1 00:00:02,720 --> 00:00:07,560 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:08,400 --> 00:00:12,600 Speaker 2: On this vote, the YASER two eighteen the NASER two fourteen. 3 00:00:13,320 --> 00:00:18,439 Speaker 2: The motion is adopted. The US's massive tax and spending 4 00:00:18,480 --> 00:00:23,040 Speaker 2: package officially passed the House on Thursday afternoon, and now 5 00:00:23,200 --> 00:00:27,800 Speaker 2: it's headed to President Trump's desk. The legislation extends Trump's 6 00:00:27,800 --> 00:00:31,520 Speaker 2: twenty seventeen tax cuts, making them permanent, but it does 7 00:00:31,560 --> 00:00:32,640 Speaker 2: a lot more than that. 8 00:00:32,800 --> 00:00:34,720 Speaker 1: It also slashes Medicaid. 9 00:00:34,360 --> 00:00:37,280 Speaker 2: Cost cuts which are mainly in Medicaid, and snap rollback 10 00:00:37,360 --> 00:00:39,440 Speaker 2: tax incentives for the clean energy industry. 11 00:00:39,600 --> 00:00:42,960 Speaker 1: The One Big Beautiful Bill just shows the Vice Gript 12 00:00:42,960 --> 00:00:46,080 Speaker 1: that he's maintained on the Republican Party for the better 13 00:00:46,120 --> 00:00:47,360 Speaker 1: part of the last decade. 14 00:00:47,840 --> 00:00:52,080 Speaker 2: Mario Parker oversees Bloomberg's US government coverage and he says 15 00:00:52,120 --> 00:00:55,160 Speaker 2: the scope of the bill, the ways the administration justified 16 00:00:55,200 --> 00:00:59,000 Speaker 2: its cost, and the process it took through Congress all 17 00:00:59,040 --> 00:01:01,840 Speaker 2: speak to the way Trump has been testing the limits 18 00:01:01,840 --> 00:01:03,040 Speaker 2: of presidential power. 19 00:01:03,520 --> 00:01:06,960 Speaker 1: A hallmark of Trump's second term has been just this 20 00:01:07,160 --> 00:01:11,680 Speaker 1: power grabh this expansion of executive branch powers, whether it's 21 00:01:11,680 --> 00:01:16,200 Speaker 1: seizing the power of the purge from Congress, sprawling executive orders, 22 00:01:16,680 --> 00:01:21,720 Speaker 1: using emergency powers to justify the tariffs that he's placed 23 00:01:21,760 --> 00:01:23,959 Speaker 1: around the country's trade flows. 24 00:01:26,640 --> 00:01:29,160 Speaker 2: Amid the fire hose of news these past few weeks, 25 00:01:29,319 --> 00:01:33,000 Speaker 2: there were even more examples of Trump expanding that executive 26 00:01:33,040 --> 00:01:36,880 Speaker 2: branch control, from his strike of Iran's nuclear sites without 27 00:01:36,920 --> 00:01:40,640 Speaker 2: congressional approval to a Supreme Court ruling that could unleash 28 00:01:40,680 --> 00:01:47,160 Speaker 2: more of Trump's executive orders. I'm Sarah Holder, and this 29 00:01:47,319 --> 00:01:50,080 Speaker 2: is the big tick for Bloomberg News today on the 30 00:01:50,120 --> 00:01:55,040 Speaker 2: show President Trump's recent legislative, military and Supreme Court wins 31 00:01:55,480 --> 00:01:58,320 Speaker 2: and how they're reshaping the scope of executive power in 32 00:01:58,360 --> 00:02:06,160 Speaker 2: the United States. Mario, you and I are speaking at 33 00:02:06,160 --> 00:02:10,200 Speaker 2: eleven am on Thursday. Minority Leader Hakim Jeffries has been 34 00:02:10,200 --> 00:02:14,359 Speaker 2: speaking for more than six hours already, as Congress prepares 35 00:02:14,400 --> 00:02:18,600 Speaker 2: to pass President Trump's quote big beautiful. 36 00:02:18,120 --> 00:02:22,320 Speaker 1: Bill dealing with an all out assault on healthcare, on medicaid, 37 00:02:22,320 --> 00:02:27,400 Speaker 1: on the affordable care rack, on the children's health insurance program. 38 00:02:27,800 --> 00:02:31,080 Speaker 2: It's this sprawling piece of legislation. But can you tell us, Mario, 39 00:02:31,120 --> 00:02:33,600 Speaker 2: at a high level, what are the most significant top 40 00:02:33,639 --> 00:02:35,400 Speaker 2: lines from this legislation? 41 00:02:35,960 --> 00:02:39,240 Speaker 1: The most significant one and one it will be hearing about. 42 00:02:39,280 --> 00:02:41,880 Speaker 1: Given where we are in the calendar right now as 43 00:02:41,880 --> 00:02:45,799 Speaker 1: we look ahead to the midterm elections will be the dramatic, 44 00:02:46,280 --> 00:02:50,160 Speaker 1: consequential slash to the social safety net in the United States. 45 00:02:50,240 --> 00:02:53,400 Speaker 1: That's the rollback of social safety net that we have 46 00:02:53,480 --> 00:02:56,040 Speaker 1: insane in decades at least. 47 00:02:56,360 --> 00:02:59,960 Speaker 2: The proposed bill includes deep cuts to Medicaid and snap 48 00:03:00,120 --> 00:03:03,400 Speaker 2: programs that subsidize healthcare and food for tens of millions 49 00:03:03,400 --> 00:03:06,680 Speaker 2: of Americans, including many in the working class base that 50 00:03:06,800 --> 00:03:10,959 Speaker 2: voted Trump into office. The Congressional Budget Office estimated that 51 00:03:11,000 --> 00:03:14,480 Speaker 2: the cuts could lead to nearly twelve million more Americans 52 00:03:14,480 --> 00:03:19,200 Speaker 2: without insurance by twenty thirty four. Mario says Republicans will 53 00:03:19,200 --> 00:03:21,960 Speaker 2: be forced to defend those changes on the campaign trail. 54 00:03:22,360 --> 00:03:27,359 Speaker 1: You've had Republican leaderships make deals on things like salt, 55 00:03:27,440 --> 00:03:31,720 Speaker 1: for example, trying to write size just how much funding 56 00:03:31,800 --> 00:03:35,480 Speaker 1: to cut, how tight to make the restrictions on Medicaid, 57 00:03:35,960 --> 00:03:39,920 Speaker 1: how to loosen them, deals like the rural Hospital Relief 58 00:03:39,960 --> 00:03:44,280 Speaker 1: Fund that Susan Collins was able to back as well. 59 00:03:44,520 --> 00:03:47,640 Speaker 1: That being said, I mean this bill is by turns 60 00:03:47,720 --> 00:03:52,400 Speaker 1: a microcosm of politics with Trump, but also a paradox 61 00:03:52,480 --> 00:03:56,040 Speaker 1: for Republicans. The feature of Trump's political movement has been 62 00:03:56,480 --> 00:04:02,840 Speaker 1: this attraction of former Democrat voting blue collar, lower class 63 00:04:02,840 --> 00:04:07,440 Speaker 1: workers who Trump appealed to over the last decade, but 64 00:04:07,600 --> 00:04:13,720 Speaker 1: who are increasingly reliant on programs like Medicaid medicare snap 65 00:04:13,760 --> 00:04:16,960 Speaker 1: as well. Right, So the image of the traditional Republican 66 00:04:17,000 --> 00:04:20,400 Speaker 1: from about twenty years ago as high earning Trump has 67 00:04:20,440 --> 00:04:23,240 Speaker 1: turned that on its head in some ways with his 68 00:04:23,320 --> 00:04:28,440 Speaker 1: political movement. And so we'll see what political consequence, if 69 00:04:28,520 --> 00:04:31,760 Speaker 1: at all, will be paid for this calculation that they 70 00:04:31,880 --> 00:04:32,440 Speaker 1: just made. 71 00:04:32,560 --> 00:04:34,400 Speaker 2: Mario, I don't want to get two in the weeds 72 00:04:34,440 --> 00:04:36,919 Speaker 2: here about the budget process, but there has been a 73 00:04:36,920 --> 00:04:40,320 Speaker 2: lot of talk about reconciliation, which is what Republicans used 74 00:04:40,880 --> 00:04:44,760 Speaker 2: to push this bill through. What is the reconciliation process 75 00:04:44,800 --> 00:04:46,480 Speaker 2: and what is it traditionally used for. 76 00:04:47,040 --> 00:04:50,800 Speaker 1: Well, the reconciliation process, which isn't germane just to the 77 00:04:50,839 --> 00:04:54,320 Speaker 1: Republicans to pass some of their key legislative issues. Joe 78 00:04:54,360 --> 00:04:58,920 Speaker 1: Biden did it with his centerpiece legislative agenda and Democrats 79 00:04:58,920 --> 00:05:04,160 Speaker 1: as well. So it's ostensibly supposed to be related to 80 00:05:04,440 --> 00:05:09,040 Speaker 1: budgetary matters. Now, what we've seen with this bill play 81 00:05:09,040 --> 00:05:11,640 Speaker 1: out what we've seen in other administrations as well, is 82 00:05:12,240 --> 00:05:17,080 Speaker 1: this requires someone called the parliamentarian to weigh in and 83 00:05:17,160 --> 00:05:19,200 Speaker 1: see whether or not some of the measures in the 84 00:05:19,200 --> 00:05:23,760 Speaker 1: bill adhere to the strictures of this budgetary process. Right, 85 00:05:24,160 --> 00:05:27,080 Speaker 1: so some of it takes creative writing on the part 86 00:05:27,200 --> 00:05:30,760 Speaker 1: of the lawmakers, and then sometimes you just see is 87 00:05:31,040 --> 00:05:34,680 Speaker 1: what happened in several instances with this bill, some measures 88 00:05:34,720 --> 00:05:38,400 Speaker 1: that are just very very political on their face end 89 00:05:38,520 --> 00:05:42,039 Speaker 1: up being taken out or stricken by the parliamentarian. 90 00:05:42,520 --> 00:05:45,960 Speaker 2: The CBO calculated that this bill will add over three 91 00:05:46,040 --> 00:05:47,440 Speaker 2: trillion dollars to the deficit. 92 00:05:47,960 --> 00:05:52,920 Speaker 1: Republicans argue that the CBO doesn't take into account of 93 00:05:53,360 --> 00:05:56,520 Speaker 1: the economic growth that will be spurred by many of 94 00:05:56,520 --> 00:05:59,599 Speaker 1: the measures in this bill. Whether you disagree with that 95 00:05:59,720 --> 00:06:02,760 Speaker 1: or not, that's been the Republican. 96 00:06:02,480 --> 00:06:06,200 Speaker 2: Argument, Mario says. Another thing that was unusual about this 97 00:06:06,279 --> 00:06:09,960 Speaker 2: budget fight was the way Republicans cast out on nonpartisan 98 00:06:10,040 --> 00:06:14,080 Speaker 2: individuals and institutions like the Senate parliamentarian who's meant to 99 00:06:14,120 --> 00:06:18,760 Speaker 2: advise Congress on rules and procedures, and the Congressional Budget Office. 100 00:06:19,040 --> 00:06:24,440 Speaker 1: We saw Republicans outright attack the Congressional Budget Office for 101 00:06:24,440 --> 00:06:29,600 Speaker 1: forecasting that this would add to the deficit. The CBO, 102 00:06:29,839 --> 00:06:36,120 Speaker 1: the parliamentarian are typically off limits. Typically both parties have 103 00:06:36,560 --> 00:06:40,160 Speaker 1: essentially taken those type of losses, if you will, on 104 00:06:40,240 --> 00:06:44,240 Speaker 1: the chin and thought and considered that those individuals, those 105 00:06:44,279 --> 00:06:49,159 Speaker 1: bodies are doing their job and being objective. But that's 106 00:06:49,240 --> 00:06:52,839 Speaker 1: part and parcel to this political moment that we're living 107 00:06:52,880 --> 00:06:55,400 Speaker 1: in right now, where it's been this erosion of faith 108 00:06:56,080 --> 00:07:01,560 Speaker 1: in democratic or big democratic norms and institutions that hadn't 109 00:07:01,560 --> 00:07:03,159 Speaker 1: been questioned before. 110 00:07:03,960 --> 00:07:08,400 Speaker 2: I'm wondering where Trump was in the final days as 111 00:07:08,440 --> 00:07:11,800 Speaker 2: Congress was debating this bill. How influential has he actually 112 00:07:11,840 --> 00:07:15,680 Speaker 2: been in getting this almost through the finish line. 113 00:07:16,000 --> 00:07:20,800 Speaker 1: I think highly influential. I think Trump's impact in convincing 114 00:07:20,840 --> 00:07:26,200 Speaker 1: a strident budget hawk to eschew some of those concerns, 115 00:07:26,240 --> 00:07:29,840 Speaker 1: if you will, and support passages of the bill. Now 116 00:07:30,080 --> 00:07:33,920 Speaker 1: that being said, you asked where Trump was. Trump was 117 00:07:34,000 --> 00:07:36,040 Speaker 1: at the White House. He was working the phone from 118 00:07:36,040 --> 00:07:40,520 Speaker 1: what we understand as well. Again, various folks were visiting 119 00:07:40,600 --> 00:07:43,080 Speaker 1: the White House as well. But then we also saw 120 00:07:43,120 --> 00:07:46,360 Speaker 1: the familiar cudgel with which he's wielded over the last 121 00:07:46,360 --> 00:07:49,480 Speaker 1: ten years or so, which is his social media account. 122 00:07:49,880 --> 00:07:53,280 Speaker 1: And we know that when you as a politician, as 123 00:07:53,280 --> 00:07:57,080 Speaker 1: a Republican when you're in the crosshairs of a truth 124 00:07:57,160 --> 00:08:01,200 Speaker 1: social post or a Twitter post, that it's an uncomfortable 125 00:08:01,240 --> 00:08:05,600 Speaker 1: place to be because essentially Trump and his allies then 126 00:08:05,720 --> 00:08:09,320 Speaker 1: flood and signal boost whatever message it is that he's 127 00:08:09,800 --> 00:08:13,640 Speaker 1: directed your way. But then there's also the threat, which 128 00:08:13,680 --> 00:08:16,640 Speaker 1: is the underpinning all of this, the threat of a primary. 129 00:08:17,200 --> 00:08:21,520 Speaker 1: Even if they survive the primary, it will be costly, 130 00:08:22,240 --> 00:08:26,040 Speaker 1: right and will be damaging. And so you saw a 131 00:08:26,080 --> 00:08:31,000 Speaker 1: couple of weeks ago Thomas Massey from Kentucky, who isn't 132 00:08:31,240 --> 00:08:35,160 Speaker 1: supporting the bill. You saw Trump and his allies form 133 00:08:35,320 --> 00:08:39,320 Speaker 1: a superpack in order to find a primary candidate to 134 00:08:39,440 --> 00:08:44,400 Speaker 1: oppose Massy. You saw this past weekend Tom Tillis from 135 00:08:44,520 --> 00:08:49,400 Speaker 1: North Carolina, a longtime senator who got crosswise with Trump 136 00:08:49,520 --> 00:08:53,160 Speaker 1: over his stance on the bill, and lo and behold. 137 00:08:53,800 --> 00:08:56,680 Speaker 1: By the end of the weekend, after Trump had threatened 138 00:08:56,720 --> 00:09:01,400 Speaker 1: to find someone else to replace more primary, Tellis said 139 00:09:01,400 --> 00:09:03,360 Speaker 1: that he will be retiring from the Senate. 140 00:09:04,440 --> 00:09:07,920 Speaker 2: While Congress was considering this legislation, Trump made a decision 141 00:09:07,960 --> 00:09:12,920 Speaker 2: that would normally require Congressional approval without getting it. That 142 00:09:13,040 --> 00:09:17,319 Speaker 2: decision and a recent Supreme Court ruling on nationwide injunctions 143 00:09:17,720 --> 00:09:21,680 Speaker 2: together raised more questions about the limits of presidential power. 144 00:09:22,840 --> 00:09:35,520 Speaker 2: All that's after the break. The so called One Big 145 00:09:35,600 --> 00:09:39,800 Speaker 2: Beautiful Bill moved through Congress quickly. While lawmakers were still 146 00:09:39,800 --> 00:09:42,960 Speaker 2: in the throes of debating its contents, Trump made another 147 00:09:43,040 --> 00:09:48,280 Speaker 2: major move, striking nuclear sites in Iran without seeking congressional approval. 148 00:09:49,120 --> 00:09:51,400 Speaker 2: Some members of Congress from both sides of the Aisle 149 00:09:51,440 --> 00:09:54,319 Speaker 2: were upset about that, but the defense from the administration 150 00:09:54,679 --> 00:09:59,120 Speaker 2: was that they did inform some Republican lawmakers. So I 151 00:09:59,200 --> 00:10:03,559 Speaker 2: asked Mario what he made of the unilateral strike and 152 00:10:03,679 --> 00:10:04,880 Speaker 2: Trump's defense. 153 00:10:05,280 --> 00:10:07,960 Speaker 1: I mean, it shows that it goes back to our 154 00:10:08,000 --> 00:10:11,959 Speaker 1: earlier point in a conversation where Usain Trump pushed some 155 00:10:12,000 --> 00:10:16,160 Speaker 1: of the not just constitutional limits, but just norms as well, 156 00:10:16,559 --> 00:10:20,320 Speaker 1: or at least do the bare minimums. So there was 157 00:10:20,400 --> 00:10:23,200 Speaker 1: no gang of what we will call in Washington, d C. 158 00:10:23,400 --> 00:10:26,800 Speaker 1: Gang of eight meeting to inform them the top of 159 00:10:27,559 --> 00:10:30,400 Speaker 1: the lawmakers from either side of the party, to inform 160 00:10:30,520 --> 00:10:35,400 Speaker 1: them of this strike in the Middle East. The administration 161 00:10:35,559 --> 00:10:39,640 Speaker 1: said that, I think Pete Hegseth even mentioned in his 162 00:10:39,760 --> 00:10:43,760 Speaker 1: press conference a day after that they followed the strictures 163 00:10:43,920 --> 00:10:48,160 Speaker 1: of the law right, So they did essentially the bare 164 00:10:48,200 --> 00:10:51,720 Speaker 1: minimum that they had to do. Now that being said, 165 00:10:52,200 --> 00:10:55,600 Speaker 1: about a week after that, there was, in this fast 166 00:10:55,600 --> 00:11:00,440 Speaker 1: moving news cycle, there was the early preliminary intelligence that 167 00:11:00,520 --> 00:11:05,080 Speaker 1: ended up leaking out that counted the public assessment of 168 00:11:05,120 --> 00:11:09,280 Speaker 1: the attack that the administration had been putting out, and 169 00:11:09,400 --> 00:11:11,679 Speaker 1: you saw that the response from that was for the 170 00:11:11,720 --> 00:11:17,960 Speaker 1: administration to look at its communications with Congress as a 171 00:11:18,000 --> 00:11:22,680 Speaker 1: potential reason for that league. And this still has to 172 00:11:22,679 --> 00:11:25,200 Speaker 1: play out more, but I don't think this will help 173 00:11:25,280 --> 00:11:27,360 Speaker 1: improve the lines of preemptive communication. 174 00:11:27,800 --> 00:11:30,480 Speaker 2: I mean, do you see this as a fundamental shift 175 00:11:30,520 --> 00:11:33,120 Speaker 2: in our understanding of presidential power when it comes to 176 00:11:33,200 --> 00:11:33,920 Speaker 2: military action. 177 00:11:34,440 --> 00:11:38,040 Speaker 1: I'm not sure if it's a fundamental shift, And we've 178 00:11:38,080 --> 00:11:44,040 Speaker 1: seen an erosion of Congress's involvement in such measures over 179 00:11:44,080 --> 00:11:47,920 Speaker 1: the last call it twenty years or so. To be fair, 180 00:11:48,080 --> 00:11:51,320 Speaker 1: this didn't start with the Trump administration. I think what 181 00:11:51,440 --> 00:11:54,720 Speaker 1: was striking was the fact that it was Iran, the 182 00:11:54,760 --> 00:11:58,679 Speaker 1: fact that it was the Middle East. Anytime you know 183 00:11:58,800 --> 00:12:03,400 Speaker 1: nuclear is involved. But look, I mean again, just to 184 00:12:03,520 --> 00:12:07,400 Speaker 1: be fair to the Trump administration, they would say that 185 00:12:07,440 --> 00:12:11,640 Speaker 1: they pulled these strikes off without having to put American 186 00:12:11,640 --> 00:12:16,160 Speaker 1: boots on the ground without American casualties, and then shortly 187 00:12:16,200 --> 00:12:21,319 Speaker 1: thereafter there was a seaze fire agreed upon between Israel 188 00:12:21,360 --> 00:12:25,200 Speaker 1: and Iran after the Twelve Day War. So from the 189 00:12:25,200 --> 00:12:28,720 Speaker 1: administration's point of view, they feel like they were validated 190 00:12:28,760 --> 00:12:32,320 Speaker 1: by the calculation. You have some Republicans who are saying 191 00:12:32,360 --> 00:12:36,480 Speaker 1: that it's unconstitutional in some ways. Those Republicans are thinking 192 00:12:36,559 --> 00:12:40,320 Speaker 1: forward to what happens when the next Democratic president does 193 00:12:40,360 --> 00:12:43,760 Speaker 1: something like that as well. Obviously Democrats are going to 194 00:12:44,040 --> 00:12:47,640 Speaker 1: oppose such unilateral strikes from their opposition party. 195 00:12:48,480 --> 00:12:50,880 Speaker 2: Well, Mario, we've been talking about the ways President Trump 196 00:12:50,920 --> 00:12:55,560 Speaker 2: and the administration are testing executive powers. So we have 197 00:12:55,640 --> 00:12:59,680 Speaker 2: to talk about the Supreme Court. The Supreme Court last 198 00:12:59,720 --> 00:13:02,679 Speaker 2: week move to strike down the power of the lower 199 00:13:02,720 --> 00:13:07,360 Speaker 2: courts to issue nationwide injunctions. We've seen nationwide injunctions go 200 00:13:07,440 --> 00:13:11,079 Speaker 2: into effect to block all manner of Trump administration priorities 201 00:13:11,120 --> 00:13:13,360 Speaker 2: in both his first term and already in his second. 202 00:13:14,559 --> 00:13:17,120 Speaker 2: Can you just remind us in this busy news moment, 203 00:13:17,160 --> 00:13:19,600 Speaker 2: as you've alluded to, what was that ruling and how 204 00:13:19,640 --> 00:13:22,920 Speaker 2: does it change the way executive orders or legislation from 205 00:13:22,960 --> 00:13:24,960 Speaker 2: the president can be challenged? Moving forward. 206 00:13:25,240 --> 00:13:28,280 Speaker 1: Well, one of the frustrations of both Trump terms Trump 207 00:13:28,320 --> 00:13:31,560 Speaker 1: one and Trump two. They issue some type of order, 208 00:13:31,640 --> 00:13:35,079 Speaker 1: or they take some type of action, that action is 209 00:13:35,280 --> 00:13:40,280 Speaker 1: sued or countered in a court, right say, in some state. 210 00:13:41,200 --> 00:13:45,000 Speaker 1: That court will then issue an injunction that prevents that 211 00:13:45,240 --> 00:13:49,160 Speaker 1: order from being carried out nationwide. And that has been 212 00:13:49,240 --> 00:13:53,200 Speaker 1: a point of frustration for the Trump administration as it 213 00:13:53,280 --> 00:13:59,760 Speaker 1: does so many things, whether it's birthright, citizenship, deportations, other 214 00:13:59,760 --> 00:14:04,439 Speaker 1: measures as well. And so now this ruling essentially says 215 00:14:04,120 --> 00:14:09,160 Speaker 1: that those injunctions are limited to the parties involved in 216 00:14:09,240 --> 00:14:13,640 Speaker 1: that suit. So if that took place in say California 217 00:14:13,760 --> 00:14:18,480 Speaker 1: or some other state, it's limited there, as opposed to 218 00:14:18,720 --> 00:14:22,520 Speaker 1: having a blanket cover across the entire United States. 219 00:14:22,800 --> 00:14:26,040 Speaker 2: How could the Supreme Court ruling impact what Trump does next? 220 00:14:26,080 --> 00:14:28,880 Speaker 2: Could it push Trump to take more executive actions if 221 00:14:28,880 --> 00:14:32,520 Speaker 2: he knows judges are limited in their ability to stop them. 222 00:14:32,840 --> 00:14:38,280 Speaker 1: Well, it's unclear exactly which other issues he may seize upon. 223 00:14:39,160 --> 00:14:43,880 Speaker 1: For Trump, they're fighting wars in various fronts across the courts, 224 00:14:43,920 --> 00:14:47,520 Speaker 1: whether it's with the higher education system and some of 225 00:14:47,520 --> 00:14:49,880 Speaker 1: the things that we see playing out there, whether on 226 00:14:50,000 --> 00:14:56,080 Speaker 1: immigration as well again, whether on the implementation of tariffs. 227 00:14:56,280 --> 00:15:00,280 Speaker 1: This has essentially emboldened him for whatever he sees. 228 00:15:00,240 --> 00:15:05,119 Speaker 2: Coming next zooming out. How do all of these developments 229 00:15:05,160 --> 00:15:09,080 Speaker 2: that we've talked about so far, the tax bill, Iran strike, 230 00:15:09,480 --> 00:15:14,240 Speaker 2: and the Supreme Court ruling relate back to this new 231 00:15:14,800 --> 00:15:18,080 Speaker 2: testing of the limits of presidential power under Trump. 232 00:15:18,400 --> 00:15:21,560 Speaker 1: There's no doubt about it that we haven't seen in 233 00:15:21,600 --> 00:15:24,680 Speaker 1: a long time, at least the stretching of the executive 234 00:15:24,720 --> 00:15:27,480 Speaker 1: powers that we're saying take place right now, I mean 235 00:15:27,600 --> 00:15:30,880 Speaker 1: just so sprawling. I don't think they're de hyperbole to 236 00:15:30,920 --> 00:15:34,440 Speaker 1: say that in Trump's first five months back in office, 237 00:15:34,560 --> 00:15:38,800 Speaker 1: there's no part of American life that hasn't been impacted 238 00:15:38,880 --> 00:15:42,200 Speaker 1: by the presidency and some of the moves that he's 239 00:15:42,280 --> 00:15:46,760 Speaker 1: taken right whether that's the deportations, whether that's leap frogging 240 00:15:47,320 --> 00:15:51,520 Speaker 1: the governor of California and sending in the National Guard, 241 00:15:52,240 --> 00:15:56,880 Speaker 1: whether that's the deportations to third countries, countries that aren't 242 00:15:57,000 --> 00:16:00,280 Speaker 1: persons of migrants origin, or some of the top law 243 00:16:00,320 --> 00:16:05,480 Speaker 1: firms in the country, a seating, acquiescing and finding settlements 244 00:16:05,560 --> 00:16:10,840 Speaker 1: with the administration, some of the universities, some concessions made 245 00:16:10,880 --> 00:16:14,160 Speaker 1: on the part of higher education. This is before we 246 00:16:14,200 --> 00:16:16,720 Speaker 1: get to the so called one big, beautiful bill that 247 00:16:16,840 --> 00:16:23,080 Speaker 1: has everything that touches everything from medicaid, snap brain, energy 248 00:16:23,440 --> 00:16:27,200 Speaker 1: credits as well to so many different things. I mean, 249 00:16:27,240 --> 00:16:30,560 Speaker 1: the doage cuts right, the remaking of the federal government 250 00:16:30,680 --> 00:16:34,240 Speaker 1: in and of itself, and what impact that has on 251 00:16:34,360 --> 00:16:38,640 Speaker 1: the service that Americans get. The priorities outlined as well, 252 00:16:38,800 --> 00:16:43,960 Speaker 1: the USAID cuts, what that means for America's brand abroad 253 00:16:44,240 --> 00:16:48,720 Speaker 1: and just the traditional place that we've had in giving 254 00:16:48,760 --> 00:16:52,760 Speaker 1: assistance to other countries or diplomacy or spreading democracy to 255 00:16:53,680 --> 00:16:57,960 Speaker 1: other countries as well. So there's what we've seen with 256 00:16:58,080 --> 00:17:02,040 Speaker 1: this administration in just a few months is just this 257 00:17:02,200 --> 00:17:07,400 Speaker 1: expansion of powers and just having tentacles in so many 258 00:17:07,440 --> 00:17:08,240 Speaker 1: different areas. 259 00:17:12,280 --> 00:17:15,199 Speaker 2: This is the Big Take from Bloomberg News. I'm Sarah Holder. 260 00:17:15,480 --> 00:17:18,080 Speaker 2: To get more from The Big Take and unlimited access 261 00:17:18,119 --> 00:17:21,879 Speaker 2: to all of Bloomberg dot com, subscribe today at Bloomberg 262 00:17:21,920 --> 00:17:25,680 Speaker 2: dot com slash podcast offer. If you liked this episode, 263 00:17:25,800 --> 00:17:28,119 Speaker 2: make sure to follow and review The Big Take wherever 264 00:17:28,160 --> 00:17:30,879 Speaker 2: you listen to podcasts. It helps people find the show. 265 00:17:31,760 --> 00:17:33,960 Speaker 2: Thanks for listening. We'll be back tomorrow.