1 00:00:01,720 --> 00:00:06,240 Speaker 1: Now from our nation's capital. This is Bloomberg's Sound On. 2 00:00:07,200 --> 00:00:10,360 Speaker 1: My colleagues and I are strongly committed to bringing inflation 3 00:00:10,440 --> 00:00:12,319 Speaker 1: back down. It's been tough times. It's when you need 4 00:00:12,360 --> 00:00:14,240 Speaker 1: to be standing with your friends and your allies around 5 00:00:14,240 --> 00:00:19,080 Speaker 1: the world. I've just tested negative for COVID nineteen after 6 00:00:19,160 --> 00:00:23,360 Speaker 1: isolating for five days. Sloomberg Sound On Politics, Policy and 7 00:00:23,440 --> 00:00:27,640 Speaker 1: Perspective from DC's Top Names. The yeas are sixty four, 8 00:00:27,720 --> 00:00:31,000 Speaker 1: the knees are thirty three. This is a huge victory 9 00:00:31,080 --> 00:00:34,120 Speaker 1: to get this CHIP back done. It's another bipartisan bill. 10 00:00:34,240 --> 00:00:37,160 Speaker 1: There is a lot on the table after Chip. Sloomberg 11 00:00:37,280 --> 00:00:42,320 Speaker 1: Sound On with Joe Mavew on Bloomberg Radio. The Fed 12 00:00:42,400 --> 00:00:46,040 Speaker 1: hikes rates amid new accusations that China is trying to 13 00:00:46,080 --> 00:00:49,760 Speaker 1: infiltrate the Central Bank. Welcome to the fastest hour in politics. 14 00:00:50,320 --> 00:00:52,920 Speaker 1: As a Senate report claims China is trying to get 15 00:00:52,960 --> 00:00:55,920 Speaker 1: confidential info from the Fed. We'll talk about it with 16 00:00:56,000 --> 00:00:59,959 Speaker 1: New York Congressman John Katko, ranking Republican on the Household 17 00:01:00,080 --> 00:01:03,120 Speaker 1: Land Security Committee, now preparing to vote on the CHIP Act. 18 00:01:03,160 --> 00:01:06,040 Speaker 1: Will get into that too later. The Department of Justice 19 00:01:06,040 --> 00:01:08,560 Speaker 1: now investigating Donald Trump and its criminal probe and who 20 00:01:08,560 --> 00:01:12,760 Speaker 1: attempts to overturn the election. We'll discuss implications for the 21 00:01:12,800 --> 00:01:16,720 Speaker 1: Republican Party later this hour with Barbara Comstock, former congresswoman 22 00:01:17,160 --> 00:01:19,760 Speaker 1: from Virginia, and we'll peel back the layers on all 23 00:01:19,800 --> 00:01:23,720 Speaker 1: of these stories with our signature panel Bloomberg Politics contributors 24 00:01:23,800 --> 00:01:27,880 Speaker 1: Rick Davis, Jeanie Schanzano with us for analysis through the hour. 25 00:01:28,240 --> 00:01:30,840 Speaker 1: Thanks for being with us, Son Bloomberg sound On. Welcome 26 00:01:31,600 --> 00:01:35,640 Speaker 1: to Wednesday. Good day for Joe Biden. Before we welcome 27 00:01:35,760 --> 00:01:39,319 Speaker 1: Congressman CatCo to the broadcast, I can tell you that 28 00:01:39,400 --> 00:01:45,120 Speaker 1: the leader of the free world tested negative, just tested 29 00:01:45,200 --> 00:01:50,200 Speaker 1: negative for COVID nineteen after isolating for five days. Mary 30 00:01:50,400 --> 00:01:54,320 Speaker 1: is wearing the aviators in the sun in the rose Garden. 31 00:01:54,360 --> 00:01:58,280 Speaker 1: A late scheduled little event there. They didn't even have 32 00:01:58,320 --> 00:02:00,520 Speaker 1: time to put chairs out in the rose garden if 33 00:02:00,520 --> 00:02:02,280 Speaker 1: you want a little behind the scenes. But he looked 34 00:02:02,320 --> 00:02:04,160 Speaker 1: like he got some color. Has he been napping on 35 00:02:04,240 --> 00:02:07,960 Speaker 1: the on the balcony. That's what I would do. Got 36 00:02:08,000 --> 00:02:09,480 Speaker 1: the dog there. I mean, I know he's wearing the 37 00:02:09,520 --> 00:02:12,400 Speaker 1: suit and the whole thing, but looked to look like 38 00:02:12,520 --> 00:02:15,320 Speaker 1: he was he was back into his own here the 39 00:02:15,360 --> 00:02:17,720 Speaker 1: doctor gave him the green light to end his strict isolation. 40 00:02:17,800 --> 00:02:21,799 Speaker 1: But a message here as the White House tries to cast, 41 00:02:21,840 --> 00:02:24,480 Speaker 1: as I read from Josh wind Grove on the terminal cast, 42 00:02:24,919 --> 00:02:28,519 Speaker 1: the President's about with COVID as evidence of the strides made, 43 00:02:28,560 --> 00:02:32,519 Speaker 1: there's still there's still stuff to worry about. B A 44 00:02:32,760 --> 00:02:35,600 Speaker 1: five means many of us are still going to get 45 00:02:35,600 --> 00:02:39,360 Speaker 1: COVID even if we take the precautions. That doesn't mean 46 00:02:39,960 --> 00:02:43,960 Speaker 1: we are we're doing anything wrong. Unfortunately, this COVID is 47 00:02:44,000 --> 00:02:46,480 Speaker 1: still with us as it has been for two and 48 00:02:46,480 --> 00:02:49,440 Speaker 1: a half years, but our fight against COVID is making 49 00:02:49,480 --> 00:02:54,280 Speaker 1: a huge difference. What's different now is our ability to 50 00:02:54,320 --> 00:02:57,960 Speaker 1: protect ourselves some serious illness. And he's calling on Congress 51 00:02:58,000 --> 00:03:04,239 Speaker 1: again to provide funding to keep COVID vaccines and therapeutics available. Now, 52 00:03:05,440 --> 00:03:07,400 Speaker 1: the Fed the big story today, the right hike. You 53 00:03:07,480 --> 00:03:09,919 Speaker 1: heard all about it. We had special programming seventy five 54 00:03:09,919 --> 00:03:12,800 Speaker 1: basis points, and the Fed drives the day with this news. 55 00:03:12,840 --> 00:03:16,400 Speaker 1: But there may be more to be concerned about at 56 00:03:16,400 --> 00:03:20,560 Speaker 1: the Fed than just inflation. As a senior Republican Senator, 57 00:03:20,639 --> 00:03:24,520 Speaker 1: Rob Portman of Ohio accuses China now of trying to 58 00:03:24,560 --> 00:03:28,519 Speaker 1: obtain confidential information from the FED. This is a big deal. 59 00:03:28,560 --> 00:03:31,520 Speaker 1: Bloomberg leading the way on this story. Bloomberg Fed reporter 60 00:03:31,600 --> 00:03:34,800 Speaker 1: cred Touria is reporting China has in fact tried to 61 00:03:34,800 --> 00:03:38,600 Speaker 1: glean insight into monetary policy and access to internal data. 62 00:03:38,640 --> 00:03:42,160 Speaker 1: Can you imagine what that's worth. Senator Portman spoke with 63 00:03:42,280 --> 00:03:46,520 Speaker 1: Bloomberg about the report. He appeared on Balance of Power 64 00:03:46,560 --> 00:03:49,600 Speaker 1: with David Weston. I think that it's important that the 65 00:03:49,640 --> 00:03:51,960 Speaker 1: FED look at our recommendations, which is to tighten up 66 00:03:52,000 --> 00:03:55,600 Speaker 1: further to avoid China getting access to the FED information 67 00:03:55,640 --> 00:03:58,040 Speaker 1: has been very valuable, not just to China but to 68 00:03:58,120 --> 00:04:01,040 Speaker 1: investors all over the world obviously, and so this is 69 00:04:01,040 --> 00:04:04,760 Speaker 1: something where it has to be protected now protected, okay, 70 00:04:04,800 --> 00:04:09,800 Speaker 1: But there's also pushback inside the FED as J Powell, well, 71 00:04:09,800 --> 00:04:14,440 Speaker 1: he's what's the actual statement he got here? Strong concerns 72 00:04:14,480 --> 00:04:19,679 Speaker 1: about assertions and implications. He's obviously trying to protect his people. 73 00:04:20,160 --> 00:04:22,400 Speaker 1: Is that a deportment was asked about that this report 74 00:04:22,720 --> 00:04:25,159 Speaker 1: is based on the Federal Reserve's own study, their own 75 00:04:25,279 --> 00:04:28,160 Speaker 1: counterintelligence five year study. It's also based on some FBI 76 00:04:29,320 --> 00:04:32,480 Speaker 1: reporting that that we've had access to so um to 77 00:04:32,560 --> 00:04:34,680 Speaker 1: the extent it's being questioned. I guess I would say 78 00:04:34,720 --> 00:04:36,960 Speaker 1: that the FED is questioning its own report. There's a 79 00:04:37,000 --> 00:04:39,040 Speaker 1: lot in this report we wanted to ask Congressman John 80 00:04:39,080 --> 00:04:41,240 Speaker 1: Katko about it, among other risks. Who sees the ranking 81 00:04:41,240 --> 00:04:44,800 Speaker 1: member on the House Homeland Security Committee. Congressman, welcome, it's 82 00:04:44,800 --> 00:04:47,039 Speaker 1: great to have you back on Bloomberg Radio. Do we 83 00:04:47,080 --> 00:04:49,120 Speaker 1: need to take a closer look at what China is 84 00:04:49,160 --> 00:04:52,800 Speaker 1: doing or not? With the FED? Oh? Absolutely, we need 85 00:04:52,800 --> 00:04:55,680 Speaker 1: to take closer look what China's doing with everything, and 86 00:04:55,960 --> 00:04:58,000 Speaker 1: we cannot let our guard down. And any time there's 87 00:04:58,040 --> 00:05:00,720 Speaker 1: even a little bit as smoke and pretty much bet 88 00:05:00,720 --> 00:05:02,919 Speaker 1: there's going to be a fire. So any time that 89 00:05:02,960 --> 00:05:05,599 Speaker 1: we have any indications or concerns, we need to we 90 00:05:05,640 --> 00:05:08,279 Speaker 1: need to evaluate them and look into them. And even 91 00:05:08,279 --> 00:05:09,920 Speaker 1: if there's not, we've got to keep our guard up 92 00:05:09,920 --> 00:05:12,000 Speaker 1: and make sure we're doing everything we possibly can, like 93 00:05:12,320 --> 00:05:15,560 Speaker 1: with chip manufacturing and everything else. Yeah, this is quite 94 00:05:16,360 --> 00:05:19,640 Speaker 1: a list of concerns here, including the FED identifying this 95 00:05:19,680 --> 00:05:21,920 Speaker 1: is based on the FED zone findings over a dozen 96 00:05:21,960 --> 00:05:26,280 Speaker 1: persons of interest with connections to Chinese talent recruiters. Congress 97 00:05:26,279 --> 00:05:29,599 Speaker 1: when they've been dubbed the P network, Why would the 98 00:05:29,600 --> 00:05:33,360 Speaker 1: FED chairman say there's nothing to see here? Essentially, Well, 99 00:05:33,920 --> 00:05:36,080 Speaker 1: you should never say there's nothing to see at the beginning. 100 00:05:36,360 --> 00:05:38,680 Speaker 1: If there's, if there's even an allogation that should be 101 00:05:38,720 --> 00:05:42,320 Speaker 1: fully looked into inbed it. For example, we I saw 102 00:05:42,320 --> 00:05:45,560 Speaker 1: a report this week that the Chinese were infiltrate and 103 00:05:45,960 --> 00:05:48,720 Speaker 1: police departments across the country trying to get intelligence. It's 104 00:05:48,720 --> 00:05:52,320 Speaker 1: all about gathering intelligence and gathering access, and we gotta 105 00:05:52,839 --> 00:05:54,760 Speaker 1: we've got to keep our guard with a office subject 106 00:05:54,800 --> 00:05:57,800 Speaker 1: matters and never discount the ability that Chinese to infiltrate 107 00:05:57,920 --> 00:06:01,800 Speaker 1: organizations in our country. Well, the how Homeland Security Committee 108 00:06:01,800 --> 00:06:07,280 Speaker 1: look into this um but most likely many different agencies 109 00:06:07,279 --> 00:06:10,800 Speaker 1: well or committees, Well until Foreign Affairs at all, Well, 110 00:06:10,800 --> 00:06:12,560 Speaker 1: we'll probably have a hand in taking a look at this, 111 00:06:12,640 --> 00:06:16,720 Speaker 1: and we should. Well, apparently this Senator Apportman's report came 112 00:06:16,760 --> 00:06:20,400 Speaker 1: from a combination of of the fed's own internal investigation 113 00:06:20,800 --> 00:06:23,920 Speaker 1: and work by the FBI. So somebody's investigating this now. 114 00:06:23,920 --> 00:06:25,440 Speaker 1: I would just wonder if this should be a matter 115 00:06:25,880 --> 00:06:30,200 Speaker 1: of business in the US Congress. Well, listen, if if 116 00:06:30,279 --> 00:06:33,440 Speaker 1: if that's already FBA is already investigating, that's that's a 117 00:06:33,480 --> 00:06:36,400 Speaker 1: good sign. At that there. Abi is very adept to 118 00:06:36,440 --> 00:06:38,880 Speaker 1: what's going on with China, but we always, we always 119 00:06:38,920 --> 00:06:40,760 Speaker 1: have a role with respect to oversight, and we need 120 00:06:40,800 --> 00:06:44,679 Speaker 1: to exercise that role and any time that China is involved. 121 00:06:46,040 --> 00:06:48,760 Speaker 1: Was today's chips bill passing the Senate, and I understand 122 00:06:48,760 --> 00:06:50,640 Speaker 1: it's going to move quickly through the House. The first 123 00:06:50,680 --> 00:06:54,800 Speaker 1: step in fighting back against China. No, I'll tell you 124 00:06:54,800 --> 00:06:57,800 Speaker 1: what it's a it's a very very big step because, uh, 125 00:06:58,040 --> 00:07:00,400 Speaker 1: you know that could hard reality is that of China 126 00:07:00,480 --> 00:07:03,560 Speaker 1: decide to go into Taiwan tomorrow. Uh, they will have 127 00:07:03,600 --> 00:07:06,880 Speaker 1: control the high end chip market in the world. And 128 00:07:06,920 --> 00:07:09,440 Speaker 1: so what does that mean. That means that our missile 129 00:07:09,480 --> 00:07:13,640 Speaker 1: defense systems are missile systems are are high high tech 130 00:07:14,440 --> 00:07:17,400 Speaker 1: vehicles all across countin, from tractors to cars to all 131 00:07:17,480 --> 00:07:21,720 Speaker 1: kinds of odd items would be beholding to the Chinese. 132 00:07:22,120 --> 00:07:24,560 Speaker 1: So we have to get this bill passed from a 133 00:07:24,560 --> 00:07:27,600 Speaker 1: strategic standpoint, and it's a very very important stuff. I'm 134 00:07:27,640 --> 00:07:29,960 Speaker 1: sure you're looking at this as a national security issue 135 00:07:29,960 --> 00:07:32,120 Speaker 1: as much as anything else. The White House has been 136 00:07:32,120 --> 00:07:34,080 Speaker 1: talking a lot about that side of it lately, not 137 00:07:34,120 --> 00:07:37,240 Speaker 1: just bringing consumer prices lower, even though that's apparently a 138 00:07:37,240 --> 00:07:39,880 Speaker 1: pretty long term story here. But what do you hearing, 139 00:07:39,920 --> 00:07:42,480 Speaker 1: Congressman about. Is the House prepared to vote on this 140 00:07:42,560 --> 00:07:44,920 Speaker 1: in the next two days? Oh yeah, I think we're 141 00:07:44,920 --> 00:07:46,600 Speaker 1: gonna be having a vote on it tomorrow, and I'm 142 00:07:46,640 --> 00:07:50,360 Speaker 1: excited to cast a vote enthusiastically. Yes. Um, there's a 143 00:07:50,360 --> 00:07:53,320 Speaker 1: lot of nonsense going on about this bill that's just 144 00:07:53,400 --> 00:07:57,560 Speaker 1: not true. One of them, for example, is the the 145 00:07:57,560 --> 00:08:00,760 Speaker 1: whole question about it got larded up with a bunch 146 00:08:00,760 --> 00:08:03,000 Speaker 1: of other things. Well, actually it didn't. The Chips Act 147 00:08:03,120 --> 00:08:07,040 Speaker 1: is fifty two billion dollars or so for computer chip manufacturing, 148 00:08:07,320 --> 00:08:11,760 Speaker 1: incentivizing the United States, plus an additional component for income 149 00:08:11,760 --> 00:08:14,640 Speaker 1: tax credits over a period of five years that pals 150 00:08:14,640 --> 00:08:16,800 Speaker 1: in comparison to the investment that will be made in 151 00:08:16,840 --> 00:08:20,200 Speaker 1: the bill going forward. There's other parts of the bill 152 00:08:20,240 --> 00:08:21,560 Speaker 1: to have nothing to do with chips. That has to 153 00:08:21,560 --> 00:08:25,920 Speaker 1: do with reauthorizing National Science Foundation and incentivizing high tech 154 00:08:25,960 --> 00:08:29,240 Speaker 1: manufacturing another field. So, um, the chip side of it 155 00:08:29,320 --> 00:08:31,880 Speaker 1: is is lean, meaning it's going to be great. Fifty 156 00:08:31,920 --> 00:08:34,600 Speaker 1: two billion dollars here, do you need guardrails or are 157 00:08:34,640 --> 00:08:36,880 Speaker 1: there guardrails on that money so they don't go back 158 00:08:36,880 --> 00:08:40,160 Speaker 1: to other countries? There's definitely guardrails in there, and that 159 00:08:40,160 --> 00:08:42,280 Speaker 1: that's another misnomer, that a lot of guard rails making 160 00:08:42,280 --> 00:08:44,679 Speaker 1: sure that stuff doesn't go back to China. But if 161 00:08:44,679 --> 00:08:47,120 Speaker 1: you think about it this way, that's fifty two billion 162 00:08:47,120 --> 00:08:50,720 Speaker 1: dollars that that passes. It will spawn easily by any 163 00:08:50,720 --> 00:08:53,720 Speaker 1: any has to know whatsoever, easily three billion dollars and 164 00:08:53,800 --> 00:08:57,640 Speaker 1: probably exponentially more in investments by chip manufacturers in the US. 165 00:08:57,720 --> 00:08:59,800 Speaker 1: So you get a six fold return on your money, 166 00:08:59,800 --> 00:09:02,800 Speaker 1: and imediately before your factor in all the spinoff businesses, 167 00:09:02,880 --> 00:09:05,800 Speaker 1: before you factor in the salaries of the employees and 168 00:09:05,840 --> 00:09:08,520 Speaker 1: everything else. In the average salary these jobs are about 169 00:09:08,600 --> 00:09:11,480 Speaker 1: hundred sixty thousand, and you're talking about hundreds of thousands 170 00:09:11,520 --> 00:09:14,439 Speaker 1: of jobs across the country. So this is something from 171 00:09:14,440 --> 00:09:16,840 Speaker 1: an economic standpoint it makes sense. But from a nationals 172 00:09:16,920 --> 00:09:20,680 Speaker 1: UH security standpoint, it's an imperative. As I talked to 173 00:09:20,679 --> 00:09:24,199 Speaker 1: you from your perch as ranking member of Homeland Security, 174 00:09:24,800 --> 00:09:27,600 Speaker 1: I want to ask you about this matter involving secret Service. 175 00:09:27,640 --> 00:09:32,439 Speaker 1: Tex Senator Gary Peters, who chairs Homeland in his chamber, UH, 176 00:09:32,520 --> 00:09:36,560 Speaker 1: tells Bloomberg today he's aggressively seeking answers on missing texts 177 00:09:36,559 --> 00:09:40,160 Speaker 1: from January six and may hold hearings. Would you support 178 00:09:40,160 --> 00:09:43,240 Speaker 1: a move like that in the House Committee? Yeah? Absolutely. Look, 179 00:09:43,360 --> 00:09:45,319 Speaker 1: don't forget I'm an old time prosecutor as a federal 180 00:09:45,320 --> 00:09:48,280 Speaker 1: prosecutor for twenty years and organized crime cases, and so 181 00:09:48,800 --> 00:09:52,880 Speaker 1: for me, when evidence disappears after an investigation has commenced, 182 00:09:53,080 --> 00:09:57,199 Speaker 1: that is highly, highly suspicious, and highly troubling. It's either 183 00:09:57,760 --> 00:10:03,000 Speaker 1: a massive mistake on on Secret Services part or there's 184 00:10:03,000 --> 00:10:05,319 Speaker 1: something else going on. But either way, we have a 185 00:10:05,400 --> 00:10:07,960 Speaker 1: duty from an oversight perspective to look into this, and 186 00:10:08,200 --> 00:10:10,040 Speaker 1: I'm glad we are going to do that. Are you 187 00:10:10,120 --> 00:10:12,640 Speaker 1: heartened by news that the d J is looking into 188 00:10:12,640 --> 00:10:15,280 Speaker 1: Donald Trump as part of its criminal investigation? Now they 189 00:10:15,559 --> 00:10:18,600 Speaker 1: suddenly seem to be talking to everybody. Look at I mean, 190 00:10:18,800 --> 00:10:20,640 Speaker 1: the allegations that propped up. They have to look and 191 00:10:20,640 --> 00:10:22,520 Speaker 1: they have to chase them down. Whatever comes to them. 192 00:10:22,720 --> 00:10:27,000 Speaker 1: We'll see. Um. You know, don't forget that the January 193 00:10:27,040 --> 00:10:31,560 Speaker 1: six Commission is not balanced with Democrats and Republicans. So 194 00:10:31,960 --> 00:10:35,079 Speaker 1: are we hearing all the bad stuff? Is there? Exculpatory stuff? 195 00:10:35,080 --> 00:10:37,199 Speaker 1: We're not aware of that type of stuff. We need 196 00:10:37,240 --> 00:10:39,720 Speaker 1: to find out, and I think an investigation by the 197 00:10:39,760 --> 00:10:42,480 Speaker 1: Department of Justice would at least give us some more 198 00:10:42,480 --> 00:10:44,480 Speaker 1: balanced view what's going on, and I think that's important. 199 00:10:45,120 --> 00:10:48,520 Speaker 1: Congressman John Khako, Republican from New York the twenty district 200 00:10:49,559 --> 00:10:51,680 Speaker 1: readings to Syracuse, and thank you for being with us. 201 00:10:52,160 --> 00:10:55,920 Speaker 1: Representative Katko back on the program, ranking member on householdmland security, 202 00:10:56,320 --> 00:10:59,040 Speaker 1: and some interesting insights on all of these stories that 203 00:10:59,080 --> 00:11:01,000 Speaker 1: will throw to the panel. Max Rick and Genie are 204 00:11:01,040 --> 00:11:04,480 Speaker 1: with us for the hour Bloomberg Politics contributors with much 205 00:11:04,480 --> 00:11:07,400 Speaker 1: more on chips and China and what's going on at 206 00:11:07,400 --> 00:11:09,480 Speaker 1: the Federal Reserve. We did get an interest rate high 207 00:11:09,520 --> 00:11:13,000 Speaker 1: today and the White House is sending big messaging ahead 208 00:11:13,040 --> 00:11:16,240 Speaker 1: of g d P tomorrow. More ahead on the fastest 209 00:11:16,240 --> 00:11:21,679 Speaker 1: hour in politics. This is Bloomberg, This is Bloomberg. So 210 00:11:22,040 --> 00:11:28,880 Speaker 1: long with Joe Matthew on Bloomberg Radio. We've been talking 211 00:11:28,880 --> 00:11:31,800 Speaker 1: about the Chip Act now for eighteen months. I've been 212 00:11:31,840 --> 00:11:34,160 Speaker 1: saying over a year. I actually looked at that today, 213 00:11:34,320 --> 00:11:38,679 Speaker 1: eighteen months in the making, So I guess we can 214 00:11:38,760 --> 00:11:42,199 Speaker 1: call it a history being made. The yay's are sixty four, 215 00:11:42,280 --> 00:11:45,600 Speaker 1: the nays are thirty three, and the motion to concur 216 00:11:46,000 --> 00:11:48,640 Speaker 1: with an amendment is agreed to there it goes to 217 00:11:48,720 --> 00:11:51,040 Speaker 1: the House, a big day for Senator Chuck Hill. We 218 00:11:51,080 --> 00:11:53,240 Speaker 1: could say, let corporate America do it on its own, 219 00:11:53,320 --> 00:11:56,560 Speaker 1: but it's a brand new world with nation states trying 220 00:11:56,600 --> 00:11:59,440 Speaker 1: to overcome US, and many of them are authoritarian, and 221 00:11:59,480 --> 00:12:03,600 Speaker 1: we'll set the rules if they become the leaders in 222 00:12:03,600 --> 00:12:09,000 Speaker 1: in science, technology, innovation, and advanced manufacturing. Bloomberg Reporting legislation 223 00:12:09,200 --> 00:12:11,120 Speaker 1: heads to the House for passage likely this week. You 224 00:12:11,200 --> 00:12:14,079 Speaker 1: just heard from Congressman Katko. He says tomorrow fifty two 225 00:12:14,120 --> 00:12:20,120 Speaker 1: billion dollars grants incentives for U S semiconductor manufacturing. Three 226 00:12:20,160 --> 00:12:22,360 Speaker 1: the vote, as we heard there from Congressman Don Buyer, 227 00:12:22,800 --> 00:12:26,320 Speaker 1: no stranger to this program. Let's assemble the panel because 228 00:12:26,320 --> 00:12:28,800 Speaker 1: this is just one of the issues we talked about 229 00:12:28,840 --> 00:12:30,920 Speaker 1: there with the Congressman. And we have news as well. 230 00:12:32,679 --> 00:12:37,600 Speaker 1: Dare I say it on reconciliation? Rick Davis and Genie 231 00:12:37,679 --> 00:12:42,000 Speaker 1: Chanzano Bloomberg Politics contributors are with us. Uh, Genie, so 232 00:12:42,120 --> 00:12:44,440 Speaker 1: big Win. I guess everyone agrees. We talked about it. 233 00:12:44,920 --> 00:12:47,040 Speaker 1: You know, we have been since we're blue in the face. 234 00:12:47,040 --> 00:12:49,240 Speaker 1: I feel like I should send flowers to Gina Romando. 235 00:12:49,320 --> 00:12:51,400 Speaker 1: She must be having a party tonight. Now she can 236 00:12:51,400 --> 00:12:54,880 Speaker 1: get onto something else. But there's news that Joe Mansion 237 00:12:55,320 --> 00:12:57,880 Speaker 1: is on board and has reached a deal with Senate 238 00:12:57,920 --> 00:13:01,960 Speaker 1: Majority Leader Chuck Schumer on a bill that includes this 239 00:13:02,040 --> 00:13:05,960 Speaker 1: is that stripped down, build back better thing. There's a 240 00:13:05,960 --> 00:13:08,800 Speaker 1: new name for it. Now, what was it here? I 241 00:13:08,840 --> 00:13:10,679 Speaker 1: have to go back and find this. Here we go, ready, 242 00:13:11,040 --> 00:13:18,160 Speaker 1: the Inflation Reduction Act of two. Does it get Doneene? Wow, 243 00:13:18,280 --> 00:13:21,480 Speaker 1: you're just blowing my mind. First of all, constant name changes. 244 00:13:21,600 --> 00:13:24,600 Speaker 1: Imagine if you change your child's name this much. And 245 00:13:24,600 --> 00:13:27,920 Speaker 1: and now Joe Mansion on board? You know, you know, 246 00:13:28,040 --> 00:13:30,840 Speaker 1: I I think it would have been hard for you know, 247 00:13:30,880 --> 00:13:33,320 Speaker 1: and again I'll believe it when I see the vote. 248 00:13:33,360 --> 00:13:35,440 Speaker 1: But I do think it would have been hard for 249 00:13:35,520 --> 00:13:38,600 Speaker 1: Joe Mansion to vote against this very very stripped down 250 00:13:38,600 --> 00:13:42,920 Speaker 1: reconciliation bill because it is deflationary and and that's one 251 00:13:42,920 --> 00:13:46,240 Speaker 1: of the arguments that have been made. So I in one, 252 00:13:46,840 --> 00:13:49,000 Speaker 1: on the one hand, I'm not surprised that he's going 253 00:13:49,040 --> 00:13:51,600 Speaker 1: on board, And on the other hand, it's Joe Mansion. 254 00:13:51,679 --> 00:13:53,959 Speaker 1: So we've got to wait until we actually get a vote. 255 00:13:54,280 --> 00:13:56,439 Speaker 1: And I think we've been talking about this today. Rick, 256 00:13:56,520 --> 00:13:58,400 Speaker 1: we know that we knew Joe Mansion had COVID. I 257 00:13:58,400 --> 00:14:00,000 Speaker 1: guess has been on the phone or been on zoom 258 00:14:00,040 --> 00:14:02,600 Speaker 1: with Chuck Schumer for a while. He just issued a 259 00:14:02,600 --> 00:14:05,320 Speaker 1: statement saying, the Inflation Reduction Act, how do they come 260 00:14:05,400 --> 00:14:08,200 Speaker 1: up with it? We'll address record inflation by paying down 261 00:14:08,200 --> 00:14:11,440 Speaker 1: our national debt, the three of them here, lowering energy 262 00:14:11,480 --> 00:14:15,079 Speaker 1: costs and lowering healthcare costs. Are they actually going to 263 00:14:15,160 --> 00:14:17,040 Speaker 1: do this in the next week and a half. Yeah, 264 00:14:17,040 --> 00:14:18,959 Speaker 1: they've got the ability to do it. It's a party 265 00:14:19,000 --> 00:14:21,480 Speaker 1: line vote. You don't expect any Republicans to sort of 266 00:14:21,480 --> 00:14:24,840 Speaker 1: bail on this or get on this. But look, they 267 00:14:24,840 --> 00:14:26,800 Speaker 1: took the title right off the top of the polls. 268 00:14:26,880 --> 00:14:29,440 Speaker 1: I mean, like most people are concerned about inflation, so 269 00:14:29,480 --> 00:14:32,560 Speaker 1: they're gonna call it that. And uh and and I'm 270 00:14:32,640 --> 00:14:35,200 Speaker 1: not exactly sure what impact is going to have on inflation. 271 00:14:35,240 --> 00:14:36,960 Speaker 1: But the fact that they can get a deal with 272 00:14:36,960 --> 00:14:41,600 Speaker 1: with Joe Manchin in the eleventh hour, right before summer recess. Um. 273 00:14:41,640 --> 00:14:44,040 Speaker 1: You know, kudos to Schumer for you know, sort of 274 00:14:44,080 --> 00:14:47,320 Speaker 1: standing up. You know, his his leadership of the Senate 275 00:14:47,360 --> 00:14:50,760 Speaker 1: has been really in question. Um. And and you know, 276 00:14:50,760 --> 00:14:52,800 Speaker 1: if he can pull this off, it would be an 277 00:14:52,840 --> 00:14:56,640 Speaker 1: eleventh hour home run. Well, John Cornyan is not impressed. 278 00:14:56,680 --> 00:14:58,760 Speaker 1: We just got a statement from the Republican from Texas 279 00:14:58,800 --> 00:15:02,560 Speaker 1: who actually he was sell lebrating the chip back passing. Genie. 280 00:15:02,560 --> 00:15:06,160 Speaker 1: He's he name checks Joe Mansion, says he flip flopped. 281 00:15:06,600 --> 00:15:09,480 Speaker 1: Senate Democrats can change the name of build back Broke 282 00:15:09,560 --> 00:15:12,120 Speaker 1: as many times as they want. It won't be any 283 00:15:12,160 --> 00:15:15,080 Speaker 1: less devastating to American families and small businesses. That doesn't 284 00:15:15,120 --> 00:15:18,160 Speaker 1: sound like something that lowers prices, Genie, No, it doesn't 285 00:15:18,160 --> 00:15:20,920 Speaker 1: sound like it. I'm not surprised. But to Rick's point, 286 00:15:21,040 --> 00:15:23,080 Speaker 1: this is a win for Chuck Schumer. It's a good 287 00:15:23,120 --> 00:15:24,880 Speaker 1: day to be Chuck Schumer. It's a good day for 288 00:15:25,080 --> 00:15:27,840 Speaker 1: Chuck Schumer. Um. You know, he's had a rough time, 289 00:15:27,880 --> 00:15:30,200 Speaker 1: but if he's able to get both of these. And again, 290 00:15:30,680 --> 00:15:34,320 Speaker 1: this is very very paired down from what it was. 291 00:15:34,880 --> 00:15:38,200 Speaker 1: And so I do think it is accurately named. You know, 292 00:15:38,320 --> 00:15:40,120 Speaker 1: I don't know. I ra A might not be the 293 00:15:40,120 --> 00:15:43,960 Speaker 1: best acronym, but definationary is, you know, And I don't 294 00:15:43,960 --> 00:15:46,000 Speaker 1: know what the exact name is, but you said inflation 295 00:15:46,120 --> 00:15:50,400 Speaker 1: reduction acts already burned into your brain. It is. I 296 00:15:50,440 --> 00:15:52,320 Speaker 1: got it. I got it, Joe. But I do think 297 00:15:52,360 --> 00:15:55,720 Speaker 1: the deflationary aspect of this is critically important at this time, 298 00:15:55,800 --> 00:15:58,320 Speaker 1: and it makes sense for the Democrats. And if they 299 00:15:58,360 --> 00:16:00,840 Speaker 1: get it through the Parliamentarian which is sounds like they will, 300 00:16:01,120 --> 00:16:02,600 Speaker 1: they can move this to the House. I think they 301 00:16:02,600 --> 00:16:04,800 Speaker 1: can get it done before break. This is a long 302 00:16:04,880 --> 00:16:09,080 Speaker 1: statement from I'm still scrolling here. How many paragraphs do 303 00:16:09,120 --> 00:16:12,480 Speaker 1: we have here the last graph Rick. From here forward, 304 00:16:12,480 --> 00:16:15,200 Speaker 1: the debate over a future reconciliation bill or any targeted 305 00:16:15,280 --> 00:16:19,320 Speaker 1: legislation must focus on supporting the everyday, hard working Americans 306 00:16:19,360 --> 00:16:21,560 Speaker 1: we've been elected as service. He is he worried about 307 00:16:21,560 --> 00:16:26,000 Speaker 1: blowback here on, at least here in Washington, if not 308 00:16:26,040 --> 00:16:28,600 Speaker 1: at home. Yeah, there might be some blowback. I mean, 309 00:16:28,800 --> 00:16:31,120 Speaker 1: you know, he's really staked out this position of being 310 00:16:31,200 --> 00:16:33,840 Speaker 1: sort of the conscience of the Senate. He's not gonna 311 00:16:33,880 --> 00:16:36,440 Speaker 1: let anything bad go through. Um, you know, he's gonna 312 00:16:36,480 --> 00:16:40,320 Speaker 1: have this uh revenue raiser. Uh, He's gonna go you know, 313 00:16:40,400 --> 00:16:43,720 Speaker 1: raise taxes on billionaires and and and that could be 314 00:16:43,760 --> 00:16:46,680 Speaker 1: an interesting cell back home about you know, raising taxes 315 00:16:46,720 --> 00:16:49,640 Speaker 1: in an election year. But um, you know, look he's 316 00:16:49,760 --> 00:16:51,600 Speaker 1: riding high. I mean, he'll be able to sell this 317 00:16:51,640 --> 00:16:54,640 Speaker 1: pretty hard. He's gonna walk out of the Senate for 318 00:16:54,720 --> 00:16:57,600 Speaker 1: recess with a couple of big victories. The chip ACKed 319 00:16:57,680 --> 00:17:00,160 Speaker 1: is something he was backing too, I do think at 320 00:17:00,200 --> 00:17:02,040 Speaker 1: the time of this, I mean, like, within the hour 321 00:17:02,120 --> 00:17:05,320 Speaker 1: after the chip back passed, isn't that something McConnell was 322 00:17:05,359 --> 00:17:08,760 Speaker 1: gonna hold it up to stop reconciliation, bangman out to 323 00:17:08,840 --> 00:17:12,040 Speaker 1: deal on reconciliation. So it's uh, there's gonna be a 324 00:17:12,240 --> 00:17:15,240 Speaker 1: lot of sort of twisting of the gears this week 325 00:17:15,320 --> 00:17:18,960 Speaker 1: in Capitol Hill. You know, Schumer maybe have gotten one 326 00:17:19,040 --> 00:17:22,159 Speaker 1: up on Mitch McConnell this week. The fascinating turn of 327 00:17:22,200 --> 00:17:24,160 Speaker 1: events here. I didn't think we'd be talking about it today, 328 00:17:24,200 --> 00:17:25,760 Speaker 1: and we're gonna have to talk about it with Barbara 329 00:17:25,840 --> 00:17:28,440 Speaker 1: Comstock coming up as well. Our panel stays in place. 330 00:17:28,600 --> 00:17:32,000 Speaker 1: Rick and Jennie are here. Barbara Compstock, former Virginia congresswoman, 331 00:17:32,320 --> 00:17:34,560 Speaker 1: will join us next with a lot to cover here. 332 00:17:35,040 --> 00:17:41,360 Speaker 1: Uh Now, reconciliation apparently back on track, and an enormous 333 00:17:41,359 --> 00:17:45,080 Speaker 1: amount of news should I say leaking from the d 334 00:17:45,240 --> 00:17:47,440 Speaker 1: o J. Will have more on that on the January 335 00:17:47,520 --> 00:17:52,080 Speaker 1: six investigation. This is Bloomberger. It's getting bigger the d 336 00:17:52,240 --> 00:17:56,560 Speaker 1: o j's probe into January six, as we already knew 337 00:17:56,560 --> 00:18:00,920 Speaker 1: Mark Shorts had testified. He confirmed that to ABC News 338 00:18:01,040 --> 00:18:04,280 Speaker 1: just the other day. Of course, Mike Pence's former chief 339 00:18:04,359 --> 00:18:06,480 Speaker 1: of staff, I was subpoenaed by a grand jury, and 340 00:18:06,560 --> 00:18:09,639 Speaker 1: I complied with that subpoena. But upon the advice my 341 00:18:09,760 --> 00:18:12,200 Speaker 1: legal counsel, I really can't comment further than that. We 342 00:18:12,359 --> 00:18:15,200 Speaker 1: learn as well today Cassidy Hutchinson, of course, the former 343 00:18:15,280 --> 00:18:20,080 Speaker 1: top advisor to Mark Meadows, also recently cooperated with the 344 00:18:20,200 --> 00:18:23,520 Speaker 1: d j's investigation into the events of January six. And 345 00:18:23,560 --> 00:18:26,240 Speaker 1: we wake up two news this morning from Page News 346 00:18:26,320 --> 00:18:31,120 Speaker 1: Washington Posts Justice Department investigating Trump's actions in jan six 347 00:18:31,280 --> 00:18:35,639 Speaker 1: criminal probe that'll be looking specifically at his actions that 348 00:18:35,760 --> 00:18:39,879 Speaker 1: day as prosecutors question witnesses before a grand jury. And 349 00:18:40,000 --> 00:18:43,160 Speaker 1: it's very interesting to consider where this all might be going. 350 00:18:43,280 --> 00:18:45,560 Speaker 1: We have a lot to talk about, starting with this issue, 351 00:18:46,080 --> 00:18:50,440 Speaker 1: as we're joined by Barbara Comstock, former Virginia congresswoman Republican. 352 00:18:50,800 --> 00:18:52,719 Speaker 1: It's great to have you back with us. It's been 353 00:18:52,760 --> 00:18:55,840 Speaker 1: a long time, Barbara. What do you make of this? Initially, 354 00:18:55,920 --> 00:18:58,679 Speaker 1: this news that d o J is not only quietly 355 00:18:58,760 --> 00:19:01,080 Speaker 1: working behind the scenes year as the committee gets a 356 00:19:01,080 --> 00:19:03,160 Speaker 1: lot of attention, but it's actually looking at the former 357 00:19:03,240 --> 00:19:07,960 Speaker 1: president himself in his actions that day. Well, I think 358 00:19:08,040 --> 00:19:12,119 Speaker 1: it's very significant, and it's not surprising given the very 359 00:19:12,160 --> 00:19:15,639 Speaker 1: significant information that has already been public, but also the 360 00:19:15,760 --> 00:19:19,639 Speaker 1: expected investigation that they've been doing and all of the 361 00:19:19,760 --> 00:19:23,680 Speaker 1: information we've we know about, uh, you know, the public 362 00:19:23,800 --> 00:19:29,320 Speaker 1: testament that Donald Trump's own um justice said about how 363 00:19:29,400 --> 00:19:32,440 Speaker 1: he was trying to them to say that there was 364 00:19:32,520 --> 00:19:35,040 Speaker 1: fraud in the election when they of course knew there 365 00:19:35,200 --> 00:19:38,240 Speaker 1: wasn't and they told him there wasn't. He was trying 366 00:19:38,320 --> 00:19:41,080 Speaker 1: to get them to overturn an election when they said 367 00:19:41,119 --> 00:19:44,080 Speaker 1: they couldn't. Now we know there were all these efforts 368 00:19:44,200 --> 00:19:47,679 Speaker 1: to uh, you know, say that you have these fake electors, 369 00:19:48,080 --> 00:19:50,639 Speaker 1: and now we have this memo that says, you know, well, 370 00:19:50,720 --> 00:19:53,399 Speaker 1: let's just say there are fake electors and try and 371 00:19:53,480 --> 00:19:56,600 Speaker 1: get Mike Pence to do them. All the pressure on 372 00:19:56,760 --> 00:20:00,399 Speaker 1: Mike Pence, which is why who have Mike Pence's staff 373 00:20:00,840 --> 00:20:06,520 Speaker 1: testified injury? And then that's eight seven minutes on January six, 374 00:20:06,880 --> 00:20:10,720 Speaker 1: where we know, um, really see the criminal intent of 375 00:20:10,880 --> 00:20:14,560 Speaker 1: Donald Trump, where not only did he fail to act. 376 00:20:14,960 --> 00:20:19,479 Speaker 1: But he chose not to act very intentionally. And now 377 00:20:19,600 --> 00:20:22,040 Speaker 1: we know his claims that he said he you know, 378 00:20:22,160 --> 00:20:25,600 Speaker 1: he sent the National Guard. We know those claims are false. Well, 379 00:20:25,680 --> 00:20:28,040 Speaker 1: so are you actually thinking that we're in a world here, 380 00:20:28,720 --> 00:20:31,600 Speaker 1: sorry to interrupt, Barbara, where Merrick Garland says, no, we're 381 00:20:31,600 --> 00:20:34,080 Speaker 1: going to criminally charge a former president, this is actually 382 00:20:34,119 --> 00:20:37,720 Speaker 1: gonna happen. Well, I think he's made very clear that 383 00:20:37,880 --> 00:20:41,040 Speaker 1: it doesn't matter who it is, if there is criminal conduct, 384 00:20:41,600 --> 00:20:44,480 Speaker 1: that he is going to take it to its logical attention. 385 00:20:44,800 --> 00:20:49,200 Speaker 1: So what charge do you have in your minds? Charges 386 00:20:49,720 --> 00:20:52,920 Speaker 1: that have been mentioned by the prosecutors who have looked 387 00:20:52,920 --> 00:20:57,120 Speaker 1: at this very seriously. You know, are things like conspiracy 388 00:20:57,200 --> 00:21:01,679 Speaker 1: to defraud the US as well as we're struct proceedings, 389 00:21:01,800 --> 00:21:05,720 Speaker 1: So conspiracy to the US by you know, putting out 390 00:21:05,920 --> 00:21:10,960 Speaker 1: their fraudulent electors, you know, sending fraudental electors um out there, 391 00:21:11,000 --> 00:21:15,840 Speaker 1: trying to get Mike to you know, put fraudulent electors forward, 392 00:21:15,880 --> 00:21:18,320 Speaker 1: and having that conspiracy to do that where he was 393 00:21:18,920 --> 00:21:22,000 Speaker 1: very directly involved from what we can tell. And then 394 00:21:22,160 --> 00:21:26,320 Speaker 1: conspiracy to obstruct the proceedings by setting people who he 395 00:21:26,359 --> 00:21:29,080 Speaker 1: knew were armed up to the Capitol that he himself 396 00:21:29,520 --> 00:21:32,840 Speaker 1: wanted to go but was stopped. But then also not 397 00:21:33,119 --> 00:21:36,040 Speaker 1: stopping that mob, because we now know that it was 398 00:21:36,160 --> 00:21:40,080 Speaker 1: Pence and General Milly who stopped it. And you know, 399 00:21:40,200 --> 00:21:44,480 Speaker 1: Donald Trump only made that statement to go home after 400 00:21:44,680 --> 00:21:48,560 Speaker 1: he knew that Pence and Milly were sending the gulf, 401 00:21:49,240 --> 00:21:52,480 Speaker 1: you know, make them go home, whether they wanted or not. Yeah, 402 00:21:52,520 --> 00:21:55,400 Speaker 1: we've had a lot of revelations over the past couple 403 00:21:55,440 --> 00:21:58,720 Speaker 1: of weeks. Uh. As we spend time with Barbara Comstock, 404 00:21:58,800 --> 00:22:00,840 Speaker 1: former Virginia congress Will I want to pull you back 405 00:22:00,880 --> 00:22:03,359 Speaker 1: to an event yesterday while you're still with us, Barbara, 406 00:22:03,359 --> 00:22:05,960 Speaker 1: and that was I won't say the dueling speeches in 407 00:22:06,040 --> 00:22:08,320 Speaker 1: this case, but Mike Pence's speech and his choice of 408 00:22:08,440 --> 00:22:12,600 Speaker 1: language as he spoke to a conservative youth crowd here 409 00:22:12,640 --> 00:22:15,880 Speaker 1: in Washington, d C. And was asked about his division 410 00:22:16,359 --> 00:22:18,280 Speaker 1: with Donald Trump. Here's what he said. I don't I 411 00:22:18,320 --> 00:22:21,720 Speaker 1: don't know that the President and I differ on issues, 412 00:22:22,080 --> 00:22:25,160 Speaker 1: but we may differ on focus. I truly do believe 413 00:22:25,160 --> 00:22:27,920 Speaker 1: that elections are about the future, and that it's absolutely 414 00:22:28,080 --> 00:22:30,800 Speaker 1: essential at a time when so many Americans are hurting, 415 00:22:31,800 --> 00:22:34,560 Speaker 1: so many families are struggling that we don't give way 416 00:22:34,640 --> 00:22:37,440 Speaker 1: to the temptation to look back. We differ on focus. 417 00:22:37,640 --> 00:22:40,119 Speaker 1: Was his choice of words. I was fascinated by that. 418 00:22:40,280 --> 00:22:43,960 Speaker 1: I'm assuming that was a line that tested well. Barbara, 419 00:22:44,080 --> 00:22:46,720 Speaker 1: did we see the two alternatives, the two pass for 420 00:22:46,760 --> 00:22:50,920 Speaker 1: the Republican Party on display yesterday? Well, the problem is 421 00:22:51,160 --> 00:22:54,720 Speaker 1: is they differ on democracy. You know, on January six, 422 00:22:55,240 --> 00:22:57,760 Speaker 1: Mike Pence did stand up for democracy and wouldn't do 423 00:22:58,280 --> 00:23:02,200 Speaker 1: take illegal action. So him for not you know, for 424 00:23:02,320 --> 00:23:05,359 Speaker 1: doing his job and not doing something illegal that Donald 425 00:23:05,400 --> 00:23:08,680 Speaker 1: Trump did very much press for him to do and 426 00:23:09,080 --> 00:23:11,760 Speaker 1: send a mob to try and get him to do. Um. 427 00:23:11,840 --> 00:23:15,719 Speaker 1: So I think, uh, Mike Pence may well be asked 428 00:23:16,080 --> 00:23:19,280 Speaker 1: to testify before a grand jury himself because there are 429 00:23:19,320 --> 00:23:21,880 Speaker 1: actions like you know, the phone call that Donald Trump 430 00:23:21,960 --> 00:23:25,400 Speaker 1: made to him that morning, you know, the numerous threats 431 00:23:25,720 --> 00:23:28,480 Speaker 1: that he was making to him, both publicly and privately, 432 00:23:29,000 --> 00:23:32,000 Speaker 1: and asking him to do you know, Hey, wouldn't it 433 00:23:32,080 --> 00:23:34,600 Speaker 1: be cool if you could do this? That's by yourself. 434 00:23:34,760 --> 00:23:37,400 Speaker 1: You should do it. Let's do it. Um, I think 435 00:23:37,560 --> 00:23:40,080 Speaker 1: he may need to test what's more than a difference 436 00:23:40,200 --> 00:23:43,160 Speaker 1: of opinion, It's not Hey, what should the tax rate 437 00:23:43,240 --> 00:23:46,480 Speaker 1: be Donald Trump was asking him to do illegal things. 438 00:23:46,560 --> 00:23:48,760 Speaker 1: So I don't think it's about the future of the party. 439 00:23:48,920 --> 00:23:54,480 Speaker 1: You cannot be pro democracy and pro Trump and pro insurrection. 440 00:23:54,680 --> 00:23:59,919 Speaker 1: It's it's h It's just quoted the president right there. Barbara, 441 00:24:00,040 --> 00:24:02,240 Speaker 1: thank you, come back and see us. Yes, go ahead. 442 00:24:02,320 --> 00:24:06,520 Speaker 1: Last last word with one other yet to be reported 443 00:24:06,800 --> 00:24:10,680 Speaker 1: umpach that was made yesterday by Bill Barr at the 444 00:24:10,720 --> 00:24:13,520 Speaker 1: Capitol Hill Club. I don't know. Oh yeah, but he 445 00:24:13,680 --> 00:24:17,280 Speaker 1: spoke at the Capitol Hill Club in front of fifty people. 446 00:24:17,359 --> 00:24:20,040 Speaker 1: I think couple members of Congress were there where he 447 00:24:20,359 --> 00:24:23,560 Speaker 1: very much said we cannot Donald Trump as our nominee. 448 00:24:23,880 --> 00:24:27,240 Speaker 1: Well we've heard that from him saying that, and he 449 00:24:28,040 --> 00:24:32,560 Speaker 1: re emphasized, and I think Barbara compt come back and 450 00:24:32,640 --> 00:24:34,840 Speaker 1: see us. We'll call the phone company between now and then. 451 00:24:34,920 --> 00:24:37,840 Speaker 1: Former Virginia congresswoman. Great to share insights with Barbara when 452 00:24:37,880 --> 00:24:40,639 Speaker 1: we can here on the fastest hour in politics. We've 453 00:24:40,680 --> 00:24:45,080 Speaker 1: got new headlines on Joe Mansion and reconciliation. Will reassemble 454 00:24:45,119 --> 00:24:50,440 Speaker 1: the panel next. I'm Joe Matthew. This is Bloomberg. This 455 00:24:51,040 --> 00:24:55,800 Speaker 1: is Bloomberg. So long with Joe Matthew on Bloomberg Radio. 456 00:24:58,160 --> 00:25:01,560 Speaker 1: Brought to you by the letter R. Reconciliation is back 457 00:25:01,840 --> 00:25:04,679 Speaker 1: on the table, almost like that last year never happened. 458 00:25:04,720 --> 00:25:07,960 Speaker 1: With the headline on the terminal, Mansion pivots back to 459 00:25:08,080 --> 00:25:12,040 Speaker 1: climate tax provisions sought by Biden. If you were with 460 00:25:12,160 --> 00:25:14,520 Speaker 1: us earlier in the hour, you already know that Joe 461 00:25:14,640 --> 00:25:17,680 Speaker 1: Mansion has agreed to a deal with Chuck Schumer. And 462 00:25:17,800 --> 00:25:20,400 Speaker 1: we've got a number now here, three hundred sixty nine 463 00:25:20,520 --> 00:25:24,520 Speaker 1: billion dollars. This was build back better Light. There's a 464 00:25:24,600 --> 00:25:28,119 Speaker 1: new name for it, as we discussed earlier with the panel, 465 00:25:28,280 --> 00:25:32,159 Speaker 1: the Inflation Reduction Act of two. Eric Wasson is with 466 00:25:32,280 --> 00:25:36,320 Speaker 1: this Bloomberg Congress reporter who's sharing the byline on the story. Eric, 467 00:25:36,359 --> 00:25:38,000 Speaker 1: I don't know if you saw this coming, but things 468 00:25:38,080 --> 00:25:41,640 Speaker 1: seem to be happening awfully quickly at this point. Give 469 00:25:41,720 --> 00:25:44,480 Speaker 1: us some of the fine print inside this deal as 470 00:25:44,600 --> 00:25:47,919 Speaker 1: we run a couple of headlines here that are awfully important, uh, 471 00:25:48,560 --> 00:25:53,080 Speaker 1: including closing the carried interest loophole. Right, so yes, it 472 00:25:53,240 --> 00:25:56,080 Speaker 1: looks like it's about seven nine billion dollars in revenu 473 00:25:56,160 --> 00:25:59,560 Speaker 1: It was the main piece here, Corporate minimum tax on 474 00:25:59,680 --> 00:26:03,440 Speaker 1: corporate rations over one billion dollars in value. That's a 475 00:26:03,480 --> 00:26:07,040 Speaker 1: tweak from earlier proposal. We're also looking at mclary interest loophole, 476 00:26:07,080 --> 00:26:10,480 Speaker 1: which about fourteen billion, and a lot of tax enforcement. 477 00:26:10,760 --> 00:26:13,800 Speaker 1: This is a informal westmate hunter twenty four billion dollars 478 00:26:13,880 --> 00:26:16,200 Speaker 1: that you could get by boosting the I R. S 479 00:26:16,240 --> 00:26:18,800 Speaker 1: budget by eighty billion dollars. Those are the you know, 480 00:26:18,880 --> 00:26:20,960 Speaker 1: the main revenue pieces and the main spending as you 481 00:26:21,040 --> 00:26:23,600 Speaker 1: mentioned as three sixty nine billion dollars on climate and 482 00:26:23,800 --> 00:26:27,000 Speaker 1: energy provisions, you know, and then looking at three hundred 483 00:26:27,000 --> 00:26:30,119 Speaker 1: billion dollars in davosity reduction. So this is a pivot 484 00:26:30,200 --> 00:26:31,720 Speaker 1: from from it. I have to say it's really a 485 00:26:31,800 --> 00:26:34,720 Speaker 1: master stroke for Chuck Schumer because if you guys remember 486 00:26:35,119 --> 00:26:37,400 Speaker 1: Mitch McConnell, the Minori leader, said he would not allow 487 00:26:37,480 --> 00:26:40,280 Speaker 1: this Chips bill to go forward to get a final 488 00:26:40,400 --> 00:26:43,040 Speaker 1: vote as long as they're talking about reversing the Trump 489 00:26:43,119 --> 00:26:45,760 Speaker 1: tax cuts or doing you know, any kind of tax 490 00:26:45,840 --> 00:26:48,720 Speaker 1: increases moment. I mean we're talking about there's a matter 491 00:26:48,720 --> 00:26:52,000 Speaker 1: of hours after the Chips bill pass outcomes this deal 492 00:26:52,080 --> 00:26:54,600 Speaker 1: between Mansion and Schumer to do just that. So they 493 00:26:54,720 --> 00:26:57,680 Speaker 1: really have rolled the McConnell and normally McConnell's alone credit 494 00:26:57,720 --> 00:27:01,440 Speaker 1: as being the legislative unions. I suspect he'll be in 495 00:27:01,520 --> 00:27:03,800 Speaker 1: a really good mood when he speaks tomorrow morning. So 496 00:27:04,080 --> 00:27:07,000 Speaker 1: you're you're reporting that this actually could be could get 497 00:27:07,080 --> 00:27:09,119 Speaker 1: done before the August recess. They could vote on this 498 00:27:09,160 --> 00:27:11,919 Speaker 1: as soon as next week in the Senate. That's right now. 499 00:27:11,960 --> 00:27:13,680 Speaker 1: There's a couple of things that here. The one they have, 500 00:27:13,800 --> 00:27:15,320 Speaker 1: they have to scrub it to make sure it complies 501 00:27:15,359 --> 00:27:17,600 Speaker 1: to the Senate rules. Has got to be a kosher 502 00:27:17,640 --> 00:27:19,720 Speaker 1: with the Buget budget rules at best. And also they've 503 00:27:19,760 --> 00:27:22,560 Speaker 1: had a slew of illness, and Mansion in fact is 504 00:27:22,680 --> 00:27:25,680 Speaker 1: ill with COVID this week he's negotiating as a big deal. 505 00:27:26,119 --> 00:27:29,119 Speaker 1: Uh you know, lahy uh, you know is Vermont centers 506 00:27:29,440 --> 00:27:31,960 Speaker 1: in hospital with hip hip surgery. So you know there 507 00:27:31,960 --> 00:27:34,200 Speaker 1: are variables here, but this is a major turning point. 508 00:27:34,520 --> 00:27:37,040 Speaker 1: We're trying to nail down that everyone's on board, carried addressed. 509 00:27:37,080 --> 00:27:40,800 Speaker 1: Christian Cinema has been opposing that as a tax increased before. 510 00:27:40,920 --> 00:27:43,720 Speaker 1: So I'm not sure the expect status of all these 511 00:27:43,960 --> 00:27:45,680 Speaker 1: with all the members. Were we making too much of 512 00:27:45,760 --> 00:27:48,440 Speaker 1: this without knowing where she is on this? Eric? No, 513 00:27:48,640 --> 00:27:50,960 Speaker 1: because Mansion has always been the major hold up. So 514 00:27:51,000 --> 00:27:53,560 Speaker 1: I think I think we're not making too much of it. Uh. 515 00:27:53,680 --> 00:27:56,080 Speaker 1: And I think, you know, that's only fourteen billion dollars 516 00:27:56,280 --> 00:27:57,439 Speaker 1: that they could take it out and the whole thing 517 00:27:57,480 --> 00:27:59,879 Speaker 1: doesn't collapse. I think, you know, So we're working on 518 00:28:00,160 --> 00:28:02,120 Speaker 1: but I think this is a this is a major 519 00:28:02,160 --> 00:28:06,200 Speaker 1: step for for Biden's agenda, presumably. I was talking to 520 00:28:06,280 --> 00:28:09,280 Speaker 1: somebody in the House who's close to the Democratic leadership, 521 00:28:09,359 --> 00:28:11,639 Speaker 1: said they might come back just for a day. Uh, 522 00:28:11,840 --> 00:28:15,520 Speaker 1: to get this done. Is that necessary? O, Well, the 523 00:28:15,560 --> 00:28:17,520 Speaker 1: House will have to come back. I think they're gonna 524 00:28:17,520 --> 00:28:19,840 Speaker 1: come back as opposed to waiting until September or whatever. 525 00:28:19,960 --> 00:28:22,119 Speaker 1: I mean, yeah, that they do want to do that. 526 00:28:22,320 --> 00:28:24,760 Speaker 1: They also really want to try to pass the sault 527 00:28:24,800 --> 00:28:27,240 Speaker 1: weapons span uh, and the math gets harder for them 528 00:28:27,280 --> 00:28:29,800 Speaker 1: after a Minnesota special election. So I think that they're 529 00:28:29,800 --> 00:28:31,760 Speaker 1: gonna they're they're really planning to come back the eight 530 00:28:32,320 --> 00:28:35,800 Speaker 1: or ninth of August. You know. Again, for them, the 531 00:28:35,840 --> 00:28:37,520 Speaker 1: hope of the Senate will be we'll be done with 532 00:28:37,600 --> 00:28:40,600 Speaker 1: that for that plan to work. Of course, you know Republicans, 533 00:28:40,640 --> 00:28:42,320 Speaker 1: which none of this will happen. So we'll see how 534 00:28:42,360 --> 00:28:46,200 Speaker 1: it plays out. When does this go public in terms of, 535 00:28:46,360 --> 00:28:48,920 Speaker 1: you know, an event where we've got the plodium and 536 00:28:49,120 --> 00:28:51,040 Speaker 1: they'll what are they going to set up outside on 537 00:28:51,120 --> 00:28:53,280 Speaker 1: the steps and hold a rally tomorrow? How does how 538 00:28:53,320 --> 00:28:57,280 Speaker 1: does Chuck Schumer get some energy under this? Well, you know, 539 00:28:57,360 --> 00:28:58,680 Speaker 1: I think there's still a lot to do with it, 540 00:28:58,800 --> 00:29:01,000 Speaker 1: with it behind the scenes, with send a prolemtary and 541 00:29:01,040 --> 00:29:02,840 Speaker 1: so they announce they're going to bring the text out 542 00:29:03,200 --> 00:29:06,280 Speaker 1: with a more fulsome summary. We'll be the key questions 543 00:29:06,360 --> 00:29:09,200 Speaker 1: like where the electric vehicle tax credit is in or not. 544 00:29:09,560 --> 00:29:11,239 Speaker 1: There's a lot of details we don't have right now. 545 00:29:11,640 --> 00:29:14,480 Speaker 1: When do we see a billit? Uh? Well, you know 546 00:29:14,560 --> 00:29:16,000 Speaker 1: the text is supposed to go to the to the 547 00:29:16,120 --> 00:29:18,520 Speaker 1: rules official tonight. We're hoping they'll be made public tonight 548 00:29:18,560 --> 00:29:20,959 Speaker 1: as well. Wow, man, I hope you're not up all night, 549 00:29:21,000 --> 00:29:23,520 Speaker 1: but we really appreciate your reporting and jumping on with 550 00:29:23,640 --> 00:29:26,440 Speaker 1: us as this breaks. Eric Wasson, thanks for the insights 551 00:29:26,520 --> 00:29:29,400 Speaker 1: today Bloomberg Sound On. As we reassembled our panel, Rick 552 00:29:29,440 --> 00:29:31,240 Speaker 1: and Jennie, we're talking about this with us earlier, but 553 00:29:31,280 --> 00:29:34,040 Speaker 1: we've learned a lot since then. As this comes to 554 00:29:34,160 --> 00:29:38,200 Speaker 1: life this hour here before our eyes on Bloomberg Radio. 555 00:29:38,600 --> 00:29:40,280 Speaker 1: What do you think of some of these details here, Rick, 556 00:29:41,120 --> 00:29:44,160 Speaker 1: corporate minimum tax that was not part of the Republican agenda, 557 00:29:44,280 --> 00:29:48,000 Speaker 1: Certainly it could be undone. Then through reconciliation as well, 558 00:29:48,880 --> 00:29:51,680 Speaker 1: it can be undone. And this is the problem with reconciliation, right, 559 00:29:51,720 --> 00:29:54,720 Speaker 1: it's not a budget authority. It goes to the next majority. 560 00:29:54,760 --> 00:29:57,680 Speaker 1: You can just undo all of this and that includes 561 00:29:57,880 --> 00:30:00,680 Speaker 1: you know, not just the revenue raisers, but spending, you know, 562 00:30:00,840 --> 00:30:03,120 Speaker 1: for things like the subsidies for the A C a 563 00:30:03,800 --> 00:30:07,240 Speaker 1: UM payments. But I would say, you know, this has 564 00:30:07,480 --> 00:30:10,320 Speaker 1: got a glide path. I mean, even though the parliamentarian 565 00:30:10,360 --> 00:30:12,640 Speaker 1: has a rule, it's likely the only thing in this 566 00:30:12,800 --> 00:30:14,920 Speaker 1: package that I can tell that would be vulnerable to 567 00:30:15,000 --> 00:30:18,280 Speaker 1: her rule, you know, would be the drug price reductions, 568 00:30:18,360 --> 00:30:21,600 Speaker 1: and that's just if they exceed inflation. So, uh, there's 569 00:30:21,760 --> 00:30:23,840 Speaker 1: there's probably a work around on all of this to 570 00:30:23,920 --> 00:30:26,600 Speaker 1: make it uh kosher for the parliamentarian to get a vote. 571 00:30:26,680 --> 00:30:29,160 Speaker 1: Right quick boy, We started talking earlier about a win 572 00:30:29,240 --> 00:30:31,160 Speaker 1: on the Chip Act, Genie, what would you call this 573 00:30:31,400 --> 00:30:34,240 Speaker 1: for Joe Biden? This would be an enormous win, and 574 00:30:34,320 --> 00:30:37,120 Speaker 1: not just for Joe Biden. It's a big victory for 575 00:30:37,280 --> 00:30:39,800 Speaker 1: what I call the Purple Dems. Those Democrats who have 576 00:30:39,880 --> 00:30:42,240 Speaker 1: to go to these moderate districts with the President with 577 00:30:42,320 --> 00:30:45,560 Speaker 1: approval ratings in the thirties, have been looking for something 578 00:30:45,640 --> 00:30:48,400 Speaker 1: to take home. I don't think they ever suspected they 579 00:30:48,400 --> 00:30:52,280 Speaker 1: would get both chips and reconciliation. And let's be be clear, 580 00:30:52,480 --> 00:30:57,360 Speaker 1: lowering prescription drug prices is critical for Americans and particularly 581 00:30:57,760 --> 00:31:00,440 Speaker 1: has been really a boon for Democrat if you look 582 00:31:00,480 --> 00:31:02,880 Speaker 1: back at the last mid term. That said, I think 583 00:31:02,960 --> 00:31:04,600 Speaker 1: we have to be clear. I agree with Rick. This 584 00:31:04,920 --> 00:31:07,800 Speaker 1: probably moves through to parliamentary and probably moves through the Senate. 585 00:31:08,080 --> 00:31:10,000 Speaker 1: But I have to tell you, living in New York, 586 00:31:10,240 --> 00:31:12,560 Speaker 1: the fact that Joe Mansion has said he won't go 587 00:31:12,680 --> 00:31:15,960 Speaker 1: along with the salt cap expansion, and the House Dems 588 00:31:16,000 --> 00:31:19,680 Speaker 1: only have three vote majority there, it's gonna be tight 589 00:31:19,800 --> 00:31:22,520 Speaker 1: in the House. I don't know if Democrats will, you know, 590 00:31:22,680 --> 00:31:25,640 Speaker 1: peel off from my area and Menendez and others who 591 00:31:26,120 --> 00:31:28,800 Speaker 1: really really need that for these areas of New Jersey, 592 00:31:28,840 --> 00:31:31,800 Speaker 1: New York, California. But that's a big question in my mind. 593 00:31:31,880 --> 00:31:34,040 Speaker 1: As you moved to the House, it's pretty interesting, So 594 00:31:34,920 --> 00:31:36,960 Speaker 1: who do you offend more in this case? If you're 595 00:31:37,040 --> 00:31:39,640 Speaker 1: Joe Biden Rick, you canna, you're gonna offend the progresses 596 00:31:39,720 --> 00:31:41,760 Speaker 1: because this is this is just a shadow of the 597 00:31:41,800 --> 00:31:45,760 Speaker 1: original Build Back Better agenda? Or is it the moderates 598 00:31:45,880 --> 00:31:48,960 Speaker 1: you're going to blow out with without the salt component. Yeah, 599 00:31:49,000 --> 00:31:50,840 Speaker 1: I think you know, this is all about the Green 600 00:31:50,960 --> 00:31:53,920 Speaker 1: Party the money. I don't think it really has much 601 00:31:53,960 --> 00:31:58,040 Speaker 1: to do with the Progressives in their priorities versus the Moderates. 602 00:31:58,160 --> 00:32:00,520 Speaker 1: I think they want to spend a trillion dollars, right, 603 00:32:00,560 --> 00:32:02,920 Speaker 1: I mean, that's that's pretty much all they talk about 604 00:32:03,000 --> 00:32:05,000 Speaker 1: is how do we spend another trillion dollars and we'll 605 00:32:05,120 --> 00:32:07,240 Speaker 1: we'll let the policy sort of work its way out 606 00:32:07,400 --> 00:32:10,200 Speaker 1: and ensure they're going to be unhappy Democrats. But could 607 00:32:10,240 --> 00:32:12,920 Speaker 1: you imagine the scenario where this passes in the Senate 608 00:32:13,480 --> 00:32:16,480 Speaker 1: and you know, everybody's got this energy around these high 609 00:32:16,520 --> 00:32:21,120 Speaker 1: priorities for Democratic voters especially and in the House of Representatives, 610 00:32:21,160 --> 00:32:23,080 Speaker 1: pitches a fit and says, no, we're not gonna do this. 611 00:32:23,120 --> 00:32:26,280 Speaker 1: We're gonna deny this administration a trillion dollar spending bill, 612 00:32:26,760 --> 00:32:29,360 Speaker 1: you know, three or four months before the election. I mean, 613 00:32:29,680 --> 00:32:33,040 Speaker 1: you know, all I think we've seen some pretty strange 614 00:32:33,040 --> 00:32:35,600 Speaker 1: stuff in the last year. That would certainly take the gig. 615 00:32:35,760 --> 00:32:37,800 Speaker 1: But your your to your point, though the timing here 616 00:32:37,840 --> 00:32:40,040 Speaker 1: has a lot to do with the success on the 617 00:32:40,160 --> 00:32:43,120 Speaker 1: verge of the August recess gives members a chance to 618 00:32:43,200 --> 00:32:46,080 Speaker 1: go home, take credit for it, take the victory lap, 619 00:32:46,160 --> 00:32:49,240 Speaker 1: do town halls, and then once they come back, this 620 00:32:49,440 --> 00:32:52,320 Speaker 1: is all codified and it's time to to really campaign 621 00:32:52,400 --> 00:32:55,000 Speaker 1: for midterm elections. This might not have happened the same 622 00:32:55,120 --> 00:32:59,120 Speaker 1: way at a different time, Genie, would you agree, Oh, definitely. 623 00:32:59,440 --> 00:33:02,080 Speaker 1: And you know what a blow to Mitch McConnell the 624 00:33:02,200 --> 00:33:04,280 Speaker 1: fact that he said, you know, if you try to 625 00:33:04,360 --> 00:33:06,600 Speaker 1: go with both chips and reconciliation, it's a no go 626 00:33:07,160 --> 00:33:10,440 Speaker 1: for Mansion and Schumer to pull this off. And Mitch 627 00:33:10,520 --> 00:33:12,640 Speaker 1: McConnell is a master of the Senate. For them to 628 00:33:12,760 --> 00:33:14,840 Speaker 1: pull this off if they indeed do, which it looks 629 00:33:14,880 --> 00:33:17,240 Speaker 1: like they will, I think Mitch McConnell is going to 630 00:33:17,320 --> 00:33:20,680 Speaker 1: be steaming mad. But I would say, looking at mansion statement, 631 00:33:20,760 --> 00:33:22,800 Speaker 1: you know where he says about the tax coach in't 632 00:33:22,800 --> 00:33:25,880 Speaker 1: favor of red state blue state elites with loopholes like salt. 633 00:33:26,400 --> 00:33:29,800 Speaker 1: That is going to rub very, very hard against some 634 00:33:29,960 --> 00:33:33,200 Speaker 1: of the Dems in these blue states. I have to say, 635 00:33:33,400 --> 00:33:37,680 Speaker 1: that's a tough statement, like a New Yorker. Sorry, it 636 00:33:38,080 --> 00:33:40,640 Speaker 1: kills me this, I get it. But so what do 637 00:33:40,800 --> 00:33:42,800 Speaker 1: we make of the of the Can I call it 638 00:33:42,880 --> 00:33:45,840 Speaker 1: a flip flop? Should I? Rick? Remember it was seeing 639 00:33:45,920 --> 00:33:49,840 Speaker 1: September we need another inflation report. So on the same day, 640 00:33:49,880 --> 00:33:52,360 Speaker 1: the Fed hikes another seventy five basis points. All of 641 00:33:52,440 --> 00:33:56,000 Speaker 1: a sudden, Joe Mansion is good with this? What what changed? 642 00:33:56,480 --> 00:33:58,600 Speaker 1: It was widely reported Joe, as you point out that 643 00:33:58,720 --> 00:34:01,600 Speaker 1: Joe Mansion said he wasn't going to be doing before this, 644 00:34:01,840 --> 00:34:04,120 Speaker 1: and and a lot of reporting said that he told 645 00:34:04,160 --> 00:34:06,880 Speaker 1: that directly to Mitch McConnell, which allowed the chip back 646 00:34:06,960 --> 00:34:11,240 Speaker 1: to move forward. And so I mean, you know, maybe 647 00:34:11,320 --> 00:34:13,640 Speaker 1: there was something lost in translation. You know, these guys 648 00:34:13,680 --> 00:34:17,359 Speaker 1: from West Virginia talk funny. Every now really understood it? Yes? 649 00:34:17,440 --> 00:34:20,080 Speaker 1: From it now? Now your satellite guy from Alabama. All right, 650 00:34:20,200 --> 00:34:23,520 Speaker 1: so tomorrow we've got a tough one. At eight thirty 651 00:34:23,520 --> 00:34:26,560 Speaker 1: tomorrow morning, um G d P. We talked about this 652 00:34:26,640 --> 00:34:29,960 Speaker 1: at the beginning of the week. The White House accused 653 00:34:29,960 --> 00:34:33,279 Speaker 1: of trying to redefine recession because it looks like we're 654 00:34:33,280 --> 00:34:35,520 Speaker 1: gonna have two negative numbers in a row here, two 655 00:34:35,520 --> 00:34:38,560 Speaker 1: consecutive quarters. We we look, we heard from Mike McKee 656 00:34:38,640 --> 00:34:41,520 Speaker 1: this week, we heard from Mark Zandy. They said, no, Joe, 657 00:34:41,719 --> 00:34:44,840 Speaker 1: it's more complicated than that. And Karine Jean Pierre was 658 00:34:44,840 --> 00:34:47,320 Speaker 1: defending herself again on this issue today in the briefing. 659 00:34:47,440 --> 00:34:50,960 Speaker 1: The textbook definition of recession is not is not two 660 00:34:51,120 --> 00:34:54,480 Speaker 1: negative quarters of GDP. We have a strong labor market, 661 00:34:54,800 --> 00:34:58,040 Speaker 1: we have business that's investing. We have consumers uh that 662 00:34:58,200 --> 00:35:03,240 Speaker 1: are also very much uh, you know, in investing and purchasing. 663 00:35:03,400 --> 00:35:06,120 Speaker 1: That is incredibly important. We have three point six unemployment. 664 00:35:06,200 --> 00:35:09,000 Speaker 1: You do not see that in a prerecession, and you 665 00:35:09,120 --> 00:35:12,760 Speaker 1: do not see that in a recession. President Gosh, forget 666 00:35:12,800 --> 00:35:15,120 Speaker 1: the President. J. Powell today said he doesn't think we're 667 00:35:15,160 --> 00:35:17,279 Speaker 1: in a recession. How hard is this going to hit 668 00:35:17,360 --> 00:35:21,359 Speaker 1: tomorrow morning? Rick? Oh, I think, uh, everybody's talking about 669 00:35:21,360 --> 00:35:23,360 Speaker 1: why this is not a recession. I think that voters, 670 00:35:23,560 --> 00:35:25,920 Speaker 1: the only thing you're hearing is we're going into a recession. 671 00:35:26,040 --> 00:35:29,640 Speaker 1: So whether it's uh declared a recession because of these 672 00:35:29,719 --> 00:35:32,840 Speaker 1: GDP numbers or not, I think most people in America 673 00:35:32,880 --> 00:35:34,800 Speaker 1: have been listening to this debate they care about the 674 00:35:34,840 --> 00:35:37,759 Speaker 1: future of the economy, and all they're really hearing is 675 00:35:38,040 --> 00:35:40,239 Speaker 1: that we're likely going to a recession. Is that the 676 00:35:40,280 --> 00:35:43,280 Speaker 1: takeaway to Margine. It might be, but imagine, Joe Matthew, 677 00:35:43,360 --> 00:35:45,960 Speaker 1: if the GDP is positive tomorrow on the face of 678 00:35:46,160 --> 00:35:48,920 Speaker 1: this news with Chips in reconciliation. What a day for 679 00:35:49,000 --> 00:35:51,120 Speaker 1: Biden and the Democrats if that happens. Listen to you, 680 00:35:51,239 --> 00:35:54,120 Speaker 1: somebody is buying a lottery ticket tonight. Genie and Rick 681 00:35:54,239 --> 00:35:57,000 Speaker 1: will do it again tomorrow on the fastest hour in politics. 682 00:35:57,160 --> 00:36:00,680 Speaker 1: Great conversation with breaking news to boot I, Joe Matthew 683 00:36:00,800 --> 00:36:01,920 Speaker 1: and this is Bloomberg.