WEBVTT - Microsoft and Alphabet Rally; McCarthy Pushes Ahead on Debt Bill

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<v Speaker 1>From the Bloomberg Interactive Brokers Studios. This is Bloomberg day

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<v Speaker 1>Break for Wednesday, April twenty six.

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<v Speaker 2>Coming up today, Microsoft shares sore as Cloud growth Fuels earnings.

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<v Speaker 1>Alphabet also on the rise as Google Weather's the economic downturn.

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<v Speaker 2>First Republic malls a huge asset sale and an attempt

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<v Speaker 2>to shore up its balance sheet.

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<v Speaker 1>And House Speaker Kevin McCarthy moves ahead with a vote

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<v Speaker 1>on the death ceiling.

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<v Speaker 3>Witnesses are expected to take the stand today and Donald

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<v Speaker 3>Trump's civil trial. Plus the isis leader behind a twenty

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<v Speaker 3>twenty one attack that killed thirteen US service members as dead.

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<v Speaker 3>I'm Michael Barr.

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<v Speaker 4>More ahead, I'm John Stasharon Sports.

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<v Speaker 5>The Mets and Yankees lost the Islanders one to keep

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<v Speaker 5>their scenes it alive.

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<v Speaker 4>The next played Game five in Cleveland tonight.

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<v Speaker 6>That's all straight ahead on Bloomberg day Break, The business

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<v Speaker 6>news you need to starn your day in just one

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<v Speaker 6>fifteen minute podcast each morning on Apples, Spotify, the Bloomberg

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<v Speaker 6>Business Appen everywhere you get your podcasts.

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<v Speaker 4>Good morning, I'm Nathan Hager.

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<v Speaker 1>And I'm Karen Moscow. Here are the stories we're following today.

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<v Speaker 2>The rise in Nasdaq futures follows solid earnings from two

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<v Speaker 2>tech giants. We got to start with Microsoft this morning.

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<v Speaker 2>Those shares are up seven and a half percent. Profit

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<v Speaker 2>and sales beat estimates, and Microsoft gave an upbeat forecast

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<v Speaker 2>for its artificial intelligence business. We get more from Bloomberg

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<v Speaker 2>tech reporter Aggie Cantrill.

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<v Speaker 7>It's also about the investment that they made in open AI.

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<v Speaker 7>A big part of that investment when they announced it

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<v Speaker 7>was about integrating artificial intelligence into the suite of services

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<v Speaker 7>provided by zero and so that's also a core part

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<v Speaker 7>of Microsoft's plan going forward is essentially saying how their

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<v Speaker 7>latest investments in AI are still going to be relevant

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<v Speaker 7>to the suite of services they already provide.

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<v Speaker 2>Bloomberg's Aggie Cantrell says revenue climbed more than thirty percent

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<v Speaker 2>in Microsoft's closely watched as Zeri cloud computing business.

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<v Speaker 1>Hey Nathan, Shares of Alphabet are up three quarters of

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<v Speaker 1>a percent this morning. That company search business whether the

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<v Speaker 1>economic downturn. With ad sales beating estimates. Alphabet's cloud unit

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<v Speaker 1>also turned a profit for the first time, but that

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<v Speaker 1>hasn't stopped the company from cutting jobs. In here CFO

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<v Speaker 1>Ruth Poorad.

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<v Speaker 8>In terms of the outlook for headcount for the year,

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<v Speaker 8>as we shared last quarter, we are meaningfully slowing the

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<v Speaker 8>pace of hiring in twenty twenty three, while still investing

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<v Speaker 8>in priority areas, particularly for top engineering and technical talent.

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<v Speaker 1>CFO Ruth poor At and Alphabet leadership has been cutting

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<v Speaker 1>costs to preserve profit margins. The company cut about twelve

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<v Speaker 1>thousand positions in January.

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<v Speaker 2>And of course, the tech earnings continue today, Karen. With

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<v Speaker 2>Facebook parent Meta Platforms reporting this afternoon, let's get a

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<v Speaker 2>preview now from Bloomberg's Tom Busby Well.

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<v Speaker 9>These results are from the first quarter of what Meta

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<v Speaker 9>CEO Mark Zuckerberg called the Year of Efficiency at the

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<v Speaker 9>company and for investors, one focus of today's report will

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<v Speaker 9>be the impact of what's forecast to be a pretty

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<v Speaker 9>sizeable drop in digital ad revenue. Also, of note the

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<v Speaker 9>effect of several rounds of layoffs at the company. Thousands

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<v Speaker 9>of workers have been eliminated, and a new focus away

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<v Speaker 9>from the metaverse and instead artificial intelligence and chatbots. Consensus

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<v Speaker 9>calls for earnings per share of two dollars and one

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<v Speaker 9>cent revenue of twenty seven point six to seven billion dollars,

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<v Speaker 9>with three billion active monthly users. Tom Busby Bloomberg Daybreak.

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<v Speaker 9>All right, Tom, thanks well.

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<v Speaker 1>Regional banks are in the spotlight again today we're seeing

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<v Speaker 1>diverging paths for two specific companies, and we get the

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<v Speaker 1>details from Bloomberg's John Tucker.

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<v Speaker 9>John, good morning.

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<v Speaker 10>It's a tale of two banks, Karen. After weeks of calm,

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<v Speaker 10>First Republic's warning on deposit outflows, it reignited concerns about

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<v Speaker 10>the health of the regional banking system. Its shares plunged

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<v Speaker 10>forty nine percent, and then the worries eased somewhat after

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<v Speaker 10>pack West Bank course that its deposits rebounded a First

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<v Speaker 10>Republic is exploring an asset sale of up to one

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<v Speaker 10>hundred billion dollars of mortgages and securities as part of

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<v Speaker 10>a rescue plan. On the other hand, Pack West Bank

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<v Speaker 10>course saying things stabilized. Pack West has been taking steps

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<v Speaker 10>to short up liquidity after selling off some assets. It

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<v Speaker 10>says liquidity is reaching more normal levels, where the company's

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<v Speaker 10>shares jumping sixteen percent pre market and a measure of

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<v Speaker 10>calm may have returned to the sector. Live in New York.

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<v Speaker 10>I'm John Tucker, Bloomberg Day Break.

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<v Speaker 4>Well John.

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<v Speaker 2>Since the collapse of Silicon Valley Bank. Hedge funds have

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<v Speaker 2>seen massive outflows, but the world's biggest hedge fund is

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<v Speaker 2>defying that. Trend Man Group says its clients brought in

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<v Speaker 2>a net one point one billion dollars in the first quarter.

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<v Speaker 2>The hedge fund industry as a whole saw outflows a

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<v Speaker 2>four point eight billion during the same period.

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<v Speaker 1>Well, Nathan, the San Francisco Fed is taking heat for

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<v Speaker 1>the collapse of Silicon Valley Bank. It's now the target

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<v Speaker 1>of criticism from at least two Republican legislators, and Bloomberg's

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<v Speaker 1>Ed Baxter has the story.

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<v Speaker 11>Senator Ted Cruz and Representative Jim Jordan have sent a

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<v Speaker 11>letter to San Francisco FED President Mary Daily. Cruz on

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<v Speaker 11>Bloomberg's balance of power says, the Fed has to be

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<v Speaker 11>awake to what's happening around it.

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<v Speaker 12>Why the San Francisco Fed was essentially a sleep with

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<v Speaker 12>the wheel. The San Francisco Fed is who had supervisory

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<v Speaker 12>responsibility for Silicon Valley Bank. The duration risks on these

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<v Speaker 12>bonds was evident on the face of it.

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<v Speaker 11>Crew says the attitude that the Fed cannot be held

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<v Speaker 11>responsible or answer to regulation is not right. In San Francisco.

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<v Speaker 11>I'm at Baxter Bloomberg.

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<v Speaker 1>Daybreak, all right, and thanks. So we spoke with ten

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<v Speaker 1>crews about a number of subjects, including the debt ceiling

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<v Speaker 1>battle on Capitol Hill. Stay tuned for more of that

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<v Speaker 1>conversation coming up shortly on Bloomberg day Break.

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<v Speaker 2>And when it comes to that debt ceiling debate, careen,

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<v Speaker 2>it looks like House Speaker Kevin McCarthy is moving ahead

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<v Speaker 2>with a vote on his plan. Amy Morris has more

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<v Speaker 2>from our Bloomberg ninety nine one newsroom in Washington.

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<v Speaker 13>The bill links the debt ceiling increase to spending cuts,

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<v Speaker 13>but there are deep divisions within the Republican Party that

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<v Speaker 13>threatened to sink it. A handful of Republicans are withholding

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<v Speaker 13>their support over rolling back at the all tax credits

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<v Speaker 13>and work requirements, while moderate and ultra conservatives have said

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<v Speaker 13>they just won't support it. The plan has been to

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<v Speaker 13>hold the vote today, but even that's risk. If the

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<v Speaker 13>bill does fail, the House Speaker loses strength in his

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<v Speaker 13>negotiating position and could possibly weaken his own speakership. The

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<v Speaker 13>ultimate outcome of the vote might not be known until

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<v Speaker 13>the role call happens in Washington. I maybe more as

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<v Speaker 13>Bloomberg Daybreak.

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<v Speaker 1>All right, Amy, thank you all. US companies in China

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<v Speaker 1>are growing more pessimistic about the relationship between the two countries.

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<v Speaker 1>According to a survey from the American Chamber of Commerce

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<v Speaker 1>in China, eighty seven percent of those responding are negative

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<v Speaker 1>about US China ties. That's fourteen percentage points higher than

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<v Speaker 1>the previous survey.

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<v Speaker 2>It's forty seven degrees in New York. It'll be partly

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<v Speaker 2>sunny today. Chance for a shower this afternoon, going out

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<v Speaker 2>to the low sixties. Few more showers possible tonight. Otherwise

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<v Speaker 2>mostly cloudy. Heading down to a round fifty. Time now

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<v Speaker 2>to take a look at some of the other stories

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<v Speaker 2>making news in New York and around the world.

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<v Speaker 4>Good morning, Michael Barr.

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<v Speaker 3>Good morning, Nathan. Witnesses are expected to begin taking the

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<v Speaker 3>stand today and former President Donald Trump's civil trial in

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<v Speaker 3>New York. Writer E. Gene Carroll as accused Trump of

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<v Speaker 3>sexual assault and defamation. Carol says Trump raped her in

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<v Speaker 3>a department store dressing room in nineteen ninety six. Her

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<v Speaker 3>lawyer told the jury fear and shame kept hers silent

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<v Speaker 3>for decades. Trump's lawyers say that Carol is only out

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<v Speaker 3>for money and for politics, and denies attacking her. The

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<v Speaker 3>White House announced that the isis K leader behind the

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<v Speaker 3>twenty twenty one attack at the Kabbol Airport, resulting in

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<v Speaker 3>the deaths of thirteen American service personnel in about one

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<v Speaker 3>hundred and seventy Afghans has been killed by the Taliban.

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<v Speaker 3>One of the dead was Marine staff Sergeant Taylor Hoover.

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<v Speaker 3>His father just got a call from the Marine Corps.

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<v Speaker 3>He spoke to CBS.

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<v Speaker 11>Does it matter to you whether or not it was

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<v Speaker 11>the Taliban that apparently killed him?

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<v Speaker 8>More in the United States, I don't care who it

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<v Speaker 8>was that killed him. It's one lass terrorist that we

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<v Speaker 8>have to worry about.

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<v Speaker 4>Does it feel like justice to you?

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<v Speaker 8>To me, it won't be justice ever.

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<v Speaker 3>US military personnel but not involved in the operation, but

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<v Speaker 3>had learned he was killed several weeks ago during a

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<v Speaker 3>series of battles early this month in southern Afghanistan between

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<v Speaker 3>the Teleiban and the Islamic State Group's affiliate. Fresh off

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<v Speaker 3>of re election announcement, President Biden spoke to a crowd

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<v Speaker 3>of workers representing the building trade union. The President highlighting

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<v Speaker 3>the passage of the infrastructure Bill, the inflation reduction Act

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<v Speaker 3>and the American Rescue Plan to the National Association of

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<v Speaker 3>Building Trades Union conference in Washington.

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<v Speaker 11>I make no apologies for me label the most pro

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<v Speaker 11>union president American District.

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<v Speaker 4>I'm proud of him. I'm proud of it.

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<v Speaker 3>I really a Republicans have said that President Biden's COVID

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<v Speaker 3>nineteen spending, among other things, has been reckless, and have

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<v Speaker 3>unveiled their own spending plan that would slash many programs

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<v Speaker 3>tied to the American Rescue Plan. Singapore executed a man

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<v Speaker 3>today on charges of conspiring to traffic more than two

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<v Speaker 3>pounds of cannabis. Global News twenty four hours a day,

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<v Speaker 3>powered by more than twenty seven hundred journalist in over

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<v Speaker 3>one hundred and twenty countries. Michael Barr, this is Bloomberg, Nathan.

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<v Speaker 4>Thank you, Michael. Time now for our Bloomberg Sports update.

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<v Speaker 4>For that we bring in Johnston showing. Thanks Nathan.

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<v Speaker 5>The Yankees have hit their first slump three straight losses,

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<v Speaker 5>four in the last five and then those four losses,

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<v Speaker 5>they have scored a total of only five runs, not

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<v Speaker 5>a single extra Mase hit, and a six to two

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<v Speaker 5>loss at Minnesota. The Twins got two run overs in

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<v Speaker 5>the sixth inning from Byron Buxton and Trevor Laarn first

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<v Speaker 5>loss of the year for Nester Coretest. Tampa Bay did

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<v Speaker 5>finally lose a home game for the first time this season.

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<v Speaker 5>They had been fourteen to zero, but in the Al

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<v Speaker 5>East the Yanks in fourth place day game today in

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<v Speaker 5>Minnesota at Cityfield, the Mets had only five hits against

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<v Speaker 5>New Rochelle native Josiah Gray.

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<v Speaker 4>Washington won five nothing. The Mets have.

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<v Speaker 5>Also lost their last three, that is, since winning eight

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<v Speaker 5>out of nine. The Islanders season not over yet. First

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<v Speaker 5>period goal for Pierre Angwell, Rock Nelson Matthew Barzel both

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<v Speaker 5>scored in the second. The Isles won three to two,

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<v Speaker 5>cutting Carolina's lead to three to two. NBA playoffs Dead

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<v Speaker 5>and Phoenix both with series ending Game five wins at home,

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<v Speaker 5>but Boston blew a thirteen point lead lost to Atlanta

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<v Speaker 5>Trey Young a game winning thirty footer with two seconds left.

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<v Speaker 5>The Celtics now lead three to Nixon. Cavs Game five

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<v Speaker 5>tonight in Cleveland with a Knicks up three one. Aaron

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<v Speaker 5>Rodgers with a lengthy social media post thankful for his

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<v Speaker 5>eighteen years in Green Bay. Rogers now a Jet, their

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<v Speaker 5>GM Joe Douglas made the.

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<v Speaker 14>Trade, Aaron's one of the one of the best quarterbacks

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<v Speaker 14>to ever played this game, and to have an opportunity

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<v Speaker 14>to add a player of that caliber, You're always gonna

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<v Speaker 14>You're always gonna look into it and how it how

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<v Speaker 14>it fits within within our culture, within our team.

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<v Speaker 5>Douglass called the Jets acquisition of Rogers historic. John stashiewa

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<v Speaker 5>Bloomberg's Boy.

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<v Speaker 6>Live from coast to coast, from New York to San Francisco,

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<v Speaker 6>Boston to Washington, d C. Nationwide on Sirius XM The

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<v Speaker 6>Bloomberg Business.

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<v Speaker 4>I've been Bloomberg dot Com. This is Bloomberg Daybreak. Good morning.

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<v Speaker 4>I'm Nathan Hager.

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<v Speaker 2>Ted Cruz says he wants answers from the San Francisco

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<v Speaker 2>Federal Reserve Bank on the failure of Silicon Valley Bank.

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<v Speaker 2>In a conversation with Bloomberg's Joe Matthew and Amory Hordern,

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<v Speaker 2>the Republican from Texas discussed the letter that he and

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<v Speaker 2>Ohio Congressman Jim Jordan sent to San Francisco Fed President

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<v Speaker 2>Mary Daily. They also discussed the fight over the debt

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<v Speaker 2>ceiling and who he might back for president in twenty

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<v Speaker 2>twenty four. Let's bring you part of that conversation right now.

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<v Speaker 15>You write in this letter that President Daily essentially failed

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<v Speaker 15>to answer your requests for information about svb's collapse. Did

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<v Speaker 15>she reply at all, Senator what you say?

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<v Speaker 12>We've gotten a letter that just a dismissive response, but

0:11:45.800 --> 0:11:49.480
<v Speaker 12>not a substantive response. Which is why I've teamed up

0:11:49.480 --> 0:11:52.080
<v Speaker 12>with Jim Jordan, the chairman of the House Judiciary Committee,

0:11:52.120 --> 0:11:55.199
<v Speaker 12>and I'm the ranking member of the Senate Commerce Committee,

0:11:55.320 --> 0:11:58.920
<v Speaker 12>to engage in oversight and to examine why the San

0:11:58.920 --> 0:12:02.520
<v Speaker 12>Francisco Fed was essentially asleep at the wheel. The San

0:12:02.520 --> 0:12:07.280
<v Speaker 12>Francisco Fed is who had supervisory responsibility for Silicon Valley Bank.

0:12:07.360 --> 0:12:10.360
<v Speaker 12>The duration risks on these bonds was evident on the

0:12:10.400 --> 0:12:13.000
<v Speaker 12>face of it, and yet the approach of the San

0:12:13.040 --> 0:12:17.600
<v Speaker 12>Francisco Fed seems to be that oversight cannot be applied

0:12:17.679 --> 0:12:20.120
<v Speaker 12>to it, that it doesn't have to respond to the

0:12:20.160 --> 0:12:23.000
<v Speaker 12>American people, it doesn't have to respond to Congress, and

0:12:23.400 --> 0:12:27.079
<v Speaker 12>the consequence was billions of dollars.

0:12:28.160 --> 0:12:30.600
<v Speaker 16>That went up in smoke because.

0:12:30.160 --> 0:12:33.440
<v Speaker 12>The regulators failed to catch this and do their job.

0:12:33.880 --> 0:12:36.960
<v Speaker 17>The Federal Reserve is now going to release an internal review.

0:12:37.000 --> 0:12:38.320
<v Speaker 16>They have about this collapse.

0:12:38.360 --> 0:12:40.040
<v Speaker 17>It's supposed to be do before May first, and it's

0:12:40.080 --> 0:12:43.480
<v Speaker 17>coming out this Friday. Were you alerted to this or

0:12:43.600 --> 0:12:46.400
<v Speaker 17>is the San Francisco FED potentially just saying to you

0:12:46.520 --> 0:12:48.880
<v Speaker 17>wait for the Fed's review that's going to be out

0:12:48.920 --> 0:12:49.440
<v Speaker 17>this week.

0:12:49.840 --> 0:12:53.520
<v Speaker 12>The problem is that the San Francisco FED and all

0:12:53.520 --> 0:12:55.480
<v Speaker 12>of the branch offices of the FED have a long

0:12:55.600 --> 0:13:00.160
<v Speaker 12>history of essentially ignoring congressional inquiry. And in fact, I've

0:13:00.240 --> 0:13:05.120
<v Speaker 12>joined together on bipartisan legislation along with Elizabeth Warren. Elizabeth

0:13:05.120 --> 0:13:06.680
<v Speaker 12>and I don't agree on a lot of things, but

0:13:06.760 --> 0:13:11.760
<v Speaker 12>we've joined together on this to subject these banks to

0:13:12.400 --> 0:13:15.000
<v Speaker 12>FOIL requests so that they can be subject to oversight

0:13:15.559 --> 0:13:18.400
<v Speaker 12>from Congress and subject to oversight from the public, because

0:13:18.480 --> 0:13:22.640
<v Speaker 12>right now their attitude is that they can't or shouldn't

0:13:22.679 --> 0:13:25.160
<v Speaker 12>be scrutinized, and I think that's the wrong attitude.

0:13:25.240 --> 0:13:26.360
<v Speaker 4>Who gets punished for this?

0:13:26.840 --> 0:13:30.920
<v Speaker 12>You saw the Biden administration step in and bail out

0:13:31.320 --> 0:13:34.080
<v Speaker 12>the customers at Silicon Valley Bank, and they did that.

0:13:34.240 --> 0:13:37.400
<v Speaker 12>I think many of those customers were politically well connected,

0:13:37.440 --> 0:13:40.800
<v Speaker 12>political supporters of the president, and I got to say

0:13:40.840 --> 0:13:44.520
<v Speaker 12>that leaves a lot of main street sitting behind wondering, well,

0:13:44.520 --> 0:13:47.280
<v Speaker 12>what happens if I don't have a lobbyist with stroke

0:13:47.360 --> 0:13:50.040
<v Speaker 12>in this White House? And we need to have clear

0:13:50.200 --> 0:13:54.479
<v Speaker 12>standards that apply, that are transparent, And I'm really concerned

0:13:54.840 --> 0:13:58.600
<v Speaker 12>about the fallout. In particular, I'm concerned that we're seeing

0:13:58.640 --> 0:14:02.600
<v Speaker 12>a flight of capital away from community banks, away from

0:14:02.720 --> 0:14:05.880
<v Speaker 12>mid size banks, to the giant banks, and I think

0:14:05.920 --> 0:14:06.920
<v Speaker 12>that's really harmful.

0:14:07.160 --> 0:14:07.559
<v Speaker 16>Senator.

0:14:07.559 --> 0:14:09.600
<v Speaker 17>The other big story, of course, our viewers are focused on,

0:14:09.800 --> 0:14:11.920
<v Speaker 17>is the debt ceiling. And in your book, and you're

0:14:11.960 --> 0:14:15.760
<v Speaker 17>opening chapter, you talk about this clean debt ceiling that

0:14:15.920 --> 0:14:18.400
<v Speaker 17>was going to be orchestrated to their Obama administration, but

0:14:18.400 --> 0:14:20.800
<v Speaker 17>no Republicans one of their fingerprints on it. Do you

0:14:20.840 --> 0:14:23.720
<v Speaker 17>think if McCarthy and Biden can't reach a deal, set

0:14:23.880 --> 0:14:26.600
<v Speaker 17>Republican leaders need to make sure that the country lifts

0:14:26.640 --> 0:14:27.240
<v Speaker 17>the debt ceiling.

0:14:27.600 --> 0:14:30.520
<v Speaker 12>The Biden White House's position right now I think is

0:14:31.000 --> 0:14:35.000
<v Speaker 12>wildly unreasonable. Go back to the year two thousand and

0:14:35.040 --> 0:14:37.600
<v Speaker 12>the year two thousand, you know what our national debt was,

0:14:37.720 --> 0:14:39.960
<v Speaker 12>It was just five trillion dollars.

0:14:40.360 --> 0:14:41.640
<v Speaker 16>Then what happened. George W.

0:14:41.760 --> 0:14:45.560
<v Speaker 12>Bush became president and in eight years, our national debt

0:14:45.600 --> 0:14:49.360
<v Speaker 12>doubled from five trillion to ten trillion. In two thousand

0:14:49.400 --> 0:14:52.280
<v Speaker 12>and eight, Barack Obama became president, and in the next

0:14:52.320 --> 0:14:56.600
<v Speaker 12>eight years, our national debt doubled again, from ten trillion

0:14:56.640 --> 0:14:59.960
<v Speaker 12>dollars to twenty trillion dollars. So it took forty two

0:15:00.000 --> 0:15:03.320
<v Speaker 12>two presidents over two hundred years to build up five

0:15:03.400 --> 0:15:07.000
<v Speaker 12>trillion in debt, and two presidents quadruple the debt in

0:15:07.160 --> 0:15:10.960
<v Speaker 12>just sixteen years. We're now at about thirty two trillion dollars.

0:15:11.320 --> 0:15:14.760
<v Speaker 12>What we're doing is irresponsible, and I think it is

0:15:14.920 --> 0:15:17.520
<v Speaker 12>critically important for leaders in the House and leaders in

0:15:17.560 --> 0:15:20.760
<v Speaker 12>the Senate to force real spending reforms. Now, let me

0:15:20.800 --> 0:15:25.200
<v Speaker 12>be clear, under no circumstances should the United States default

0:15:25.720 --> 0:15:29.000
<v Speaker 12>on our debt. And there's one person on planet Earth

0:15:29.000 --> 0:15:31.760
<v Speaker 12>who could make that one hundred percent certainty, that's Joe Biden.

0:15:31.800 --> 0:15:35.200
<v Speaker 12>A responsible president would say we will never default on

0:15:35.200 --> 0:15:37.760
<v Speaker 12>our debt. But Biden doesn't want to do that because

0:15:37.800 --> 0:15:40.920
<v Speaker 12>he wants to scare monger and threaten a default rather

0:15:40.960 --> 0:15:44.320
<v Speaker 12>than negotiate and actually address this out of control spending

0:15:44.320 --> 0:15:44.760
<v Speaker 12>and debt.

0:15:44.920 --> 0:15:46.640
<v Speaker 17>Joe Biden is saying, you want to see a budget,

0:15:46.640 --> 0:15:49.360
<v Speaker 17>and then he's willing to negotiate. The president has announced

0:15:49.360 --> 0:15:51.920
<v Speaker 17>his reelection, When are you going to announce who you support?

0:15:51.920 --> 0:15:53.320
<v Speaker 17>And is at the former President Trump?

0:15:54.480 --> 0:15:56.840
<v Speaker 12>Look, I'm running for reelection for Senate in the state

0:15:56.880 --> 0:15:58.360
<v Speaker 12>of Texas in twenty twenty four.

0:15:58.400 --> 0:15:59.640
<v Speaker 16>I'm focused on reelection.

0:16:01.680 --> 0:16:04.760
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