0:14:08.199
<v Speaker 2>White House, but I'm wondering about the rank and file lawmakers.

0:14:08.280 --> 0:14:10.920
<v Speaker 2>Would there at this point be a sense of urgency

0:14:10.920 --> 0:14:14.880
<v Speaker 2>among lawmakers or are those who are entrenched going to

0:14:15.040 --> 0:14:18.160
<v Speaker 2>stay entrenched? Is there any movement to get this done?

0:14:18.920 --> 0:14:19.160
<v Speaker 4>Yeah?

0:14:19.200 --> 0:14:21.840
<v Speaker 14>So we're obviously seeing some calls and interesting even House

0:14:21.920 --> 0:14:25.480
<v Speaker 14>Democrats some calling on Biden saying, look, we really leased.

0:14:26.200 --> 0:14:28.280
<v Speaker 14>Looks like we're trying to negotiate and come to the

0:14:28.320 --> 0:14:31.400
<v Speaker 14>table on this to some degree, And there are some

0:14:31.480 --> 0:14:33.760
<v Speaker 14>calls from others than the Caucus as well, I will

0:14:33.800 --> 0:14:37.720
<v Speaker 14>say it's tricky again as we saw for Republicans, McCarthy

0:14:37.760 --> 0:14:40.840
<v Speaker 14>has a Again, we saw how difficult this was to

0:14:40.840 --> 0:14:42.640
<v Speaker 14>get it over the line, so he doesn't have a

0:14:42.640 --> 0:14:45.479
<v Speaker 14>lot of wiggle room there. And I don't think Republicans

0:14:45.480 --> 0:14:47.600
<v Speaker 14>are going to budge too much on this. But I

0:14:47.600 --> 0:14:50.400
<v Speaker 14>do think as this gets closer again, just reality is

0:14:50.400 --> 0:14:52.400
<v Speaker 14>going to have to set in and no one wants

0:14:52.400 --> 0:14:54.360
<v Speaker 14>to see this happen. The odds of it actually happening

0:14:54.360 --> 0:14:57.280
<v Speaker 14>are very low, but someone does actually need to figure

0:14:57.320 --> 0:14:58.800
<v Speaker 14>out what they're going to do about it before we

0:14:58.880 --> 0:15:00.720
<v Speaker 14>reach that point potentially in June.

0:15:01.080 --> 0:15:02.840
<v Speaker 2>Yeah, I'm wondering how this is going to play out.

0:15:02.880 --> 0:15:04.880
<v Speaker 2>This isn't like the budget where they can take things

0:15:04.920 --> 0:15:06.880
<v Speaker 2>all the way down to the wire then maybe sign

0:15:06.920 --> 0:15:08.960
<v Speaker 2>a CR and kind of stretch it out a little bit.

0:15:09.000 --> 0:15:12.200
<v Speaker 2>This is not how the debt ceiling works. They have

0:15:12.240 --> 0:15:14.560
<v Speaker 2>to get something done ahead of time to give it

0:15:14.600 --> 0:15:16.520
<v Speaker 2>time to get through Congress and to get to the

0:15:16.560 --> 0:15:20.840
<v Speaker 2>President's desk. Are we already out of time? Have they

0:15:20.880 --> 0:15:23.640
<v Speaker 2>been mathematically eliminated? Is there time to get something done

0:15:23.640 --> 0:15:24.640
<v Speaker 2>at this point?

0:15:24.920 --> 0:15:25.080
<v Speaker 13>Yeah?

0:15:25.120 --> 0:15:27.000
<v Speaker 14>I think there is still time. I mean, you know,

0:15:27.040 --> 0:15:29.720
<v Speaker 14>there were some projections that the US wouldn't actually hit

0:15:29.720 --> 0:15:32.840
<v Speaker 14>that default point until almost September. That has gotten moved

0:15:32.920 --> 0:15:35.480
<v Speaker 14>up recently, just as some of the tax revenues came

0:15:35.840 --> 0:15:38.320
<v Speaker 14>a little bit shorter than possible. So I think we're

0:15:38.320 --> 0:15:41.040
<v Speaker 14>still looking at a June window right now. So there

0:15:41.120 --> 0:15:42.800
<v Speaker 14>is still some mogro room. And I guess I would

0:15:42.840 --> 0:15:45.960
<v Speaker 14>say again, this passage, with this bill does kind of

0:15:45.960 --> 0:15:47.720
<v Speaker 14>move things up to the next level. And now it's

0:15:47.760 --> 0:15:50.360
<v Speaker 14>a question of Okay, this is there, we have this

0:15:50.440 --> 0:15:52.600
<v Speaker 14>six weeks. What are we going to do about it?

0:15:52.640 --> 0:15:56.360
<v Speaker 14>And what kinds of deals negotiations can happen to get this,

0:15:56.600 --> 0:15:58.560
<v Speaker 14>to get this through and to get something to get

0:15:58.560 --> 0:16:01.680
<v Speaker 14>something moving on the debt without these massive compromises that

0:16:01.760 --> 0:16:03.760
<v Speaker 14>Democrats aren't going to make either.

0:16:04.760 --> 0:16:07.920
<v Speaker 2>Perhaps they could put together some sort of a coalition

0:16:08.000 --> 0:16:09.680
<v Speaker 2>between the two sides. I mean, what are you going

0:16:09.720 --> 0:16:12.160
<v Speaker 2>to be watching for over the next couple of weeks.

0:16:12.480 --> 0:16:14.800
<v Speaker 14>Yeah, So, I mean we're watching how the White House

0:16:14.840 --> 0:16:17.680
<v Speaker 14>responds to this. I mean within Congress again, I think

0:16:17.720 --> 0:16:20.320
<v Speaker 14>Republicans are clear where they stand in the House. Democrats

0:16:20.360 --> 0:16:22.320
<v Speaker 14>have been clear where they stand in the Senate. So

0:16:22.360 --> 0:16:24.120
<v Speaker 14>it will come to some degree to the White House

0:16:24.120 --> 0:16:27.080
<v Speaker 14>with how this is going to move and so so

0:16:27.120 --> 0:16:28.640
<v Speaker 14>Biden is the one who's really going to have to

0:16:28.920 --> 0:16:31.720
<v Speaker 14>step in and say, I think say when and if

0:16:31.760 --> 0:16:33.640
<v Speaker 14>he's going to negotiate on the other spending measures, and

0:16:33.640 --> 0:16:35.680
<v Speaker 14>if that's going to be enough for McCarthy Republicans.

0:16:38.360 --> 0:16:41.640
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