1 00:00:02,440 --> 00:00:06,680 Speaker 1: Live from our nation's capital. This is Bloomberg's sound on 2 00:00:07,880 --> 00:00:12,160 Speaker 1: the unized FIDS can never default odd this legal obligation 3 00:00:12,400 --> 00:00:16,560 Speaker 1: to do so with have catastrophic economic counterpoints. We've been 4 00:00:16,600 --> 00:00:19,400 Speaker 1: way too over the line on foreign market. People want 5 00:00:19,400 --> 00:00:23,599 Speaker 1: a great US job. Bloomberg Sound on politics, policy and 6 00:00:23,720 --> 00:00:28,440 Speaker 1: perspective from DC's top name said, under Palas leadership has 7 00:00:28,440 --> 00:00:32,080 Speaker 1: basically shown the banks the test in advance. Mobilizing the 8 00:00:32,120 --> 00:00:35,360 Speaker 1: business community is a really good thing to do, YEA 9 00:00:35,720 --> 00:00:43,000 Speaker 1: Schloomberg Sound on with Joe Matthew on Bloomberg Radio. Coming up, 10 00:00:43,000 --> 00:00:46,040 Speaker 1: we've got Congressman Kevin Brady joining us to talk taxes. 11 00:00:46,159 --> 00:00:49,199 Speaker 1: Adam Green, co founder of the Progressive Change Campaign Committee, 12 00:00:49,200 --> 00:00:51,519 Speaker 1: will join us, and of course we've got Bloomberg Politics 13 00:00:51,560 --> 00:00:54,240 Speaker 1: contributors Jeanie she and Zano and Rick Davis to talk 14 00:00:54,480 --> 00:00:57,040 Speaker 1: the Job's Report, the debt limit and more. I'm Jack 15 00:00:57,080 --> 00:01:00,000 Speaker 1: Fitzpatrick here with Emily Wilkins of Bloomberg Government. I am 16 00:01:00,040 --> 00:01:02,640 Speaker 1: Jack fitz Patrick, co hosting today with Emily Wilkins of 17 00:01:02,680 --> 00:01:06,560 Speaker 1: Bloomberg Government. We're here in lieu of Joe Matthew. Uh. 18 00:01:06,600 --> 00:01:10,520 Speaker 1: Now we have Congressman Kevin Brady with us a Texan 19 00:01:10,560 --> 00:01:12,959 Speaker 1: who is the top Republican on the House Ways and 20 00:01:13,040 --> 00:01:16,759 Speaker 1: Means Committee. Congressman, thank you so much for joining us today, 21 00:01:16,760 --> 00:01:19,120 Speaker 1: thanks for having me to. So let's jump straight to 22 00:01:19,160 --> 00:01:22,600 Speaker 1: the headline jobs report numbers that came out this morning. 23 00:01:22,640 --> 00:01:26,200 Speaker 1: A hundred nine four thousand gained in September. This was 24 00:01:26,319 --> 00:01:29,480 Speaker 1: lower than expected. What do you attribute to that too? 25 00:01:29,480 --> 00:01:32,600 Speaker 1: Why was this a disappointment in September? Yeah, you know, 26 00:01:32,640 --> 00:01:35,600 Speaker 1: I don't think any economist dream that the jobs numbers 27 00:01:36,200 --> 00:01:39,319 Speaker 1: for September could be worse than August. But even with 28 00:01:39,400 --> 00:01:43,560 Speaker 1: the dumb down expectations, they are here. I think overall 29 00:01:43,760 --> 00:01:48,640 Speaker 1: it's it's a little dreadful news for our slowing recovery 30 00:01:48,760 --> 00:01:51,160 Speaker 1: in the United States. I know it is for a 31 00:01:51,200 --> 00:01:54,520 Speaker 1: lot of our main street businesses who are still struggling 32 00:01:54,560 --> 00:01:58,560 Speaker 1: to find workers. And while we saw wage growth again 33 00:01:59,080 --> 00:02:01,680 Speaker 1: this month, you know, we'll know in about a week 34 00:02:01,800 --> 00:02:06,000 Speaker 1: or so how much higher prices are rising as well. 35 00:02:06,600 --> 00:02:10,560 Speaker 1: The thing I've noticed is that at this point, as 36 00:02:10,560 --> 00:02:14,240 Speaker 1: of this morning's report, you know, President's job depths at 37 00:02:14,280 --> 00:02:17,640 Speaker 1: the difference between what he pledged jobs he would create 38 00:02:17,720 --> 00:02:20,960 Speaker 1: with his American Rescue Plan and what he's delivered is 39 00:02:21,000 --> 00:02:26,400 Speaker 1: now grown four thousand jobs short of his promises. There's 40 00:02:26,440 --> 00:02:30,119 Speaker 1: there's real concerns on the jobs numbers. There certainly is 41 00:02:30,200 --> 00:02:34,720 Speaker 1: in you know this work uh workforce shortage, and I 42 00:02:34,760 --> 00:02:37,120 Speaker 1: think for a lot of families still these higher prices 43 00:02:37,160 --> 00:02:41,000 Speaker 1: that continue to plague them is a big challenge. So 44 00:02:41,080 --> 00:02:43,320 Speaker 1: what do you think this says on the monetary side. 45 00:02:43,320 --> 00:02:46,840 Speaker 1: Do you think that the disappointing numbers lately would change 46 00:02:46,880 --> 00:02:49,480 Speaker 1: at all the FEDS tapering plans or what are your 47 00:02:49,480 --> 00:02:54,320 Speaker 1: expectations there? You know, I don't think this country needs 48 00:02:54,400 --> 00:02:59,960 Speaker 1: more stimulus at this point. What I think we need 49 00:03:00,040 --> 00:03:05,240 Speaker 1: need are no tax increases, especially on job creators as 50 00:03:05,240 --> 00:03:07,200 Speaker 1: they're trying to get back on their feet and get 51 00:03:07,240 --> 00:03:11,440 Speaker 1: people hired again. We don't need more spending out of Washington, 52 00:03:11,520 --> 00:03:16,480 Speaker 1: certainly not trillions that would drive prices higher, but also 53 00:03:17,160 --> 00:03:21,880 Speaker 1: create distance sentence for Americans to reconnect with their job. 54 00:03:22,000 --> 00:03:24,880 Speaker 1: That's what that three and a half trillion dollar spending 55 00:03:24,880 --> 00:03:28,120 Speaker 1: a tax package it does. And I think the Fed 56 00:03:28,639 --> 00:03:32,680 Speaker 1: needs to not being denial where this worker shortage is 57 00:03:32,720 --> 00:03:35,760 Speaker 1: going and where these prices are going either. I think 58 00:03:35,800 --> 00:03:38,680 Speaker 1: this is so far they've been slow to recognize the 59 00:03:38,800 --> 00:03:42,320 Speaker 1: seriousness of it and the policy decisions in Washington that 60 00:03:42,480 --> 00:03:46,480 Speaker 1: make it worse. So, you know, I think they need 61 00:03:46,520 --> 00:03:52,000 Speaker 1: to continue to back out of that emergency COVID stimulus. 62 00:03:52,720 --> 00:03:55,680 Speaker 1: The economy is in a different place right now in Congress. 63 00:03:55,720 --> 00:03:58,040 Speaker 1: And I am a little bit curious because I remember 64 00:03:58,080 --> 00:03:59,840 Speaker 1: a couple of months ago there were a number of 65 00:04:00,040 --> 00:04:03,839 Speaker 1: states Texas included that decided to end that federal supplemental 66 00:04:03,960 --> 00:04:07,760 Speaker 1: unemployment insurance because there were concerns that that higher unemployment 67 00:04:07,760 --> 00:04:11,720 Speaker 1: payments were incentivizing people to not look for work. But 68 00:04:11,800 --> 00:04:15,120 Speaker 1: those federal benefits ended in early September, and yet we 69 00:04:15,160 --> 00:04:18,920 Speaker 1: still had this really sluggish month for job numbers, and 70 00:04:19,000 --> 00:04:21,839 Speaker 1: wondering from when you talk with your constituents, when you 71 00:04:21,920 --> 00:04:24,359 Speaker 1: talk with others out there, why do you get the 72 00:04:24,400 --> 00:04:27,280 Speaker 1: sense that there aren't more people returning to the job 73 00:04:27,320 --> 00:04:31,760 Speaker 1: market at this time? You know, um Goldman sachs Uh 74 00:04:32,279 --> 00:04:36,520 Speaker 1: estimates that as many as three hundred thousand Americans would 75 00:04:36,560 --> 00:04:40,279 Speaker 1: return to the workforce this month, in big part because 76 00:04:40,320 --> 00:04:45,159 Speaker 1: those federal unemployment benefits we're finally ending in all the states. 77 00:04:45,400 --> 00:04:49,400 Speaker 1: What I don't think people have noticed is that there 78 00:04:49,440 --> 00:04:53,000 Speaker 1: are more barriers that have taken their place for example 79 00:04:53,000 --> 00:04:57,480 Speaker 1: of challe pacts credit, which was creative our Republicans actually 80 00:04:59,040 --> 00:05:03,000 Speaker 1: help cost of of raising kids and also as incentive 81 00:05:03,000 --> 00:05:06,240 Speaker 1: to return to work. You know, in the last COVID bill, 82 00:05:06,320 --> 00:05:09,560 Speaker 1: it took away any requirement for earnings or work. And 83 00:05:09,640 --> 00:05:12,480 Speaker 1: so we're for the first time, so we're hearing from 84 00:05:12,600 --> 00:05:16,520 Speaker 1: businesses that the child tax credit that has landed in 85 00:05:16,520 --> 00:05:20,400 Speaker 1: in families paychecks about a month ago are a new 86 00:05:20,480 --> 00:05:24,680 Speaker 1: barrier to reconnecting workers, some of them losing workers because that. 87 00:05:25,160 --> 00:05:28,679 Speaker 1: The other factor I think too is that um uh, 88 00:05:28,800 --> 00:05:33,400 Speaker 1: the Affordable Care Act, whose income levels and subsidies were 89 00:05:33,760 --> 00:05:37,360 Speaker 1: enhanced a big way during COVID, is still in place, 90 00:05:37,400 --> 00:05:40,240 Speaker 1: so the jobless can get at times as good or 91 00:05:40,279 --> 00:05:44,200 Speaker 1: better healthcare at home, and then again reconnecting workers. So 92 00:05:44,279 --> 00:05:48,720 Speaker 1: I think there's a couple other factors in there as well. Obviously, 93 00:05:49,560 --> 00:05:54,640 Speaker 1: uh you know, schools uh not all reopening. I think, 94 00:05:54,760 --> 00:05:58,560 Speaker 1: as everyone had hoped, has had some impact here. But 95 00:05:58,640 --> 00:06:00,960 Speaker 1: there's a there's something deep for and I appreciate you 96 00:06:01,000 --> 00:06:05,479 Speaker 1: guys look deeper into these jobs numbers, but what troubles 97 00:06:05,520 --> 00:06:09,799 Speaker 1: me is that of the few jobs gained, nearly half 98 00:06:09,839 --> 00:06:13,039 Speaker 1: of them are over fifty five years old. That's that's 99 00:06:13,120 --> 00:06:16,920 Speaker 1: twice the proportion and sort of goes against the everyone's 100 00:06:16,960 --> 00:06:21,240 Speaker 1: retiring thinking here the workers we really need those young 101 00:06:21,279 --> 00:06:26,800 Speaker 1: and middle age one. Those numbers were again stagnant, meaning 102 00:06:27,320 --> 00:06:31,000 Speaker 1: they're dropping out of the workforce in pretty big numbers. 103 00:06:31,000 --> 00:06:34,159 Speaker 1: So we're short about four and a half million workers 104 00:06:34,360 --> 00:06:37,880 Speaker 1: pre COVID. Uh. I don't see the policies in place 105 00:06:38,279 --> 00:06:41,480 Speaker 1: to reconnect them back and draw them off the sidelines. 106 00:06:41,560 --> 00:06:44,520 Speaker 1: That that troubles me. Congressman. I want to make sure 107 00:06:44,800 --> 00:06:46,520 Speaker 1: since you're on ways and means, I've got to ask 108 00:06:46,520 --> 00:06:50,160 Speaker 1: about the big tax news of the day, this international 109 00:06:50,240 --> 00:06:54,560 Speaker 1: tax agreement on corporate taxes among a hundred thirty six countries, 110 00:06:55,080 --> 00:06:58,279 Speaker 1: that among the agreements they made was a minimum rate 111 00:06:58,480 --> 00:07:02,680 Speaker 1: of acent corporate tax rate. How does that affect us 112 00:07:02,760 --> 00:07:05,920 Speaker 1: here in the US, especially as Democrats are talking about 113 00:07:06,000 --> 00:07:09,359 Speaker 1: raising the US corporate tax rate. Yeah, so that the 114 00:07:09,400 --> 00:07:15,600 Speaker 1: international uh global minimum pacts doesn't really uh help us 115 00:07:15,640 --> 00:07:17,880 Speaker 1: at all. In fact, I think it's a recognition that 116 00:07:17,960 --> 00:07:22,600 Speaker 1: America is sort of self sabotaging itself with the high 117 00:07:22,880 --> 00:07:26,680 Speaker 1: a major increase in the corporate rate, and then changes 118 00:07:26,720 --> 00:07:30,920 Speaker 1: in the international provisions that really advantage these foreign countries 119 00:07:30,960 --> 00:07:33,800 Speaker 1: and foreign workers. So and I think they're they're making 120 00:07:33,840 --> 00:07:37,440 Speaker 1: a nod to raising and creating the global minimum tax. 121 00:07:37,560 --> 00:07:40,160 Speaker 1: They know it will be lower than ours. They know 122 00:07:40,200 --> 00:07:43,640 Speaker 1: it'll be far lower than our six and a half 123 00:07:43,680 --> 00:07:47,720 Speaker 1: percent corporate rate. And uh, they're they're going to be 124 00:07:47,760 --> 00:07:51,920 Speaker 1: seeking if you look closely, they're not only delaying the implementation, 125 00:07:52,280 --> 00:07:56,400 Speaker 1: they're gonna want significant carve outs and exemptions for their countries. 126 00:07:56,480 --> 00:07:58,280 Speaker 1: And at the end of the day, I think what 127 00:07:58,680 --> 00:08:02,800 Speaker 1: Secretary Yelling will bring back to Congress or approval is 128 00:08:03,200 --> 00:08:06,600 Speaker 1: an agreement that that again makes makes it better to 129 00:08:06,600 --> 00:08:09,680 Speaker 1: be a foreign company or work than ours. And we'll 130 00:08:09,680 --> 00:08:12,400 Speaker 1: take a pretty good byte out of America's tax revenants. 131 00:08:12,400 --> 00:08:14,880 Speaker 1: They have a part of these discussions in which we 132 00:08:14,920 --> 00:08:19,560 Speaker 1: are negotiating from a physician of weakness is on these 133 00:08:19,600 --> 00:08:22,800 Speaker 1: digital services taxes and I and by some estimates, the 134 00:08:22,960 --> 00:08:25,360 Speaker 1: US could give up up to a hundred billion dollars 135 00:08:25,400 --> 00:08:29,520 Speaker 1: of our tax based to these foreign countries. So there 136 00:08:29,720 --> 00:08:33,040 Speaker 1: is a lot more to this global discussion than what 137 00:08:33,200 --> 00:08:37,280 Speaker 1: this rate might be. Well, Congressman, there's certainly the global discussion, 138 00:08:37,320 --> 00:08:40,319 Speaker 1: and then there's also the domestic discussion. Yes, I mean 139 00:08:40,400 --> 00:08:44,840 Speaker 1: as as Democrats continue to their work on President Biden's 140 00:08:44,960 --> 00:08:48,600 Speaker 1: social welfare and tax plan. I know that Republicans are 141 00:08:48,640 --> 00:08:51,320 Speaker 1: not supposed you know that there there's no expectation that 142 00:08:51,360 --> 00:08:53,360 Speaker 1: Republicans are going to be supporting that. I know you 143 00:08:53,440 --> 00:08:56,240 Speaker 1: guys have concerns about the levels of spending, but I 144 00:08:56,280 --> 00:08:58,800 Speaker 1: am curious. You know, the the argument that Democrats are 145 00:08:58,800 --> 00:09:01,240 Speaker 1: putting out there is that there are a number of 146 00:09:01,520 --> 00:09:05,400 Speaker 1: very wealthy corporations, very wealthy individuals that are not paying 147 00:09:05,440 --> 00:09:07,600 Speaker 1: their fair share in taxes. And if you do look 148 00:09:07,640 --> 00:09:10,600 Speaker 1: at at polling, there is a sense that a majority 149 00:09:10,600 --> 00:09:13,600 Speaker 1: of Americans pulled usually say that that they agree with that. 150 00:09:14,040 --> 00:09:16,320 Speaker 1: I wonder is that something you agree with? Is this 151 00:09:16,440 --> 00:09:19,320 Speaker 1: something that maybe needs to be looked into, even if 152 00:09:19,520 --> 00:09:21,600 Speaker 1: say you don't think Democrats are going about it the 153 00:09:21,600 --> 00:09:24,199 Speaker 1: correct way. Yeah, you know, I don't think that's a 154 00:09:24,200 --> 00:09:29,319 Speaker 1: fair description of America's tax code or of the successful 155 00:09:29,920 --> 00:09:31,760 Speaker 1: you know, according to the O E c D same 156 00:09:31,760 --> 00:09:35,520 Speaker 1: group that release that statement today, America has long had 157 00:09:35,559 --> 00:09:38,360 Speaker 1: one of the most progressive tax codes in the world. 158 00:09:38,400 --> 00:09:41,880 Speaker 1: Are are rich pay a very big share of the 159 00:09:41,920 --> 00:09:44,880 Speaker 1: overall tax burden, and after the Tax Cuts and Jobs Act, 160 00:09:45,160 --> 00:09:48,200 Speaker 1: that actually grew. So you know, the top one percent 161 00:09:48,320 --> 00:09:52,480 Speaker 1: or paying about of the tax burden the top ten 162 00:09:53,400 --> 00:09:58,079 Speaker 1: uh nearly three fours uh And But but what our 163 00:09:58,120 --> 00:10:01,720 Speaker 1: tax code has done, the current one that we reformed, 164 00:10:02,280 --> 00:10:08,960 Speaker 1: is that it drives investment into workers paychecks, into expansion 165 00:10:08,960 --> 00:10:12,520 Speaker 1: of jobs and growth. That's why we saw income inequality 166 00:10:12,800 --> 00:10:15,000 Speaker 1: begin to shrink first time and half a century. That's 167 00:10:15,000 --> 00:10:18,440 Speaker 1: why we saw a lot of research, investment jobs come 168 00:10:18,480 --> 00:10:21,480 Speaker 1: back to the United States and it lifted We lifted 169 00:10:21,520 --> 00:10:25,440 Speaker 1: millions out of poverty by creating the writing centives to 170 00:10:25,559 --> 00:10:29,720 Speaker 1: invest in America, expand in America, invest in your workers. 171 00:10:29,760 --> 00:10:34,000 Speaker 1: Our worry is that what's unfair is that raising these 172 00:10:34,040 --> 00:10:38,400 Speaker 1: taxes is all up and down the line will slow 173 00:10:38,480 --> 00:10:43,119 Speaker 1: this economy, will land on workers and middle class families 174 00:10:43,400 --> 00:10:46,800 Speaker 1: and actually hurt the very people I think that need 175 00:10:46,840 --> 00:10:49,680 Speaker 1: to be helped the most. So yeah, I think the 176 00:10:49,760 --> 00:10:56,640 Speaker 1: fairness measure uh um claim isn't accurate, and I think 177 00:10:56,640 --> 00:11:02,120 Speaker 1: it it ignores the fairness of how low income workers 178 00:11:02,120 --> 00:11:05,600 Speaker 1: in middle class get hurt when you try to target 179 00:11:05,640 --> 00:11:08,240 Speaker 1: the successful. They pay the price. Right. Well, we'll have 180 00:11:08,280 --> 00:11:10,680 Speaker 1: to leave it there. Thank you so much for joining us. Congressmen, 181 00:11:10,760 --> 00:11:13,320 Speaker 1: Really appreciate the insights, Jack, and then we thanks for 182 00:11:13,360 --> 00:11:17,000 Speaker 1: having me take care. So we covered a lot there, Emily, 183 00:11:17,120 --> 00:11:19,040 Speaker 1: I just gotta ask give me a headline. What's your 184 00:11:19,040 --> 00:11:21,440 Speaker 1: your main takeaway from that. I mean, one thing that's 185 00:11:21,440 --> 00:11:23,440 Speaker 1: really come out of this job's report that I think 186 00:11:23,480 --> 00:11:27,760 Speaker 1: everyone's asking is why why are these numbers still so sluggish? 187 00:11:27,960 --> 00:11:31,679 Speaker 1: Kids are going back to schools. The supplemental unemployment benefits 188 00:11:31,679 --> 00:11:33,960 Speaker 1: are done. I thought it was really interesting that the 189 00:11:33,960 --> 00:11:36,800 Speaker 1: congressman said pointed out to the fact that there are 190 00:11:37,040 --> 00:11:41,040 Speaker 1: other federal supplements out there, including that child tax credit 191 00:11:41,120 --> 00:11:43,240 Speaker 1: that began over the summer. I mean, that's something that 192 00:11:43,280 --> 00:11:46,280 Speaker 1: Democrats are really hoping to expand. It will be interesting 193 00:11:46,320 --> 00:11:48,679 Speaker 1: to see if Republicans continue to make the case that 194 00:11:48,679 --> 00:11:52,320 Speaker 1: that contributes to high unemployment. Yeah, the focus on the 195 00:11:52,400 --> 00:11:54,559 Speaker 1: child tax credit is going to be a really significant 196 00:11:54,559 --> 00:11:58,440 Speaker 1: one coming up. Let's keep this conversation, conversation going on 197 00:11:59,120 --> 00:12:02,680 Speaker 1: those issues, the acts issues that broader economy. We're gonna 198 00:12:02,679 --> 00:12:05,920 Speaker 1: have Rick Davis and Jennie she and Zano join us 199 00:12:06,200 --> 00:12:09,720 Speaker 1: for now. I'm Jack Fitzpatrick with Emily Wilkins of Bloomberg Government. 200 00:12:10,000 --> 00:12:19,840 Speaker 1: This is Bloomberg. You're listening to Bloomberg You sound on 201 00:12:20,240 --> 00:12:27,719 Speaker 1: with Joe Matthew on Bloomberg Radio. I'm Jack Fitzpatrick with 202 00:12:27,800 --> 00:12:31,000 Speaker 1: Emily Wilkins of Bloomberg Government. We're subbing in today for 203 00:12:31,200 --> 00:12:34,559 Speaker 1: Joe Matthew. We also have Rick Davis and Genie She 204 00:12:34,720 --> 00:12:38,960 Speaker 1: and Zano are all Star panel, the Bloomberg Politics contributors 205 00:12:39,080 --> 00:12:41,920 Speaker 1: who make us help us make sense of all the 206 00:12:42,080 --> 00:12:46,760 Speaker 1: economic news happening today. Let's start with what Larry Summers, 207 00:12:46,800 --> 00:12:50,000 Speaker 1: the former U. S. Treasury Secretary, had to say when 208 00:12:50,040 --> 00:12:54,000 Speaker 1: he spoke to Bloomberg's David Weston on Bloomberg TV's Wall 209 00:12:54,040 --> 00:12:57,320 Speaker 1: Street Week. This was first on the jobs report when 210 00:12:57,360 --> 00:12:59,280 Speaker 1: he said we got a lot of demand, not so 211 00:12:59,400 --> 00:13:02,319 Speaker 1: much supply. I on the economy, he said, it's in 212 00:13:02,320 --> 00:13:06,560 Speaker 1: a difficult situation still, and he also says the global 213 00:13:06,720 --> 00:13:10,439 Speaker 1: Global Corporate Tax Accord is, in his words, the most 214 00:13:10,480 --> 00:13:14,319 Speaker 1: important economic agreement of the twenty one century. Here is 215 00:13:14,400 --> 00:13:17,800 Speaker 1: Larry Summer is speaking to David weston the most important 216 00:13:18,080 --> 00:13:24,959 Speaker 1: global economic agreement of the century so far. It's important 217 00:13:25,480 --> 00:13:29,439 Speaker 1: in reality because it's going to fortify tax collections from 218 00:13:29,480 --> 00:13:34,679 Speaker 1: corporations for companies all over the world. It's important and 219 00:13:34,800 --> 00:13:38,360 Speaker 1: principle because instead of countries running a race to the 220 00:13:38,400 --> 00:13:42,880 Speaker 1: bottom with respect to taxing business income, they're now going 221 00:13:42,960 --> 00:13:46,160 Speaker 1: to level up in a way that's going to be 222 00:13:46,320 --> 00:13:51,440 Speaker 1: fairer and permit tax reductions on working people all over 223 00:13:51,480 --> 00:13:56,200 Speaker 1: the world. Well, Rick Davis, I want your takeaway on this, 224 00:13:56,320 --> 00:13:58,960 Speaker 1: because just in the last segment, we heard from Congressman 225 00:13:59,040 --> 00:14:02,959 Speaker 1: Kevin Brady, the top Republican on the House's Tax Writing Committee, 226 00:14:03,280 --> 00:14:06,559 Speaker 1: who really downplayed the importance of this as it pertains 227 00:14:06,600 --> 00:14:09,440 Speaker 1: to the current debate in the US over our own 228 00:14:09,480 --> 00:14:12,280 Speaker 1: corporate rate. So, Rick, who's who's right? Is this a 229 00:14:12,600 --> 00:14:14,839 Speaker 1: massive deal or is it not the kind of thing 230 00:14:14,840 --> 00:14:18,280 Speaker 1: that should factor in to our own domestic debates right now? Well, 231 00:14:18,320 --> 00:14:20,920 Speaker 1: I think you really put it wisely in that if 232 00:14:20,920 --> 00:14:23,120 Speaker 1: you're looking at just a domestic tax structure that we 233 00:14:23,200 --> 00:14:27,040 Speaker 1: have in like whether or not our current corporate rates, 234 00:14:27,600 --> 00:14:29,920 Speaker 1: how that's going to be affected by it, then you'd say, yeah, no, 235 00:14:30,040 --> 00:14:32,120 Speaker 1: it's not, it's not much of an effect. But if 236 00:14:32,120 --> 00:14:34,240 Speaker 1: you look at the global economy and all the tech 237 00:14:34,280 --> 00:14:38,360 Speaker 1: companies especially, you know, who have shifted their profits to 238 00:14:39,200 --> 00:14:42,120 Speaker 1: low tax or no tax havens uh in a way 239 00:14:42,160 --> 00:14:44,800 Speaker 1: to avoid a corporate tax and the amount of revenue 240 00:14:44,800 --> 00:14:49,040 Speaker 1: that that has lost to jurisdictions around the world, then 241 00:14:49,160 --> 00:14:51,920 Speaker 1: then it is a big deal. So it just depends 242 00:14:51,960 --> 00:14:55,320 Speaker 1: upon what point of view you have. And uh I 243 00:14:55,360 --> 00:14:57,680 Speaker 1: thought what was interesting about what Larry Summer said is 244 00:14:57,720 --> 00:15:00,920 Speaker 1: that he says, this is so far greatest thing that's 245 00:15:00,960 --> 00:15:03,120 Speaker 1: happened in the twenty one century in Texas. What does 246 00:15:03,160 --> 00:15:06,640 Speaker 1: he thinks coming next? Yeah, that that does seem to 247 00:15:06,680 --> 00:15:10,440 Speaker 1: be the key question on that. Now. I'm I'm curious 248 00:15:11,240 --> 00:15:13,840 Speaker 1: about the jobs report as well that we discussed with 249 00:15:13,880 --> 00:15:17,920 Speaker 1: Congressman Brady uh Genie. Obviously, the Republicans are are not 250 00:15:18,040 --> 00:15:21,760 Speaker 1: painting a particularly positive picture of job gains and the 251 00:15:22,360 --> 00:15:26,120 Speaker 1: report that came out this morning was lower than expected. 252 00:15:26,800 --> 00:15:28,880 Speaker 1: What what does that actually mean though? Should we be 253 00:15:28,920 --> 00:15:32,880 Speaker 1: focusing on the headline number of a thousand or what 254 00:15:32,880 --> 00:15:35,560 Speaker 1: what it really is the takeaway from today's jobs report 255 00:15:35,600 --> 00:15:38,280 Speaker 1: in your view, You know, we did here and a 256 00:15:38,280 --> 00:15:40,720 Speaker 1: lot of the headlines echoed that, you know, it didn't 257 00:15:40,760 --> 00:15:44,280 Speaker 1: meet expectations, which were half a million. But as the 258 00:15:44,320 --> 00:15:47,560 Speaker 1: President said when he came out and made his remarks today, 259 00:15:47,960 --> 00:15:51,200 Speaker 1: there were positive signs there. There was the fact that 260 00:15:51,240 --> 00:15:54,440 Speaker 1: the unemployment rate dropped from five point two to four 261 00:15:54,520 --> 00:15:57,360 Speaker 1: point eight. Those are very good numbers. But I think 262 00:15:57,400 --> 00:16:02,520 Speaker 1: the broader perspective here is some thing that we ignore oftentimes, 263 00:16:02,680 --> 00:16:05,680 Speaker 1: which is that the president does get the benefit and 264 00:16:05,720 --> 00:16:08,680 Speaker 1: the criticism when the economy is doing well or or 265 00:16:08,720 --> 00:16:11,360 Speaker 1: in a slump. But the fact is is that the 266 00:16:11,400 --> 00:16:14,880 Speaker 1: president doesn't have as much control over the economy as 267 00:16:14,880 --> 00:16:17,040 Speaker 1: we like to think. And in this case, what the 268 00:16:17,080 --> 00:16:19,760 Speaker 1: economy is responding to when the President is right about 269 00:16:19,800 --> 00:16:24,400 Speaker 1: this is the pandemic. These numbers were collected. The end 270 00:16:24,480 --> 00:16:28,240 Speaker 1: date was mid September. He's right, that's when delta was soaring. 271 00:16:28,680 --> 00:16:30,520 Speaker 1: It's gonna take time to get us out of a 272 00:16:30,600 --> 00:16:34,200 Speaker 1: self imposed um, you know, shut down at that we 273 00:16:34,200 --> 00:16:36,920 Speaker 1: were in. So I think we've got to be realistic 274 00:16:36,960 --> 00:16:40,240 Speaker 1: here about how much the president controls the economy, whether 275 00:16:40,280 --> 00:16:43,840 Speaker 1: that president is Trump or that president is Biden. You know, Rick, 276 00:16:43,840 --> 00:16:46,000 Speaker 1: I also want to ask you a similar question that 277 00:16:46,080 --> 00:16:48,880 Speaker 1: I asked the congressman, because I think this is something 278 00:16:48,920 --> 00:16:50,920 Speaker 1: that everyone's trying to figure out right now. I mean, 279 00:16:50,960 --> 00:16:55,920 Speaker 1: why aren't these job numbers stronger? You know, Initially Republicans 280 00:16:55,920 --> 00:16:58,920 Speaker 1: said that it was because of that supplemental unemployment insurance 281 00:16:59,040 --> 00:17:02,320 Speaker 1: that's no longer a thing. Democrats said, it's because kids 282 00:17:02,320 --> 00:17:04,360 Speaker 1: haven't gone back to school yet. Well, now a lot 283 00:17:04,400 --> 00:17:07,800 Speaker 1: of schools are open. What what is going on here? 284 00:17:07,880 --> 00:17:11,080 Speaker 1: What's happening with these numbers? Well, I mean that when 285 00:17:11,080 --> 00:17:13,640 Speaker 1: you look inside of it, there there aren't very many 286 00:17:13,680 --> 00:17:16,000 Speaker 1: good indications that were in a trend. I mean July 287 00:17:16,160 --> 00:17:18,320 Speaker 1: that you know, this number was at a million, and 288 00:17:18,400 --> 00:17:21,000 Speaker 1: so what's happened in the last two months. Well, you know, 289 00:17:21,080 --> 00:17:24,560 Speaker 1: we we stopped paying extra unemployment insurance. Well, hell that 290 00:17:24,560 --> 00:17:27,320 Speaker 1: that should actually that should have gotten everybody back into 291 00:17:27,320 --> 00:17:32,520 Speaker 1: the employment line, like Republicans have been uh proposing. But uh, 292 00:17:32,680 --> 00:17:35,840 Speaker 1: even Kevin Brady, who you just interviewed, pointed out that 293 00:17:36,920 --> 00:17:42,200 Speaker 1: of this thousand number for September, you know our fifty 294 00:17:42,200 --> 00:17:45,400 Speaker 1: five years and older. I mean, that really defies what 295 00:17:45,480 --> 00:17:49,119 Speaker 1: we thought was missing in the job market, which was 296 00:17:49,240 --> 00:17:54,000 Speaker 1: driven by uh leisure and and and lodging and and 297 00:17:54,000 --> 00:17:57,359 Speaker 1: and hospitality. So it's kind of hard to tell where 298 00:17:57,359 --> 00:18:01,159 Speaker 1: we go from here. A lot of people's expectations have 299 00:18:01,480 --> 00:18:05,120 Speaker 1: actually not materialized, and so I think Democrats are looking 300 00:18:05,160 --> 00:18:08,800 Speaker 1: for an answer. But Republicans thought that this was going 301 00:18:08,880 --> 00:18:14,760 Speaker 1: to be a better report because they really truly believed that, um, 302 00:18:14,800 --> 00:18:17,640 Speaker 1: the extra unemployment insurance when it ran out would drive 303 00:18:17,680 --> 00:18:21,320 Speaker 1: people back to work, and the September number doesn't show it. Well. 304 00:18:21,320 --> 00:18:23,159 Speaker 1: Looking at the details of this report, some of the 305 00:18:23,200 --> 00:18:27,120 Speaker 1: private sector numbers were significantly better, but actually, in particular, 306 00:18:27,440 --> 00:18:31,840 Speaker 1: public education jobs declined in September. Seems like a strange 307 00:18:31,880 --> 00:18:34,040 Speaker 1: time for that to happen. Jeanie, real quick, what do 308 00:18:34,040 --> 00:18:36,719 Speaker 1: you think caused that? Well, I think this is what 309 00:18:36,760 --> 00:18:38,760 Speaker 1: we're going to be seeing as a fallout from the 310 00:18:38,760 --> 00:18:41,520 Speaker 1: pandemic and the shutting down, and I think you're absolutely 311 00:18:41,600 --> 00:18:44,199 Speaker 1: right to point that out. That was one of the oddities. 312 00:18:44,480 --> 00:18:47,760 Speaker 1: But as we saw when this report was released, that 313 00:18:47,920 --> 00:18:51,159 Speaker 1: was to a certain extent pooh poohed. They said, you know, 314 00:18:51,280 --> 00:18:54,000 Speaker 1: this will recover at some point. Coming up, we're gonna 315 00:18:54,040 --> 00:18:57,600 Speaker 1: talk to Adam Green of the Progressive Change Campaign Committee. 316 00:18:57,760 --> 00:19:00,840 Speaker 1: Talked to him about all the politics leading into two. 317 00:19:01,040 --> 00:19:09,679 Speaker 1: This is Bloomberg broadcasting live from our nation's capital, Bloomberg 318 00:19:10,960 --> 00:19:15,240 Speaker 1: to New York, Bloomberg eleven, Frio to Boston, Bloomberg one 319 00:19:15,240 --> 00:19:19,000 Speaker 1: of six, one to San Francisco, Bloomberg nine six to 320 00:19:19,080 --> 00:19:23,200 Speaker 1: the country. Sirius XM Channel one and around the globe, 321 00:19:23,200 --> 00:19:27,120 Speaker 1: the Bloomberg Business app and Bloomberg Radio dot Com. This 322 00:19:27,520 --> 00:19:34,639 Speaker 1: is Bloomberg Sound On with Joe Matt Hugh. Democrats need 323 00:19:34,720 --> 00:19:38,680 Speaker 1: to shave more than one brilliant dollars off of President 324 00:19:38,760 --> 00:19:42,480 Speaker 1: Joe Biden's social welfare, climate and tax plan. What is 325 00:19:42,520 --> 00:19:45,000 Speaker 1: going to be on the shopping block? What will have 326 00:19:45,119 --> 00:19:47,960 Speaker 1: to go? We hash out what progressives want and what 327 00:19:48,000 --> 00:19:50,720 Speaker 1: they're willing to give with Adam Green. Next with the 328 00:19:50,720 --> 00:19:54,520 Speaker 1: Progressive Change Campaign Committee. This is Emily Wilkins filling him 329 00:19:54,520 --> 00:19:57,879 Speaker 1: for Joe Today with my co host Jack Fitzpatrick. We 330 00:19:57,920 --> 00:20:01,080 Speaker 1: are now joined by Adam Green, co founder of the 331 00:20:01,119 --> 00:20:06,159 Speaker 1: Progressive Change Campaign Committee. They are active in progressive politics, 332 00:20:06,200 --> 00:20:09,400 Speaker 1: they are active in elections. Adam, we are so glad 333 00:20:09,440 --> 00:20:11,359 Speaker 1: that you are able to join us. Thank you for 334 00:20:11,440 --> 00:20:14,000 Speaker 1: being here today. I just want to jump in and 335 00:20:14,080 --> 00:20:18,840 Speaker 1: start right now talking about President Joe Biden's big policy 336 00:20:19,160 --> 00:20:22,680 Speaker 1: push that Democrats are currently working to negotiate. You know, 337 00:20:22,760 --> 00:20:25,800 Speaker 1: week ago, President Biden, he came to Congress. He said, hey, 338 00:20:26,320 --> 00:20:28,520 Speaker 1: the bill is not going to be three point five trillion. 339 00:20:28,560 --> 00:20:30,360 Speaker 1: We're gonna need to bring it down to around one 340 00:20:30,400 --> 00:20:33,040 Speaker 1: point nine trillion. Two point to two point three trillion, 341 00:20:33,480 --> 00:20:35,760 Speaker 1: and now the debate is on on how to cut 342 00:20:35,840 --> 00:20:39,119 Speaker 1: funding from the bill. And I just wanted to start 343 00:20:39,119 --> 00:20:42,280 Speaker 1: by asking you, I mean, when you talk to lawmakers 344 00:20:42,320 --> 00:20:46,360 Speaker 1: and other progressive advocates, what is the thought about how 345 00:20:46,400 --> 00:20:51,119 Speaker 1: you take three point five and bring that down? Got it? Well? 346 00:20:51,200 --> 00:20:53,280 Speaker 1: Great to be here. I would start off with two 347 00:20:53,320 --> 00:20:56,200 Speaker 1: broad thoughts, based on our conversations with the White House, 348 00:20:56,359 --> 00:20:59,800 Speaker 1: House and Senate folks pretty regularly. The first is that 349 00:21:00,000 --> 00:21:02,359 Speaker 1: it you know, this is definitely not a progressive versus 350 00:21:02,359 --> 00:21:05,760 Speaker 1: moderate thing. This is the kind of situation where progressives 351 00:21:05,800 --> 00:21:09,680 Speaker 1: in Congress are right alongside the most swing district House 352 00:21:09,680 --> 00:21:12,080 Speaker 1: and Senate Democrats and the White House in trying to 353 00:21:12,080 --> 00:21:14,680 Speaker 1: get as much good stuff into this bill as possible, 354 00:21:14,760 --> 00:21:16,760 Speaker 1: in large part because it's a good policy, and in 355 00:21:16,840 --> 00:21:19,800 Speaker 1: large part because it's great politics for Democrats to actually 356 00:21:19,840 --> 00:21:25,119 Speaker 1: run on promises kept two um. The second thought is that, 357 00:21:25,200 --> 00:21:27,240 Speaker 1: you know, it's less about what are we going to 358 00:21:27,320 --> 00:21:31,520 Speaker 1: take out of the mix and more about what can 359 00:21:31,560 --> 00:21:34,960 Speaker 1: we live with only being funded for two years or 360 00:21:35,000 --> 00:21:37,879 Speaker 1: three years as opposed to the full ten years that 361 00:21:37,960 --> 00:21:40,600 Speaker 1: are allowed under these budget rules. Right, there are some 362 00:21:40,680 --> 00:21:43,800 Speaker 1: things that just because of logistics have to be ten years. 363 00:21:44,119 --> 00:21:47,520 Speaker 1: There are other things like climate they're so existentially important 364 00:21:47,720 --> 00:21:50,080 Speaker 1: that we absolutely must fund them big and fund them 365 00:21:50,359 --> 00:21:52,760 Speaker 1: for the entire ten year span. But then there might 366 00:21:52,800 --> 00:21:55,600 Speaker 1: be some things we have to bite the bullet and say, okay, well, 367 00:21:55,680 --> 00:21:58,320 Speaker 1: maybe the child tax credit is extended for three years, 368 00:21:58,320 --> 00:22:01,119 Speaker 1: not eight, not ten, and go all the way down 369 00:22:01,160 --> 00:22:04,280 Speaker 1: the line, you know, extended healthcare, etcetera. I think that's 370 00:22:04,280 --> 00:22:08,120 Speaker 1: really kind of the the question progresses and Democrats as all, right, now, 371 00:22:08,200 --> 00:22:10,399 Speaker 1: what can we afford to just I fund it for 372 00:22:10,440 --> 00:22:11,880 Speaker 1: a couple of years and then live to fight another 373 00:22:11,960 --> 00:22:14,040 Speaker 1: day and hopefully win big in the next election. But 374 00:22:14,080 --> 00:22:15,960 Speaker 1: I do want to say that we have heard from 375 00:22:16,240 --> 00:22:19,600 Speaker 1: lawmakers Senator Joe Manson one of them, and I've even 376 00:22:19,680 --> 00:22:22,360 Speaker 1: heard from a couple more moderate members in the House, 377 00:22:22,400 --> 00:22:24,800 Speaker 1: even more centrist members in the House, who have said, 378 00:22:24,920 --> 00:22:27,480 Speaker 1: you know what, instead of doing a lot of things 379 00:22:27,560 --> 00:22:29,800 Speaker 1: all at once, let's just take a couple of things. 380 00:22:30,000 --> 00:22:33,000 Speaker 1: Let's make sure they're well funded, that the policy is solid, 381 00:22:33,320 --> 00:22:36,160 Speaker 1: and let's make sure that we do those I mean, 382 00:22:36,520 --> 00:22:38,600 Speaker 1: is that is that sort of the right way to 383 00:22:38,600 --> 00:22:40,600 Speaker 1: go about doing it instead of trying to do a 384 00:22:40,600 --> 00:22:42,840 Speaker 1: Ton just trying to get a few things and make 385 00:22:42,840 --> 00:22:45,440 Speaker 1: sure that those few things are are are really well done. 386 00:22:46,520 --> 00:22:48,680 Speaker 1: I'm really glad you put your signal on that, because 387 00:22:48,680 --> 00:22:52,320 Speaker 1: I think that is that is the threshold question. Um. 388 00:22:52,359 --> 00:22:55,679 Speaker 1: I consider that language to be code that is coded 389 00:22:55,880 --> 00:23:00,359 Speaker 1: by a couple, a very small minority of corporate line 390 00:23:00,400 --> 00:23:05,919 Speaker 1: that Democrats, we're basically shrouding a corporate age and in 391 00:23:06,040 --> 00:23:09,440 Speaker 1: the language of seeming logical, irrational, let's just do a 392 00:23:09,480 --> 00:23:12,280 Speaker 1: few things. Well, what they really mean is we don't 393 00:23:12,320 --> 00:23:14,679 Speaker 1: want the role of government to be helping people with 394 00:23:14,760 --> 00:23:18,399 Speaker 1: child care, or helping people with dental or vision or hearing, 395 00:23:18,840 --> 00:23:21,080 Speaker 1: you know, for our grandparents. We don't want the government 396 00:23:21,080 --> 00:23:24,639 Speaker 1: getting into home care for people who need an end 397 00:23:24,680 --> 00:23:28,320 Speaker 1: of life care. Um, that's what they're saying. And what 398 00:23:28,320 --> 00:23:30,600 Speaker 1: they're also saying is we don't want our corporate donors 399 00:23:30,640 --> 00:23:33,360 Speaker 1: to have to pay taxes in order to fund those things. Therefore, 400 00:23:33,840 --> 00:23:36,360 Speaker 1: insert that message Let's just do a couple of things, right. 401 00:23:36,840 --> 00:23:39,640 Speaker 1: You know, that's it's really a recipe for Democrats losing 402 00:23:39,680 --> 00:23:42,720 Speaker 1: power in two because all of these things that we've 403 00:23:42,760 --> 00:23:46,040 Speaker 1: campaigned on for years, and that Joe Biden one and 404 00:23:46,080 --> 00:23:48,960 Speaker 1: people like us often warnock in Georgia, one on will 405 00:23:48,960 --> 00:23:50,840 Speaker 1: not get done, and then we depress our own turn 406 00:23:50,880 --> 00:23:53,120 Speaker 1: out and we lose who would be very happy about 407 00:23:53,160 --> 00:23:56,119 Speaker 1: Republicans take taking over the same corporate donors who are 408 00:23:56,119 --> 00:23:59,280 Speaker 1: funding those few corporate Democrats. So no, that's that's not 409 00:23:59,320 --> 00:24:01,560 Speaker 1: the approach. I know for a fact that that's not 410 00:24:01,600 --> 00:24:04,280 Speaker 1: where top you know, White House or Democrats leadership want 411 00:24:04,280 --> 00:24:06,240 Speaker 1: to go. But it is a very plicious talking point, 412 00:24:06,240 --> 00:24:08,119 Speaker 1: and I'm really glad you brought it up. Well, Adam, 413 00:24:08,200 --> 00:24:11,960 Speaker 1: your your language on corporate influence is pretty aligned with 414 00:24:11,960 --> 00:24:15,239 Speaker 1: what we've heard lately from Senator Bernie Sanders, who just 415 00:24:15,720 --> 00:24:17,919 Speaker 1: in the last couple of days has gone on a 416 00:24:17,960 --> 00:24:21,560 Speaker 1: little bit of a seemingly anti mansion press tour. He 417 00:24:21,680 --> 00:24:25,120 Speaker 1: called a pressor with reporters to say this is about 418 00:24:25,160 --> 00:24:28,200 Speaker 1: the corruption of American politics and to say Senator Senator's 419 00:24:28,440 --> 00:24:33,359 Speaker 1: mansion and cinema were being obstructionists and not really negotiating 420 00:24:34,080 --> 00:24:37,160 Speaker 1: in good faith. What do you make of the sort 421 00:24:37,200 --> 00:24:41,800 Speaker 1: of outwardly public aggressive stance to try to pressure Senator's 422 00:24:41,880 --> 00:24:47,600 Speaker 1: mansion and cinema, particularly by Bernie Sanders, Well, you know, 423 00:24:47,680 --> 00:24:51,760 Speaker 1: I he's joined by Joe Biden, and others. Joe Biden 424 00:24:51,800 --> 00:24:53,600 Speaker 1: just a couple days said, you know, we're down the 425 00:24:53,600 --> 00:24:55,959 Speaker 1: two senators and these two senators to do the right thing. 426 00:24:56,320 --> 00:24:58,359 Speaker 1: Just not again. Once again, it's not a progressive versus 427 00:24:58,359 --> 00:25:00,840 Speaker 1: moderate thing. It really is. I think the stat is 428 00:25:00,920 --> 00:25:05,560 Speaker 1: nine percent of lawmakers in Congress versus the remaining you know, holdouts. 429 00:25:05,560 --> 00:25:08,080 Speaker 1: But this, this gets right back to the corporate influence question, 430 00:25:08,080 --> 00:25:09,840 Speaker 1: and again I'm glad you brought that up. You know, 431 00:25:10,000 --> 00:25:12,880 Speaker 1: it's super important for people to know that the ten 432 00:25:13,000 --> 00:25:16,399 Speaker 1: or so House Democrats that were holding up the work, 433 00:25:16,920 --> 00:25:20,280 Speaker 1: who were coordinating with mentioned cinema and more importantly, coordinating 434 00:25:20,320 --> 00:25:22,520 Speaker 1: with the business Roundtable on the Chamber of Commerce, you know, 435 00:25:22,560 --> 00:25:25,960 Speaker 1: the corporate backers. These are people from relatively safe seats. 436 00:25:26,320 --> 00:25:28,720 Speaker 1: Everybody knows Josh Stthheim, where he won pretty comfortably with 437 00:25:28,880 --> 00:25:31,200 Speaker 1: you know, seven points six percent as a margin. But 438 00:25:31,320 --> 00:25:33,840 Speaker 1: part of his crew was this guy Ed Case who 439 00:25:33,840 --> 00:25:37,639 Speaker 1: won in Hawaii by forty four points. Jim Costa one 440 00:25:37,720 --> 00:25:41,760 Speaker 1: in California by eighteen point eight points. Right down the list, 441 00:25:41,800 --> 00:25:45,720 Speaker 1: Henry lay Law in Texas sixteen points, another guy thirdteen points, 442 00:25:45,720 --> 00:25:49,679 Speaker 1: another person twelve points. These are not the swing district Democrats. 443 00:25:50,040 --> 00:25:53,080 Speaker 1: These are people, So why why are these people who 444 00:25:53,080 --> 00:25:58,360 Speaker 1: represent kind of bright blue districts obstructing the Democratic agenda. 445 00:25:58,800 --> 00:26:01,840 Speaker 1: It's the money and that's why we you know, the 446 00:26:01,880 --> 00:26:05,400 Speaker 1: real front liners, the people like Alyssas Lockin and Hailey 447 00:26:05,440 --> 00:26:09,080 Speaker 1: Stephens in Michigan. Three people who actually sent emails to 448 00:26:09,080 --> 00:26:12,240 Speaker 1: our national email list a dot org this past week. 449 00:26:12,359 --> 00:26:15,000 Speaker 1: Andy Kim in New Jersey, who won a Trump district 450 00:26:15,000 --> 00:26:21,800 Speaker 1: white um Andy Craig, who won by two points in Minnesota. Adam, 451 00:26:21,880 --> 00:26:23,880 Speaker 1: if I can just jump in for a second, because 452 00:26:23,920 --> 00:26:26,679 Speaker 1: I think you're making a great If I could just 453 00:26:26,720 --> 00:26:28,360 Speaker 1: jump and I think you're making a great point here 454 00:26:28,840 --> 00:26:31,920 Speaker 1: very quickly, just a couple of seconds left, Joshua Green, 455 00:26:32,080 --> 00:26:35,160 Speaker 1: great story right now in Bloomberg Business Week about how 456 00:26:35,280 --> 00:26:37,680 Speaker 1: much they need to get how much Democrats need to 457 00:26:37,720 --> 00:26:40,560 Speaker 1: get this package done. If something does not get done, 458 00:26:40,680 --> 00:26:47,080 Speaker 1: how much more difficult do the midterms become exponentially? Exponentially, Adam, 459 00:26:47,119 --> 00:26:48,879 Speaker 1: people can vote, and some motivates a vote, and that's 460 00:26:48,880 --> 00:26:50,760 Speaker 1: why we've got to get this stuff. Adam will have 461 00:26:50,800 --> 00:26:52,840 Speaker 1: to leave it there. Thank you so much for joining us. 462 00:26:52,880 --> 00:26:55,600 Speaker 1: That was Adam Green, co founder of the Progressive Change 463 00:26:55,600 --> 00:26:58,720 Speaker 1: Campaign Committee, We've got more discussion coming up about the 464 00:26:58,760 --> 00:27:08,359 Speaker 1: week ahead. Is Bloomberg. You're listening to Bloomberg you Sound 465 00:27:08,400 --> 00:27:14,600 Speaker 1: On with Joe Matthew on Bloomberg Radio. Hi'm Emily Wilkins 466 00:27:14,680 --> 00:27:17,960 Speaker 1: here with my co host Jack Fitzpatrick on this Friday afternoon. 467 00:27:18,280 --> 00:27:20,520 Speaker 1: Bloomberg Sound On is brought to you by s c 468 00:27:20,680 --> 00:27:24,480 Speaker 1: I Visionary Asset Managers. Find opportunity where others are challenged. 469 00:27:24,720 --> 00:27:28,920 Speaker 1: Exploit disruptions potential with SEIS Global Operating Platform. Find out 470 00:27:28,920 --> 00:27:32,600 Speaker 1: how at s e I C dot Com slash I 471 00:27:32,840 --> 00:27:37,240 Speaker 1: m s Well, the weekend is almost here. Jack and 472 00:27:37,320 --> 00:27:40,159 Speaker 1: I are joined by our expert panelist Rick Davis and 473 00:27:40,280 --> 00:27:43,000 Speaker 1: Jeanie chion Zano. It's going to be a three day 474 00:27:43,000 --> 00:27:45,680 Speaker 1: weekend for some of us. But next week just got 475 00:27:45,720 --> 00:27:48,880 Speaker 1: a little more hectic for House lawmakers. They were supposed 476 00:27:48,880 --> 00:27:51,080 Speaker 1: to spend the week in their districts, but are getting 477 00:27:51,119 --> 00:27:54,040 Speaker 1: dragged back to d C on Tuesday night to vote 478 00:27:54,080 --> 00:27:58,400 Speaker 1: for the stop gap debt ceiling measure. This isn't expected 479 00:27:58,440 --> 00:28:00,840 Speaker 1: to be a difficult vote to pass. We saw in 480 00:28:00,880 --> 00:28:04,600 Speaker 1: the Senate. We already know that Republicans are not needed 481 00:28:04,640 --> 00:28:07,359 Speaker 1: to pass it through the House, and Democrats already voted 482 00:28:07,440 --> 00:28:10,600 Speaker 1: once to pass this debt limit last Friday. Now they're 483 00:28:10,600 --> 00:28:14,879 Speaker 1: just doing a stop gap until December three. Genie, I 484 00:28:14,880 --> 00:28:17,920 Speaker 1: want to come to you though on this. I mean, 485 00:28:17,960 --> 00:28:21,399 Speaker 1: Republicans have said that for them, the debt limit is 486 00:28:21,440 --> 00:28:24,719 Speaker 1: obviously a very difficult vote. But I'm wondering for some 487 00:28:24,760 --> 00:28:27,919 Speaker 1: of these more fiscally conservative Democrats, I mean, voting to 488 00:28:27,960 --> 00:28:31,080 Speaker 1: raise the debt limit once last week, once this week, 489 00:28:31,320 --> 00:28:34,439 Speaker 1: and now once at some point before December three, is 490 00:28:34,480 --> 00:28:36,359 Speaker 1: that going to impact them at all to have to 491 00:28:36,400 --> 00:28:39,760 Speaker 1: take this vote several times. I think so, and I 492 00:28:39,800 --> 00:28:43,080 Speaker 1: think that was part of what Mitch McConnell had in store. 493 00:28:43,200 --> 00:28:46,280 Speaker 1: I know a lot of the reporting on this has been, 494 00:28:47,080 --> 00:28:49,400 Speaker 1: you know, a top line view of this as a 495 00:28:49,600 --> 00:28:52,800 Speaker 1: win for the Democrats and a loss for McConnell, and 496 00:28:52,840 --> 00:28:55,800 Speaker 1: a blinking but if you will, of McConnell. But I 497 00:28:55,880 --> 00:28:59,960 Speaker 1: do think that there is something here that is problem 498 00:29:00,000 --> 00:29:02,680 Speaker 1: attic for the Democrats, and that is the fact that 499 00:29:02,720 --> 00:29:05,560 Speaker 1: the chaos that you and Jack flipped through every day 500 00:29:05,680 --> 00:29:09,160 Speaker 1: on the Capitol Hill is going to continue, at least 501 00:29:09,160 --> 00:29:12,680 Speaker 1: now through December. Less focus on what the president needs 502 00:29:12,720 --> 00:29:15,000 Speaker 1: to focus on, which is what you were just talking about, 503 00:29:15,080 --> 00:29:19,040 Speaker 1: and that is getting the build Back Better agenda through Congress, 504 00:29:19,040 --> 00:29:23,560 Speaker 1: and it is hard for moderate Democrats, fiscally conservative Democrats, 505 00:29:23,840 --> 00:29:27,160 Speaker 1: many of whom are facing reelection, and of course now 506 00:29:27,200 --> 00:29:30,000 Speaker 1: we are just a year out from that. So Rick, 507 00:29:30,080 --> 00:29:33,000 Speaker 1: I want to ask you, you know, on this extension 508 00:29:33,000 --> 00:29:35,280 Speaker 1: that's supposed to be to December. Anytime I hear that 509 00:29:35,320 --> 00:29:37,600 Speaker 1: Congress is trying to do something in December, I get 510 00:29:37,640 --> 00:29:40,160 Speaker 1: worried about even Christmas plans, even if it's supposed to 511 00:29:40,200 --> 00:29:44,240 Speaker 1: be December three. There's the whole extraordinary measures that Treasury 512 00:29:44,280 --> 00:29:47,200 Speaker 1: can use. There's the fact that this is an increase 513 00:29:47,320 --> 00:29:49,240 Speaker 1: rather than a suspension of the debt limits. So we 514 00:29:49,280 --> 00:29:51,880 Speaker 1: don't know exactly when this is gonna come down and 515 00:29:52,000 --> 00:29:54,560 Speaker 1: when the deadline is going to be. Just lay this 516 00:29:54,600 --> 00:29:57,720 Speaker 1: out for me. How hectic is the month of December 517 00:29:57,760 --> 00:30:00,280 Speaker 1: going to be? Is this? It looks like that month 518 00:30:00,440 --> 00:30:02,280 Speaker 1: is sort of when everything comes to a head and 519 00:30:02,320 --> 00:30:04,080 Speaker 1: it's just going to be terrible to me. But what 520 00:30:04,120 --> 00:30:06,680 Speaker 1: do you think, Rick? Yeah, I mean, the Senate and 521 00:30:06,760 --> 00:30:09,239 Speaker 1: the House are really good at getting their backs up 522 00:30:09,280 --> 00:30:12,600 Speaker 1: against the holiday wall, right they set. I think the 523 00:30:12,640 --> 00:30:15,200 Speaker 1: only time real deals get done is when they're getting 524 00:30:15,240 --> 00:30:17,640 Speaker 1: ready to finish out the year and go out for Christmas. 525 00:30:17,640 --> 00:30:20,120 Speaker 1: So I think that uh there, it just depends on 526 00:30:20,200 --> 00:30:23,480 Speaker 1: what's on the table. We know that the debt extension 527 00:30:24,120 --> 00:30:27,560 Speaker 1: or lifting and the budget are going to be due 528 00:30:27,600 --> 00:30:30,400 Speaker 1: that day. Uh and and my guess is that that 529 00:30:30,680 --> 00:30:32,840 Speaker 1: neither one of those may make it that far. Um 530 00:30:33,440 --> 00:30:36,720 Speaker 1: um uh. You know, there seems to be a momentum 531 00:30:36,760 --> 00:30:40,000 Speaker 1: to try and get the debt and the budget and 532 00:30:40,120 --> 00:30:45,320 Speaker 1: reconciliation done before these deadlines occur, which I assume then 533 00:30:45,360 --> 00:30:48,800 Speaker 1: would drag in the infrastructure bill. So it could be 534 00:30:49,200 --> 00:30:51,280 Speaker 1: that some of this stuff gets done in advance the third, 535 00:30:51,320 --> 00:30:54,400 Speaker 1: But my bed is your your midnight. On the third, 536 00:30:54,560 --> 00:30:56,920 Speaker 1: they're going to stop the clock in the house as 537 00:30:56,960 --> 00:31:00,280 Speaker 1: you've seen them do before, and they spend you know, 538 00:31:00,360 --> 00:31:02,360 Speaker 1: an all night er trying to figure out how to 539 00:31:02,400 --> 00:31:05,280 Speaker 1: get this done. My my guess is they'll get it 540 00:31:05,320 --> 00:31:08,000 Speaker 1: all done, but it's going to be messy in the process. 541 00:31:08,040 --> 00:31:10,000 Speaker 1: But I must admit, this is going to be the 542 00:31:10,040 --> 00:31:13,320 Speaker 1: craziest winter in Congress that we've seen in a long time. 543 00:31:13,760 --> 00:31:16,480 Speaker 1: And that's saying something because I feel every December in 544 00:31:16,560 --> 00:31:20,640 Speaker 1: Congress is a bunch of deadlines. Last minute agreements. You know, 545 00:31:20,920 --> 00:31:23,800 Speaker 1: Rick jan you guys are are absolute experts in pro 546 00:31:23,960 --> 00:31:26,640 Speaker 1: but but Jack you are our budget guru over at 547 00:31:26,640 --> 00:31:30,000 Speaker 1: Bloomberg Government. You've got the daily newsletter. You are in 548 00:31:30,040 --> 00:31:32,680 Speaker 1: this stuff. And one of the big questions this week, 549 00:31:32,960 --> 00:31:35,960 Speaker 1: it's a little technical, but it's really important. We keep 550 00:31:36,000 --> 00:31:39,640 Speaker 1: saying December three, December three, December three. But if you 551 00:31:39,680 --> 00:31:41,920 Speaker 1: go back a couple of years ago, the last time 552 00:31:41,960 --> 00:31:44,400 Speaker 1: they had the stat ceiling debate, they said, well, we're 553 00:31:44,400 --> 00:31:48,240 Speaker 1: going to suspend it until July one. But here we 554 00:31:48,280 --> 00:31:51,239 Speaker 1: are in October. We still haven't technically raised it yet 555 00:31:51,320 --> 00:31:54,640 Speaker 1: and we're still going thanks to these extraordinary measures that 556 00:31:54,680 --> 00:31:57,840 Speaker 1: add a couple extra months. Is that something we're gonna 557 00:31:57,840 --> 00:32:03,080 Speaker 1: see this time? Is December three actually more like February? Yes, 558 00:32:03,120 --> 00:32:06,240 Speaker 1: and no. For one, there are some limitations on the 559 00:32:06,280 --> 00:32:09,920 Speaker 1: extraordinary measures that they can use, just for for complex reasons. 560 00:32:09,960 --> 00:32:12,800 Speaker 1: But really the issue is not so much the extraordinary measures, 561 00:32:12,800 --> 00:32:15,240 Speaker 1: but the fact that it is an increase in the 562 00:32:15,240 --> 00:32:18,680 Speaker 1: debt limit rather than a suspension. This time, the Republicans 563 00:32:18,720 --> 00:32:20,040 Speaker 1: are saying, if you're going to do this, you need 564 00:32:20,080 --> 00:32:22,960 Speaker 1: to increase the number because ultimately Democrats will take it 565 00:32:23,040 --> 00:32:25,560 Speaker 1: up to something greater than thirty trillion, and the Republicans 566 00:32:25,560 --> 00:32:27,720 Speaker 1: can campaign on that and blame them for that. But 567 00:32:27,760 --> 00:32:29,600 Speaker 1: when you do that, you don't actually know when the 568 00:32:29,600 --> 00:32:31,880 Speaker 1: deadline is. We keep saying December three because that's the 569 00:32:31,880 --> 00:32:34,360 Speaker 1: goal that Republicans had, and they did the math. I'm 570 00:32:34,400 --> 00:32:36,360 Speaker 1: sure they're good at math, but this is less like 571 00:32:36,680 --> 00:32:40,000 Speaker 1: the deadline officially is December three and more like they're 572 00:32:40,040 --> 00:32:42,320 Speaker 1: throwing a dart at a dart board. So it's in 573 00:32:42,320 --> 00:32:45,640 Speaker 1: that range. So December could be crazy or it could 574 00:32:45,640 --> 00:32:48,520 Speaker 1: be split off and they do government funding in December 575 00:32:48,520 --> 00:32:51,280 Speaker 1: and the real deadline turns into January for debt limits. 576 00:32:51,320 --> 00:32:54,000 Speaker 1: So it is very very hazy. So bottom line just 577 00:32:54,040 --> 00:32:56,360 Speaker 1: that the craziness isn't going to end. If if you 578 00:32:56,360 --> 00:32:58,720 Speaker 1: were looking for a deadline for that, we don't. We 579 00:32:58,760 --> 00:33:02,240 Speaker 1: don't have one for you. I also wanted to this 580 00:33:02,240 --> 00:33:06,239 Speaker 1: this week start off with a really interesting incident with 581 00:33:06,440 --> 00:33:11,280 Speaker 1: Senator Kristen Cinema. She teaches at the university in Arizona, 582 00:33:11,400 --> 00:33:14,000 Speaker 1: and someone tried to follow her into a bathroom to 583 00:33:14,160 --> 00:33:19,480 Speaker 1: convince her to vote for President Biden's social welfare, climate change, 584 00:33:19,560 --> 00:33:23,800 Speaker 1: and tax package. Rick, you are no stranger to Arizona 585 00:33:23,840 --> 00:33:27,760 Speaker 1: senators who marched to the beat of their own drum. 586 00:33:27,800 --> 00:33:29,239 Speaker 1: And I just wanted to see if you could give 587 00:33:29,320 --> 00:33:31,160 Speaker 1: us some insight here. I mean, when it comes to 588 00:33:31,480 --> 00:33:34,560 Speaker 1: how the White House needs to talk to Senator Cinema, 589 00:33:34,720 --> 00:33:37,160 Speaker 1: how to reach her, how our colleagues need to address her, 590 00:33:37,840 --> 00:33:39,600 Speaker 1: how how do you sort of see this plane out, 591 00:33:39,640 --> 00:33:43,280 Speaker 1: these negotiations that are going on between the White House, 592 00:33:43,640 --> 00:33:47,440 Speaker 1: the Congressional Democrats, and one of the two holdout senators 593 00:33:47,440 --> 00:33:50,320 Speaker 1: at this point. Well, Emily, I do think it starts 594 00:33:50,320 --> 00:33:53,760 Speaker 1: with Senator Cinema. And as you say, she does, uh 595 00:33:53,840 --> 00:33:55,720 Speaker 1: go to the beat of her own drum. I mean, 596 00:33:55,760 --> 00:33:59,720 Speaker 1: she's quite independent. She models herself after John McCain. If 597 00:33:59,720 --> 00:34:01,720 Speaker 1: you look get a lot of her speeches, she talks 598 00:34:01,760 --> 00:34:04,160 Speaker 1: a lot about him. Uh And and I would say 599 00:34:04,240 --> 00:34:07,400 Speaker 1: it's not unusual for senators to be protested at at 600 00:34:07,520 --> 00:34:10,600 Speaker 1: at universities in Arizona. I was with John McCain many 601 00:34:10,640 --> 00:34:12,920 Speaker 1: times when we had to run for the doors and 602 00:34:12,960 --> 00:34:16,400 Speaker 1: get ahead of the protesters. Um so. And that's a 603 00:34:16,480 --> 00:34:19,359 Speaker 1: rite of passage in Arizona. So I don't I don't 604 00:34:19,400 --> 00:34:21,920 Speaker 1: allocate too much to that, but what I must say, 605 00:34:22,400 --> 00:34:24,200 Speaker 1: she's going to be a hard nut to crack if 606 00:34:24,239 --> 00:34:27,279 Speaker 1: they think they're going to get her on board with 607 00:34:27,360 --> 00:34:33,279 Speaker 1: anything in a sort of negotiated settlement on this reconciliation bill. Um. Uh, 608 00:34:33,360 --> 00:34:35,120 Speaker 1: they're going to have their work cut out for her. 609 00:34:35,160 --> 00:34:38,440 Speaker 1: And of course her back stop UH is Senator Joe Manchin, 610 00:34:38,480 --> 00:34:40,279 Speaker 1: who has given her plenty of breathing room on this 611 00:34:40,440 --> 00:34:43,680 Speaker 1: because he's been the public face of the resistance uh 612 00:34:43,719 --> 00:34:47,359 Speaker 1: to the big spending reconciliation bill. So I think she's 613 00:34:47,400 --> 00:34:50,359 Speaker 1: in a very good place. Um. She has a lot 614 00:34:50,360 --> 00:34:52,560 Speaker 1: of cards for her. Uh. She's not up for re 615 00:34:52,680 --> 00:34:55,359 Speaker 1: election for another two years or three I guess four 616 00:34:55,440 --> 00:34:58,680 Speaker 1: years based on this current cycle, and um, and she's 617 00:34:58,680 --> 00:35:01,680 Speaker 1: got an enormous amount of political capital in Arizona. So 618 00:35:02,560 --> 00:35:05,080 Speaker 1: my my guess is it's on her terms. Where where 619 00:35:05,120 --> 00:35:08,520 Speaker 1: she comes down on this um uh is probably going 620 00:35:08,560 --> 00:35:12,960 Speaker 1: to be in the same location, maybe some different policy 621 00:35:13,080 --> 00:35:16,080 Speaker 1: prescriptions and Joe Manin, but they're gonna get a bill done, 622 00:35:16,120 --> 00:35:18,560 Speaker 1: probably and she'll take credit for it once it's signed 623 00:35:18,560 --> 00:35:21,840 Speaker 1: by law. So I went to Arizona State University, and 624 00:35:21,880 --> 00:35:24,680 Speaker 1: just to clarify, I never chased Rick out of any 625 00:35:24,719 --> 00:35:26,480 Speaker 1: of our buildings. They just I want to be on 626 00:35:26,520 --> 00:35:29,000 Speaker 1: the record on that, but Rick, I want to I 627 00:35:29,000 --> 00:35:32,160 Speaker 1: want to understand the mechanisms that go into this. If 628 00:35:32,200 --> 00:35:35,600 Speaker 1: you're Kirsten Cinema or if you're her staffers and there's 629 00:35:35,640 --> 00:35:39,919 Speaker 1: all this public pressure on her, where does it come from? 630 00:35:39,960 --> 00:35:43,479 Speaker 1: Do they feel the pressure when it's other senators criticizing them? 631 00:35:43,680 --> 00:35:46,440 Speaker 1: Are their phones ringing off the hook? What is what 632 00:35:46,600 --> 00:35:50,320 Speaker 1: is the actual way uh that that they feel the pressure? 633 00:35:50,520 --> 00:35:52,960 Speaker 1: Where does it come from? And does it actually do anything? 634 00:35:52,960 --> 00:35:56,160 Speaker 1: Does it affect them? Yeah? I mean it always affects 635 00:35:56,200 --> 00:35:59,799 Speaker 1: them to have their colleagues, uh Mad Adam or pressuring them. 636 00:36:00,120 --> 00:36:03,080 Speaker 1: I mean, these are the Senate is a very collegial place. 637 00:36:03,480 --> 00:36:05,920 Speaker 1: We don't see it on the surface, but underneath, um, 638 00:36:06,280 --> 00:36:08,040 Speaker 1: every one of these people want to get along with 639 00:36:08,080 --> 00:36:10,520 Speaker 1: some group of them, right. But but at the end 640 00:36:10,560 --> 00:36:12,960 Speaker 1: of the day, Um, she's a lot of support at home. 641 00:36:13,120 --> 00:36:15,480 Speaker 1: And that was always a comfort for people like John 642 00:36:15,560 --> 00:36:18,920 Speaker 1: McCain who would go up and do battle uh in 643 00:36:18,920 --> 00:36:22,359 Speaker 1: in Washington and upset his his fellow centers quite a bit, 644 00:36:22,360 --> 00:36:23,960 Speaker 1: but he knew he could go home and you know, 645 00:36:24,040 --> 00:36:26,880 Speaker 1: he'd have a loving embraced by Arizona voters and and 646 00:36:26,920 --> 00:36:31,239 Speaker 1: she has that same kind of motivation. She focuses on 647 00:36:31,560 --> 00:36:33,960 Speaker 1: those people who you know, brought her to the game, 648 00:36:34,280 --> 00:36:38,160 Speaker 1: and nobody in Washington's in that category. So um, And 649 00:36:38,239 --> 00:36:41,759 Speaker 1: she's tough, but she also got great relationship skills. I mean, 650 00:36:41,760 --> 00:36:44,359 Speaker 1: I know a lot of Republican Senators who love doing 651 00:36:44,400 --> 00:36:48,319 Speaker 1: business with her. So it's in her own caucus. Can 652 00:36:48,360 --> 00:36:51,560 Speaker 1: be tough sometimes, but she's got her own network of 653 00:36:52,200 --> 00:36:56,479 Speaker 1: support amongst members, both Democrat and Republican. And that's saying 654 00:36:56,480 --> 00:36:59,959 Speaker 1: a lot for for Capitol Hill these days, where Paul 655 00:37:00,080 --> 00:37:03,200 Speaker 1: rozation seems to be the norm. Right, Genie, you know, 656 00:37:03,239 --> 00:37:04,840 Speaker 1: now that we're on the topic of college is, I 657 00:37:04,880 --> 00:37:06,560 Speaker 1: wanted to see if you could put on your professor 658 00:37:06,640 --> 00:37:09,719 Speaker 1: cap very quickly. Here you're working with college students, many 659 00:37:09,719 --> 00:37:12,560 Speaker 1: of them in this next upcoming generation. They've come of 660 00:37:12,640 --> 00:37:16,759 Speaker 1: age in a deeply polarized America. How is the impacting 661 00:37:16,840 --> 00:37:19,799 Speaker 1: what they see in politics and political engagement? Are we 662 00:37:19,880 --> 00:37:22,319 Speaker 1: going to see more of them following more senators into 663 00:37:22,320 --> 00:37:26,200 Speaker 1: more restrooms? Uh? We we certainly might. I don't think 664 00:37:26,239 --> 00:37:28,239 Speaker 1: that's new. I think what is new is that we 665 00:37:28,320 --> 00:37:31,080 Speaker 1: have now technology which allows us to see it and 666 00:37:31,120 --> 00:37:33,880 Speaker 1: play it over and over again on cable news, and 667 00:37:33,960 --> 00:37:35,960 Speaker 1: I would just say, we do hear a lot about 668 00:37:36,000 --> 00:37:39,239 Speaker 1: polarization in this country. There's also an awful lot that 669 00:37:39,280 --> 00:37:43,160 Speaker 1: people agree on, and we don't hear enough about that, 670 00:37:43,560 --> 00:37:46,480 Speaker 1: and so I always try to underscore that to students. 671 00:37:46,520 --> 00:37:49,400 Speaker 1: There's an awful lot of agreement on things that we 672 00:37:49,560 --> 00:37:53,120 Speaker 1: can address in this country, for example, climate change, and 673 00:37:53,200 --> 00:37:56,040 Speaker 1: so the more we talk about those issues and the 674 00:37:56,120 --> 00:37:59,440 Speaker 1: more Congress moves in that direction, the better off they 675 00:37:59,440 --> 00:38:03,279 Speaker 1: will bake. Absolutely well, we still have plenty of negotiations 676 00:38:03,280 --> 00:38:05,560 Speaker 1: ahead of us, plenty of controversy left to cover, but 677 00:38:05,600 --> 00:38:08,200 Speaker 1: we are going to have to leave it there for today. 678 00:38:08,200 --> 00:38:11,120 Speaker 1: Thank you so much to Rick Davis and Jinny Schanzano, 679 00:38:11,320 --> 00:38:15,200 Speaker 1: as well as our other guest, Congressman Kevin Brady Adam 680 00:38:15,280 --> 00:38:18,560 Speaker 1: Greene with the p Triple C. I'm Emily Wilkins here 681 00:38:18,600 --> 00:38:21,920 Speaker 1: with my co host Jack Fitzpatrick. Have a lovely weekend. 682 00:38:22,600 --> 00:38:24,279 Speaker 1: This is Bloomberg