1 00:00:02,520 --> 00:00:10,119 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the 2 00:00:10,119 --> 00:00:13,880 Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at 3 00:00:13,920 --> 00:00:17,119 Speaker 1: noon and five pm Eastern on Apple Coarckley and Android 4 00:00:17,160 --> 00:00:20,560 Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever 5 00:00:20,600 --> 00:00:24,120 Speaker 1: you get your podcasts, or watch us live on YouTube. 6 00:00:25,360 --> 00:00:28,160 Speaker 2: All this counting down to the big primetime show tonight, 7 00:00:28,200 --> 00:00:30,240 Speaker 2: live from the White House. President Trump right around this 8 00:00:30,280 --> 00:00:32,879 Speaker 2: time yesterday announcing his plans to address the nation. 9 00:00:33,040 --> 00:00:35,320 Speaker 3: And he will do so roughly eight hours from now. 10 00:00:35,360 --> 00:00:38,680 Speaker 2: We'll bring you that address live here on Bloomberg TV 11 00:00:38,840 --> 00:00:42,320 Speaker 2: and radio, with big questions about what he will be discussing. 12 00:00:43,040 --> 00:00:47,240 Speaker 2: With affordability the key buzzword in town recently, the same 13 00:00:47,320 --> 00:00:50,520 Speaker 2: reason why Donald Trump went to Pennsylvania one week ago 14 00:00:50,560 --> 00:00:54,080 Speaker 2: and why JD. Vance went just yesterday. The President's been 15 00:00:54,120 --> 00:00:56,880 Speaker 2: seizing on this term with his eyes on Democrats as well, 16 00:00:56,920 --> 00:01:01,639 Speaker 2: as we recall, listen, they gave you high prices. 17 00:01:01,680 --> 00:01:04,120 Speaker 4: They gave you the highest inflation in history, and we're 18 00:01:04,160 --> 00:01:06,640 Speaker 4: giving you we're bringing those prices down rapidly. 19 00:01:06,920 --> 00:01:08,000 Speaker 3: So oh, here's a grillized. 20 00:01:08,040 --> 00:01:10,560 Speaker 4: Prices are coming down very substantially. 21 00:01:11,160 --> 00:01:13,319 Speaker 3: But they have a new word. You know, those have 22 00:01:13,400 --> 00:01:16,080 Speaker 3: a hoax. The new word is affordability. 23 00:01:16,280 --> 00:01:20,199 Speaker 4: I have no higher priority than making America affordable again. 24 00:01:20,240 --> 00:01:24,120 Speaker 4: You can give up certain products, You can give up pencils. 25 00:01:24,200 --> 00:01:26,920 Speaker 3: You don't need thirty seven dollars for your daughter two 26 00:01:27,040 --> 00:01:29,600 Speaker 3: or three? Is nice? All right? 27 00:01:29,640 --> 00:01:32,440 Speaker 2: I'm giving up my pencils. Is that what he will 28 00:01:32,480 --> 00:01:34,280 Speaker 2: say tonight from the White House? Will it be a 29 00:01:34,319 --> 00:01:38,679 Speaker 2: message about affordability healthcare? Possibly with what we've seen already 30 00:01:38,720 --> 00:01:40,320 Speaker 2: today on Capitol Hill, We're going to get there in 31 00:01:40,360 --> 00:01:43,600 Speaker 2: a moment, Republicans signing on a discharge petition to force 32 00:01:43,640 --> 00:01:46,840 Speaker 2: a vote to extend Obamacare subsidies. Maybe it will be 33 00:01:46,880 --> 00:01:50,320 Speaker 2: an announcement about the Venezuelan blockade he posted about last evening. 34 00:01:51,400 --> 00:01:54,000 Speaker 2: It's quite a menu of options. As we turn to Bloomberg, 35 00:01:54,080 --> 00:01:57,120 Speaker 2: Washington correspondent Tyler Kendall at the White House right now, 36 00:01:57,240 --> 00:01:59,160 Speaker 2: joining us live from the North Lawn. Tyler, are we 37 00:01:59,160 --> 00:02:02,120 Speaker 2: hearing anything from the President about this speech tonight? 38 00:02:03,240 --> 00:02:05,520 Speaker 5: Yeah? Hey, Jo, Well, you really gave a good outline 39 00:02:05,680 --> 00:02:08,640 Speaker 5: there that this could span a range of topics. We 40 00:02:08,680 --> 00:02:10,720 Speaker 5: have been going off of an interview in preview that 41 00:02:10,720 --> 00:02:13,360 Speaker 5: the White House Press Secretary gave yesterday where she said 42 00:02:13,560 --> 00:02:16,400 Speaker 5: President Trump is expected to toubt his policies from the 43 00:02:16,480 --> 00:02:19,280 Speaker 5: last year, but then he could also preview new policies 44 00:02:19,280 --> 00:02:21,240 Speaker 5: as it appears that the White House has been trying 45 00:02:21,280 --> 00:02:24,399 Speaker 5: to dictate and change that narrative as we head into 46 00:02:24,400 --> 00:02:28,120 Speaker 5: the midterms, particularly around affordability, because as you're talking about, 47 00:02:28,120 --> 00:02:30,280 Speaker 5: this has been that issue that the White House has, 48 00:02:30,360 --> 00:02:32,359 Speaker 5: I think it's fair to say, been on defense over 49 00:02:32,440 --> 00:02:35,320 Speaker 5: in the past few weeks after Republicans lost a slew 50 00:02:35,480 --> 00:02:39,160 Speaker 5: of elections just last month, and since then, we've seen 51 00:02:39,200 --> 00:02:41,959 Speaker 5: President Trump go out on the campaign trail, Vice President 52 00:02:42,040 --> 00:02:44,320 Speaker 5: Vance go out on the campaign trail, and the administration 53 00:02:44,400 --> 00:02:47,400 Speaker 5: push forward some new policy ideas, such as refloating the 54 00:02:47,440 --> 00:02:50,440 Speaker 5: idea there could be tiar iff revenue rebate checks. So 55 00:02:50,480 --> 00:02:52,360 Speaker 5: it's going to be something that we are going to 56 00:02:52,360 --> 00:02:55,880 Speaker 5: watch very closely hear how the President navigates this, considering 57 00:02:55,919 --> 00:02:58,080 Speaker 5: we know in his speech in Pennsylvania last week he 58 00:02:58,120 --> 00:03:00,240 Speaker 5: did be your off topic and hit on some their 59 00:03:00,400 --> 00:03:02,480 Speaker 5: key issues that we know are important to his base, 60 00:03:02,560 --> 00:03:05,680 Speaker 5: such as immigration policy as one example. But you hit 61 00:03:05,720 --> 00:03:07,200 Speaker 5: on it at the top of the show. We are 62 00:03:07,240 --> 00:03:09,440 Speaker 5: going to be watching really closely at least I am 63 00:03:09,480 --> 00:03:12,280 Speaker 5: personally what he says when it has to do with healthcare, 64 00:03:12,360 --> 00:03:14,720 Speaker 5: because while this president has given us some indications on 65 00:03:14,760 --> 00:03:17,480 Speaker 5: the type of support, the type of plan that he 66 00:03:17,600 --> 00:03:19,880 Speaker 5: would support, we know that he wants to see less 67 00:03:19,919 --> 00:03:23,120 Speaker 5: subsidies going to insurance companies. He hasn't really weighed in 68 00:03:23,160 --> 00:03:25,880 Speaker 5: when it comes to the plans that are circulating on 69 00:03:25,960 --> 00:03:28,280 Speaker 5: Capitol Hill and Joe. As you know, as of now, 70 00:03:28,320 --> 00:03:30,720 Speaker 5: it looks like Congress is set to adjournal and leave 71 00:03:30,880 --> 00:03:36,440 Speaker 5: town without extending those expiring premium tax subsidies under the ACA. 72 00:03:37,480 --> 00:03:38,840 Speaker 2: It would be a big deal if you gave some 73 00:03:38,920 --> 00:03:41,840 Speaker 2: direction to the Republican Conference this evening. Tyler, I have 74 00:03:41,880 --> 00:03:44,880 Speaker 2: to ask you about this post on truth social because 75 00:03:44,920 --> 00:03:47,720 Speaker 2: indeed we're looking for details about Venezuela as well. We're 76 00:03:47,720 --> 00:03:50,600 Speaker 2: now using the word blockade, or at least the president is, 77 00:03:50,640 --> 00:03:53,400 Speaker 2: and we want to be careful here because semantics mean 78 00:03:53,440 --> 00:03:53,720 Speaker 2: a lot. 79 00:03:54,080 --> 00:03:55,520 Speaker 3: The President on social media. 80 00:03:55,680 --> 00:03:59,360 Speaker 2: Venezuela, he writes, is completely surrounded by the largest armada 81 00:03:59,400 --> 00:04:02,760 Speaker 2: ever assemble in the history of South America. It will 82 00:04:02,800 --> 00:04:05,840 Speaker 2: only get bigger and the shock to them will be 83 00:04:05,920 --> 00:04:09,680 Speaker 2: like nothing they have ever seen before. Tyler, is this 84 00:04:09,720 --> 00:04:11,720 Speaker 2: about regime change, what's about to happen? 85 00:04:12,640 --> 00:04:15,040 Speaker 5: Well, Joe, you'll recall last week Bloomberg News had this 86 00:04:15,080 --> 00:04:17,920 Speaker 5: incredible reporting, people familiar telling us that we are about 87 00:04:17,960 --> 00:04:19,960 Speaker 5: to enter into a new phase when it comes to 88 00:04:20,000 --> 00:04:24,440 Speaker 5: the US's strategy against Venezuela designed to get Nicholas Maduro 89 00:04:24,520 --> 00:04:27,479 Speaker 5: to relinquish control. And that news phase started when the 90 00:04:27,600 --> 00:04:30,200 Speaker 5: US seized a foreign oil tanker for the first time 91 00:04:30,279 --> 00:04:33,640 Speaker 5: last week since twenty fourteen. And now this latest move 92 00:04:33,680 --> 00:04:36,159 Speaker 5: you did mention semantics, it is important for us to 93 00:04:36,240 --> 00:04:39,240 Speaker 5: make the distinction. According to Bloomberg Economics, this actually isn't 94 00:04:39,279 --> 00:04:41,880 Speaker 5: a full blockade. This is what's known as a quarantine 95 00:04:41,920 --> 00:04:46,040 Speaker 5: because it is narrowed into only sanctioned oil tankers. This 96 00:04:46,080 --> 00:04:49,200 Speaker 5: does not extend to all vessels coming in and out 97 00:04:49,400 --> 00:04:52,320 Speaker 5: of the waters around Venezuela. But this really does mark 98 00:04:52,360 --> 00:04:55,640 Speaker 5: the latest escalation in the US's pressure campaign trying to 99 00:04:55,720 --> 00:04:59,919 Speaker 5: now threaten to deny those important oil revenues for the 100 00:05:00,040 --> 00:05:03,760 Speaker 5: country which is already facing financial strain. So we're going 101 00:05:03,760 --> 00:05:07,520 Speaker 5: to watch really closely how this ultimately does evolve, because 102 00:05:07,520 --> 00:05:10,400 Speaker 5: it's not totally clear right now how this quarantine's going 103 00:05:10,440 --> 00:05:12,920 Speaker 5: to be implemented when exactly it does start, But we're 104 00:05:12,920 --> 00:05:15,960 Speaker 5: already starting to see potential buyers steered away. Right yesterday 105 00:05:16,000 --> 00:05:18,479 Speaker 5: on the program, we spoke about how these four super 106 00:05:18,680 --> 00:05:24,560 Speaker 5: tankers headed for Venezuela ultimately turned around and reversed course 107 00:05:24,640 --> 00:05:27,800 Speaker 5: because the administration had been telegraphing that this move was 108 00:05:27,839 --> 00:05:30,600 Speaker 5: going to happen. Joe, I'll point you to one other 109 00:05:30,640 --> 00:05:32,800 Speaker 5: thing from our analysts at Bloomberg Economics, who we love 110 00:05:32,839 --> 00:05:34,960 Speaker 5: to cite all the time. They say that when there 111 00:05:35,000 --> 00:05:38,880 Speaker 5: is a pressure campaign, if that intended goal is not reached, 112 00:05:39,120 --> 00:05:42,640 Speaker 5: there's normally only one direction of travel, and normally that 113 00:05:42,680 --> 00:05:45,360 Speaker 5: direction of travel is up the escalation ladder. 114 00:05:46,360 --> 00:05:46,680 Speaker 3: Wow. 115 00:05:47,839 --> 00:05:50,320 Speaker 2: Pretty remarkable moment we're in, Tyler, Thank you so much. 116 00:05:50,360 --> 00:05:52,400 Speaker 2: Tyler Kendall left the White House. The speech is set 117 00:05:52,440 --> 00:05:55,320 Speaker 2: for nine pm Eastern time. As we mentioned, we'll carry 118 00:05:55,360 --> 00:05:58,680 Speaker 2: it live here on Bloomberg TV and radio. Unclear what 119 00:05:58,720 --> 00:06:00,400 Speaker 2: the venue will be, whether the press and it will 120 00:06:00,440 --> 00:06:02,760 Speaker 2: be behind the Resolute Desk in the Oval Office or 121 00:06:02,760 --> 00:06:04,760 Speaker 2: somewhere else in the White House in the cross Hall 122 00:06:04,760 --> 00:06:08,120 Speaker 2: as he's been preferred to use. More recently, he hasn't 123 00:06:08,160 --> 00:06:11,160 Speaker 2: had a very heavy string of primetime addresses. 124 00:06:11,200 --> 00:06:12,840 Speaker 3: Then again, this is a different White House. 125 00:06:12,880 --> 00:06:16,479 Speaker 2: This is a president who addresses the nation just about 126 00:06:16,520 --> 00:06:19,960 Speaker 2: every day, if not multiple times a day. What's happening 127 00:06:20,000 --> 00:06:22,680 Speaker 2: now on Capitol Hill is important if you're just joining us. 128 00:06:22,720 --> 00:06:25,760 Speaker 2: We've seen a remarkable turn in the debate over extending 129 00:06:25,800 --> 00:06:29,560 Speaker 2: Obamacare subsidies. Realizing there will be a vote later today 130 00:06:29,600 --> 00:06:33,880 Speaker 2: on a Republican plan that does not address Obamacare subsidies 131 00:06:34,440 --> 00:06:36,560 Speaker 2: that may or may not pass and likely will with 132 00:06:36,560 --> 00:06:39,359 Speaker 2: the Republican conference, or will it be that easy, because 133 00:06:39,360 --> 00:06:42,760 Speaker 2: we saw a jailbreak earlier today with four Republicans who 134 00:06:42,760 --> 00:06:46,719 Speaker 2: crossed the aisle in frontline districts in states including well, 135 00:06:46,760 --> 00:06:49,240 Speaker 2: it's just New York and Pennsylvania. If you're with us 136 00:06:49,240 --> 00:06:54,640 Speaker 2: on Bloomberg TV, there's the lineup. Brian Fitzpatrick, Republican Pennsylvania, 137 00:06:54,880 --> 00:07:00,919 Speaker 2: Robert Bresnahan, Republican Pennsylvania, Ryan McKenzie, Republican Pennsylvania, Mike Lawler, 138 00:07:01,200 --> 00:07:05,000 Speaker 2: the Republican from New York, all sitting in districts that 139 00:07:05,160 --> 00:07:08,240 Speaker 2: lean blue and wanted at least a vote on an 140 00:07:08,240 --> 00:07:12,080 Speaker 2: Obamacare extension. When it became clear the Speaker was not interested, 141 00:07:12,480 --> 00:07:15,400 Speaker 2: they moved to a discharge petition that will force the vote. 142 00:07:15,400 --> 00:07:18,280 Speaker 2: Those four brought that number to two eighteen, and they 143 00:07:18,320 --> 00:07:21,200 Speaker 2: are now in business right at this time. Yesterday, I 144 00:07:21,280 --> 00:07:23,520 Speaker 2: was talking about this matter with the Chairman of the 145 00:07:23,520 --> 00:07:26,080 Speaker 2: House Ways and Means Committee, Jason Smith of Missouri, and 146 00:07:26,160 --> 00:07:29,640 Speaker 2: asked him about the outcry from constituents that many lawmakers 147 00:07:29,720 --> 00:07:32,040 Speaker 2: talk about. It doesn't seem that he's hearing from that 148 00:07:32,120 --> 00:07:33,080 Speaker 2: many in his office. 149 00:07:33,080 --> 00:07:36,600 Speaker 6: Listen, the person who would be calling me from Missouri 150 00:07:36,720 --> 00:07:39,280 Speaker 6: would be someone on employer sponsored healthcare. 151 00:07:39,640 --> 00:07:41,480 Speaker 3: And everything the Democrats is. 152 00:07:41,480 --> 00:07:45,280 Speaker 6: Talking about has nothing to do with lowering the cost 153 00:07:44,960 --> 00:07:49,000 Speaker 6: of premiums for people who are on employee sponsored healthcare, 154 00:07:49,000 --> 00:07:50,680 Speaker 6: and that's one hundred and sixty. 155 00:07:50,360 --> 00:07:51,480 Speaker 3: Four million Americans. 156 00:07:51,760 --> 00:07:54,880 Speaker 6: All that they're talking about is the twenty four million 157 00:07:54,960 --> 00:07:58,080 Speaker 6: people on exchanges. We need to lower the cost of 158 00:07:58,120 --> 00:08:01,480 Speaker 6: health care for every single American, not just the people 159 00:08:01,520 --> 00:08:02,120 Speaker 6: on ACA. 160 00:08:03,600 --> 00:08:06,200 Speaker 2: Mister Smith, of course, is not in a frontline district 161 00:08:06,240 --> 00:08:08,600 Speaker 2: and seize things differently than the four I just mentioned. 162 00:08:09,400 --> 00:08:11,880 Speaker 2: We had the voice of a Democrat now in Congressman 163 00:08:11,920 --> 00:08:15,680 Speaker 2: Suja Subramanya and the Democrat from Virginia's tenth district with 164 00:08:15,800 --> 00:08:18,240 Speaker 2: us live from Capitol Hill. Congressman thank you for being 165 00:08:18,680 --> 00:08:22,120 Speaker 2: part of our conversation today, this discharge petition will hit 166 00:08:22,160 --> 00:08:24,720 Speaker 2: the floor, we will also go over the cliff. 167 00:08:24,960 --> 00:08:30,320 Speaker 7: What happens then, well, we'll see. I believe we'll be 168 00:08:30,360 --> 00:08:32,080 Speaker 7: able to vote on this at some point. I don't 169 00:08:32,080 --> 00:08:34,240 Speaker 7: know if it'll be before the end of the year, 170 00:08:34,720 --> 00:08:37,080 Speaker 7: but I know that there are Republicans, more than four 171 00:08:37,120 --> 00:08:41,199 Speaker 7: Republicans who have supported the ACA tax credit extensions and 172 00:08:41,360 --> 00:08:44,679 Speaker 7: understand that without them, health care costs will go up 173 00:08:44,679 --> 00:08:48,480 Speaker 7: for millions of Americans, including many in their district. And so, yes, 174 00:08:48,640 --> 00:08:51,120 Speaker 7: we do have a cost issue when it comes to 175 00:08:51,160 --> 00:08:54,040 Speaker 7: healthcare costs way too much right now. We need to 176 00:08:54,040 --> 00:08:56,280 Speaker 7: do a lot to fix that. But the solution to 177 00:08:56,320 --> 00:08:58,960 Speaker 7: the cost issue isn't what Republicans are putting forward, which 178 00:08:59,000 --> 00:09:01,600 Speaker 7: is to take away a care to a lot of people, 179 00:09:01,960 --> 00:09:05,199 Speaker 7: access to care, a quality of care. That's their solution, 180 00:09:05,280 --> 00:09:07,679 Speaker 7: and that's not a real solution because people will die 181 00:09:07,760 --> 00:09:10,679 Speaker 7: under that solution. We have a solution where we can 182 00:09:10,720 --> 00:09:13,520 Speaker 7: continue to figure out a long term solution, but in 183 00:09:13,559 --> 00:09:16,120 Speaker 7: the meantime also fund these tracks credits that have been 184 00:09:16,160 --> 00:09:19,120 Speaker 7: so essential to so many Americans getting health care access. 185 00:09:20,200 --> 00:09:22,880 Speaker 2: Well, it's interesting that you mentioned that because a solution 186 00:09:23,000 --> 00:09:25,280 Speaker 2: is going to have to follow a gap of some sort. Right, 187 00:09:25,360 --> 00:09:27,400 Speaker 2: it's clear that we will go over the cliff. This 188 00:09:27,480 --> 00:09:31,199 Speaker 2: discharge petition would bring a vote to the floor. I'm guessing, Congressman, 189 00:09:31,200 --> 00:09:35,480 Speaker 2: correct me if I'm wrong. Likely mid January. Then something's 190 00:09:35,480 --> 00:09:37,080 Speaker 2: going to happen with the Senate. And I know that 191 00:09:37,080 --> 00:09:39,920 Speaker 2: there's a bill over there that's not too far apart 192 00:09:40,000 --> 00:09:42,199 Speaker 2: from what the moderates have been looking at in the House, 193 00:09:42,640 --> 00:09:46,000 Speaker 2: with a smaller extension and some eligibility requirements. 194 00:09:46,559 --> 00:09:49,720 Speaker 3: When could there be a law? How long will voters 195 00:09:49,760 --> 00:09:50,240 Speaker 3: need to wait? 196 00:09:51,480 --> 00:09:53,840 Speaker 7: Well, remember, for there to be a law, the president 197 00:09:53,920 --> 00:09:56,800 Speaker 7: needs to sign it, right, and so yes, the Senate 198 00:09:56,800 --> 00:10:00,200 Speaker 7: needs sixty votes to pass it. This president has not 199 00:10:00,280 --> 00:10:03,320 Speaker 7: shown a willingness. Not only that he shut down the 200 00:10:03,360 --> 00:10:06,360 Speaker 7: government so that we wouldn't have a conversation about these 201 00:10:06,400 --> 00:10:09,560 Speaker 7: tax credits. We had that conversation anyway, but he still 202 00:10:09,600 --> 00:10:13,400 Speaker 7: refused to reopen the government and have this conversation about healthcare. 203 00:10:13,640 --> 00:10:16,760 Speaker 7: So I am a little pessimistic about these tax credits passing, 204 00:10:17,040 --> 00:10:18,840 Speaker 7: but I'm still going to push forward. I know my 205 00:10:18,880 --> 00:10:21,240 Speaker 7: colleagues are not going to stop. Colleagues now on both 206 00:10:21,240 --> 00:10:23,200 Speaker 7: sides of the aisle are not going to stop until 207 00:10:23,200 --> 00:10:25,839 Speaker 7: we make sure that healthcare is affordable for millions of Americans. 208 00:10:26,800 --> 00:10:28,600 Speaker 2: Well, this is where I ask you what you're hearing, 209 00:10:28,760 --> 00:10:31,040 Speaker 2: you know, behind the scenes, what's happening in the cloak 210 00:10:31,120 --> 00:10:33,880 Speaker 2: room when you talk to other Republicans, Because clearly you 211 00:10:33,960 --> 00:10:36,040 Speaker 2: already said it, it's more than four here. What would 212 00:10:36,040 --> 00:10:37,800 Speaker 2: this vote look like if it actually hit the floor. 213 00:10:37,840 --> 00:10:40,080 Speaker 2: How many Republicans do these four members speak for? 214 00:10:41,360 --> 00:10:44,280 Speaker 7: Well, I know far more than four wants to vote 215 00:10:44,280 --> 00:10:47,520 Speaker 7: for them. I would say dozens want to vote for them. 216 00:10:48,000 --> 00:10:51,200 Speaker 7: But you know the reality is when Donald Trump calls them, 217 00:10:51,400 --> 00:10:53,839 Speaker 7: they switch their votes based on what Donald Trump says. 218 00:10:54,040 --> 00:10:56,760 Speaker 7: Now we have four Republicans who changed their tune, and 219 00:10:56,800 --> 00:11:01,079 Speaker 7: so maybe that could embolden more to follow this speaker, 220 00:11:01,120 --> 00:11:04,280 Speaker 7: and this Republican in Congress has followed whatever Donald Trump 221 00:11:04,280 --> 00:11:08,360 Speaker 7: has said to do. The Epstein files even by the 222 00:11:08,440 --> 00:11:10,160 Speaker 7: end he said to vote for and so that's what 223 00:11:10,200 --> 00:11:13,079 Speaker 7: they did. But you know, we're out of place now 224 00:11:13,120 --> 00:11:15,679 Speaker 7: where the Republicans are starting to break away from Donald 225 00:11:15,679 --> 00:11:18,480 Speaker 7: Trump because they know that he's toxic to our country 226 00:11:18,480 --> 00:11:19,520 Speaker 7: and to even their party. 227 00:11:20,559 --> 00:11:22,160 Speaker 2: Well, I know he's also got a lot of loyal 228 00:11:22,200 --> 00:11:24,880 Speaker 2: members up there, Congressman, so it was a pretty remarkable 229 00:11:24,880 --> 00:11:27,600 Speaker 2: moment when so many Republicans put their name on a 230 00:11:27,600 --> 00:11:31,640 Speaker 2: discharge petition to release the Epstein files. We haven't talked 231 00:11:31,640 --> 00:11:34,000 Speaker 2: about this for a minute because that got the clock taking. 232 00:11:34,040 --> 00:11:36,840 Speaker 2: I think it was thirty days Fridays the day. But 233 00:11:36,920 --> 00:11:38,839 Speaker 2: the files are supposed to be released, and yes, the 234 00:11:38,880 --> 00:11:44,360 Speaker 2: President did sign that discharge petition. Now, law Congressman, you're 235 00:11:44,400 --> 00:11:47,839 Speaker 2: on the oversight committee. Should Americans prepare for this release 236 00:11:47,920 --> 00:11:49,360 Speaker 2: or is there going to be some reason at the 237 00:11:49,400 --> 00:11:51,360 Speaker 2: eleventh hour why they are not made public? 238 00:11:53,040 --> 00:11:54,880 Speaker 3: You know, my crystal ball is foggy. 239 00:11:54,960 --> 00:11:58,320 Speaker 7: I will say this that if they do release something, 240 00:11:58,400 --> 00:12:01,000 Speaker 7: I believe it will not be a full release, that 241 00:12:01,160 --> 00:12:03,880 Speaker 7: it'll be a partisan release. They'll try to find democratic 242 00:12:03,960 --> 00:12:06,560 Speaker 7: names in it. But if the President hasn't released the 243 00:12:06,559 --> 00:12:09,040 Speaker 7: files by now, I don't think he will release the 244 00:12:09,080 --> 00:12:12,320 Speaker 7: full files like he promised he did during his campaign 245 00:12:12,400 --> 00:12:14,600 Speaker 7: last year, or that he's required by law to do. 246 00:12:14,679 --> 00:12:16,880 Speaker 7: Now I'm a little skeptical at this point. If they 247 00:12:16,880 --> 00:12:18,720 Speaker 7: wanted to release the files, they could have released it 248 00:12:19,120 --> 00:12:21,839 Speaker 7: well before this coming Friday. If they really wanted to 249 00:12:21,840 --> 00:12:23,280 Speaker 7: be transparent with the American people. 250 00:12:24,400 --> 00:12:25,840 Speaker 3: It is coming at the last hour. 251 00:12:26,679 --> 00:12:29,000 Speaker 2: Is there anything that the Oversight Committee can do to 252 00:12:29,080 --> 00:12:32,400 Speaker 2: further compel the Attorney General to make this public? 253 00:12:33,640 --> 00:12:35,959 Speaker 7: Well, now you know the Oversight Committee, we have had 254 00:12:35,960 --> 00:12:38,760 Speaker 7: a subpoenaw for these files for four months now, and 255 00:12:38,960 --> 00:12:42,760 Speaker 7: they gave us one production that was ninety seven percent 256 00:12:42,840 --> 00:12:45,960 Speaker 7: public documents. The other three percent weren't that helpful, and 257 00:12:46,000 --> 00:12:47,800 Speaker 7: then that was it, and then there was radio silence 258 00:12:47,840 --> 00:12:50,199 Speaker 7: for them. Now we're at a point where this is law, 259 00:12:50,480 --> 00:12:53,440 Speaker 7: and so someone can go to court and the courts 260 00:12:53,440 --> 00:12:56,480 Speaker 7: can compel the administration to release the files, and we'll 261 00:12:56,480 --> 00:12:58,079 Speaker 7: see if the administration wants to be. 262 00:12:58,040 --> 00:12:58,800 Speaker 3: More court orders. 263 00:12:58,800 --> 00:13:00,600 Speaker 7: We've had that conversation this year before. 264 00:13:01,600 --> 00:13:04,520 Speaker 2: Well, we're about what forty eight seventy two hours away 265 00:13:04,520 --> 00:13:06,880 Speaker 2: from that being the case. Congressman, you must have seen 266 00:13:06,880 --> 00:13:09,880 Speaker 2: this Susie Wiles interview. I can only imagine the conversations 267 00:13:09,920 --> 00:13:12,559 Speaker 2: among members of the Oversight Committee. The White House Chief 268 00:13:12,600 --> 00:13:15,880 Speaker 2: of Staff telling Vanity Fair that the President was just 269 00:13:16,080 --> 00:13:21,560 Speaker 2: wrong when he invoked Bill Clinton as being complicit in 270 00:13:21,720 --> 00:13:25,120 Speaker 2: the sex trafficking scandal surrounding Jeffrey Epstein. She said there 271 00:13:25,160 --> 00:13:29,640 Speaker 2: was absolutely no evidence pointing to that. Will we hear 272 00:13:29,720 --> 00:13:32,920 Speaker 2: from the Justice Department that it's an ongoing investigation all 273 00:13:32,920 --> 00:13:36,199 Speaker 2: the while and therefore these files cannot be released. 274 00:13:37,440 --> 00:13:40,680 Speaker 7: Again, the Justice Department works for the president at this point. 275 00:13:41,120 --> 00:13:43,520 Speaker 7: He controls it, and he's going to try to control 276 00:13:43,800 --> 00:13:46,880 Speaker 7: what's released and how it's released. Another thing that she 277 00:13:46,960 --> 00:13:49,800 Speaker 7: said in that interview was Trump is in the files, 278 00:13:50,120 --> 00:13:52,880 Speaker 7: and that you know, he and Epstein were friends, and 279 00:13:52,920 --> 00:13:56,240 Speaker 7: they were I think playboys together, a single playboys together, 280 00:13:56,760 --> 00:13:58,360 Speaker 7: and so it's pretty clear that there was a close 281 00:13:58,400 --> 00:14:01,440 Speaker 7: relationship there and be part of the reason why he 282 00:14:01,480 --> 00:14:04,160 Speaker 7: hasn't released the files. That's at least, you know what 283 00:14:04,240 --> 00:14:06,560 Speaker 7: I see from my vantage point. But I'm glad she 284 00:14:06,559 --> 00:14:10,120 Speaker 7: did that interview because it was pretty incredible. How you know, 285 00:14:10,160 --> 00:14:12,439 Speaker 7: she said all the quiet parts out loud about this president. 286 00:14:13,720 --> 00:14:16,800 Speaker 2: Well, interesting moment. He's going to be speaking to the 287 00:14:16,880 --> 00:14:20,200 Speaker 2: nation this evening. Congressman, and I'm wondering your thoughts about 288 00:14:20,240 --> 00:14:24,680 Speaker 2: another potential government shutdown. You're in Virginia teaming with federal 289 00:14:24,720 --> 00:14:28,880 Speaker 2: workers who just endured the longest federal shutdown in American history. 290 00:14:29,000 --> 00:14:32,120 Speaker 2: Is there anything the president can say this evening to 291 00:14:32,200 --> 00:14:35,120 Speaker 2: get the healthcare debate back on track and keep the 292 00:14:35,160 --> 00:14:37,280 Speaker 2: government from shutting down when we run out of money 293 00:14:37,280 --> 00:14:38,240 Speaker 2: at the end of January. 294 00:14:39,560 --> 00:14:41,680 Speaker 7: Yeah, you know, the President can say, I want to 295 00:14:41,720 --> 00:14:44,160 Speaker 7: work across the aisle to come up with a healthcare 296 00:14:44,160 --> 00:14:46,640 Speaker 7: solution that's long term, and in the meantime we can 297 00:14:46,680 --> 00:14:50,040 Speaker 7: pass these tax subsidies to be able to help Americans 298 00:14:50,040 --> 00:14:54,000 Speaker 7: afford healthcare. I think that alone will solve ninety percent 299 00:14:54,000 --> 00:14:56,520 Speaker 7: of the problems we're having right now on Capitol Hill 300 00:14:56,520 --> 00:14:59,720 Speaker 7: related to healthcare. I think the other thing he should 301 00:14:59,720 --> 00:15:01,800 Speaker 7: do is try to figure out how to work together 302 00:15:01,840 --> 00:15:04,320 Speaker 7: with us next year, because otherwise twenty twenty six is 303 00:15:04,360 --> 00:15:05,200 Speaker 7: going to be a long year. 304 00:15:05,520 --> 00:15:06,720 Speaker 3: I do not want to shut down. 305 00:15:07,080 --> 00:15:09,920 Speaker 7: I did not like this past shutdown, but we have 306 00:15:10,000 --> 00:15:11,960 Speaker 7: to continue to fight for the American people. 307 00:15:13,320 --> 00:15:15,680 Speaker 2: Well, twenty five was a pretty long year, Congressman, so 308 00:15:15,680 --> 00:15:17,600 Speaker 2: I guess we'll find out together. Thank you for being 309 00:15:17,640 --> 00:15:21,280 Speaker 2: back with us on Bloomberg TV and Radio live from 310 00:15:21,280 --> 00:15:25,240 Speaker 2: Capitol Hill. Congressman suhas Supermanium, the Democrat from Virginia. With 311 00:15:25,360 --> 00:15:27,280 Speaker 2: us here on balance of power, we'll have much more 312 00:15:27,320 --> 00:15:29,800 Speaker 2: ahead with our political panel as well. Stay with us 313 00:15:29,840 --> 00:15:32,080 Speaker 2: on balance of power, we'll have much more coming up 314 00:15:32,080 --> 00:15:32,560 Speaker 2: after this. 315 00:15:36,800 --> 00:15:40,280 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch 316 00:15:40,360 --> 00:15:43,800 Speaker 1: us live weekdays at noon and five pm Eastern on Apple, 317 00:15:43,880 --> 00:15:46,880 Speaker 1: Cocklay and Android Auto with the Bloomberg Business App. You 318 00:15:46,920 --> 00:15:50,400 Speaker 1: can also listen live on Amazon Alexa from our flagship 319 00:15:50,480 --> 00:15:54,360 Speaker 1: New York station. Just say Alexa play Bloomberg eleven thirty. 320 00:15:55,680 --> 00:15:58,520 Speaker 2: They won't believe what's going on on Capitol Hill. We 321 00:15:58,640 --> 00:16:02,080 Speaker 2: can't either. How many people have told us this was over, 322 00:16:02,560 --> 00:16:04,560 Speaker 2: that we already went over the cliff, is what Troy 323 00:16:04,600 --> 00:16:06,920 Speaker 2: Downing told us in our conversation here just a couple 324 00:16:07,000 --> 00:16:07,520 Speaker 2: of days ago. 325 00:16:07,640 --> 00:16:10,600 Speaker 3: But by god, I guess there's been another jail break. 326 00:16:11,200 --> 00:16:14,280 Speaker 2: First it was Democrats in the Senate, remember, just enough 327 00:16:14,720 --> 00:16:17,080 Speaker 2: to get the government to reopen. They crossed the leader. 328 00:16:17,360 --> 00:16:19,840 Speaker 2: And now we have a Republican jail break in the House. 329 00:16:20,040 --> 00:16:25,320 Speaker 2: Moderates in frontline districts, folks like Mike Lawler, the Republican 330 00:16:25,400 --> 00:16:27,960 Speaker 2: from New York, are the Republicans from Pennsylvania on here, 331 00:16:28,040 --> 00:16:32,080 Speaker 2: Fitzpatrick and so on who could be punished in the 332 00:16:32,120 --> 00:16:38,760 Speaker 2: midterm election cycle for not extending Obamacare subsidies. Fitzpatrick, Bresnahan, McKenzie, 333 00:16:38,840 --> 00:16:41,800 Speaker 2: meet mister Lawler, there's your four if you're with us 334 00:16:41,840 --> 00:16:45,280 Speaker 2: on YouTube, and so that force is a vote here. 335 00:16:45,280 --> 00:16:46,720 Speaker 3: This is a done deal in the House. 336 00:16:46,760 --> 00:16:48,760 Speaker 2: The question is what happens after that, because we are 337 00:16:48,760 --> 00:16:52,320 Speaker 2: going over the cliff and the Senate has no plans 338 00:16:52,360 --> 00:16:54,120 Speaker 2: at least now to take this up. In fact, a 339 00:16:54,240 --> 00:16:57,440 Speaker 2: very similar plan has already failed in the Senate. This 340 00:16:57,480 --> 00:17:02,920 Speaker 2: would extend Obamacare subsidies three years. President Trump, by the way, 341 00:17:03,560 --> 00:17:05,320 Speaker 2: has just touched down. He's on his way to Dover 342 00:17:05,400 --> 00:17:08,040 Speaker 2: with the first lady has just touchdown at Joint Base. 343 00:17:08,119 --> 00:17:08,600 Speaker 3: Andrews. 344 00:17:08,600 --> 00:17:11,520 Speaker 2: If something comes from his walk to the jet, if 345 00:17:11,520 --> 00:17:12,880 Speaker 2: he decides to talk. 346 00:17:12,680 --> 00:17:14,560 Speaker 3: With reporters, we'll let you know. 347 00:17:15,080 --> 00:17:16,800 Speaker 2: Want to play this to the panel though, because we've 348 00:17:16,800 --> 00:17:19,960 Speaker 2: got a live wire here. This happened just a couple 349 00:17:19,960 --> 00:17:21,000 Speaker 2: of hours ago. 350 00:17:21,240 --> 00:17:22,040 Speaker 3: When we woke up this. 351 00:17:22,000 --> 00:17:24,800 Speaker 2: Morning, we did not know this would be our top 352 00:17:24,840 --> 00:17:27,240 Speaker 2: story of the day, but it came from the Speaker's 353 00:17:27,240 --> 00:17:29,959 Speaker 2: decision to not bring this vote to the floor. So 354 00:17:30,000 --> 00:17:33,760 Speaker 2: now he's being forced once again by the hands of 355 00:17:33,840 --> 00:17:38,240 Speaker 2: his own membership. Bloomberg Politics contributor Rick Davis, our Republican 356 00:17:38,280 --> 00:17:40,879 Speaker 2: strategist and partner at Stone Court Capital, is back just 357 00:17:40,960 --> 00:17:43,639 Speaker 2: in time with us and Archie Sidiki is here, a 358 00:17:43,680 --> 00:17:47,199 Speaker 2: Democratic strategist, former aide to House Speaker Nancy Pelosi, the 359 00:17:47,200 --> 00:17:49,720 Speaker 2: founder CEO of Bellwether Government Affairs. 360 00:17:50,280 --> 00:17:51,280 Speaker 3: Great to see you both. 361 00:17:51,920 --> 00:17:56,840 Speaker 2: Rick Davis, if you're one of these frontline Republicans, are 362 00:17:56,840 --> 00:17:59,600 Speaker 2: you more concerned about your constituents than the angry phone 363 00:17:59,600 --> 00:18:01,000 Speaker 2: call from Donald Trump. 364 00:18:02,440 --> 00:18:03,160 Speaker 3: At this stage? 365 00:18:03,240 --> 00:18:07,040 Speaker 4: Yes, because you want to continue to get angry phone 366 00:18:07,080 --> 00:18:09,880 Speaker 4: calls from Donald Trump over the next two years, which 367 00:18:09,920 --> 00:18:13,040 Speaker 4: means you've got to get re elected, and so that's 368 00:18:13,080 --> 00:18:15,800 Speaker 4: going to come first. We're already turning the page on 369 00:18:15,840 --> 00:18:20,520 Speaker 4: this Congress. You're going to have a really intense midterm 370 00:18:20,560 --> 00:18:25,920 Speaker 4: election cycle coming up advantage Democrats, and these guys are 371 00:18:26,040 --> 00:18:29,200 Speaker 4: scraping for their lives right now, and that's why they've 372 00:18:29,240 --> 00:18:33,200 Speaker 4: signed onto this discharge petition because, as Lawler says, doing 373 00:18:33,280 --> 00:18:35,159 Speaker 4: nothing is idiotic. 374 00:18:36,960 --> 00:18:37,720 Speaker 3: Yes he did. 375 00:18:38,040 --> 00:18:39,840 Speaker 2: He used another word that we can't say on the 376 00:18:39,840 --> 00:18:42,119 Speaker 2: air to describe the Speaker's decisions and not bring this 377 00:18:42,160 --> 00:18:45,480 Speaker 2: to the floor. We know that Mike Lawler doesn't like 378 00:18:45,520 --> 00:18:49,040 Speaker 2: Obamacare and he never liked the idea of extending these subsidies. 379 00:18:49,119 --> 00:18:52,520 Speaker 2: Is it his own personal belief that caused this to happen, 380 00:18:52,600 --> 00:18:54,679 Speaker 2: or he'll have a bigger revolt on his hands if 381 00:18:54,680 --> 00:18:56,720 Speaker 2: he did bring this to the floor, the Freedom Caucus 382 00:18:56,960 --> 00:18:57,560 Speaker 2: and all the rest. 383 00:18:58,000 --> 00:19:01,120 Speaker 8: I think it just illustrates that the this is such 384 00:19:01,160 --> 00:19:04,399 Speaker 8: a huge issue in terms of how the cost of 385 00:19:04,440 --> 00:19:08,000 Speaker 8: living crisis is impacting American families. So I think it 386 00:19:08,080 --> 00:19:10,920 Speaker 8: really underscores a problem that there has been a little 387 00:19:10,920 --> 00:19:14,280 Speaker 8: bit of a disconnect with the number of Republicans in 388 00:19:14,400 --> 00:19:17,160 Speaker 8: terms of the saliency of this issue. There's a very 389 00:19:17,160 --> 00:19:20,840 Speaker 8: easy way to do a short term extension, a bridge 390 00:19:20,840 --> 00:19:24,199 Speaker 8: to something bigger, and litigate this in the election, and 391 00:19:24,240 --> 00:19:26,800 Speaker 8: to Rick's point, go into the next you know, in 392 00:19:26,880 --> 00:19:30,760 Speaker 8: next Congress with some decisions. But to go home for 393 00:19:30,840 --> 00:19:34,280 Speaker 8: Christmas without doing this, I think is there's real political 394 00:19:34,320 --> 00:19:37,040 Speaker 8: liability even with this vote. I think there's a serious 395 00:19:37,080 --> 00:19:40,560 Speaker 8: conversation that at least must be happening to some extent 396 00:19:40,600 --> 00:19:42,639 Speaker 8: about well, if they have to vote on it, do 397 00:19:42,720 --> 00:19:45,080 Speaker 8: they just let this die in January? Or do they 398 00:19:45,119 --> 00:19:47,159 Speaker 8: just put something up for a one year extension, a 399 00:19:47,200 --> 00:19:50,240 Speaker 8: clean extension, to give that bridge to the midterm election and. 400 00:19:50,240 --> 00:19:51,720 Speaker 3: Bring that to the floor of the Senate. You mean, 401 00:19:52,280 --> 00:19:53,240 Speaker 3: bring it, I would. 402 00:19:53,240 --> 00:19:56,200 Speaker 8: I mean, honestly, I think in leadership it's a live 403 00:19:56,320 --> 00:19:59,359 Speaker 8: question on whether they should think about whether they could 404 00:19:59,400 --> 00:20:02,280 Speaker 8: actually bring something up in the House and not how 405 00:20:02,280 --> 00:20:04,720 Speaker 8: the discharge petitions force her hand. And the only way 406 00:20:04,720 --> 00:20:06,359 Speaker 8: they can do that is with the president's blessing. 407 00:20:06,440 --> 00:20:07,880 Speaker 2: As you know, that would be a moment, and look, 408 00:20:07,880 --> 00:20:10,840 Speaker 2: he might call for that tonight. Rick, I'm just curious 409 00:20:11,119 --> 00:20:14,359 Speaker 2: how far you can see beyond the valley here. When 410 00:20:14,400 --> 00:20:16,800 Speaker 2: you were working for John McCain, he was part of 411 00:20:16,880 --> 00:20:19,959 Speaker 2: any number of gangs of eight or six or whatever 412 00:20:20,080 --> 00:20:23,960 Speaker 2: to solve a major crisis here. Now that this has happened, 413 00:20:24,840 --> 00:20:27,639 Speaker 2: is that the next phase as opposed to John Thune 414 00:20:27,640 --> 00:20:29,640 Speaker 2: taking this and throwing it on the floor, there's John 415 00:20:29,720 --> 00:20:33,120 Speaker 2: McCain right now as we speak, Rick, Does this become 416 00:20:33,160 --> 00:20:36,320 Speaker 2: a conversation where senators and members of the House get 417 00:20:36,359 --> 00:20:39,880 Speaker 2: together behind the scenes and craft something new that can 418 00:20:39,920 --> 00:20:41,560 Speaker 2: then be voted on in both chambers? 419 00:20:42,720 --> 00:20:45,159 Speaker 4: You know, I would say, and you know, not to 420 00:20:45,680 --> 00:20:52,600 Speaker 4: oversimplify the situation, but the days of having major personalities 421 00:20:52,640 --> 00:20:58,280 Speaker 4: with power outside of leadership in the Democratic and Republican 422 00:20:58,320 --> 00:21:01,880 Speaker 4: parties in the Senate has waned a lot. There used 423 00:21:01,880 --> 00:21:05,359 Speaker 4: to be great lines of the Senate who never held leadership, 424 00:21:05,520 --> 00:21:09,240 Speaker 4: but who could put together deals anytime that would be 425 00:21:09,320 --> 00:21:12,080 Speaker 4: honored by the leadership right, and whether it was a 426 00:21:12,119 --> 00:21:15,240 Speaker 4: Democratic group led by Ted Kennedy or a Republican group 427 00:21:15,320 --> 00:21:20,040 Speaker 4: led by John McCain, sometimes it's easier for them to 428 00:21:20,080 --> 00:21:22,960 Speaker 4: do a deal like that than it is the leadership itself, 429 00:21:23,000 --> 00:21:26,560 Speaker 4: because they're balancing a lot of other interests. It's very 430 00:21:26,600 --> 00:21:29,800 Speaker 4: hard these days to see that happening. Kudos to Susan 431 00:21:29,840 --> 00:21:34,200 Speaker 4: Collins for using her purchase chairman of the Appropriations Committee, 432 00:21:34,280 --> 00:21:39,000 Speaker 4: very very powerful senator, to try and craft something around this. 433 00:21:39,080 --> 00:21:42,160 Speaker 4: Of course, she's running for reelection in a tough election year, 434 00:21:42,280 --> 00:21:45,879 Speaker 4: so a lot of motivation on her part too. So yes, 435 00:21:46,000 --> 00:21:50,199 Speaker 4: I could see a gang of six emerging in the 436 00:21:50,240 --> 00:21:53,680 Speaker 4: Senate to try and bridge this, because even if this 437 00:21:53,720 --> 00:21:58,000 Speaker 4: discharge petition passes, a three year extension is not something 438 00:21:58,040 --> 00:22:00,280 Speaker 4: the Senate wants to vote on, and so I do thing. 439 00:22:00,760 --> 00:22:04,080 Speaker 4: The question is can they find some common ground where 440 00:22:04,400 --> 00:22:07,880 Speaker 4: you know, there's a shorter extension, maybe some limitations on enrollment, 441 00:22:08,760 --> 00:22:10,400 Speaker 4: and then send that back to the. 442 00:22:10,320 --> 00:22:11,560 Speaker 3: House for final approval. 443 00:22:11,720 --> 00:22:14,119 Speaker 4: And I think if that something like that did happen 444 00:22:14,160 --> 00:22:16,520 Speaker 4: in the Senate, you would get House approval. 445 00:22:17,640 --> 00:22:20,280 Speaker 2: Okay, there you go. Rick just made it nice and 446 00:22:20,320 --> 00:22:24,160 Speaker 2: clean for us, nice and simple. These four names are 447 00:22:24,240 --> 00:22:27,880 Speaker 2: she Fitzpatrick, Lawler, Bresnahan, Mackenzie speak for how many other 448 00:22:27,960 --> 00:22:29,160 Speaker 2: Republicans do you think? 449 00:22:29,600 --> 00:22:32,680 Speaker 8: I think this is very much front and center, a 450 00:22:32,720 --> 00:22:36,480 Speaker 8: moderate marginal district issue because I think in other districts, 451 00:22:36,520 --> 00:22:39,120 Speaker 8: as we know, they are so heavily tilted Republican. There's 452 00:22:39,119 --> 00:22:42,520 Speaker 8: a lot of latitude, and the Affordable Care Act has 453 00:22:42,600 --> 00:22:46,679 Speaker 8: become so ideological on the Republican side. I remember what 454 00:22:46,760 --> 00:22:50,280 Speaker 8: there were some internal discussions buzz about whether Democrats were 455 00:22:50,320 --> 00:22:53,440 Speaker 8: making it too easy for Republicans by solving they see 456 00:22:53,440 --> 00:22:56,119 Speaker 8: a problem by pushing it. But it's just turned out 457 00:22:56,160 --> 00:22:59,399 Speaker 8: that this is there's such a strong contingent that wants to, 458 00:22:59,760 --> 00:23:02,800 Speaker 8: you know, really weaken and repeal the ACA. We've seen 459 00:23:02,800 --> 00:23:03,760 Speaker 8: seventy votes as. 460 00:23:03,600 --> 00:23:04,520 Speaker 3: You know, that's right. 461 00:23:04,640 --> 00:23:07,879 Speaker 2: Rick, the President speaking to the nation this evening, and 462 00:23:07,880 --> 00:23:09,280 Speaker 2: you know we're all going to spend the whole day 463 00:23:09,280 --> 00:23:11,840 Speaker 2: trying to figure out what he's going to say. It 464 00:23:11,920 --> 00:23:15,639 Speaker 2: does present an opportunity for him, does it, not to 465 00:23:15,680 --> 00:23:18,000 Speaker 2: speak to this and give direction to his own party. 466 00:23:19,880 --> 00:23:25,359 Speaker 4: I think so he has assiduously stayed out of this issue, 467 00:23:25,640 --> 00:23:28,200 Speaker 4: which is a little bit surprising because he's had firm 468 00:23:28,240 --> 00:23:31,840 Speaker 4: command on virtually every legislative item that's happened in the 469 00:23:31,920 --> 00:23:35,800 Speaker 4: last year. And so, yes, it does give him a 470 00:23:35,880 --> 00:23:39,919 Speaker 4: chance to signal. But I'm not even sure Donald Trump 471 00:23:39,960 --> 00:23:44,880 Speaker 4: has the level of power today that he had even 472 00:23:45,000 --> 00:23:47,840 Speaker 4: just a few months ago to get something through the House. 473 00:23:47,920 --> 00:23:51,800 Speaker 4: I mean, conservative Republicans have staked out a very hard 474 00:23:51,800 --> 00:23:55,520 Speaker 4: position that adding another seventy billion dollars in the deficit 475 00:23:56,040 --> 00:23:59,679 Speaker 4: is a bad strategy by extending these ACA subsidies for 476 00:23:59,720 --> 00:24:03,439 Speaker 4: three years, and they're really grumpy about doing anything. It 477 00:24:03,440 --> 00:24:08,879 Speaker 4: looks like we're signing on to Obamacare. And so I 478 00:24:08,960 --> 00:24:11,240 Speaker 4: think that's one of the reasons why Trump has said nothing. 479 00:24:11,240 --> 00:24:13,080 Speaker 4: And I wouldn't be surprised that it doesn't get a 480 00:24:13,119 --> 00:24:16,280 Speaker 4: lot of discussion other than, you know, we need to 481 00:24:16,280 --> 00:24:20,240 Speaker 4: replace Obamacare tonight, which is what everyone's been saying in 482 00:24:20,240 --> 00:24:22,680 Speaker 4: the Republican Party for almost two decades. 483 00:24:23,920 --> 00:24:26,000 Speaker 8: He did try to say something though, remember the week 484 00:24:26,040 --> 00:24:29,760 Speaker 8: of Thanksgiving, he was floating maybe putting something out there 485 00:24:29,800 --> 00:24:30,760 Speaker 8: and got pushed back. 486 00:24:31,280 --> 00:24:33,920 Speaker 2: So, yes, that there might be a deal. Right, Does 487 00:24:33,960 --> 00:24:36,719 Speaker 2: a move like this maybe warm him up to this 488 00:24:36,800 --> 00:24:37,400 Speaker 2: idea again? 489 00:24:37,560 --> 00:24:39,480 Speaker 8: I think possibly. And I think the other piece here 490 00:24:39,560 --> 00:24:42,840 Speaker 8: is that I think if you the notion of a 491 00:24:42,840 --> 00:24:45,560 Speaker 8: one year kind of bridge, a clean one year bridge, 492 00:24:45,680 --> 00:24:48,000 Speaker 8: you then get that that's the bypart is an aspect 493 00:24:48,000 --> 00:24:51,160 Speaker 8: of this. You don't need the hardcore Democrats who want 494 00:24:51,160 --> 00:24:54,360 Speaker 8: the three years. You don't need the hardcore Republicans who 495 00:24:54,680 --> 00:24:57,359 Speaker 8: want to focus on you know, you know, repealing and 496 00:24:57,400 --> 00:25:01,199 Speaker 8: replacing ACA. So you come into this like this the 497 00:25:01,240 --> 00:25:02,960 Speaker 8: center to pass policy. 498 00:25:03,119 --> 00:25:06,080 Speaker 2: So we can do this a couple of ways, the 499 00:25:06,080 --> 00:25:09,080 Speaker 2: way Rick just described here with the Susan Collins bill. 500 00:25:09,240 --> 00:25:13,160 Speaker 2: Maybe we get back to something that looks like a negotiation, 501 00:25:13,320 --> 00:25:16,840 Speaker 2: a compromise. Maybe a new law is written, or we 502 00:25:16,920 --> 00:25:19,359 Speaker 2: continue down the road we're on now. We're the only 503 00:25:19,400 --> 00:25:22,560 Speaker 2: way you get to the floor is through discharge petition. 504 00:25:23,040 --> 00:25:25,880 Speaker 2: The only way you move new money or fiscal policy 505 00:25:25,960 --> 00:25:29,560 Speaker 2: is through reconciliation. And maybe we extend that the only 506 00:25:29,600 --> 00:25:31,040 Speaker 2: way you move a bill in the Senate is to 507 00:25:31,119 --> 00:25:31,919 Speaker 2: kill the filibuster. 508 00:25:32,040 --> 00:25:33,000 Speaker 3: Is that what's coming next. 509 00:25:33,880 --> 00:25:35,840 Speaker 8: I wouldn't go as far as the philibuster, because I 510 00:25:35,840 --> 00:25:38,840 Speaker 8: do think there's some still some institutionalists in the Senate 511 00:25:38,880 --> 00:25:42,359 Speaker 8: that would protect that hopefully, but obviously we've seen the 512 00:25:42,359 --> 00:25:46,320 Speaker 8: President has been very opinionated on that front. And you know, 513 00:25:46,400 --> 00:25:48,880 Speaker 8: in this era that we're living in, all roads lead 514 00:25:48,920 --> 00:25:49,879 Speaker 8: back to Donald Trump. 515 00:25:50,280 --> 00:25:52,720 Speaker 2: Rick, what was going on in the offices of Republican 516 00:25:52,760 --> 00:25:55,720 Speaker 2: members in the House of Representatives today? How is it 517 00:25:55,760 --> 00:25:58,040 Speaker 2: that we get for exactly how does this stuff work? 518 00:25:58,080 --> 00:26:01,000 Speaker 2: Because people hear stories like this, Wait a minute, how 519 00:26:01,000 --> 00:26:04,080 Speaker 2: did this land on the penny? These guys called around 520 00:26:04,080 --> 00:26:06,120 Speaker 2: and said, look, I'm going to sign on to the petition, 521 00:26:06,240 --> 00:26:08,080 Speaker 2: so you don't have to. How does it work like this? 522 00:26:08,160 --> 00:26:12,400 Speaker 2: And how many other Republicans do they represent? Yeah, there's 523 00:26:12,440 --> 00:26:15,879 Speaker 2: a lot of self awareness amongst the membership. They know 524 00:26:15,920 --> 00:26:19,080 Speaker 2: who's talking to the Democrats about signing on to petitions 525 00:26:19,160 --> 00:26:22,280 Speaker 2: like this, and nobody wants to be the extra vote, right, 526 00:26:22,320 --> 00:26:25,119 Speaker 2: why pay the price? And so yeah, there's probably a 527 00:26:25,119 --> 00:26:25,840 Speaker 2: couple of calls. 528 00:26:26,200 --> 00:26:30,919 Speaker 4: I know Congressman Valdondano from California, we've probably been an 529 00:26:30,960 --> 00:26:35,200 Speaker 4: extra vote and said yesterday publicly that he was inclined 530 00:26:35,200 --> 00:26:37,639 Speaker 4: to sign up. And I'm sure someone called him and say, hey, 531 00:26:37,680 --> 00:26:39,480 Speaker 4: we got four, you don't need to walk the plank 532 00:26:40,920 --> 00:26:43,639 Speaker 4: and so he gets the vote that he wants without 533 00:26:43,680 --> 00:26:46,760 Speaker 4: having to actually look like he's jumping ship to do 534 00:26:46,800 --> 00:26:51,160 Speaker 4: business with the Democrats. So yes, there is a ballet 535 00:26:51,240 --> 00:26:54,480 Speaker 4: going on in the House of Representatives these days, and 536 00:26:54,520 --> 00:26:55,840 Speaker 4: it's not the Nutcracker. 537 00:26:58,040 --> 00:26:58,880 Speaker 3: Well put as ever. 538 00:26:59,280 --> 00:27:02,720 Speaker 2: Big thanks to our great panel, Rick Davis and Rshie Sidiki. 539 00:27:03,000 --> 00:27:05,160 Speaker 2: Stay with us on Balance of Power. We'll have much 540 00:27:05,200 --> 00:27:06,400 Speaker 2: more coming up after this. 541 00:27:11,800 --> 00:27:15,240 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch 542 00:27:15,320 --> 00:27:18,320 Speaker 1: us live weekdays at noon and five pm Eastern on 543 00:27:18,480 --> 00:27:22,160 Speaker 1: Almacarklay and Android Otto with the Bloomberg Business app. Listen 544 00:27:22,240 --> 00:27:25,360 Speaker 1: on demand wherever you get your podcasts, or watch us 545 00:27:25,400 --> 00:27:26,760 Speaker 1: live on YouTube. 546 00:27:27,840 --> 00:27:29,919 Speaker 2: Thanks for spending part of your Wednesday with us. You 547 00:27:29,960 --> 00:27:31,760 Speaker 2: stay in up late tonight. You watch it this live. 548 00:27:32,400 --> 00:27:35,399 Speaker 2: I read this morning. This is the Big Survivor finale tonight. 549 00:27:35,440 --> 00:27:39,000 Speaker 2: They still have Survivor and the President's going to interrupt it. 550 00:27:40,480 --> 00:27:43,200 Speaker 2: We're wondering if he has something to say. We're also 551 00:27:43,280 --> 00:27:45,680 Speaker 2: remembering how difficult it used to be for former presidents 552 00:27:45,720 --> 00:27:48,240 Speaker 2: to get on in prime time. Maybe the honeymoon is 553 00:27:48,280 --> 00:27:52,320 Speaker 2: still on Barack Obama, Joe Biden not always so much 554 00:27:52,359 --> 00:27:55,240 Speaker 2: to get roadblock coverage. It's not just Bloomberg, by the way, 555 00:27:55,240 --> 00:28:02,080 Speaker 2: And yeah, I'll be up late with you Fox, Yes, Fox, NBCCBS, ABC, 556 00:28:03,040 --> 00:28:08,120 Speaker 2: Fox News, CNN, Yeah, Bloomberg TV and radio all taken. 557 00:28:08,200 --> 00:28:11,600 Speaker 2: This thing live in primetime starts at nine o'clock. God, 558 00:28:11,600 --> 00:28:15,840 Speaker 2: that's late for me, but you know, I'm old. I 559 00:28:15,880 --> 00:28:19,159 Speaker 2: do prefer the hours of twelve to five that we 560 00:28:19,240 --> 00:28:23,760 Speaker 2: try to keep on a regular basis. But in all seriousness, 561 00:28:23,840 --> 00:28:26,720 Speaker 2: this is a big question about why now and what's 562 00:28:26,760 --> 00:28:27,560 Speaker 2: he going to talk about? 563 00:28:27,600 --> 00:28:28,720 Speaker 3: Could it be affordability? 564 00:28:29,520 --> 00:28:32,240 Speaker 2: Look no further than the latest pulling from IPSOS, with 565 00:28:32,320 --> 00:28:34,719 Speaker 2: our friend Cliff Young standing by to join us. 566 00:28:34,720 --> 00:28:35,439 Speaker 3: The headline. 567 00:28:35,680 --> 00:28:40,000 Speaker 2: He sends us these great decks the headline, economic concerns resurge. 568 00:28:40,480 --> 00:28:43,960 Speaker 2: There he is Cliff Young from IPSOS. Welcome back to Bloomberg. 569 00:28:44,040 --> 00:28:46,080 Speaker 2: It's great to see you, sir. Time I'm going to 570 00:28:46,120 --> 00:28:49,080 Speaker 2: scroll down here and I see consumer confidence remains muted, 571 00:28:49,400 --> 00:28:53,200 Speaker 2: and more importantly, the economy re emerges as the main 572 00:28:53,280 --> 00:28:54,880 Speaker 2: issue facing America today. 573 00:28:55,200 --> 00:28:56,920 Speaker 3: I don't know when it ever faded. 574 00:28:56,960 --> 00:28:59,440 Speaker 2: I know it was confused a lot with immigration, another 575 00:28:59,520 --> 00:29:02,360 Speaker 2: big issues on the campaign trail, But we could argue 576 00:29:02,360 --> 00:29:05,200 Speaker 2: the economy is what brought Donald Trump back into the 577 00:29:05,200 --> 00:29:09,200 Speaker 2: White House, is what will bring Democrats into power on 578 00:29:09,240 --> 00:29:09,920 Speaker 2: Capitol Hill. 579 00:29:10,400 --> 00:29:13,960 Speaker 9: Well, it was a critical issue that Donald Trump served 580 00:29:14,000 --> 00:29:16,680 Speaker 9: in twenty twenty four. He won the twenty twenty four elections, 581 00:29:16,680 --> 00:29:20,320 Speaker 9: as you said, Joe, based on the economy, more specifically inflation. 582 00:29:21,040 --> 00:29:23,200 Speaker 9: And for the first little bit, the first let's say, 583 00:29:24,040 --> 00:29:28,080 Speaker 9: semester of twenty twenty five, the issue wasn't the economy. 584 00:29:28,080 --> 00:29:32,240 Speaker 9: It became polical threats to democracy, bolical extremism. 585 00:29:32,680 --> 00:29:34,680 Speaker 3: They kind of outstretched the other issues. 586 00:29:34,800 --> 00:29:36,160 Speaker 9: A lot of it had to do with the friction 587 00:29:36,520 --> 00:29:38,840 Speaker 9: that the Trump administration was causing, especially when it came 588 00:29:38,880 --> 00:29:42,360 Speaker 9: to tariffs and doze for instance. But in the last 589 00:29:42,360 --> 00:29:44,600 Speaker 9: little bit, over the last month, our polling is shown 590 00:29:45,120 --> 00:29:49,719 Speaker 9: that threats to democracy has dropped by the wayside, and 591 00:29:49,800 --> 00:29:52,800 Speaker 9: it's the economy front and center, and more specifically, based 592 00:29:52,840 --> 00:29:55,240 Speaker 9: on a lot of the polling that we're doing, what 593 00:29:55,400 --> 00:29:57,280 Speaker 9: keeps re emerging affordability. 594 00:29:57,440 --> 00:30:00,360 Speaker 3: Affordability. Affordability, Yeah, amazing. 595 00:30:01,160 --> 00:30:03,760 Speaker 2: As the President refers to that as a democratic hoax, 596 00:30:04,520 --> 00:30:07,160 Speaker 2: it's hard to argue with what you're seeing here. His 597 00:30:07,240 --> 00:30:09,520 Speaker 2: approval rating saw a little bit of a bump in December. 598 00:30:09,520 --> 00:30:11,280 Speaker 2: It's still underwater though, yeah. 599 00:30:11,080 --> 00:30:13,320 Speaker 3: I wouldn't say it's underwater. Said, so, where is he 600 00:30:13,400 --> 00:30:16,240 Speaker 3: right now? It's about forty three percent or so? What 601 00:30:16,240 --> 00:30:18,440 Speaker 3: does that mean historically as underwater anymore? Is it? 602 00:30:18,480 --> 00:30:18,640 Speaker 8: Well? 603 00:30:18,640 --> 00:30:20,400 Speaker 9: I don't call it underwater, others may call it. I 604 00:30:20,800 --> 00:30:24,960 Speaker 9: see it as you know, marginal. If you dip below forty, 605 00:30:25,000 --> 00:30:27,240 Speaker 9: then you're in a really bad place. A sitting president 606 00:30:27,280 --> 00:30:30,360 Speaker 9: at forty percent approval rating has about a fifty percent 607 00:30:30,760 --> 00:30:33,320 Speaker 9: chance of winning the next election. That's just a proxy 608 00:30:33,400 --> 00:30:36,160 Speaker 9: for your ability to push forward your agenda. At forty three, 609 00:30:36,200 --> 00:30:37,600 Speaker 9: you're not in a great place, but you're not in 610 00:30:37,640 --> 00:30:39,920 Speaker 9: a terrible place. An incumbent wants to be in the 611 00:30:39,960 --> 00:30:42,760 Speaker 9: mid forties. But what we can say is he only 612 00:30:42,760 --> 00:30:45,960 Speaker 9: improved a point or so. But terrorifts are rearing their 613 00:30:46,040 --> 00:30:50,200 Speaker 9: ugly heads. Americans are beginning to feel that on the margins, 614 00:30:50,200 --> 00:30:53,400 Speaker 9: and I would expect in Q one of next year 615 00:30:54,080 --> 00:30:56,640 Speaker 9: the tariff issue to really have an impact. 616 00:30:56,760 --> 00:30:57,920 Speaker 3: So forty is the new fifty. 617 00:30:59,160 --> 00:31:03,040 Speaker 2: Just kidding president's approval when it comes to cost of living. 618 00:31:03,440 --> 00:31:07,440 Speaker 2: There's a headline in here asking whether he's losing the magabase. 619 00:31:07,480 --> 00:31:09,600 Speaker 2: What do Republicans think about the economy. 620 00:31:09,960 --> 00:31:11,680 Speaker 9: They think it's not doing so well either. I mean 621 00:31:11,720 --> 00:31:16,840 Speaker 9: they are across the board. Americans of all stripes, all colors, 622 00:31:16,880 --> 00:31:20,320 Speaker 9: all places, really feel the economy has taken a hit, 623 00:31:20,560 --> 00:31:24,040 Speaker 9: more specifically affordability. When you look kind of peel the 624 00:31:24,080 --> 00:31:26,880 Speaker 9: onion away, who is he losing. On the one hand, 625 00:31:26,920 --> 00:31:31,520 Speaker 9: he's losing those that lean Republican. They're not staunch Maga people, 626 00:31:31,760 --> 00:31:34,120 Speaker 9: but they lean Republican. They voted for him in twenty 627 00:31:34,200 --> 00:31:36,719 Speaker 9: twenty four. He brought them into coalition. They do not 628 00:31:36,720 --> 00:31:39,080 Speaker 9: feel like their lives have improved. And addition to that 629 00:31:39,240 --> 00:31:43,880 Speaker 9: is less affluent Americans, minorities, younger Americans, all of them 630 00:31:43,920 --> 00:31:44,720 Speaker 9: are feeling the pinch. 631 00:31:44,880 --> 00:31:47,600 Speaker 2: The jobs report we saw yesterday at the highest unemployment 632 00:31:47,640 --> 00:31:52,880 Speaker 2: rate in four years, Black unemployment specifically above eight percent. 633 00:31:53,640 --> 00:31:55,280 Speaker 2: Are we starting to connect the dots on what this 634 00:31:55,280 --> 00:31:56,760 Speaker 2: speech might be about tonight. 635 00:31:57,040 --> 00:31:59,400 Speaker 9: Well, he definitely has a problem, and they're helping to this. 636 00:31:59,440 --> 00:32:02,880 Speaker 9: More specific they have this problem. Have there's affordability problem? 637 00:32:03,000 --> 00:32:06,440 Speaker 9: Americans not only are worried about that, they're a necessarily mood. 638 00:32:06,640 --> 00:32:10,000 Speaker 9: They don't feel like the administration has taken action on it. 639 00:32:10,360 --> 00:32:13,080 Speaker 9: Now the question is Will the speech be about the 640 00:32:13,080 --> 00:32:17,720 Speaker 9: issue affordability directly? Will it be perhaps trying to focus 641 00:32:17,720 --> 00:32:21,000 Speaker 9: the American population on another issue like Venezuela. We have 642 00:32:21,120 --> 00:32:23,720 Speaker 9: to wait and see, but without a doubt, the administration 643 00:32:24,560 --> 00:32:25,760 Speaker 9: has hit choppy waters. 644 00:32:25,800 --> 00:32:27,480 Speaker 3: What are you learning about Venezuela? 645 00:32:27,520 --> 00:32:29,240 Speaker 2: What do people think about what's going on down there? 646 00:32:29,400 --> 00:32:30,400 Speaker 3: It's just sort of middling. 647 00:32:30,920 --> 00:32:31,120 Speaker 8: You know. 648 00:32:31,240 --> 00:32:35,240 Speaker 9: Overall Americans don't like foreign intervention. 649 00:32:34,680 --> 00:32:37,400 Speaker 3: Especially Maga. Yeah, they especially Maga. 650 00:32:37,440 --> 00:32:41,520 Speaker 9: They voted for him to like to take American troops 651 00:32:41,520 --> 00:32:44,360 Speaker 9: out of harm's way. They don't want a muscular foreign policy. 652 00:32:44,440 --> 00:32:47,040 Speaker 9: They don't like Gaza, they don't like Ukraine, and they 653 00:32:47,080 --> 00:32:50,080 Speaker 9: really don't like Venezuela. Now I wouldn't say they are 654 00:32:50,120 --> 00:32:54,320 Speaker 9: rejecting it, but it's a very lukewarm, vanilla feel for it. 655 00:32:54,840 --> 00:32:58,200 Speaker 9: Nothing that an administration would want it when and if 656 00:32:58,240 --> 00:32:59,160 Speaker 9: they go into Harm's way. 657 00:32:59,520 --> 00:33:03,200 Speaker 2: It speaks to the whole national security America first issue 658 00:33:03,240 --> 00:33:06,080 Speaker 2: when it comes to this president, does a speech like 659 00:33:06,120 --> 00:33:08,680 Speaker 2: tonight move the needle on an approval rating? Or do 660 00:33:08,760 --> 00:33:10,959 Speaker 2: not enough people watch this in real time anymore? I mean, 661 00:33:11,000 --> 00:33:13,920 Speaker 2: I just went through this alphabet soup of networks. Most people, 662 00:33:14,000 --> 00:33:16,120 Speaker 2: let's be honest, we're going to watch this on chopped 663 00:33:16,160 --> 00:33:17,240 Speaker 2: up on Twitter tomorrow morning. 664 00:33:17,280 --> 00:33:18,640 Speaker 9: Right, Yeah, it's all gonna be an next they're going 665 00:33:18,720 --> 00:33:20,800 Speaker 9: to be looking at it there. But these sorts of 666 00:33:20,840 --> 00:33:23,800 Speaker 9: speeches typically never had an impact, is that right? 667 00:33:24,040 --> 00:33:24,560 Speaker 3: With general? 668 00:33:24,640 --> 00:33:26,720 Speaker 9: With public opinion in general? Where they have an impact 669 00:33:26,800 --> 00:33:30,600 Speaker 9: is among elits, so signaling to donor class donor class, 670 00:33:30,640 --> 00:33:33,440 Speaker 9: signaling to sort of political leads that you're taking the 671 00:33:33,480 --> 00:33:36,760 Speaker 9: action they expect that you're aligning in certain ways. 672 00:33:36,920 --> 00:33:39,240 Speaker 3: Typically a speech like this does that. We'll have to 673 00:33:39,280 --> 00:33:39,960 Speaker 3: wait and say. 674 00:33:39,840 --> 00:33:42,160 Speaker 2: You're running numbers on the ballroom. You see, the ballroom 675 00:33:42,200 --> 00:33:44,560 Speaker 2: is going to get more expensive. I'm being half serious here, 676 00:33:45,280 --> 00:33:50,360 Speaker 2: But this idea of private funding, crony capitalism, whatever your 677 00:33:50,400 --> 00:33:53,400 Speaker 2: headline is going to be here, four hundred million dollars 678 00:33:53,400 --> 00:33:56,280 Speaker 2: in private funding raises a lot of questions. 679 00:33:56,280 --> 00:33:58,360 Speaker 3: Do people care about this or is this inside the 680 00:33:58,400 --> 00:33:59,120 Speaker 3: beltway talking? 681 00:33:59,360 --> 00:33:59,400 Speaker 10: No. 682 00:33:59,640 --> 00:34:02,840 Speaker 9: It gore to the notion that the system's broken. You know, 683 00:34:03,080 --> 00:34:06,880 Speaker 9: a supermajority of Americans believe the system is broken. The 684 00:34:07,000 --> 00:34:10,200 Speaker 9: details are less important. The fact that the administration's focus 685 00:34:10,280 --> 00:34:13,600 Speaker 9: on something that no one would say was important, and 686 00:34:13,640 --> 00:34:14,480 Speaker 9: it's front center. 687 00:34:14,560 --> 00:34:18,080 Speaker 3: It's very symbolic. It's not good. Is it a death knell? 688 00:34:18,200 --> 00:34:20,319 Speaker 2: No, but doesn't help when you go to the big 689 00:34:20,320 --> 00:34:22,799 Speaker 2: White House Christmas party this year, check on the East 690 00:34:22,800 --> 00:34:23,560 Speaker 2: Wing for us and let. 691 00:34:23,560 --> 00:34:25,359 Speaker 3: Us know what's going on. I will it'll be quite 692 00:34:25,360 --> 00:34:27,959 Speaker 3: cold there. I believe that's true. It is wide open. 693 00:34:28,680 --> 00:34:31,880 Speaker 2: Cliff, thank you, Cliff Young ipsos with us live in Washington. 694 00:34:32,000 --> 00:34:33,560 Speaker 3: Okay, that sets the baseline. 695 00:34:33,840 --> 00:34:37,320 Speaker 2: Remember this conversation at nine o'clock tonight, nine oh one thirty, 696 00:34:37,360 --> 00:34:39,840 Speaker 2: when the President starts speaking, I'm still curious about the venue. 697 00:34:39,880 --> 00:34:43,520 Speaker 2: Is this an oval address? It's not his preferred venue. 698 00:34:44,160 --> 00:34:46,360 Speaker 2: Maybe we've got the podium set up in the Cross Hall. 699 00:34:46,680 --> 00:34:47,120 Speaker 3: I don't know. 700 00:34:47,200 --> 00:34:49,600 Speaker 2: We'll get an office pool going on that in time 701 00:34:49,600 --> 00:34:51,440 Speaker 2: for the late edition of Balance and Power. 702 00:34:51,719 --> 00:34:54,040 Speaker 3: I'm Joe, Matthew and Washington. Thanks for being with us year. 703 00:34:54,040 --> 00:34:55,920 Speaker 2: As we turned to Wall Street, of course, well, the 704 00:34:55,920 --> 00:34:58,239 Speaker 2: markets are going to be watching this too. But more specifically, 705 00:34:58,239 --> 00:35:02,960 Speaker 2: we've got a lot of concerns about the AI unlined, 706 00:35:03,600 --> 00:35:05,960 Speaker 2: as Charlie Pellett tells us every twenty minutes, that these 707 00:35:06,000 --> 00:35:08,640 Speaker 2: things keep reaching lower. We've also got our eyes on 708 00:35:08,719 --> 00:35:11,359 Speaker 2: crypto though. Yeah, that's down to risk off, you've got 709 00:35:11,400 --> 00:35:17,560 Speaker 2: a vis at seventeen. The only thing moving higher, ironically, 710 00:35:17,680 --> 00:35:20,960 Speaker 2: is oil, which has been in the tank lately. Good 711 00:35:20,960 --> 00:35:23,600 Speaker 2: opportunity to check in with Christine, our managing editor for 712 00:35:23,680 --> 00:35:26,720 Speaker 2: Bloomberg Markets Live blog, Christina Quino in the fish Bowl 713 00:35:26,800 --> 00:35:30,000 Speaker 2: Live in New York. Christine, what's going on here? Are 714 00:35:30,040 --> 00:35:32,040 Speaker 2: we going to set a floor? I thought we were 715 00:35:32,080 --> 00:35:33,600 Speaker 2: supposed to have a Santa Claus rally. 716 00:35:33,840 --> 00:35:36,560 Speaker 10: I know, Joe, there's a lot of things that are 717 00:35:36,640 --> 00:35:40,080 Speaker 10: really getting in a way to Santa rally, and today specifically, 718 00:35:40,760 --> 00:35:43,239 Speaker 10: once again, AI worry is coming back to the four 719 00:35:43,320 --> 00:35:47,319 Speaker 10: primarily because of news tied once again to Oracle. So 720 00:35:47,360 --> 00:35:50,880 Speaker 10: I think the latest is again concerns around its ability 721 00:35:50,920 --> 00:35:53,640 Speaker 10: to deliver on these data centers. Now that we've heard 722 00:35:53,760 --> 00:35:56,080 Speaker 10: about Blue Owl pulling out from one of the deals 723 00:35:56,560 --> 00:35:59,000 Speaker 10: that they have, the Oracle trying to read our investors 724 00:35:59,000 --> 00:36:00,360 Speaker 10: that they're going to be able to de over this. 725 00:36:00,560 --> 00:36:04,359 Speaker 10: Remember also that the last I guess bout of air 726 00:36:04,400 --> 00:36:07,120 Speaker 10: worries that we got was also tied to news about 727 00:36:07,120 --> 00:36:11,040 Speaker 10: Oracle potentially having to delay some of its delivery of 728 00:36:11,080 --> 00:36:14,479 Speaker 10: these data centers due to shortages regarding mappower and things 729 00:36:14,520 --> 00:36:17,040 Speaker 10: like that. But overall, you know, this is really just 730 00:36:17,080 --> 00:36:20,120 Speaker 10: adding up to Okay, is the AI trade still going 731 00:36:20,200 --> 00:36:23,120 Speaker 10: strong or not? And you know that's just putting a 732 00:36:23,120 --> 00:36:24,960 Speaker 10: bit of a damper in the Santi rally that we 733 00:36:24,960 --> 00:36:25,759 Speaker 10: were supposed to have. 734 00:36:26,000 --> 00:36:28,120 Speaker 3: Yeah. Well, it's like the old saying. 735 00:36:28,160 --> 00:36:31,319 Speaker 2: You know, when America sneezes, the world catches a cold, 736 00:36:31,480 --> 00:36:35,200 Speaker 2: and Oracle sneezing. The question is whether it should be 737 00:36:35,200 --> 00:36:36,759 Speaker 2: looked at in the same way as all the other 738 00:36:36,800 --> 00:36:39,200 Speaker 2: companies in this space, right Christine, I mean, the balance 739 00:36:39,239 --> 00:36:41,040 Speaker 2: sheet at Oracle is a big question right now. The 740 00:36:41,080 --> 00:36:43,800 Speaker 2: company's taken on an enormous amount of debt and trying 741 00:36:43,840 --> 00:36:46,240 Speaker 2: to facilitate the build out of all these data centers. 742 00:36:46,480 --> 00:36:48,520 Speaker 2: But we've got another important name coming after the Bell, 743 00:36:48,600 --> 00:36:50,640 Speaker 2: and I'm wondering what you're looking at when it comes 744 00:36:50,719 --> 00:36:54,319 Speaker 2: to Micron Technology because its memory products are used in 745 00:36:54,360 --> 00:36:56,840 Speaker 2: all these same data center buildouts. But it's also not 746 00:36:56,960 --> 00:37:00,000 Speaker 2: laying out billions and billions of dollars the way Oracle. 747 00:37:00,680 --> 00:37:03,600 Speaker 10: Absolutely, Joe, and you're exactly right right. It really is 748 00:37:03,680 --> 00:37:08,160 Speaker 10: all about the balance sheet questions, and Oracle seems particularly 749 00:37:08,280 --> 00:37:10,319 Speaker 10: vulnerable to that. I think the good news is that 750 00:37:10,520 --> 00:37:12,799 Speaker 10: you know, people are starting to recognize, okay, there's a 751 00:37:12,800 --> 00:37:16,040 Speaker 10: bit of a differentiation here based on balance sheets, based 752 00:37:16,080 --> 00:37:20,760 Speaker 10: on free cash flow abilities that a lot of the hyperscalars, 753 00:37:20,760 --> 00:37:23,080 Speaker 10: like a lot of big companies involved in this isn't 754 00:37:23,120 --> 00:37:25,319 Speaker 10: necessarily a problem for them. And I think now we're 755 00:37:25,320 --> 00:37:27,960 Speaker 10: starting to see that divergence in the AI trade the 756 00:37:27,960 --> 00:37:30,600 Speaker 10: winners and the losers. Right as far as micro is concerned, 757 00:37:30,640 --> 00:37:33,879 Speaker 10: I mean, yeah, big focus of course is whether they're 758 00:37:33,920 --> 00:37:36,000 Speaker 10: going to be you know, what their capex looks like 759 00:37:36,400 --> 00:37:40,399 Speaker 10: for the year, whether they offer guidance that is good 760 00:37:40,480 --> 00:37:43,080 Speaker 10: enough for investors. But these days, good enough means you 761 00:37:43,200 --> 00:37:47,400 Speaker 10: have to clear that bar, right that's already high in 762 00:37:47,440 --> 00:37:50,040 Speaker 10: terms of expectations. You have to clear that with a 763 00:37:50,080 --> 00:37:53,600 Speaker 10: wide margin for investors to consider it good enough. So 764 00:37:53,719 --> 00:37:55,840 Speaker 10: we'll see if Micron is able to do that tonight. 765 00:37:56,719 --> 00:37:58,760 Speaker 2: Well that's a great point. Is is there any truth 766 00:37:58,800 --> 00:38:01,000 Speaker 2: to this broadening out narrative? 767 00:38:01,040 --> 00:38:01,239 Speaker 6: Here? 768 00:38:01,360 --> 00:38:03,600 Speaker 2: We hear this so often, Christine, I'm sure you start 769 00:38:03,680 --> 00:38:05,440 Speaker 2: rolling your eyes after a while, But you know, the 770 00:38:05,600 --> 00:38:08,719 Speaker 2: RSP is actually pretty close to all time highs here, 771 00:38:08,719 --> 00:38:10,799 Speaker 2: and you know, maybe we focus a little bit too 772 00:38:10,880 --> 00:38:12,440 Speaker 2: much on these AI stocks because. 773 00:38:12,200 --> 00:38:14,120 Speaker 3: Other parts of the market are feeling the love, right. 774 00:38:14,280 --> 00:38:17,280 Speaker 10: Yeah, absolutely, Joe. I mean we have seen more signs 775 00:38:17,360 --> 00:38:19,879 Speaker 10: of a broader stock rally right, a lot of kind 776 00:38:19,960 --> 00:38:25,000 Speaker 10: of more traditional names, consumer discretionary names. Even that owes 777 00:38:25,040 --> 00:38:27,040 Speaker 10: a lot of it to the fact that we have seen, 778 00:38:27,320 --> 00:38:29,720 Speaker 10: even though it's been a mixed bag of data this week, 779 00:38:30,200 --> 00:38:33,800 Speaker 10: since we finally got data, is still pointing to a 780 00:38:33,920 --> 00:38:37,200 Speaker 10: resilian consumer, right, and so I think that's benefiting a 781 00:38:37,239 --> 00:38:39,600 Speaker 10: lot of these kind of more traditional stocks. 782 00:38:40,440 --> 00:38:42,440 Speaker 2: I was supposed to ask you about Medline. We've got 783 00:38:42,480 --> 00:38:45,240 Speaker 2: a big IPO today. It's the biggest one of the year, Christine. 784 00:38:45,239 --> 00:38:46,440 Speaker 2: I know you're going to be watching it and we 785 00:38:46,480 --> 00:38:49,920 Speaker 2: will too. Thanks for listening to the Balance of Power podcast. 786 00:38:50,520 --> 00:38:53,640 Speaker 2: Make sure to subscribe if you haven't already an Apple, Spotify, 787 00:38:53,760 --> 00:38:56,319 Speaker 2: or wherever you get your podcasts, and you can find 788 00:38:56,400 --> 00:38:59,239 Speaker 2: us live every weekday from Washington, DC at New Time 789 00:38:59,280 --> 00:39:01,560 Speaker 2: Eastern at Bloomberg dot com.