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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the

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Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at

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Speaker 2: Continue our conversation about the jobs report. Of course, the

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Speaker 2: economy loom large in the speech last night, the President

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Speaker 2: talking about how Americans are preparing to tell the greatest

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Speaker 2: comeback story of all time, referring to the recovery from

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Speaker 2: COVID and what he of course refers to as the

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Speaker 2: expansion of the middle class. You have the jobs data

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Speaker 2: today and it's interesting. Two hundred and seventy five thousand

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Speaker 2: blows the doors off from last month. We did get

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Speaker 2: some downward revisions from prior months though, and we have

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Speaker 2: the jobless rate at a two year high. So, as

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Speaker 2: we talked about with my this push pull exists, and

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Speaker 2: that's where we want to go with Heather Bouchet, as

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Speaker 2: we now get the view directly from the White House.

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Speaker 2: Of course, one of the President's nearest economic advisors. Heather

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Speaker 2: Bouche is on the President's Council of Economic Advisors and

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Speaker 2: it's great to see you live from the North Lawn, Heather.

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Speaker 2: Thank you for joining us as always today on Bloomberg.

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Speaker 2: It looks like you've got two sides of the coin

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Speaker 2: on this. Do you worry about the jobless rate at

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Speaker 2: a two year high if it's caused by increased participation?

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Speaker 3: Do you see that as a good thing?

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Speaker 4: Well, here's the thing. Let's remember that the unemployment rate

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Speaker 4: has now been below four percent for a wopping twenty

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Speaker 4: five months. It's a record going back half a century. Yes,

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Speaker 4: it did tick up this month, but we know that

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Speaker 4: there's volatility in this data. And we know that when

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Speaker 4: you look at the payroll survey, which is where we

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Speaker 4: get that overall job gain number, we did see the

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Speaker 4: two hundred and seventy five thousand jobs far out pacing

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Speaker 4: expectations and far higher than the pace that we need

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Speaker 4: to sustain new entrants into the labor force, according to

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Speaker 4: our analysis, Council of Economic Advisors. So I think when

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Speaker 4: you look at this report, it is it continues to

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Speaker 4: be a strong report for American workers and American families

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Speaker 4: and showing these strong, steady job gains month after month

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Speaker 4: after month. Let me add that. One of the things

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Speaker 4: in that report that I think is important to note

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Speaker 4: is that the job gains were very widespread. You know,

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Speaker 4: sixty three percent of firms added jobs last month, and

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Speaker 4: that's higher than the pace, slightly higher than the pace

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Speaker 4: that we were seeing pre pandemic. So that is a good,

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Speaker 4: healthy pace and a widespread dispersion of jobs being created

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Speaker 4: across the economy. So I think that there's a lot

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Speaker 4: to like in this report today.

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Speaker 2: I thought you would point to participation, and maybe you

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Speaker 2: do want to talk about that yet, but this is

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Speaker 2: something that we've been asking for and hoping for, increased

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Speaker 2: labor participation. If it comes at the expense of a

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Speaker 2: couple points on the unemployment rate, that's a good trade

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Speaker 2: in your view, is it not.

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Speaker 4: Well, Certainly we saw that uptick, and particularly for prime

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Speaker 4: age workers, so that is unequivocal good news. It means

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Speaker 4: that people are seeing that opportunity, they're coming back into

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Speaker 4: the labor force, they're seeing that opportunity to get a job,

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Speaker 4: and they're searching for that work. And again, you know,

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Speaker 4: what we saw on the payroll survey is that there

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Speaker 4: was strong, steady hiring and there aren't indications from other

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Speaker 4: reports out there from the Job Opening Survey or from

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Speaker 4: the Unemployment Insurance data to indicate that there are real

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Speaker 4: challenges in terms of people being you know, being able

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Speaker 4: to find work. So I think that we continue to

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Speaker 4: see that this is a good report, and of course

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Speaker 4: that higher labor force participation number, especially among women, is

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Speaker 4: something that we like to see.

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Speaker 3: Well, tell me more about women.

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Speaker 2: It's International Women's Day, and it's something that we're talking

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Speaker 2: about throughout the day here on Bloomberg. We talked previously

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Speaker 2: Heather about a potential problem at the beginning of this

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Speaker 2: year that became known as the child's care Cliff, and

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Speaker 2: I wonder if we're getting to the point now where

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Speaker 2: we can actually see whether that has been realized.

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Speaker 4: Well, here's the thing. There's a few things that we now.

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Speaker 4: First of all, we know that families need access to

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Speaker 4: care services, to childcare and care for the aging and

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Speaker 4: disabled in order to participate fully in the labor force.

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Speaker 4: This is a known issue, and we saw that really

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Speaker 4: bubbling up during the pandemic for so many families across

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Speaker 4: the country. And of course, you know, part of what

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Speaker 4: the President did and Congress did was you know, put

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Speaker 4: in supports for childcare centers and for home and community

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Speaker 4: based care so that those services could be available for families.

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Speaker 4: Now we have seen that money pairing back, and we

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Speaker 4: haven't seen Congress extend it yet. And you know, we

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Speaker 4: have been watching these numbers carefully to see what that

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Speaker 4: does to especially caregivers who are disproportually women, does to

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Speaker 4: their labor force participation rates. So far, you know, things

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Speaker 4: are looking like women continue to participate in the labor force.

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Speaker 4: But as the President said last night, this care agenda

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Speaker 4: remains at top of mind for him. He talked last

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Speaker 4: night about needing to make sure that everyone has access

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Speaker 4: to safe and enriching and affordable childcare. He talked about

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Speaker 4: making sure that folks have access to home and community

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Speaker 4: based services as well. So this remains a priority for him,

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Speaker 4: and one of the core reasons is, you know, the

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Speaker 4: care itself is important, but it also, as you noted, Joe,

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Speaker 4: it has these really important labor market implications.

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Speaker 2: Well, there's a lot to talk about here as we

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Speaker 2: spend time with Heather Bouchet live from White House here

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Speaker 2: on Bloomberg our analysis from Bloomberg Economics. Heather did point

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Speaker 2: to some concern about the number of layoffs in this report.

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Speaker 2: I'm just wondering if you're hearing from your contacts in

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Speaker 2: the private sector, if companies are starting to take a

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Speaker 2: second look at headcounts.

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Speaker 4: Well, we are now fully into this economic recovery. As

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Speaker 4: you know, you know, it was challenging to come out

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Speaker 4: of the pandemic. Businesses got up and running. I think

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Speaker 4: there's been questions germinating about how fast firms were hiring,

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Speaker 4: were they hoarding any workers given the challenges of you know,

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Speaker 4: just this re entry of so many firms. But you know,

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Speaker 4: I think what we continue to see, and I mean

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Speaker 4: I think that you know, when you look at this

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Speaker 4: full when you look at the report in its full

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Speaker 4: scope today, what you continue to see is a strong

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Speaker 4: labor market and again an unemployment rate below four percent.

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Speaker 5: This is this is low.

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Speaker 4: It does mean that if you are out there and

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Speaker 4: you're searching for a job, or you're on the sidelines

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Speaker 4: and you want to get work, there's a lot of

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Speaker 4: jobs that are that remain open and available to you,

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Speaker 4: and we continue to create those jobs, making sure that

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Speaker 4: as we pull out of you know, as we continue

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Speaker 4: to see this recovery and we see that shifting from

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Speaker 4: the production of goods to services. You know, we are

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Speaker 4: going to see some shifting across you know, where people

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Speaker 4: are working. But I think that these numbers really do

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Speaker 4: indicate the strength and the ongoing foundational strength in this

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Speaker 4: job market recovery.

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Speaker 2: Heather of the President coming off as State of the

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Speaker 2: Union address, of course, and he talked about the need

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Speaker 2: for higher taxes on the wealthy and on corporation, specific

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Speaker 2: to the idea of a higher corporate tax rate, which

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Speaker 2: I know is something that he has been pushing for

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Speaker 2: for some time and we have seen some movement. I

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Speaker 2: just wonder what impact that might have on hiring, if

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Speaker 2: any at all. Is that something that you're able to model.

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Speaker 4: Well, here's the thing. We need to make sure that

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Speaker 4: the federal government has the resources that it needs to

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Speaker 4: be able to do the things that it needs to do.

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Speaker 4: And one of the priorities that the President has focused

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Speaker 4: on is making sure that the Internal Revenue Service has

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Speaker 4: the resources they need to literally enforce the laws on

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Speaker 4: the books, let alone the new ideas that the President

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Speaker 4: is bringing to the table. We are already seeing the

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Speaker 4: success of that as the IRS has been able to

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Speaker 4: get back on money from taxpayers who owed it and

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Speaker 4: these are taxpayers at the very top end of the

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Speaker 4: income ladder. So, you know, I think that what we

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Speaker 4: have seen in the economic research, what we've seen in

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Speaker 4: our lived experience over the past couple of years, is

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Speaker 4: that businesses have a lot of resources. We've also given

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Speaker 4: them a lot of subsidies and supports to go out

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Speaker 4: there and invest. So we're seeing this investment boom at

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Speaker 4: the same time that we've been focusing on making sure

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Speaker 4: that we're enforcing the laws and raising tax on as

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Speaker 4: the President likes to say, wealth and not work. So

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Speaker 4: I remain convinced that, you know, if government has the

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Speaker 4: resources that they need to do their job and businesses

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Speaker 4: focus on investing in those industries that are so important

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Speaker 4: to American competitiveness and American jobs and workers, we will

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Speaker 4: continue to see that kind of economic growth.

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Speaker 3: Did you help write that portion of the speech?

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Speaker 6: Heather?

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Speaker 4: You know this is a we all work on these

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Speaker 4: on the president's issues and support him in every way

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Speaker 4: we can.

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Speaker 3: Was there a watch party last night? I need to know.

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Speaker 2: I know Jared Bernstein, I saw him walk in, But

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Speaker 2: were the economic advisors huddled together in the OEO B

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Speaker 2: watching the address?

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Speaker 4: There was a team of US. I believe I tweeted

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Speaker 4: a photo about this. We were there watching together, cheering

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Speaker 4: the President on, and also so excited for all of

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Speaker 4: our colleagues. It was amazing last night to see the

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Speaker 4: diversity of the President's cabinet there supporting him, who are

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Speaker 4: every day implementing his Investing in America agenda, and quite

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Speaker 4: wonderful to see Chair Prinstein out there as well.

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Speaker 3: Well.

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Speaker 2: I'm remiss, I need to get to Twitter here obviously. Lastly,

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Speaker 2: Heather Bouchet, always generous with your time. When you step back,

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Speaker 2: you look at this. You have to answer questions from

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Speaker 2: people like me once a month when the job's.

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Speaker 3: Data is released are released, I should.

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Speaker 2: Say, But when you step back, you look back a

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Speaker 2: couple of years here, and you consider the historic series

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Speaker 2: of interest take interest rate hikes by this Federal Reserve.

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Speaker 2: Are you perplexed by the strength of this job market?

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Speaker 2: They've tried to smash it with everything they have. Heather,

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Speaker 2: and I don't want you to comment on the FED.

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Speaker 2: Just the pure strength of the job market right now

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Speaker 2: it seems historic.

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Speaker 4: I think what the lesson I take from it is

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Speaker 4: that fiscal policy needs to play its role. The President

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Speaker 4: came out with a bold, decisive agenda to make sure

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Speaker 4: that the fiscal side, not just the monetary side, did

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Speaker 4: its job to get people back to work and make

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Speaker 4: those investments that would create jobs all across the country.

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Speaker 4: I think what this recovery is shown is that we

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Speaker 4: need to focus more on making sure that those automatic

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Speaker 4: stabilizers are ready to go, that we are making those

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Speaker 4: investments when we need the most, when you have those

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Speaker 4: economic downturns, so that communities aren't left behind, because that

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Speaker 4: provides the foundational strength upon which new businesses can start.

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Speaker 4: The President talked about it last night. Three years of

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Speaker 4: record breaking numbers of new business startups, allowing people to

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Speaker 4: upgrade their jobs over the past couple of years, allowing

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Speaker 4: people to find work. And then on top of that,

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Speaker 4: the Investing in America agenda that is crowding in all

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Speaker 4: of these private sector investments. That's where the strength of

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Speaker 4: this recovery is. The smart fiscal policy, the strategic investments,

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Speaker 4: and making sure throughout all of this that we're empowering

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Speaker 4: workers and that markets are fair and competitive. So the

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Speaker 4: answer is to the question quite clear.

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Speaker 3: Yeah.

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Speaker 2: Connecting the dots here when it comes to polling is

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Speaker 2: another matter that We've talked about Heather, and we'll continue

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Speaker 2: that conversation. You're always kind of join us here on

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Speaker 2: Bloomberg Heather Bouchet with the White House Council of Economic Advisors.

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Speaker 2: It is true, although we have seen some uptick in

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Speaker 2: the numbers. The Wall Street Journal survey for Joe Biden

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Speaker 2: and Donald Trump that came out about a week ago

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Speaker 2: showed a near fifty percent number. I have to go

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Speaker 2: back and find that what was the highest we had

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Speaker 2: seen up ten points from the month earlier on those

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Speaker 2: who were feeling better about their economic prospects. But boy,

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Speaker 2: there's a long way to go there, and it's still

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Speaker 2: a big question about whether they can pull off a

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Speaker 2: soft landing.

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Speaker 3: I'm Joe, Matthew and Washington.

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Speaker 2: Glad you're with us here on Balance of Power here

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Speaker 2: on Bloomberg Radio, on the satellite and on YouTube. You

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Speaker 2: can find us right now if you get to YouTube

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Speaker 2: search Bloomberg Global News. As we continue to unpack the

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Speaker 2: big speech from last night, we brought it to you

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Speaker 2: live from Statuary Hall. Of course President was in the

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Speaker 2: chamber with the members, but we had a lot of

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Speaker 2: great conversations with lawmakers in the hall as they emerged,

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Speaker 2: and we're still trying to gauge the impact of a

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Speaker 2: lot of what we heard. I was fascinated, as a

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Speaker 2: lot folks were by the order in which the President

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Speaker 2: tackled topics last night. You would have thought he'd come

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Speaker 2: out swinging on the economy or the border first, right,

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Speaker 2: both of them waited. Presidents started on Ukraine as the

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Speaker 2: Swedish Prime Minister looked down from the First Lady's box.

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Speaker 2: And that's where we want to start our conversation with

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Speaker 2: Jenny Welch, of course advising Bloomberg Economics on all things geopolitics.

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Speaker 2: Great to see you, formerly, of course of the Biden administration,

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Speaker 2: and you have a good sense of what went into

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Speaker 2: that speech last night. Were you amazed that he started

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Speaker 2: with geopolitics with such a raging debate over domestic policy.

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Speaker 7: Yeah?

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Speaker 8: No, I think it was a really interesting move, and

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Speaker 8: I think it underscores the amount of urgency that the

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Speaker 8: administration feels on Ukraine. The last shipment of US military

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Speaker 8: aid was back in December. Funding since has run out.

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Speaker 8: Ukraine now entering the third year of the war, is

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Speaker 8: low on ammunition. Russia seems to have gained the initiative

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Speaker 8: and I think that's part of the reason why he

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Speaker 8: raised it first. But yes, in a speech that is

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Speaker 8: normally mostly about domestic and especially economic policy, I think

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Speaker 8: it was an interesting move and again underscores the priority

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Speaker 8: administration's attaching to this issue.

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Speaker 2: So the National security team have been high fiving. They

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Speaker 2: got their priorities into that speech pretty well.

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Speaker 3: In your experience, how much.

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Speaker 2: Time and how many people go into whatever package you

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Speaker 2: delivered to the speech writers to say, look, this is

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Speaker 2: the message from our wing of the administration.

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Speaker 8: So much time, so many people, so many rounds of coordination,

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Speaker 8: and I think that the point to really underscore there

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Speaker 8: is again this is really usually a bulk of it

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Speaker 8: is a domestic policy speech, and so that's where a

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Speaker 8: lot of the attention goes, and that's where a lot

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Speaker 8: of the hands involved in writing it are. But it

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Speaker 8: is literally getting edited right up until the moment for

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Speaker 8: the President of Coerson. I think President Biden mentioned that

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Speaker 8: he was still going to be making some tweaks to it,

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Speaker 8: and we saw him almost improving or appliving parts of

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Speaker 8: it when he diverted from I think what we're his

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Speaker 8: prepared remarks to for example, have a little bit of

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Speaker 8: engagement with the audience with Congress.

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Speaker 2: So this doesn't move the needle. I'm guessing in terms

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Speaker 2: of one speech. But if the State of the Union

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Speaker 2: doesn't the Super Bowl of POI what does I saw

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Speaker 2: Mike Johnson walk out of the chamber last night with

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Speaker 2: his head down. He did a couple of interviews, maybe

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Speaker 2: one on Fox, and then he was out. I saw

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Speaker 2: him take his jacket on a hangar and walk out

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Speaker 2: of the building. Does he come back to work today

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Speaker 2: with any different feeling about Ukraine?

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Speaker 8: I think there's two different audiences that the President was

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Speaker 8: trying to reach last night, and the most important audience

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Speaker 8: for him was actually American voters and in particular undecided

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Speaker 8: or folks who aren't quite sure if Biden's their candidate

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Speaker 8: in November. That's really who he was reaching out to.

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Speaker 8: Congress was, of course the direct audience for the speech.

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Speaker 8: But I think the President recognizes the odds of Congress

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Speaker 8: passing major legislation on issues, especially like immigration border security,

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Speaker 8: when we are already effectively in an election season, are

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Speaker 8: pretty low. So I think what he was trying to

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Speaker 8: do is actually more reach out to voters, convince them

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Speaker 8: that his policies are working for them, and the odds

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Speaker 8: of actually getting Congress to move on and needed things

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Speaker 8: that he mentioned beyond the necessary government funding I think

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Speaker 8: are actually.

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Speaker 3: Quite low, So this is kind of a slow burn.

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Speaker 2: Then he spends the next six months traveling the country

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Speaker 2: getting people to call their members. I guess is the

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Speaker 2: potential outcome that he's hoping for here. But boy, Ukraine

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Speaker 2: doesn't have that kind of time.

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Speaker 8: Is it, And Ukraine might be somewhat of a separate issue,

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Speaker 8: there might be more room to move on that. Although

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Speaker 8: again House Republicans are saying they want to take up

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Speaker 8: border and immigration, it seems unlikely they'll want to do

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Speaker 8: that when it's seen as a political victory for Biden.

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Speaker 8: Perhaps they will eventually get to the point where they'd

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Speaker 8: be willing to separate the two. Again, I just think

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Speaker 8: that the odds that they'll move with any major way

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Speaker 8: on border and immigration security are low. I'd love to

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Speaker 8: be surprised on that. That, though still leaves room for

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Speaker 8: the executive branch to take its own actions. There's things

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Speaker 8: in particular in Ukraine that could be done, it would

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Speaker 8: just be costly. For example, there's some reporting to suggest

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Speaker 8: the Bid administration might consider moving additional arms out of

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Speaker 8: US stocks even though it doesn't have the ability to

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Speaker 8: replenish them.

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Speaker 4: Right now.

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Speaker 2: Wow, Well, we've talked a lot about the defense industrial base,

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Speaker 2: with the and the lack of manufacturing bandwidth, that we

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Speaker 2: have to not only make our own weapons but help others.

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Speaker 2: That's what this sixty billion dollars would have gone for

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Speaker 2: in the supplemental request for Ukraine.

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Speaker 3: A lot of it at least, you.

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Speaker 2: Know, it strikes me the President has called out oil

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Speaker 2: companies to produce more, Go do more?

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Speaker 3: Is the message? Can he not say that to defense contractors?

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Speaker 2: Why does that have to involve tens of billions of

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Speaker 2: dollars on Capitol Hill? It's the same argument, right, The

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Speaker 2: patriotic move is to crank up the factory. We need

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Speaker 2: more stuff.

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Speaker 8: It's a fair question because that's how it operates in

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Speaker 8: most industries. But with the defense industry, they actually don't

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Speaker 8: usually start production or investment in a production line until

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Speaker 8: there's an existing contract, including with the US military that's

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Speaker 8: their biggest customer. But even with foreign partners.

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Speaker 3: So that they need a buyer.

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Speaker 8: They need a buyer in order to actually start the

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Speaker 8: world oil company. You're not just going to have like

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Speaker 8: stuff on the shelf today.

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Speaker 2: Then again, oil we're asking oil companies to drill produce

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Speaker 2: more and they just watch prices go down as right,

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Speaker 2: that's kind of a double standard, isn't it.

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Speaker 3: I think it's just about.

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Speaker 8: The contracting process and really the historic relationship between the

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Speaker 8: US government and our defense industry. Right, the defense industry

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Speaker 8: really exists and revolves around the US military. Yes, they

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Speaker 8: sell to other foreign buyers, but really most of their

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Speaker 8: focus is on what the US military needs. This is

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Speaker 8: what President Eisenhower was worried about when it comes to

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Speaker 8: the military industrial complex. And we can have many conversations

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Speaker 8: about all the inefficiencies in it, including this issue of

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Speaker 8: they don't start production or investment in production line until contract,

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Speaker 8: so we need it, and it can take years for

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Speaker 8: something to get on contract.

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Speaker 3: It's amazing.

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Speaker 2: I'm fascinated by the whole thing, and I know you've

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Speaker 2: spent a career on this, which is why I have

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Speaker 2: to ask you about it when you come see us.

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Speaker 2: There's more here, of course, with Israel and Taiwan, but

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Speaker 2: I want to ask you specifically with regard to the

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Speaker 2: Middle East. The President did confirm Bloomberg reporting at this

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Speaker 2: port or what he referred to as a temporary peace

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Speaker 2: would be put in place to deliver aid to Gaza.

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Speaker 2: How do we make that work, he says, US troops

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Speaker 2: will not be on the ground.

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Speaker 3: How do you do it?

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Speaker 1: Then?

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Speaker 8: I think there's a lot of questions and details that

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Speaker 8: still remain to be fleshed out, at least publicly about

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Speaker 8: what this will involve, because certainly someone needs to be

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Speaker 8: on the other side of that pier operating the aid deliveries.

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Speaker 8: The European Union said this morning that they're already working

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Speaker 8: on sending a package of relief to Gaza that it

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Speaker 8: seems like will be part of this Aid quarter, and

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Speaker 8: that UAE is part of this project as well. I

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Speaker 8: think one of the other things that really underscores is

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Speaker 8: a Biden administration recognizing there is growing international concern about

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Speaker 8: famine and Gaza, especially in the wake of last week's

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Speaker 8: deadly incident where over one hundred people were killed trying

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Speaker 8: to secure aid, and earlier today the news that five

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Speaker 8: people were killed by a package that parachute didn't deploy.

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Speaker 8: So there's a real urgent need to get aid in there,

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Speaker 8: and unfortunately ground convoys have been delayed, they get robbed

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Speaker 8: and the aid doesn't get to the people who need it,

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Speaker 8: so I think this is somewhat of a desperate or

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Speaker 8: an act of desperation to get aid into a very

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Speaker 8: desperate situation.

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Speaker 2: We'd love to talk to you more about that when

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Speaker 2: we learn more. I must be punching today. I'm lacking

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Speaker 2: sleep after last night, as I'm reminded constantly that I

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Speaker 2: work with the smartest people in the business here at Bloomberg.

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Speaker 3: Thank you Jenny Welch for the great analysis.

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Speaker 1: You're listening to the Bloomberg Balance of Power podcast Ken

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Speaker 1: Just Live weekdays at noon Eastern on Applecarplay and then

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Speaker 1: royd Outo with the Bloomberg Business App. You can also

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Speaker 9: Thirty Welcome back live from Washington on Bloomberg TV and Radio, where,

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Speaker 9: of course we are all in the aftermath of the

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Speaker 9: State of the Union, and there was a question last

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Speaker 9: night about what was going to happen after the president's speech,

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Speaker 9: not just to his campaign, but also whether or not

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Speaker 9: the Senate was going to be taking a vote to

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Speaker 9: avert a government shutdown that could partially start it night tonight.

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Speaker 9: They still got to do that to get out of town.

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Speaker 9: But it raises the question of spending. And it's worth

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Speaker 9: pointing out, Joe, that we're still sorting out and trying

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Speaker 9: to get across the finish line appropriation bills for this

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Speaker 9: fiscal year, and on Monday the President is going to

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Speaker 9: deliver to Congress his budget for the next fiscal year.

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Speaker 2: Weren't they marking up at twenty twenty five bill yesterday?

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Speaker 2: And that was I don't get how I look. We're

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Speaker 2: gonna talk to Mora Amaya rather. McGinnis must be rolling

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Speaker 2: over this whole thing. Mara, of course, will be on

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Speaker 2: our panel. She's rolling too. There's just no path it

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Speaker 2: seems to land this second mini bus. But we'll get there.

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Speaker 2: March twenty seconds the new date on the calendar that

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Speaker 2: we're looking at.

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Speaker 10: Right.

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Speaker 2: We asked Dick Durbin after the speech last night, you're

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Speaker 2: gonna vote on this tonight?

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Speaker 3: He said, no, tomorrow. That was the end.

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Speaker 9: Now tomorrow they have to get through.

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Speaker 3: Some rules and get some things done.

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Speaker 6: Networks, etcetera.

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Speaker 2: Right, all the while on the other end of Pennsylvania Avenue,

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Speaker 2: I think it's fair to say they're popping corks after

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Speaker 2: this each last night they huddled for the weekend, a

443
00:21:02,119 --> 00:21:04,960
Speaker 2: long one at Camp David. And as you've been hearing

444
00:21:05,080 --> 00:21:06,960
Speaker 2: over the course, and maybe you saw it or heard

445
00:21:07,000 --> 00:21:09,240
Speaker 2: it here in our special coverage on Bloomberg, the president

446
00:21:09,280 --> 00:21:12,800
Speaker 2: seemed to exceed expectations. We want to bring in Josh Wingrove,

447
00:21:13,200 --> 00:21:15,360
Speaker 2: a Bloomberg White House reporter who's with us right now

448
00:21:15,400 --> 00:21:19,080
Speaker 2: on the North Lawn basking in the glow. I can

449
00:21:19,080 --> 00:21:22,280
Speaker 2: only assume, Josh, what are you hearing from the administration,

450
00:21:22,440 --> 00:21:25,640
Speaker 2: because it seemed like after the Chief of Staff, Jeff

451
00:21:25,680 --> 00:21:28,240
Speaker 2: Science raised the bar, the president jumped over it.

452
00:21:29,560 --> 00:21:32,160
Speaker 5: Yeah, the Democrats were pretty happy with the president's performance

453
00:21:32,280 --> 00:21:35,199
Speaker 5: last night, including members of Congress, and you know, this

454
00:21:35,240 --> 00:21:38,800
Speaker 5: seems like it'll quell some of those really brewing questions

455
00:21:39,440 --> 00:21:43,280
Speaker 5: nerves basically among Democrats about whether Joe Biden should be

456
00:21:43,320 --> 00:21:45,879
Speaker 5: the standard bear. Of course, it wasn't really clear that

457
00:21:45,880 --> 00:21:47,920
Speaker 5: that was ever going to make much of a difference anyway,

458
00:21:48,040 --> 00:21:50,600
Speaker 5: because the process is pretty advanced right now, and there

459
00:21:50,640 --> 00:21:53,000
Speaker 5: was just no sign that anyone would be looking to,

460
00:21:53,280 --> 00:21:55,760
Speaker 5: you know, mount a serious challenge to him. But the

461
00:21:55,840 --> 00:21:58,000
Speaker 5: question for Biden all along has really been a question

462
00:21:58,480 --> 00:22:01,760
Speaker 5: of energy, his energy, but also the energy of his party.

463
00:22:01,840 --> 00:22:06,359
Speaker 5: His voter base is wider than Trump's, but just not

464
00:22:06,440 --> 00:22:09,240
Speaker 5: as enthusiastic. And so the whole question of this election

465
00:22:09,359 --> 00:22:11,760
Speaker 5: cycle is going to be like, can Joe Biden and

466
00:22:11,800 --> 00:22:14,679
Speaker 5: can Democrats get people to the polls? So, if anything,

467
00:22:14,720 --> 00:22:19,159
Speaker 5: I think yesterday Biden gave Democratic voters as well as

468
00:22:19,160 --> 00:22:21,080
Speaker 5: congress people who are going out to sort of, you know,

469
00:22:21,200 --> 00:22:24,520
Speaker 5: drag people to the polls when they can, you know,

470
00:22:24,560 --> 00:22:26,840
Speaker 5: an argument to try to do that. And that really

471
00:22:26,880 --> 00:22:28,800
Speaker 5: is the whole ballgame for them. And so we'll see

472
00:22:28,880 --> 00:22:33,679
Speaker 5: this sort of travel schedule key swing states Pennsylvania, Georgia, Michigan, Wisconsin.

473
00:22:34,240 --> 00:22:37,159
Speaker 5: You've talked about that as they go to try to

474
00:22:37,200 --> 00:22:40,919
Speaker 5: shore that up, you know. Might of course, we've remissed

475
00:22:40,960 --> 00:22:43,840
Speaker 5: we didn't mention the latest Bloomberg Morning Console polls showing

476
00:22:43,840 --> 00:22:45,840
Speaker 5: the Joe Biden right now as an underdog Donald Trump

477
00:22:45,960 --> 00:22:48,399
Speaker 5: leading in all seven swing states we're tracking.

478
00:22:50,000 --> 00:22:52,200
Speaker 9: Yeah, and eight of ten voters in those swing states

479
00:22:52,280 --> 00:22:54,160
Speaker 9: viewing Biden as too old, and I wonder if any

480
00:22:54,200 --> 00:22:58,200
Speaker 9: of those minds changed based on the President's performance last night.

481
00:22:58,280 --> 00:23:00,359
Speaker 9: But aside from the performance, Josh they're also so is

482
00:23:00,400 --> 00:23:03,200
Speaker 9: the policy. And we did get some policy proposals from

483
00:23:03,280 --> 00:23:06,200
Speaker 9: him that are relevant, especially to our Bloomberg television radio

484
00:23:06,640 --> 00:23:09,960
Speaker 9: audiences in regard to taxes, higher taxes on billionaires on

485
00:23:09,960 --> 00:23:13,320
Speaker 9: stock buybacks, twenty eight percent corporate tax rate. Should we

486
00:23:13,320 --> 00:23:15,560
Speaker 9: expect all of that and more to be showing up

487
00:23:15,600 --> 00:23:17,639
Speaker 9: in what he's going to deliver to Congress on Monday.

488
00:23:18,160 --> 00:23:21,040
Speaker 5: Yeah, absolutely, we'll hear more about that on Monday. Also course,

489
00:23:21,359 --> 00:23:24,439
Speaker 5: a note the increase in the corporate minimum tax. That

490
00:23:24,480 --> 00:23:26,679
Speaker 5: was a new one from him as well. And there

491
00:23:26,680 --> 00:23:29,639
Speaker 5: were some littler nuggets too, like getting rid of title

492
00:23:29,680 --> 00:23:32,919
Speaker 5: insurance on federally backed mortgages. That sort of falls, I

493
00:23:32,920 --> 00:23:36,439
Speaker 5: guess generally under the Biden junk fees effort, but you know,

494
00:23:36,840 --> 00:23:39,879
Speaker 5: he sort of had the makings of his reelection platform there.

495
00:23:40,320 --> 00:23:42,600
Speaker 5: The big one of the big stakes of the twenty

496
00:23:42,600 --> 00:23:44,720
Speaker 5: twenty four election is that twenty twenty five is going

497
00:23:44,720 --> 00:23:46,440
Speaker 5: to be a year where Washington's going to be talking

498
00:23:46,480 --> 00:23:49,119
Speaker 5: about tax reform. Some of the provisions of those Trump

499
00:23:49,200 --> 00:23:52,760
Speaker 5: tax cuts expire. The question will be does anyone want

500
00:23:52,760 --> 00:23:55,399
Speaker 5: to do anything about that or not? So Joe Biden

501
00:23:55,480 --> 00:23:57,679
Speaker 5: is sort of staking out his lane on that, and

502
00:23:57,720 --> 00:24:00,280
Speaker 5: that lane is consistent with where they've been before, right.

503
00:24:00,320 --> 00:24:03,480
Speaker 5: Biden has always said no taxes on people making no

504
00:24:03,760 --> 00:24:06,880
Speaker 5: tax increases on people making under four hundred grand. Of course,

505
00:24:06,920 --> 00:24:08,800
Speaker 5: then that if they want to raise more revenue, which

506
00:24:08,800 --> 00:24:12,560
Speaker 5: this White House does, that means they're taxing corporations and

507
00:24:12,640 --> 00:24:15,480
Speaker 5: higher earners and the wealthy instead to try to make

508
00:24:15,520 --> 00:24:18,040
Speaker 5: up that gap and shrink the deficit. We'll be looking,

509
00:24:18,119 --> 00:24:20,520
Speaker 5: of course at the projections in that budget as well.

510
00:24:20,800 --> 00:24:22,840
Speaker 5: We reported this week that there was been a wrangling

511
00:24:22,880 --> 00:24:24,960
Speaker 5: in the White House so on this question about how

512
00:24:25,000 --> 00:24:28,080
Speaker 5: to set the projections, in particular the interest rate projection

513
00:24:28,520 --> 00:24:31,040
Speaker 5: and the lail brainer. The NEC director pressed for a

514
00:24:31,119 --> 00:24:34,080
Speaker 5: lower rate in a meeting for those rates are typically

515
00:24:34,080 --> 00:24:36,400
Speaker 5: set by a group that does not include the NEC directors,

516
00:24:36,440 --> 00:24:38,160
Speaker 5: So a bit of palace intrigue on that. So we'll

517
00:24:38,160 --> 00:24:39,639
Speaker 5: be watching for that on Monday as well. What those

518
00:24:39,720 --> 00:24:40,320
Speaker 5: numbers look like.

519
00:24:41,800 --> 00:24:44,280
Speaker 2: What's the intrigue around the border right now, Josh, there

520
00:24:44,280 --> 00:24:45,959
Speaker 2: was a lot of pressure for Joe Biden to do

521
00:24:46,040 --> 00:24:49,640
Speaker 2: something or maybe announce it an executive action last night.

522
00:24:50,160 --> 00:24:53,440
Speaker 3: Did we get his answer passed? The bill that the Senate.

523
00:24:53,200 --> 00:24:57,080
Speaker 5: Passed we did. They've been batting away these questions of

524
00:24:57,160 --> 00:24:59,919
Speaker 5: what you know, executive authority. Conservatives want him to use

525
00:25:00,040 --> 00:25:04,080
Speaker 5: so called Section two twelve F powers. The administration says, basically,

526
00:25:04,400 --> 00:25:07,000
Speaker 5: that's not a tree we want to bark up because

527
00:25:07,440 --> 00:25:09,679
Speaker 5: if those powers do exist, and not a lot of

528
00:25:09,720 --> 00:25:13,159
Speaker 5: people are really sure, it's sort of a surefire legal challenge.

529
00:25:13,480 --> 00:25:16,240
Speaker 5: So he's saying, essentially, I'm the one that wants to

530
00:25:16,240 --> 00:25:18,280
Speaker 5: pass the bill, Republicans the one that don't want to

531
00:25:18,280 --> 00:25:20,240
Speaker 5: pass the bill, and he's trying to sort of do

532
00:25:20,359 --> 00:25:22,600
Speaker 5: that backflip, of course, because for the last couple of

533
00:25:22,680 --> 00:25:25,280
Speaker 5: years Republicans have been the ones calling for something and

534
00:25:25,359 --> 00:25:29,400
Speaker 5: Democrats haven't. But one of the gaffes from last night

535
00:25:29,480 --> 00:25:32,359
Speaker 5: also was on this question. It was interesting Marjorie Taylor

536
00:25:32,400 --> 00:25:35,119
Speaker 5: Green was asking him to talk address the case of

537
00:25:35,119 --> 00:25:38,720
Speaker 5: a woman killed by a migrant and Biden's Biden did

538
00:25:38,760 --> 00:25:40,520
Speaker 5: talk about it, and then he referred to the migrant

539
00:25:40,560 --> 00:25:42,919
Speaker 5: in question as an illegal. He's getting pushed back from

540
00:25:42,960 --> 00:25:45,119
Speaker 5: Democratic members of Congress right now who don't like that

541
00:25:45,200 --> 00:25:49,040
Speaker 5: word for describing people of undocumented status, even people who've

542
00:25:49,040 --> 00:25:50,479
Speaker 5: been accused of murder.

543
00:25:51,560 --> 00:25:54,240
Speaker 2: He seemed to make use of that prop pretty well,

544
00:25:54,240 --> 00:25:56,920
Speaker 2: even if the language caused people to bristle.

545
00:25:57,080 --> 00:25:59,760
Speaker 3: You look like Clark Kent on the North lawn. Josh

546
00:26:00,080 --> 00:26:09,280
Speaker 3: growth a voice like, yeah, all.

547
00:26:09,240 --> 00:26:11,560
Speaker 9: Right, Josh, thanks for joining us after what was at

548
00:26:11,560 --> 00:26:14,480
Speaker 9: a very long evening from the White House. We appreciate

549
00:26:14,520 --> 00:26:15,800
Speaker 9: your time. And now we want to go to someone

550
00:26:15,800 --> 00:26:17,840
Speaker 9: else who I'm sure was listening to the speech. Mayam

551
00:26:17,840 --> 00:26:21,040
Speaker 9: Againnis the Committee for a Responsible Federal Budget. President is

552
00:26:21,119 --> 00:26:24,240
Speaker 9: joining us now. My first and foremost happy International Women's Day.

553
00:26:24,240 --> 00:26:27,080
Speaker 9: Thank you for joining us on this day of all days.

554
00:26:27,119 --> 00:26:29,080
Speaker 9: And it's worth pointing out that the President last night,

555
00:26:29,080 --> 00:26:32,120
Speaker 9: when he was talking about some of his economic policy,

556
00:26:32,200 --> 00:26:35,760
Speaker 9: he said he has been delivering real results in fiscally

557
00:26:36,280 --> 00:26:39,440
Speaker 9: responsible ways. To what extent is that true?

558
00:26:41,400 --> 00:26:41,600
Speaker 5: Yeah?

559
00:26:41,640 --> 00:26:43,879
Speaker 11: He made a number of claims on fiscal policy, and

560
00:26:43,920 --> 00:26:45,360
Speaker 11: I guess I'll start by saying it's good.

561
00:26:45,359 --> 00:26:46,719
Speaker 6: He was even talking about it.

562
00:26:46,800 --> 00:26:48,720
Speaker 11: Every time we go into a State of the Union,

563
00:26:49,119 --> 00:26:52,000
Speaker 11: we're sitting there wondering is someone even going to mention

564
00:26:52,280 --> 00:26:55,440
Speaker 11: the near record levels of debt we have. That said,

565
00:26:55,520 --> 00:26:58,679
Speaker 11: he had quite a mixed bag of how how honest?

566
00:26:58,720 --> 00:27:01,639
Speaker 11: The different claims he made were the first one he

567
00:27:01,640 --> 00:27:04,320
Speaker 11: talked about is something he's done before. He took credit

568
00:27:04,400 --> 00:27:07,520
Speaker 11: for reducing the deficit and said that he'd reduced the

569
00:27:07,520 --> 00:27:10,920
Speaker 11: deficit by more than a trillion dollars between twenty twenty

570
00:27:10,920 --> 00:27:13,440
Speaker 11: one twenty twenty two when the deficit came down. That

571
00:27:13,480 --> 00:27:17,400
Speaker 11: one is absolutely false in that the deficit did come

572
00:27:17,440 --> 00:27:21,440
Speaker 11: down because our huge, huge amount of spending for COVID

573
00:27:21,960 --> 00:27:24,159
Speaker 11: was running off, and if you look at actually the

574
00:27:24,160 --> 00:27:27,280
Speaker 11: policies the President put in place, he overall made that

575
00:27:27,320 --> 00:27:28,240
Speaker 11: situation worse.

576
00:27:28,520 --> 00:27:30,840
Speaker 6: So no, he doesn't get credit for reducing that deficit.

577
00:27:31,240 --> 00:27:33,040
Speaker 11: Second thing he said was that he had signed into

578
00:27:33,119 --> 00:27:36,439
Speaker 11: law legislation that reduced the deficit by another trillion dollars.

579
00:27:36,720 --> 00:27:37,399
Speaker 6: That one's true.

580
00:27:38,160 --> 00:27:41,920
Speaker 11: The Fiscal Responsibility Act will bring the debt trajectory down

581
00:27:41,920 --> 00:27:44,640
Speaker 11: by one to two trillion dollars if we stick with it.

582
00:27:45,240 --> 00:27:47,600
Speaker 11: But it's fair to say that was really originated with

583
00:27:47,640 --> 00:27:50,800
Speaker 11: Republicans and that the Bid administration kind of came along

584
00:27:50,880 --> 00:27:53,359
Speaker 11: kicking and screaming. But we're seeing that that will generate

585
00:27:53,400 --> 00:27:55,840
Speaker 11: real savings. Two other big things he said that the

586
00:27:55,920 --> 00:27:59,720
Speaker 11: Trump administration had added huge amounts to the debt, absolutely

587
00:28:00,040 --> 00:28:03,359
Speaker 11: eight point four trillion dollars. Signed into law during the

588
00:28:03,400 --> 00:28:07,280
Speaker 11: Trump administration. That is a record level. And the last

589
00:28:07,280 --> 00:28:10,720
Speaker 11: thing was some big accusations of Republicans on Social Security

590
00:28:10,760 --> 00:28:13,639
Speaker 11: wanted to cut benefits. I don't know a single politician

591
00:28:13,680 --> 00:28:16,160
Speaker 11: who's talking about cutting benefits.

592
00:28:15,720 --> 00:28:16,719
Speaker 6: For current retirees.

593
00:28:17,119 --> 00:28:19,760
Speaker 11: I'll tell you two politicians who are not talking about

594
00:28:19,880 --> 00:28:23,600
Speaker 11: fixing the program, which we absolutely must do, are both

595
00:28:23,640 --> 00:28:27,280
Speaker 11: Biden and Trump. And unfortunately, this election is shaping up

596
00:28:27,320 --> 00:28:30,280
Speaker 11: to be one where nobody's talking honestly about Social Security.

597
00:28:31,000 --> 00:28:32,959
Speaker 11: And hopefully that will change, and that's going to leave

598
00:28:32,960 --> 00:28:34,760
Speaker 11: the people who depend on it awfully vulnerable.

599
00:28:35,960 --> 00:28:39,320
Speaker 3: The lock box will stay locked for now. Maya.

600
00:28:40,520 --> 00:28:42,760
Speaker 2: I hate to sound like a Brokern record because I

601
00:28:42,800 --> 00:28:44,560
Speaker 2: always feel like I have to ask you this, but

602
00:28:45,280 --> 00:28:49,239
Speaker 2: revenue did come up last night, a new swing at

603
00:28:49,280 --> 00:28:53,240
Speaker 2: a minimum corporate tax, higher taxes on the wealthy, a

604
00:28:53,280 --> 00:28:55,720
Speaker 2: minimum of billionaire's.

605
00:28:55,120 --> 00:28:59,000
Speaker 3: Tax, as he called it. Is that music to the committee.

606
00:29:00,640 --> 00:29:05,680
Speaker 11: Absolutely, we are sort of policy neutral and deficit pro

607
00:29:05,760 --> 00:29:10,080
Speaker 11: deficit reduction. So anybody from any end of the ideological

608
00:29:10,080 --> 00:29:12,760
Speaker 11: spectrum who's putting four things that would reduce the deficit

609
00:29:13,160 --> 00:29:15,560
Speaker 11: at a time when we're at near record levels interest

610
00:29:15,560 --> 00:29:17,360
Speaker 11: payments are bigger than defense. I could go on and

611
00:29:17,400 --> 00:29:20,000
Speaker 11: on about why we have to Absolutely that's the right

612
00:29:20,080 --> 00:29:22,720
Speaker 11: thing to do. What I do worry about is pretending

613
00:29:22,760 --> 00:29:26,320
Speaker 11: we can fix this whole problem by taxing millionaires and billionaires.

614
00:29:26,520 --> 00:29:27,920
Speaker 6: That's not how it's going to work.

615
00:29:27,960 --> 00:29:31,240
Speaker 11: We have to cut spending, we have to fix social scrating, medicare.

616
00:29:31,480 --> 00:29:34,120
Speaker 11: They're going to be middle class revenue increases when we

617
00:29:34,200 --> 00:29:35,520
Speaker 11: finally get serious about this.

618
00:29:36,000 --> 00:29:37,680
Speaker 6: So great to talk about.

619
00:29:37,480 --> 00:29:38,880
Speaker 11: Things that you would do to make the difference, but

620
00:29:38,920 --> 00:29:40,640
Speaker 11: you can only tax millionaires and.

621
00:29:40,560 --> 00:29:41,600
Speaker 6: Billionaires so much.

622
00:29:41,960 --> 00:29:44,400
Speaker 11: And I worry when people it's like police fraud abuse,

623
00:29:44,480 --> 00:29:46,360
Speaker 11: like we should do it, But it's not going to

624
00:29:46,440 --> 00:29:47,520
Speaker 11: fix the problem on its own.

625
00:29:47,520 --> 00:29:48,840
Speaker 6: We're going to have to go a lot farther.

626
00:29:49,160 --> 00:29:50,960
Speaker 11: But I think that will be the big piece of

627
00:29:51,000 --> 00:29:53,320
Speaker 11: their budget that will lead to deficit reduction because of

628
00:29:53,360 --> 00:29:56,320
Speaker 11: the large taxes they will put in place in the budget.

629
00:29:58,000 --> 00:29:59,960
Speaker 9: Well, what else would you like to see in that budget,

630
00:30:00,120 --> 00:30:02,280
Speaker 9: if not on the revenue raising side, on the actual

631
00:30:02,320 --> 00:30:04,720
Speaker 9: spending side. Keeping in mind that it is today that

632
00:30:04,760 --> 00:30:06,960
Speaker 9: we do expect the Senate is going to pass the

633
00:30:07,040 --> 00:30:10,760
Speaker 9: first six bill megabus. We're going to megabus shoe.

634
00:30:10,840 --> 00:30:13,720
Speaker 3: Yes, But you, let's do it the first bus.

635
00:30:13,760 --> 00:30:16,640
Speaker 9: We're still waiting on the second bus by March twenty second,

636
00:30:16,640 --> 00:30:18,440
Speaker 9: at which point will be what eight days shy of

637
00:30:18,520 --> 00:30:22,000
Speaker 9: being halfway through this fiscal year, maya. So when we're

638
00:30:22,000 --> 00:30:25,360
Speaker 9: thinking about spending and just a the dysfunction around getting

639
00:30:25,400 --> 00:30:28,920
Speaker 9: spending bills done, but be the trajectory of spending. How

640
00:30:28,920 --> 00:30:31,200
Speaker 9: dissatisfied are you with what you're seeing?

641
00:30:32,600 --> 00:30:34,840
Speaker 11: Yeah, well, I guess it's a kind of a medium

642
00:30:34,840 --> 00:30:38,480
Speaker 11: bus and I'm totally dissatisfied with this process. We're still

643
00:30:38,520 --> 00:30:42,000
Speaker 11: working on last year's budget. The House put out a budget.

644
00:30:42,000 --> 00:30:44,680
Speaker 11: It's budget committee put out a budget yesterday. The Senate

645
00:30:44,680 --> 00:30:47,280
Speaker 11: Budget Committee never even put out a budget last year,

646
00:30:48,120 --> 00:30:50,240
Speaker 11: but the House did it before the president did, which

647
00:30:50,240 --> 00:30:52,840
Speaker 11: is the wrong order. No one takes the budget seriously.

648
00:30:52,960 --> 00:30:55,480
Speaker 11: The process is a disaster. But you're asking me to

649
00:30:55,560 --> 00:30:57,920
Speaker 11: lay out the hard things that our politicians aren't going

650
00:30:58,000 --> 00:30:58,600
Speaker 11: to talk about.

651
00:30:58,640 --> 00:31:02,480
Speaker 6: What should we actually do? And so here we go.

652
00:31:03,200 --> 00:31:06,800
Speaker 11: You know, the physical responsibility at tight first step, we

653
00:31:06,880 --> 00:31:09,480
Speaker 11: do have to put caps on discretionary spending. That is

654
00:31:09,520 --> 00:31:11,920
Speaker 11: going to help keep the huge growth in that area

655
00:31:11,920 --> 00:31:15,160
Speaker 11: the budget down. But it's really the least of our worries,

656
00:31:15,400 --> 00:31:18,440
Speaker 11: so we quickly have to turn to mandatory spending so

657
00:31:18,560 --> 00:31:21,239
Speaker 11: security goes insolvent in ten years. We need to look

658
00:31:21,280 --> 00:31:23,360
Speaker 11: at whether we should slow the growth of benefits for

659
00:31:23,440 --> 00:31:26,040
Speaker 11: people who don't need them so we can preserve them

660
00:31:26,040 --> 00:31:28,800
Speaker 11: for people who do. Should we for younger workers look

661
00:31:28,800 --> 00:31:31,600
Speaker 11: at raising the retirement age, Yes, the answer is yes.

662
00:31:31,880 --> 00:31:34,280
Speaker 11: And should we talk about lifting the payroll tax cap

663
00:31:34,360 --> 00:31:35,720
Speaker 11: so you pay higher than the cap?

664
00:31:35,800 --> 00:31:37,719
Speaker 6: Right now, absolutely.

665
00:31:37,240 --> 00:31:38,840
Speaker 11: All of those things are going to need to be

666
00:31:38,880 --> 00:31:42,200
Speaker 11: employed to fix those Security also probably changing the way

667
00:31:42,240 --> 00:31:45,960
Speaker 11: we evaluate inflation and maybe bumping up a minimum benefit.

668
00:31:46,320 --> 00:31:49,959
Speaker 11: We need massive cost savings in healthcare. There are a

669
00:31:49,960 --> 00:31:51,560
Speaker 11: lot of ideas of ways we can do that that

670
00:31:52,240 --> 00:31:55,120
Speaker 11: before they even have to affect beneficiaries. Ways to have

671
00:31:55,160 --> 00:31:58,760
Speaker 11: savings in the system. We should look through that national security.

672
00:31:58,760 --> 00:32:01,200
Speaker 11: There's so many things we can do that will lead

673
00:32:01,240 --> 00:32:04,440
Speaker 11: to more savings. That said, it's a rough time in

674
00:32:04,480 --> 00:32:07,040
Speaker 11: the world right now, and my suspicion is that those

675
00:32:07,160 --> 00:32:09,840
Speaker 11: any savements we can generate will ultimately have to be

676
00:32:09,880 --> 00:32:13,560
Speaker 11: plowed back into all of the hot spots around the world, cybersecurity,

677
00:32:14,080 --> 00:32:18,000
Speaker 11: all these things, and we're going to need more revenues

678
00:32:18,320 --> 00:32:19,960
Speaker 11: Like I said, it's not just at the high end.

679
00:32:19,960 --> 00:32:22,680
Speaker 6: It's not just corporations. We're going to have to talk.

680
00:32:22,480 --> 00:32:25,560
Speaker 11: About broader taxes, whether it's a carbon tax or getting

681
00:32:25,640 --> 00:32:28,560
Speaker 11: rid of the almost two trillion dollars in tax breaks

682
00:32:28,600 --> 00:32:31,320
Speaker 11: we have every single year. That's a good one because

683
00:32:31,320 --> 00:32:33,600
Speaker 11: you can raise a lot of revenues that actually wouldn't

684
00:32:33,600 --> 00:32:37,040
Speaker 11: necessarily harm economic growth. But just my main point is

685
00:32:37,080 --> 00:32:40,040
Speaker 11: with that laundry list that no politician will say. So,

686
00:32:40,040 --> 00:32:42,240
Speaker 11: we've got to get real. We got to stop promising

687
00:32:42,280 --> 00:32:45,200
Speaker 11: what we're not going to do. Our debt is growing

688
00:32:45,320 --> 00:32:49,080
Speaker 11: faster than our economy. It leaves us really vulnerable. And

689
00:32:49,160 --> 00:32:51,720
Speaker 11: I just wish we could start this discussion in earnest,

690
00:32:51,760 --> 00:32:54,000
Speaker 11: because none of these things are easy, and all of

691
00:32:54,040 --> 00:32:55,480
Speaker 11: them are going to have to be looked at.

692
00:32:56,640 --> 00:32:59,040
Speaker 2: I can only imagine what lawmakers say when you're alone

693
00:33:00,240 --> 00:33:03,000
Speaker 2: about this issue. I'm guessingly agree with everything you're saying,

694
00:33:03,000 --> 00:33:04,960
Speaker 2: and then they show up for work and we kick

695
00:33:05,040 --> 00:33:09,000
Speaker 2: the can again with the Committee for a Responsible Federal Budget,

696
00:33:09,080 --> 00:33:10,880
Speaker 2: the President, of course, Maya McGuinness.

697
00:33:11,200 --> 00:33:13,560
Speaker 3: We always learn something when we spend time with you, Maya.

698
00:33:13,600 --> 00:33:16,880
Speaker 2: Thanks for being with us here on Bloomberg the Senate

699
00:33:16,960 --> 00:33:19,160
Speaker 2: moves today, as you mentioned, Kaylee, then we do it

700
00:33:19,200 --> 00:33:21,360
Speaker 2: all over again. We come back next week for the

701
00:33:21,360 --> 00:33:22,280
Speaker 2: second half.

702
00:33:22,480 --> 00:33:24,680
Speaker 9: The twenty second. We technically have two weeks now to

703
00:33:24,720 --> 00:33:26,560
Speaker 9: figure out that you'd like to think they might work

704
00:33:26,600 --> 00:33:29,520
Speaker 9: on it next week, Well, one would think they typically

705
00:33:29,600 --> 00:33:32,320
Speaker 9: run it right up to the deadline in this Congress.

706
00:33:32,320 --> 00:33:34,400
Speaker 9: But yes, it's going to be a fun two weeks.

707
00:33:34,800 --> 00:33:40,720
Speaker 2: The medium bus, medium BUSDI so there's a minibus, medium bus, omnibus.

708
00:33:40,880 --> 00:33:41,800
Speaker 9: They're all buses.

709
00:33:42,080 --> 00:33:42,760
Speaker 3: On Bloomberg.

710
00:33:46,680 --> 00:33:49,800
Speaker 1: If you're listening to the Bloomberg Balance of Power podcast,

711
00:33:50,120 --> 00:33:53,360
Speaker 1: can't just live weekdays at noon Eastern on Apocarplay and

712
00:33:53,360 --> 00:33:56,520
Speaker 1: then roudo with the Bloomberg Business app. Listen on demand

713
00:33:56,560 --> 00:34:02,400
Speaker 1: wherever you get your podcasts, or watch us live on YouTube.

714
00:34:03,000 --> 00:34:06,360
Speaker 2: Junie Shanzano is with us Bloomberg Politics contributor Democratic Andalist

715
00:34:06,440 --> 00:34:11,399
Speaker 2: joint today by Mara Gillespie Bluestack Strategies Republican strategists who

716
00:34:11,400 --> 00:34:13,319
Speaker 2: spent time working for the Speaker of the House when

717
00:34:13,360 --> 00:34:14,960
Speaker 2: John Bayner held the gavel.

718
00:34:14,960 --> 00:34:17,240
Speaker 3: It's great to have you both with us.

719
00:34:17,120 --> 00:34:20,239
Speaker 2: Here, Maura, your thoughts on that, because I think I

720
00:34:20,280 --> 00:34:22,680
Speaker 2: know where Kaylee is going here, as the President used

721
00:34:22,680 --> 00:34:26,160
Speaker 2: the word illegals illegal when he was talking about an

722
00:34:26,200 --> 00:34:30,759
Speaker 2: undocumented immigrant after he was goaded in that direction by

723
00:34:30,840 --> 00:34:34,680
Speaker 2: Marjorie Taylor Green. There were other moments as well last

724
00:34:34,719 --> 00:34:36,960
Speaker 2: evening when he might not have sounded like a progressive,

725
00:34:37,000 --> 00:34:40,200
Speaker 2: in fact upset some members of his own conference. I

726
00:34:40,239 --> 00:34:42,600
Speaker 2: was talking about this earlier with Kaylee in the newsroom.

727
00:34:42,719 --> 00:34:43,520
Speaker 2: Is that by design?

728
00:34:45,600 --> 00:34:47,960
Speaker 10: I do think so. I think that when I heard

729
00:34:47,960 --> 00:34:50,600
Speaker 10: those words, you know, unity, I was wondering when he

730
00:34:50,640 --> 00:34:52,480
Speaker 10: reached out to the Nikki Haley voters in that moment,

731
00:34:52,760 --> 00:34:55,560
Speaker 10: but also harkening back to what he ran on was

732
00:34:55,719 --> 00:34:59,479
Speaker 10: bringing the country together after chaos and you know, maybe

733
00:34:59,520 --> 00:35:02,600
Speaker 10: restore that kind of messaging, you know, last night. I

734
00:35:02,640 --> 00:35:05,040
Speaker 10: don't know that it was as effective as maybe he

735
00:35:05,120 --> 00:35:07,960
Speaker 10: had had hoped or his team had hoped, but he

736
00:35:08,000 --> 00:35:10,000
Speaker 10: did hit on a couple of themes that would appeal

737
00:35:10,040 --> 00:35:12,319
Speaker 10: to Nikki Haley voters, talking about and having you know,

738
00:35:12,360 --> 00:35:14,879
Speaker 10: obviously Sweeden there after the news about them, Jordi Nato,

739
00:35:15,120 --> 00:35:17,640
Speaker 10: having them there in the box next to the first Lady,

740
00:35:18,000 --> 00:35:20,680
Speaker 10: Jill Biden. So that was an effective tool reminding people

741
00:35:20,719 --> 00:35:23,200
Speaker 10: of the important role we have in a foreign policy

742
00:35:23,560 --> 00:35:26,280
Speaker 10: and having a strong foreign policy and standing up against

743
00:35:26,440 --> 00:35:30,080
Speaker 10: Putin and against Russia. But also the IVF conversation I

744
00:35:30,080 --> 00:35:33,560
Speaker 10: thought was definitely a nod to not only his party,

745
00:35:33,560 --> 00:35:35,760
Speaker 10: but also to NICKI Haley voters. She has been pretty

746
00:35:35,960 --> 00:35:39,560
Speaker 10: outspoken on the outdated ways that Republicans talk about abortion

747
00:35:39,680 --> 00:35:43,440
Speaker 10: and just really women's health in general, talking about taking

748
00:35:43,560 --> 00:35:46,719
Speaker 10: you know, women's personal freedom away. So she really, you know,

749
00:35:46,760 --> 00:35:49,640
Speaker 10: he really did hit on that, I think, and appealing

750
00:35:49,640 --> 00:35:50,240
Speaker 10: to Nicky.

751
00:35:50,120 --> 00:35:50,799
Speaker 2: Voters for sure.

752
00:35:51,920 --> 00:35:54,640
Speaker 9: Well in Genie, he did so without actually saying the

753
00:35:54,680 --> 00:35:57,240
Speaker 9: word abortion. He skipped over that. He was just talking

754
00:35:57,239 --> 00:36:00,759
Speaker 9: about reproductive rights. And I guess this gets at the

755
00:36:00,800 --> 00:36:03,080
Speaker 9: same question. Do you think that was by design and

756
00:36:03,080 --> 00:36:04,960
Speaker 9: do you think it will prove effective?

757
00:36:06,440 --> 00:36:09,359
Speaker 7: Yeah, it definitely was by design. I mean, as we

758
00:36:09,440 --> 00:36:13,839
Speaker 7: all know, Joe Biden is a Catholic. He has you know,

759
00:36:14,120 --> 00:36:17,440
Speaker 7: said many times that he personally is opposed to abortion,

760
00:36:17,560 --> 00:36:20,560
Speaker 7: but he supports a woman's right to choose. And even

761
00:36:20,600 --> 00:36:25,280
Speaker 7: beyond that, I think politically, the reality is is that Americans,

762
00:36:25,520 --> 00:36:29,480
Speaker 7: whether you're conservative, liberal, or anywhere in between, liberty is

763
00:36:29,640 --> 00:36:33,919
Speaker 7: critically important. Freedom is critically important, and they are right

764
00:36:34,000 --> 00:36:37,239
Speaker 7: to couch this as the freedom for a woman, a

765
00:36:37,360 --> 00:36:41,040
Speaker 7: person to make this decision with their doctor. And that

766
00:36:41,160 --> 00:36:44,080
Speaker 7: decision doesn't just have to be about abortion. It can

767
00:36:44,120 --> 00:36:47,960
Speaker 7: be about reproduction over reproductive rights overall. It can be

768
00:36:48,000 --> 00:36:51,239
Speaker 7: about taking contraception, it could be about who you're going

769
00:36:51,280 --> 00:36:53,839
Speaker 7: to marry. And that's the point he's trying to make

770
00:36:53,880 --> 00:36:57,720
Speaker 7: about Dobbs, is that that decision opened a can of worms,

771
00:36:57,760 --> 00:37:01,360
Speaker 7: according to many Americans, that the state have walked through

772
00:37:01,760 --> 00:37:05,440
Speaker 7: in limiting our freedoms, and he is promising to restore

773
00:37:05,480 --> 00:37:07,439
Speaker 7: those well.

774
00:37:07,480 --> 00:37:11,640
Speaker 9: Even in the Republican's response delivered by a senator from Alabama,

775
00:37:11,680 --> 00:37:13,919
Speaker 9: where IVF has definitely come to the forefront of thought

776
00:37:13,920 --> 00:37:16,960
Speaker 9: after the Supreme Court ruling there, Senator Katie Britt did

777
00:37:17,000 --> 00:37:21,399
Speaker 9: talk about IVF and the importance of protecting that. She also, though,

778
00:37:21,440 --> 00:37:23,480
Speaker 9: talked about a lot of other things, and as I'm

779
00:37:23,520 --> 00:37:27,560
Speaker 9: sure we have all seen on social media, her speech

780
00:37:27,600 --> 00:37:31,800
Speaker 9: in its entirety has been chopped up into some remarkable pieces.

781
00:37:31,840 --> 00:37:34,560
Speaker 9: But one thing she really did try to draw contrast

782
00:37:35,040 --> 00:37:38,080
Speaker 9: with what President Biden said forty minutes into his speech

783
00:37:38,120 --> 00:37:40,280
Speaker 9: finally getting to the issue of the border and immigration,

784
00:37:40,480 --> 00:37:43,080
Speaker 9: was that very issue here is just a taste of

785
00:37:43,120 --> 00:37:45,560
Speaker 9: what she had to say after the President's address.

786
00:37:47,440 --> 00:37:52,440
Speaker 8: President Biden's border policies are a disgrace.

787
00:37:53,280 --> 00:37:57,160
Speaker 7: This crisis is despicable, and the truth is it is

788
00:37:57,280 --> 00:37:59,799
Speaker 7: almost entirely preventable.

789
00:38:03,280 --> 00:38:05,520
Speaker 9: Just you could hear there and even see to some

790
00:38:05,600 --> 00:38:09,239
Speaker 9: extent the degree to which she was emoting during this

791
00:38:09,320 --> 00:38:12,160
Speaker 9: speech last night. And Maura, I would love to get

792
00:38:12,200 --> 00:38:15,560
Speaker 9: your reaction. This is Senator Katie Britt, the youngest ever

793
00:38:15,640 --> 00:38:18,960
Speaker 9: Republican woman elected to that body. She's just forty two

794
00:38:19,040 --> 00:38:23,160
Speaker 9: years old. She's pretty popular, serves on McConnell's leadership team.

795
00:38:23,640 --> 00:38:25,480
Speaker 9: Did the rising star rise to the occasion?

796
00:38:26,719 --> 00:38:29,480
Speaker 10: No? And I'm disappointed because I had high hopes for her.

797
00:38:30,400 --> 00:38:32,000
Speaker 10: And again, you know, I think that she just wasn't

798
00:38:32,080 --> 00:38:37,400
Speaker 10: authentically herself. It was very theatrical and overly emotive, to

799
00:38:37,440 --> 00:38:40,719
Speaker 10: the point where it's not actually helpful to not take

800
00:38:40,760 --> 00:38:43,040
Speaker 10: away from the stories. Unfortunately, because what she was talking

801
00:38:43,040 --> 00:38:44,440
Speaker 10: about is a real issue.

802
00:38:44,520 --> 00:38:45,359
Speaker 6: And I don't think that.

803
00:38:45,440 --> 00:38:48,960
Speaker 10: President Biden hit on this at all, really enough last

804
00:38:49,000 --> 00:38:51,839
Speaker 10: night in his speech, not taking responsibility and giving us

805
00:38:52,000 --> 00:38:53,880
Speaker 10: forward action about what's going to happen at the border.

806
00:38:53,880 --> 00:38:55,839
Speaker 10: I think he really missed the mark there, and she

807
00:38:55,840 --> 00:38:58,719
Speaker 10: could have capitalized on that in a more impactful way

808
00:38:58,760 --> 00:39:02,520
Speaker 10: had she not been so I mean, really just a

809
00:39:02,520 --> 00:39:05,720
Speaker 10: little bit all over the place, going from smiling, too sad,

810
00:39:05,960 --> 00:39:08,960
Speaker 10: too angry. I mean, she really went through it in

811
00:39:09,000 --> 00:39:10,960
Speaker 10: a matter of ten seconds at a time. So it

812
00:39:11,000 --> 00:39:13,600
Speaker 10: was hard to not it was hard to takeet seriously.

813
00:39:13,600 --> 00:39:16,720
Speaker 10: And that's disappointing considering the fact that we have really,

814
00:39:17,840 --> 00:39:19,880
Speaker 10: really great concerns about the crisis of the border and

815
00:39:19,960 --> 00:39:24,719
Speaker 10: families are struggling to understand how something that happened, you know,

816
00:39:24,760 --> 00:39:28,879
Speaker 10: to Larkin Riley is not you know, being addressed right

817
00:39:28,880 --> 00:39:29,400
Speaker 10: this second.

818
00:39:31,480 --> 00:39:33,440
Speaker 2: You know, I'll tell you you think back, Jeanie went,

819
00:39:33,480 --> 00:39:37,400
Speaker 2: when was the last successful response to a state of

820
00:39:37,440 --> 00:39:38,600
Speaker 2: the Union, either party?

821
00:39:38,840 --> 00:39:40,840
Speaker 3: You've got to go back in time. I was racking

822
00:39:40,840 --> 00:39:41,200
Speaker 3: my brain.

823
00:39:41,239 --> 00:39:43,960
Speaker 2: Everyone's showing images of Marco Rubio at the water bottle

824
00:39:43,960 --> 00:39:48,920
Speaker 2: and Bobby Jindall and the foyer of the mansion. Maybe

825
00:39:48,960 --> 00:39:51,480
Speaker 2: it was Governor Bob McDonald of Virginia. And of course

826
00:39:51,480 --> 00:39:54,200
Speaker 2: he ran into some problems in his career after that,

827
00:39:54,239 --> 00:39:58,080
Speaker 2: but he followed Barack Obama with pretty strong optics.

828
00:39:58,160 --> 00:40:00,759
Speaker 3: What looked like him speaking to the gen Assembly.

829
00:40:01,320 --> 00:40:03,480
Speaker 2: Maybe that was the I'll have to think more about it,

830
00:40:03,520 --> 00:40:07,000
Speaker 2: but I need your take on this, Genie. She's sitting

831
00:40:07,040 --> 00:40:10,760
Speaker 2: in the kitchen. This is clearly something that was scripted

832
00:40:10,840 --> 00:40:13,880
Speaker 2: way in advance. She rehearsed it a lot of times.

833
00:40:14,360 --> 00:40:15,400
Speaker 2: Did it worked for anyone?

834
00:40:17,000 --> 00:40:20,080
Speaker 7: You know, I think it possibly could have worked for

835
00:40:20,239 --> 00:40:23,680
Speaker 7: the base of the Republican Party. And you know, that

836
00:40:23,880 --> 00:40:27,440
Speaker 7: is the challenge here, is that so many of us

837
00:40:27,520 --> 00:40:30,640
Speaker 7: looked at that speech and putting aside the content of

838
00:40:30,680 --> 00:40:34,080
Speaker 7: what she said, which I obviously had problems with, the

839
00:40:34,160 --> 00:40:38,720
Speaker 7: way in which she presented seemed just not in keeping

840
00:40:38,800 --> 00:40:41,759
Speaker 7: with who she is and who she has become politically,

841
00:40:41,840 --> 00:40:46,080
Speaker 7: which is a young, vibrant, respected, smart woman who became

842
00:40:46,120 --> 00:40:49,759
Speaker 7: the youngest senator in you know, the country. You know,

843
00:40:49,880 --> 00:40:53,359
Speaker 7: she has really made a mark, and you didn't see

844
00:40:53,360 --> 00:40:55,720
Speaker 7: that last night as they placed her in a kitchen

845
00:40:56,000 --> 00:40:59,600
Speaker 7: the night before International Women's Day and had her, you know,

846
00:40:59,680 --> 00:41:03,600
Speaker 7: some people described as you know, looking like a forlorn housewife,

847
00:41:03,600 --> 00:41:07,799
Speaker 7: going between laughing and weeping very very quickly, and it

848
00:41:07,920 --> 00:41:11,800
Speaker 7: just wasn't authentic to who she is. And to your point, Joe,

849
00:41:12,000 --> 00:41:15,680
Speaker 7: it's been a really really difficult speech for people to give.

850
00:41:15,719 --> 00:41:18,840
Speaker 7: I agree with you, Bob McDonald, probably the most effective.

851
00:41:19,080 --> 00:41:21,480
Speaker 7: When this started in the sixties, it was, you know,

852
00:41:21,600 --> 00:41:24,960
Speaker 7: people just speaking in the opposition, you know, sort of

853
00:41:25,040 --> 00:41:28,319
Speaker 7: like boring old senators and members speaking out. And then

854
00:41:28,360 --> 00:41:30,600
Speaker 7: in the you know, eighties, nineties, they tried to make

855
00:41:30,600 --> 00:41:34,000
Speaker 7: it a little more dramatic. It is not working. They

856
00:41:34,120 --> 00:41:37,560
Speaker 7: must go back to boring because they have lost their

857
00:41:37,600 --> 00:41:39,799
Speaker 7: way on this speech and it is really the death

858
00:41:39,840 --> 00:41:44,160
Speaker 7: knell and in many cases for young promising public officials.

859
00:41:44,239 --> 00:41:47,359
Speaker 7: And that is frustrating to so many of us who

860
00:41:47,400 --> 00:41:48,760
Speaker 7: want to see these people succeed.

861
00:41:50,600 --> 00:41:52,239
Speaker 9: Maura, we have less than a minute left. But to

862
00:41:52,320 --> 00:41:55,160
Speaker 9: Jeanie's point about the idea of her being in a kitchen,

863
00:41:55,160 --> 00:41:57,640
Speaker 9: and I understand the point she's making on the housewife thing,

864
00:41:57,640 --> 00:41:59,960
Speaker 9: but it also was her literally sitting at a kitchen

865
00:41:59,840 --> 00:42:02,600
Speaker 9: talking about kitchen table issues.

866
00:42:02,680 --> 00:42:02,839
Speaker 6: Right.

867
00:42:02,840 --> 00:42:05,880
Speaker 9: She was talking about the price of groceries, about immigration,

868
00:42:05,960 --> 00:42:08,800
Speaker 9: which we know our top is top of mind for voters.

869
00:42:08,840 --> 00:42:12,120
Speaker 9: This is the playbook that Republicans will be using as

870
00:42:12,120 --> 00:42:14,239
Speaker 9: they are competing on the ballot in the lead up

871
00:42:14,280 --> 00:42:14,800
Speaker 9: to November.

872
00:42:14,880 --> 00:42:17,360
Speaker 10: Right, it did look like she was say at the

873
00:42:17,400 --> 00:42:19,280
Speaker 10: kitchen table. It looked like she was placed in the kitchen,

874
00:42:19,920 --> 00:42:22,160
Speaker 10: so I don't think that her team did a really

875
00:42:22,160 --> 00:42:24,040
Speaker 10: good job of that aspect. They could have made that

876
00:42:24,040 --> 00:42:25,960
Speaker 10: a little more clear, maybe had her background be like

877
00:42:25,960 --> 00:42:27,400
Speaker 10: the living room or something, and to show that she

878
00:42:27,440 --> 00:42:29,799
Speaker 10: was actually at a home in a kitchen table. You know,

879
00:42:29,960 --> 00:42:32,359
Speaker 10: they could have done it differently. But yes, it does

880
00:42:32,440 --> 00:42:35,439
Speaker 10: optically not make me, as a Republican woman, pretty happy

881
00:42:35,520 --> 00:42:37,439
Speaker 10: to see that, because I do think that it sends

882
00:42:37,480 --> 00:42:40,319
Speaker 10: the wrong message and for somebody like Katie Britt, who

883
00:42:40,840 --> 00:42:44,160
Speaker 10: could be a rising star in the Republican Party, last

884
00:42:44,239 --> 00:42:46,880
Speaker 10: night was just not good for her or her future

885
00:42:47,160 --> 00:42:49,560
Speaker 10: quite frankly, all.

886
00:42:49,560 --> 00:42:52,520
Speaker 9: Right, Mara Gillespie and Jeanie shanzay No, thank you both

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00:42:52,560 --> 00:42:55,000
Speaker 9: so much for joining us our political panel on this

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00:42:55,080 --> 00:42:58,200
Speaker 9: day after the State of the Union and International Women's Day.

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00:42:58,280 --> 00:42:59,080
Speaker 9: We appreciate it.

890
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Speaker 3: Thanks for listening to the Balance of Power podcast.

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00:43:03,280 --> 00:43:06,400
Speaker 2: Make sure to subscribe if you haven't already, at Apple, Spotify,

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00:43:06,520 --> 00:43:09,080
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00:43:09,160 --> 00:43:11,239
Speaker 2: us live every weekday from Washington, d C.

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00:43:11,400 --> 00:43:14,080
Speaker 3: At noontime Eastern at Bloomberg dot com.