1 00:00:00,120 --> 00:00:05,960 Speaker 1: President Joe Biden making remarks in Pittsburgh, Pennsylvania, unveiling a 2 00:00:06,120 --> 00:00:11,920 Speaker 1: two point to five trillion dollar infrastructure proposal. He called 3 00:00:11,960 --> 00:00:15,800 Speaker 1: on Congress. He called on the business community. He called 4 00:00:15,960 --> 00:00:21,119 Speaker 1: on small businesses, union workers to partake in a coalition 5 00:00:21,840 --> 00:00:25,040 Speaker 1: in order to what he described is making an investment 6 00:00:25,120 --> 00:00:28,440 Speaker 1: in the future of the United States of America. He 7 00:00:28,560 --> 00:00:33,040 Speaker 1: promised not to raise taxes on Americans earning less than 8 00:00:33,120 --> 00:00:37,839 Speaker 1: four hundred thousand dollars annually, at one point promising that 9 00:00:37,920 --> 00:00:41,680 Speaker 1: their taxes would not be increased. He did say that 10 00:00:41,840 --> 00:00:46,360 Speaker 1: certain companies and corporations he would like to see pay 11 00:00:46,440 --> 00:00:48,839 Speaker 1: a little bit more in taxes in order to fund 12 00:00:49,400 --> 00:00:54,320 Speaker 1: for a sweeping, significant change that he compared to development 13 00:00:55,080 --> 00:00:58,480 Speaker 1: of NASA Space program decades ago. My name is Kevin Cereli. 14 00:00:58,480 --> 00:01:01,840 Speaker 1: I'm the chief Washington correspondent for Bloomberg Television and for 15 00:01:01,920 --> 00:01:06,959 Speaker 1: Bloomberg Radio. I'm accompanied by my colleague Bloomberg Politics contributor 16 00:01:07,360 --> 00:01:09,560 Speaker 1: Jeanie Schanzano. Genie, I want to bring you in here 17 00:01:09,600 --> 00:01:13,880 Speaker 1: and and your your analysis from the president's remarks. I 18 00:01:13,959 --> 00:01:16,600 Speaker 1: thought it was one of the best speeches I've heard 19 00:01:16,640 --> 00:01:19,520 Speaker 1: the President make. Um you know obviously he's only been 20 00:01:19,520 --> 00:01:22,680 Speaker 1: in a little over sixty days, but he was very 21 00:01:22,840 --> 00:01:26,280 Speaker 1: very clear about the dangers of not making this investment, 22 00:01:26,280 --> 00:01:28,479 Speaker 1: and I think that's what struck me the most. He said, 23 00:01:28,760 --> 00:01:30,880 Speaker 1: we fail to do this, we will add to the debt, 24 00:01:31,200 --> 00:01:34,920 Speaker 1: we will become non competitive with polices like China, and 25 00:01:34,959 --> 00:01:38,680 Speaker 1: we will be increasingly vulnerable to our allies or to sorry, 26 00:01:38,680 --> 00:01:41,800 Speaker 1: to our adversaries, not our allies. And he talked about 27 00:01:41,920 --> 00:01:44,720 Speaker 1: this as a fight in the context of this fight 28 00:01:44,760 --> 00:01:48,320 Speaker 1: that he keeps talking about between autocracy and democracy, And 29 00:01:48,360 --> 00:01:50,360 Speaker 1: to me, what really stood out where he said the 30 00:01:50,440 --> 00:01:53,440 Speaker 1: question now is can democracy is still deliver for the 31 00:01:53,480 --> 00:01:56,440 Speaker 1: majority of the people. He is saying that if we 32 00:01:56,520 --> 00:01:59,240 Speaker 1: fail to invest in infrastructure in the way he's laid out, 33 00:01:59,400 --> 00:02:03,800 Speaker 1: or in some massive way, we democracies will go down 34 00:02:03,800 --> 00:02:06,280 Speaker 1: a path of being unable to deliver for their people. 35 00:02:06,360 --> 00:02:10,240 Speaker 1: And so to me, it was this rhetoric that um, 36 00:02:10,280 --> 00:02:14,040 Speaker 1: I think people on particularly on the Democratic side, have 37 00:02:14,200 --> 00:02:17,080 Speaker 1: understood that Biden was going to use, and I thought 38 00:02:17,120 --> 00:02:21,440 Speaker 1: he made his his case resoundingly. Of course, I also 39 00:02:21,560 --> 00:02:23,639 Speaker 1: don't feel that he is going to get the Republican 40 00:02:23,720 --> 00:02:27,679 Speaker 1: support he's he's seeking. We're gonna we're gonna talk about 41 00:02:27,680 --> 00:02:29,560 Speaker 1: the dynamics and the politics of this, but in terms 42 00:02:29,560 --> 00:02:33,120 Speaker 1: of laying out a blueprint, a roadmap, Biden's One Belt, 43 00:02:33,160 --> 00:02:36,040 Speaker 1: One Road initiative, so to speak. And Edgerton, my colleague, 44 00:02:36,360 --> 00:02:38,680 Speaker 1: is also with us. She, of course, is a Bloomberg 45 00:02:38,720 --> 00:02:42,080 Speaker 1: Politics editor. Uh. And and Anna, you have a deep, 46 00:02:42,680 --> 00:02:45,880 Speaker 1: deep coverage history in terms of covering Congress. But let's 47 00:02:45,919 --> 00:02:49,040 Speaker 1: start with the nuts and bolts of this particular plan, 48 00:02:49,480 --> 00:02:53,080 Speaker 1: which is including six hundred and twenty billion dollars for 49 00:02:53,160 --> 00:02:57,079 Speaker 1: transportation and six hundred and fifty billion dollars for initiatives 50 00:02:57,120 --> 00:03:00,200 Speaker 1: such as cleaner water and high speed broadband. The plan 51 00:03:00,280 --> 00:03:04,040 Speaker 1: would also allocate five hundred and eighty billion dollars to 52 00:03:04,080 --> 00:03:07,920 Speaker 1: American manufacturing, which would include a hundred and eighty billion 53 00:03:08,000 --> 00:03:12,080 Speaker 1: dollars for the biggest non defense research and development program 54 00:03:12,200 --> 00:03:17,120 Speaker 1: on record, and four hundred billion toward toward care for 55 00:03:17,200 --> 00:03:21,799 Speaker 1: the elderly undisabled. Anna, this is just an extensive, extensive 56 00:03:21,880 --> 00:03:25,040 Speaker 1: list in terms of the investment that the Biden administration 57 00:03:25,120 --> 00:03:28,640 Speaker 1: is seeking for. Yeah, and it's gonna be interesting to 58 00:03:28,720 --> 00:03:31,200 Speaker 1: see how they package it to get it through Congress. 59 00:03:31,240 --> 00:03:33,880 Speaker 1: You know what we've heard from congressional leadership is that 60 00:03:33,880 --> 00:03:35,720 Speaker 1: they're probably going to try to break this up into 61 00:03:35,720 --> 00:03:38,120 Speaker 1: a few different bills. And part of that is just 62 00:03:38,160 --> 00:03:42,040 Speaker 1: the strategy on what votes they need on which parts. 63 00:03:42,400 --> 00:03:44,120 Speaker 1: It's going to be really hard, like you said, to 64 00:03:44,120 --> 00:03:47,440 Speaker 1: get Republican votes on some of this, so you know, 65 00:03:47,640 --> 00:03:50,880 Speaker 1: part of this can go through the budget process known 66 00:03:50,920 --> 00:03:54,880 Speaker 1: as reconciliation, which if all Democrats stick together, they wouldn't 67 00:03:54,880 --> 00:03:57,800 Speaker 1: need Republican votes. So you know, it's gonna be kind 68 00:03:57,800 --> 00:03:59,640 Speaker 1: of a push and pool between the policy and the 69 00:03:59,640 --> 00:04:02,360 Speaker 1: policy to to figure out how to get as much 70 00:04:02,400 --> 00:04:05,080 Speaker 1: of this passed through both chambers of Congress and signments 71 00:04:05,080 --> 00:04:08,440 Speaker 1: a law as possible. It's time to build our economy 72 00:04:08,520 --> 00:04:11,960 Speaker 1: from the middle out, and he said, President Biden said, 73 00:04:12,000 --> 00:04:15,920 Speaker 1: and he said that his plan rewards work, not just wealth. 74 00:04:16,000 --> 00:04:18,120 Speaker 1: I was struck by this, Jennie, you alluded to this. 75 00:04:18,120 --> 00:04:20,560 Speaker 1: This was a domestic policy speech. This was a speech 76 00:04:20,600 --> 00:04:23,160 Speaker 1: for the middle class. This was a speech for populist 77 00:04:23,240 --> 00:04:26,000 Speaker 1: This was a speech for union workers. But in addition 78 00:04:26,040 --> 00:04:28,560 Speaker 1: to that, this was not just a pitch to get 79 00:04:28,560 --> 00:04:31,479 Speaker 1: a plan through. This was also an address to the 80 00:04:31,560 --> 00:04:34,600 Speaker 1: unit to the world in terms of the direction that 81 00:04:34,640 --> 00:04:38,000 Speaker 1: the Biden administration feels the country should be headed in 82 00:04:38,440 --> 00:04:41,960 Speaker 1: over the next decade. Yes, and he made the case 83 00:04:42,040 --> 00:04:46,040 Speaker 1: that our adversaries are concerned, they are worried about this investment. 84 00:04:46,080 --> 00:04:48,279 Speaker 1: They don't want us to invest, he says, in this 85 00:04:48,320 --> 00:04:51,800 Speaker 1: way because that will make us more competitive. At the 86 00:04:51,839 --> 00:04:54,719 Speaker 1: same time, over the last he claimed, several decades, as 87 00:04:54,760 --> 00:04:57,080 Speaker 1: they have been gaining ground on us. You know, another 88 00:04:57,120 --> 00:05:00,400 Speaker 1: thing I was really struck by is his comments and um, 89 00:05:00,440 --> 00:05:02,200 Speaker 1: you and Anna know this much better than I do, 90 00:05:02,360 --> 00:05:05,200 Speaker 1: but about how far down we have we have come 91 00:05:05,240 --> 00:05:08,320 Speaker 1: in terms of our investment in research and development and 92 00:05:08,440 --> 00:05:11,400 Speaker 1: his his focus on that as it pertains to things 93 00:05:11,440 --> 00:05:16,000 Speaker 1: like computer chips, clean energy, battery technology. Right, these are things. 94 00:05:16,240 --> 00:05:19,159 Speaker 1: You know, we have investment that's you know, been defense related, 95 00:05:19,320 --> 00:05:21,760 Speaker 1: but as far as R and D that's non defense related, 96 00:05:21,960 --> 00:05:24,600 Speaker 1: we have fallen way behind us, the President said, and 97 00:05:24,680 --> 00:05:28,360 Speaker 1: he hopes with this bill to try to rectify that situation, 98 00:05:28,440 --> 00:05:31,720 Speaker 1: which would address some of the competitive issues. We're well, 99 00:05:31,760 --> 00:05:33,960 Speaker 1: I think I think that, you know, let's let's first 100 00:05:33,960 --> 00:05:36,080 Speaker 1: just keep with with what he's calling for in the 101 00:05:36,120 --> 00:05:39,000 Speaker 1: geopolitics of this and coming up, folks will talk about 102 00:05:39,040 --> 00:05:42,800 Speaker 1: the politics. Senate Minority Leader Mitch McConnell. It wasn't lost 103 00:05:42,839 --> 00:05:45,240 Speaker 1: on me by the way that Biden inadvertently referred to 104 00:05:45,320 --> 00:05:48,039 Speaker 1: him as the majority leader during his speech and then 105 00:05:48,080 --> 00:05:52,320 Speaker 1: corrected himself. But Senate Minority Leader Mitch McConnell said Wednesday, quote, 106 00:05:52,600 --> 00:05:56,360 Speaker 1: it's like a trojan horse that's called infrastructure, but inside 107 00:05:56,400 --> 00:05:59,599 Speaker 1: the trojan horse is going to be more borrowed money 108 00:05:59,800 --> 00:06:03,680 Speaker 1: and massive tax increases on all the productive parts of 109 00:06:03,800 --> 00:06:08,440 Speaker 1: our economies. It's uh, it's it's there. You have how 110 00:06:08,480 --> 00:06:10,920 Speaker 1: the Republicans are going to be greeting this. But from 111 00:06:10,920 --> 00:06:14,599 Speaker 1: a geopolitical standpoint, Anna Edgerton, my colleague here a Bloomberg 112 00:06:14,839 --> 00:06:18,680 Speaker 1: just from a geopolitical standpoint, the genie alluded to. Uh, 113 00:06:18,760 --> 00:06:24,480 Speaker 1: this was again a a foundation, a blueprint of roadmap 114 00:06:25,279 --> 00:06:29,400 Speaker 1: for again the direction that the United States ought to 115 00:06:29,440 --> 00:06:32,400 Speaker 1: be headed in, pitched by the President, but one that 116 00:06:32,520 --> 00:06:36,719 Speaker 1: components of this has wide bipartisans appeal, especially when it 117 00:06:36,720 --> 00:06:41,440 Speaker 1: comes to diversifying supply chains around the world. Right, Yeah, 118 00:06:41,560 --> 00:06:44,719 Speaker 1: you know, and it's interesting, um Biden hasn't given a 119 00:06:44,800 --> 00:06:47,640 Speaker 1: joint address to Congress yet, you know, And this struck 120 00:06:47,720 --> 00:06:49,320 Speaker 1: me as very much a kind of state of the 121 00:06:49,400 --> 00:06:52,279 Speaker 1: union type speech. Um. You know, part of that is 122 00:06:52,320 --> 00:06:55,120 Speaker 1: the pandemic. Part of it was uh, the second impeachment 123 00:06:55,120 --> 00:06:58,119 Speaker 1: trial of former President Trump. But you know, Biden hasn't 124 00:06:58,160 --> 00:07:00,320 Speaker 1: had his moment before both teamers of Congress US and 125 00:07:00,839 --> 00:07:02,839 Speaker 1: we'll we'll see if he if he gets around to 126 00:07:02,839 --> 00:07:04,440 Speaker 1: that and what that looks like. But this is kind 127 00:07:04,440 --> 00:07:08,360 Speaker 1: of you know, his style appealing directly to the American people, 128 00:07:08,480 --> 00:07:11,320 Speaker 1: and his administration has said that when they say they 129 00:07:11,320 --> 00:07:13,880 Speaker 1: want unity and when they say they want by partisanship, 130 00:07:14,160 --> 00:07:18,840 Speaker 1: they're not necessarily talking about Congressional Republicans. They're really appealing 131 00:07:19,120 --> 00:07:22,040 Speaker 1: to Americans of all stripes. You know, even Americans have 132 00:07:22,120 --> 00:07:25,200 Speaker 1: voted for President Trump, saying this is what our country 133 00:07:25,200 --> 00:07:28,240 Speaker 1: needs to move forward. Join us on this. Pressure your 134 00:07:28,360 --> 00:07:31,560 Speaker 1: representatives in converse to get on board. And that's kind 135 00:07:31,560 --> 00:07:33,600 Speaker 1: of part of the part of the appeal, and part 136 00:07:33,640 --> 00:07:36,320 Speaker 1: of the pitch is to um, make the case directly 137 00:07:36,360 --> 00:07:40,000 Speaker 1: to the American people. Let's let's stay, let's stay a 138 00:07:40,040 --> 00:07:42,080 Speaker 1: little bit more political than as we get here. And 139 00:07:42,240 --> 00:07:43,960 Speaker 1: I'm gonna be candid, folks. I mean, I'm not going 140 00:07:44,040 --> 00:07:47,120 Speaker 1: to play Senate parliamentarian here or or get too far 141 00:07:47,160 --> 00:07:49,840 Speaker 1: into the weeds. But Jennie and Anna know this better 142 00:07:49,880 --> 00:07:53,560 Speaker 1: than anyone, So I'm gonna over over simplify. Today was 143 00:07:53,600 --> 00:07:57,040 Speaker 1: an opening bid by President Biden. It's gonna take until 144 00:07:57,080 --> 00:08:00,240 Speaker 1: at least June to July for Speaker of the Alice 145 00:08:00,320 --> 00:08:03,520 Speaker 1: Nancy Pelosi to get some type of legislation through the 146 00:08:03,560 --> 00:08:08,800 Speaker 1: Democratic controlled House of Representatives. Then you hit August recess. Okay, 147 00:08:08,840 --> 00:08:11,800 Speaker 1: So that's gonna leave all the month of August and 148 00:08:11,920 --> 00:08:14,880 Speaker 1: early fall for the Senate for Chuck Schumer, the top 149 00:08:14,880 --> 00:08:18,920 Speaker 1: Democrat in the Senate, and Miss McConnell's top Republican to 150 00:08:19,000 --> 00:08:21,560 Speaker 1: talk about ear marks, to talk about their path forward. 151 00:08:21,680 --> 00:08:26,000 Speaker 1: So in many ways, Jeanie Shanzy, no, this is a marathon, 152 00:08:26,120 --> 00:08:28,880 Speaker 1: not a sprint. This is a marathon. And you know 153 00:08:28,920 --> 00:08:32,120 Speaker 1: what I see happening to your point about this extended 154 00:08:32,160 --> 00:08:35,160 Speaker 1: sort of calendar, we are only talking about the America's 155 00:08:35,240 --> 00:08:38,160 Speaker 1: Jobs Plan. We also have a second component that he 156 00:08:38,240 --> 00:08:41,280 Speaker 1: drops in about two weeks, the Family Plan. But if 157 00:08:41,360 --> 00:08:44,439 Speaker 1: you are an interest, if you have an interest in this, 158 00:08:44,760 --> 00:08:47,360 Speaker 1: if you are saying on the Democratic side and you 159 00:08:47,400 --> 00:08:51,480 Speaker 1: want your views reflected in this bill, you're gonna be 160 00:08:51,559 --> 00:08:54,240 Speaker 1: vuying for this. Philk's first bill, not the second one, 161 00:08:54,320 --> 00:08:57,280 Speaker 1: because of course, the idea that Biden could get through 162 00:08:57,440 --> 00:09:01,920 Speaker 1: three huge trillion dollar bills, COVID relief, the American Jobs Plan, 163 00:09:02,040 --> 00:09:05,160 Speaker 1: and then the Family Plan, I think is a stretch. 164 00:09:05,240 --> 00:09:07,960 Speaker 1: So I think while we focus a lot on will 165 00:09:08,000 --> 00:09:10,680 Speaker 1: Republicans come in or won't they come in, I think 166 00:09:10,720 --> 00:09:13,120 Speaker 1: the real fight is going to be on the Democratic side, 167 00:09:13,320 --> 00:09:16,439 Speaker 1: as liberals and progressives have already started to say this 168 00:09:16,480 --> 00:09:19,200 Speaker 1: is too small, this isn't enough, and people have been 169 00:09:19,320 --> 00:09:21,679 Speaker 1: vuying to get their views in on this thing. So 170 00:09:21,800 --> 00:09:24,599 Speaker 1: I think the real fight is going to be amongst Democrats, 171 00:09:24,600 --> 00:09:26,960 Speaker 1: and that's where Biden is going to have to really 172 00:09:26,960 --> 00:09:29,720 Speaker 1: hold that coalition together. What I love about the Bloomberg 173 00:09:29,760 --> 00:09:32,360 Speaker 1: Sounds On program is that we rip up the script. 174 00:09:32,360 --> 00:09:35,319 Speaker 1: We're not doing the whole left versus Right banter and 175 00:09:35,440 --> 00:09:38,040 Speaker 1: back and forth if you're trying to forecast what is 176 00:09:38,080 --> 00:09:42,200 Speaker 1: actually going to get done. My three key takeaways. Number one, 177 00:09:43,000 --> 00:09:46,040 Speaker 1: really this these negotiations are going to begin in Ernst 178 00:09:46,080 --> 00:09:48,320 Speaker 1: in the early summer out of the August recess, with 179 00:09:48,440 --> 00:09:53,080 Speaker 1: additional back and forth in UH in the fall. Number two, 180 00:09:53,320 --> 00:09:59,160 Speaker 1: there is unison across the board, unison that on the 181 00:09:59,280 --> 00:10:01,880 Speaker 1: US competitive of NOUS against China. Portion of this, You've 182 00:10:01,880 --> 00:10:06,680 Speaker 1: got fifty billion dollars earmarked for domestic semiconductor manufacturing that 183 00:10:06,760 --> 00:10:10,320 Speaker 1: both Genie and Anna alluded to. Fifty billion dollars earmarked 184 00:10:10,320 --> 00:10:13,680 Speaker 1: for the domestic semiconductor manufacturing. And then you've got forty 185 00:10:13,679 --> 00:10:17,840 Speaker 1: billion more dollars forty million, I'm sorry, forty billion with 186 00:10:17,880 --> 00:10:23,480 Speaker 1: a b more bucks um in allocated for upgrading research 187 00:10:23,559 --> 00:10:27,199 Speaker 1: capacity and labs across the nation. That includes government labs, 188 00:10:27,200 --> 00:10:30,679 Speaker 1: that includes research and development at the university level and 189 00:10:31,520 --> 00:10:35,120 Speaker 1: also in the private sector. So right, there is a 190 00:10:35,200 --> 00:10:40,520 Speaker 1: hundred nearly a hundred billion dollars Anna, that has support 191 00:10:41,120 --> 00:10:43,959 Speaker 1: from Republicans and Democrats. And that's what I think is 192 00:10:44,000 --> 00:10:47,400 Speaker 1: so incredibly important. When Anna and and her colleagues like 193 00:10:47,520 --> 00:10:50,240 Speaker 1: Eric Wason and the Bloomberg Congress team talk about a 194 00:10:50,280 --> 00:10:56,200 Speaker 1: piecemeal approach, which pieces are likely going to be flying 195 00:10:56,640 --> 00:11:00,559 Speaker 1: So the President's desk, it's the earmarks for semiconductor may manufacturing, 196 00:11:00,679 --> 00:11:04,679 Speaker 1: it's the research and upgrading research capacity, for labs pertaining 197 00:11:04,679 --> 00:11:08,959 Speaker 1: to a national security and diversification to supply chains. Right, Anna, 198 00:11:09,240 --> 00:11:12,360 Speaker 1: I just want to keep it simple. Yeah, that's absolutely right. 199 00:11:12,400 --> 00:11:15,360 Speaker 1: And you know, it's it's gonna be really important to 200 00:11:15,400 --> 00:11:18,120 Speaker 1: follow not just kind of the ideological convergence on it, 201 00:11:18,640 --> 00:11:21,240 Speaker 1: like opposing China, but also to see like how that 202 00:11:21,280 --> 00:11:24,880 Speaker 1: makes it into legislative text, and that's going to determine 203 00:11:24,880 --> 00:11:28,160 Speaker 1: whether or not it actually gets any Republican votes. Um. Now, 204 00:11:28,200 --> 00:11:30,080 Speaker 1: I will say, to pick up on one thing you 205 00:11:30,080 --> 00:11:33,319 Speaker 1: said earlier, it's not just progressives that are raising their 206 00:11:33,320 --> 00:11:35,320 Speaker 1: hand and saying this isn't good enough for us. We're 207 00:11:35,360 --> 00:11:38,040 Speaker 1: also have a few skirma shows on the moderate side 208 00:11:38,080 --> 00:11:40,719 Speaker 1: where you have you know, a few moderates like Joe 209 00:11:40,800 --> 00:11:44,280 Speaker 1: Mansion and in the Senate obviously a very important Democratic 210 00:11:44,320 --> 00:11:46,720 Speaker 1: senator from West Virginia saying that he wants to pay 211 00:11:46,760 --> 00:11:48,720 Speaker 1: for us, you know, he wants the tax increases to 212 00:11:49,200 --> 00:11:52,679 Speaker 1: limit the deficit impact. Whereas you have some moderates in 213 00:11:52,720 --> 00:11:55,040 Speaker 1: the House who are in swing districts. Were we facing 214 00:11:55,120 --> 00:11:58,760 Speaker 1: voters next year who are really worry about the tax 215 00:11:58,840 --> 00:12:01,520 Speaker 1: increasis because they don't know how they're going to defend 216 00:12:01,559 --> 00:12:04,599 Speaker 1: this to voter through coming out of a post COVID economy. 217 00:12:04,800 --> 00:12:08,000 Speaker 1: You know, Jennie, I think that's so incredible Anna just 218 00:12:08,080 --> 00:12:12,920 Speaker 1: laid out is so incredibly important especially how how the 219 00:12:13,000 --> 00:12:17,760 Speaker 1: bipartisan unifying portions of this plan, the fractions of which 220 00:12:17,800 --> 00:12:22,199 Speaker 1: there is unison ends up in legislative text. It candidly, 221 00:12:22,320 --> 00:12:25,760 Speaker 1: all that does is impact the clock that it ends 222 00:12:25,840 --> 00:12:30,800 Speaker 1: up on on President Biden's desk. But uh, to your point, Uh, 223 00:12:30,920 --> 00:12:35,200 Speaker 1: the politics is going to be incredibly, incredibly volatile. But 224 00:12:35,240 --> 00:12:39,920 Speaker 1: there's one thing that I'm gathering from President Biden's first 225 00:12:39,920 --> 00:12:42,240 Speaker 1: one days is that he is forecasting to the world 226 00:12:42,480 --> 00:12:46,120 Speaker 1: that the United States is not worrying about deficits. They're 227 00:12:46,160 --> 00:12:49,120 Speaker 1: not worrying about inflation. They are in a position where 228 00:12:49,120 --> 00:12:51,800 Speaker 1: they want to spend and the Americans want to spend 229 00:12:51,920 --> 00:12:55,280 Speaker 1: big on double down on investments for the future. And 230 00:12:55,360 --> 00:12:57,920 Speaker 1: he's only he's not only not worried about it, he said, 231 00:12:58,000 --> 00:13:00,920 Speaker 1: failure to do this will raise the and deficit. And 232 00:13:00,920 --> 00:13:03,960 Speaker 1: I'm curious to hear of the economists respond to this 233 00:13:04,120 --> 00:13:07,280 Speaker 1: argument that they're making. And Democrats all along, you know, 234 00:13:07,640 --> 00:13:10,720 Speaker 1: Bernie Sanders and others have been saying, we don't need 235 00:13:10,760 --> 00:13:13,400 Speaker 1: to worry when it comes to infrastructure investment in terms 236 00:13:13,440 --> 00:13:16,240 Speaker 1: of dollar by dollar matching in terms of what we 237 00:13:16,280 --> 00:13:20,040 Speaker 1: spend what we take in, because infrastructure itself as they 238 00:13:20,080 --> 00:13:23,640 Speaker 1: like to say creates jobs, so it pays for itself. 239 00:13:23,960 --> 00:13:27,240 Speaker 1: Again something not all economists may agree with. But if 240 00:13:27,240 --> 00:13:29,679 Speaker 1: we were called, Bernie Sanders was one who said, if 241 00:13:29,720 --> 00:13:33,480 Speaker 1: infrastructure spending goes up, g d P and household incomes grow. So, 242 00:13:33,520 --> 00:13:35,760 Speaker 1: in other words, they're gonna keep making this case it 243 00:13:35,840 --> 00:13:38,000 Speaker 1: pays for itself. And just to go back to what 244 00:13:38,040 --> 00:13:40,480 Speaker 1: you and Anna we're talking about, let's not forget there's 245 00:13:40,520 --> 00:13:43,680 Speaker 1: also the Salt no Deal. You know, people saying yeah, 246 00:13:43,679 --> 00:13:46,000 Speaker 1: the salt and so people coming in and saying we 247 00:13:46,040 --> 00:13:47,640 Speaker 1: want this or we're not going to support it. So 248 00:13:47,679 --> 00:13:50,960 Speaker 1: there's gonna be a lot of infighting. I promise you 249 00:13:51,080 --> 00:13:52,839 Speaker 1: that's all my to do. We're gonna talk to state 250 00:13:52,920 --> 00:13:55,480 Speaker 1: and local tax deduction coming up, folks, and also coming up, 251 00:13:55,600 --> 00:13:57,400 Speaker 1: please keep it right here, we have an all star 252 00:13:58,080 --> 00:14:02,840 Speaker 1: panel for the Our former US Secretary of Transportation, Rodney Slater, 253 00:14:03,280 --> 00:14:05,679 Speaker 1: partner at Squire, Batten and Box, is going to join 254 00:14:05,760 --> 00:14:07,960 Speaker 1: us just after the jump, and we definitely want to 255 00:14:07,960 --> 00:14:10,800 Speaker 1: hear about the former Secretary of Transportation has to say 256 00:14:10,800 --> 00:14:13,960 Speaker 1: on this. Look you heard it. I think our our 257 00:14:14,000 --> 00:14:17,880 Speaker 1: executive producer, Christine Varata flagging for me. The transcript because 258 00:14:17,880 --> 00:14:21,000 Speaker 1: it's fresh off of the microphone. But President Biden says, 259 00:14:21,080 --> 00:14:23,240 Speaker 1: this is a fundamental choice that has to be made 260 00:14:23,640 --> 00:14:28,000 Speaker 1: between democracy and autocracy. He's evoke in China, Folks, this 261 00:14:28,080 --> 00:14:30,040 Speaker 1: is not just at a union speech. This is about China. 262 00:14:30,200 --> 00:14:40,880 Speaker 1: I'm Kevin CEREALI. This is Bloomberg broadcasting live from our 263 00:14:41,000 --> 00:14:46,400 Speaker 1: nation's capital, Bloomberg to New York, Bloomberg eleven Frio to 264 00:14:46,480 --> 00:14:52,160 Speaker 1: San Francisco, Bloomberg to the Country, Sirius XM General one 265 00:14:52,640 --> 00:14:55,840 Speaker 1: and around the globe, the Bloomberg Business app and Bloomberg 266 00:14:55,920 --> 00:15:00,480 Speaker 1: Radio dot Com. This is Bloomberg Sound On with Kevin. 267 00:15:02,880 --> 00:15:06,640 Speaker 1: My name is Kevin SERRELLI on the Chief Washington corresponded 268 00:15:06,720 --> 00:15:10,600 Speaker 1: for Bloomberg Television and for Bloomberg Radio, accompanied by my 269 00:15:10,800 --> 00:15:17,080 Speaker 1: colleague Bloomberg Politics contributor Genie shonz No and Gennie. I 270 00:15:17,120 --> 00:15:19,440 Speaker 1: just got a text from my friend, my mentor, Tom Keene. 271 00:15:19,440 --> 00:15:20,760 Speaker 1: He goes, who do you have on the show tonight 272 00:15:20,840 --> 00:15:23,000 Speaker 1: Mike Schmidt? I said, no, I don't him. Mike Schmidt 273 00:15:23,120 --> 00:15:26,760 Speaker 1: on the on the on Transportation Day this. You know 274 00:15:26,840 --> 00:15:29,560 Speaker 1: he had Derek Jeter on on surveillance earlier. Did you 275 00:15:29,600 --> 00:15:33,120 Speaker 1: hear that? Did you see that. I'm incredibly jealous of that. 276 00:15:33,200 --> 00:15:39,080 Speaker 1: I must be honest, Tom keene I said, I said, 277 00:15:39,080 --> 00:15:41,080 Speaker 1: I got someone better than Mike Schmidt. I got the 278 00:15:41,080 --> 00:15:46,320 Speaker 1: former U. S Secretary of Transportation, Rodney Slaters with me. He, 279 00:15:46,400 --> 00:15:49,320 Speaker 1: of course, prior to being appointed to the Clinton cabinet 280 00:15:49,600 --> 00:15:54,280 Speaker 1: between two thousand one, he served as the administrator of 281 00:15:54,320 --> 00:15:58,000 Speaker 1: the Federal Highway Administration back in nine to nine seven. 282 00:15:58,320 --> 00:16:01,320 Speaker 1: So an all star a Secretary Slater. It's great to 283 00:16:01,360 --> 00:16:03,760 Speaker 1: have you on on Infrastructure Day. Let's just get right 284 00:16:03,800 --> 00:16:06,119 Speaker 1: to the to the quick hits. Your top line takeaway 285 00:16:06,600 --> 00:16:11,960 Speaker 1: from President Biden's transportation speech last hour, Well, Kevin, I 286 00:16:12,000 --> 00:16:13,920 Speaker 1: think well, first of all, let me say to you 287 00:16:13,960 --> 00:16:16,520 Speaker 1: and your listeners, thank for the opportunity to be on 288 00:16:16,560 --> 00:16:20,120 Speaker 1: your show. But I thought the President was bold. I 289 00:16:20,160 --> 00:16:23,360 Speaker 1: thought he was specific clearly. I think we'll get more 290 00:16:23,400 --> 00:16:26,960 Speaker 1: specifics as we go forward. Uh. And I thought he 291 00:16:27,040 --> 00:16:29,800 Speaker 1: offered a reasonable plan for paying for it, So I 292 00:16:29,800 --> 00:16:34,480 Speaker 1: don't think he left really any stone unturned. Uh. He 293 00:16:34,640 --> 00:16:37,840 Speaker 1: also put it squarely in the lap of the Congress, too, 294 00:16:38,760 --> 00:16:42,200 Speaker 1: As they say, when the president proposes, it's the Congress 295 00:16:42,200 --> 00:16:46,360 Speaker 1: that disposes. So they've got to collect themselves and frankly 296 00:16:46,440 --> 00:16:50,320 Speaker 1: meet the challenge that he's put forward to them. Secretary Luck, 297 00:16:50,520 --> 00:16:52,160 Speaker 1: I mean, you know this, there's a lot of folks 298 00:16:52,200 --> 00:16:54,960 Speaker 1: in the business community, not just big business, small business. 299 00:16:55,160 --> 00:16:57,760 Speaker 1: They're worried about the taxes. They're worried that they're emerging 300 00:16:57,800 --> 00:17:01,440 Speaker 1: from the post pandemic economy, and now Democrats are talking 301 00:17:01,480 --> 00:17:05,280 Speaker 1: about raising taxes, the corporate tax rate profits on overseas 302 00:17:05,400 --> 00:17:10,480 Speaker 1: from its current level. Of high net worth earners who 303 00:17:10,520 --> 00:17:13,480 Speaker 1: earn more than four hundred thousand dollars per household, of 304 00:17:13,560 --> 00:17:16,840 Speaker 1: per individual in a household annually, the details of which 305 00:17:16,840 --> 00:17:19,439 Speaker 1: are still we're still trying to gather that their taxes 306 00:17:19,480 --> 00:17:21,160 Speaker 1: are going to go up. So what do you say 307 00:17:21,160 --> 00:17:23,280 Speaker 1: to folks across the country who were looking at this 308 00:17:23,440 --> 00:17:25,560 Speaker 1: and they're saying, yeah, we need our roads and bridges 309 00:17:25,600 --> 00:17:28,919 Speaker 1: repaired and digital infrastructure better, but hey, we don't want 310 00:17:28,960 --> 00:17:32,880 Speaker 1: to see our taxes go up. Well, for those um 311 00:17:32,960 --> 00:17:35,520 Speaker 1: and the great majority of Americans who make less than 312 00:17:35,560 --> 00:17:39,640 Speaker 1: four hundred thousand dollars, they will not see a tax increase. 313 00:17:39,680 --> 00:17:44,240 Speaker 1: The President made that clear. He actually started his presentation 314 00:17:44,359 --> 00:17:49,400 Speaker 1: with that particular point. And for businesses, I mean, businesses 315 00:17:49,640 --> 00:17:54,480 Speaker 1: know more than most how important a transportation system is. Uh, 316 00:17:54,480 --> 00:17:56,879 Speaker 1: they know that you have to have a quality supply 317 00:17:57,000 --> 00:18:00,600 Speaker 1: chain to get your products from wherever they're produced to 318 00:18:00,840 --> 00:18:04,119 Speaker 1: the markets were there to be enjoyed. And the US 319 00:18:04,160 --> 00:18:06,639 Speaker 1: economy is one of the strongest in the world, but 320 00:18:06,720 --> 00:18:10,240 Speaker 1: we serve markets around the world. We've got the best 321 00:18:10,240 --> 00:18:13,120 Speaker 1: workers in the world, but we have to have access 322 00:18:13,160 --> 00:18:15,760 Speaker 1: to markets around the world. And that's why we need 323 00:18:15,840 --> 00:18:19,439 Speaker 1: a very important and strong and and and vital and 324 00:18:19,480 --> 00:18:24,240 Speaker 1: in the future, a resilient, sustainable, and equitable transportation system. 325 00:18:24,440 --> 00:18:27,320 Speaker 1: And they're also national security implications here as well. We 326 00:18:27,359 --> 00:18:30,639 Speaker 1: can get into that, but I think for businesses, knowing 327 00:18:30,640 --> 00:18:34,160 Speaker 1: how important a transportation system is, it is the business 328 00:18:34,160 --> 00:18:38,000 Speaker 1: that helps business do business. It's critical to our national economy. 329 00:18:38,200 --> 00:18:40,560 Speaker 1: Let's talk about national security. Let's let's just go right 330 00:18:40,600 --> 00:18:43,440 Speaker 1: there elaborate on that, because whether it's diversification of the 331 00:18:43,440 --> 00:18:46,840 Speaker 1: global supply chain or the fifty to forty billion dollars 332 00:18:46,840 --> 00:18:51,840 Speaker 1: worth of allocated resources for semiconductor chip manufacturing, I mean, 333 00:18:51,840 --> 00:18:55,560 Speaker 1: that's a that has bipartisan support in Washington, d C. 334 00:18:55,720 --> 00:18:59,479 Speaker 1: But go ahead, elaborate on that place. Sure, we'll just 335 00:18:59,560 --> 00:19:04,520 Speaker 1: look at the situation the last week or so in 336 00:19:04,600 --> 00:19:08,240 Speaker 1: a location far far from the US the Suez Canal. 337 00:19:08,960 --> 00:19:12,879 Speaker 1: And how how just state tanker uh you know, I 338 00:19:12,920 --> 00:19:17,520 Speaker 1: mean a barge with all of these um uh you 339 00:19:17,560 --> 00:19:22,680 Speaker 1: know UH supply containers was stuck and clogged up that 340 00:19:22,960 --> 00:19:28,119 Speaker 1: major thoroughfare of commerce, costing countries billions upon billions of 341 00:19:28,160 --> 00:19:32,840 Speaker 1: dollars daily. That's the importance of the transportation system to 342 00:19:32,920 --> 00:19:36,320 Speaker 1: our economy. When it comes to national security, We've always 343 00:19:36,359 --> 00:19:39,800 Speaker 1: been a nation to know and appreciate that. I remember 344 00:19:39,840 --> 00:19:44,640 Speaker 1: when a young Lieutenant Colonel UH Dwight Eisenhower was traveling 345 00:19:44,680 --> 00:19:47,440 Speaker 1: across the breath of the country really doing a survey, 346 00:19:47,880 --> 00:19:50,880 Speaker 1: making judgments about how the U. S would deploy troops 347 00:19:51,200 --> 00:19:54,359 Speaker 1: if it were attacked. Then he goes and serves as 348 00:19:54,400 --> 00:19:58,320 Speaker 1: the head of the Alley Command in the UH in 349 00:19:58,440 --> 00:20:01,920 Speaker 1: Europe during the war UH. He sees how the Audubon 350 00:20:02,560 --> 00:20:06,879 Speaker 1: UH really UH services UH the economy of and the 351 00:20:06,960 --> 00:20:12,200 Speaker 1: security of Germany brings that vision back, takes an old 352 00:20:12,320 --> 00:20:15,719 Speaker 1: idea that was put forth during the Roosevelt administration and 353 00:20:15,760 --> 00:20:20,159 Speaker 1: comes forth with the UH National Defense Highway System, and 354 00:20:20,280 --> 00:20:23,720 Speaker 1: that's the interstate system that we know today. So there's 355 00:20:23,760 --> 00:20:27,840 Speaker 1: always been this recognition of the importance of UH security 356 00:20:27,880 --> 00:20:32,399 Speaker 1: as it relates to transportation, and that's something that it 357 00:20:32,520 --> 00:20:35,399 Speaker 1: only intensifies as we go forward. But you know, I 358 00:20:35,440 --> 00:20:37,960 Speaker 1: think it's important for US Kevin to mention that the 359 00:20:38,000 --> 00:20:41,920 Speaker 1: President and talking about UH infrastructure really goes way beyond 360 00:20:42,680 --> 00:20:46,520 Speaker 1: just transportation. He's talking about broadband, he's talking about five G. 361 00:20:47,119 --> 00:20:50,159 Speaker 1: He's talking about everything that is essential for us to 362 00:20:50,200 --> 00:20:53,919 Speaker 1: compete and win as we bring into being this Fourth 363 00:20:54,000 --> 00:21:01,080 Speaker 1: Industrial Revolution. And so I'm excited about electric vehicles, autonomous vehicles, drones. 364 00:21:01,560 --> 00:21:05,719 Speaker 1: I'm excited about high speed rail, maglev UH, you know, 365 00:21:06,160 --> 00:21:09,360 Speaker 1: transportation and high speed services that can get you safe 366 00:21:09,400 --> 00:21:11,560 Speaker 1: from Washington, d C. To New York in less than 367 00:21:11,560 --> 00:21:14,240 Speaker 1: an hour with stops. I mean, that's the kind of 368 00:21:14,320 --> 00:21:17,760 Speaker 1: vision that he was painting. It's a generational opportunity. He 369 00:21:17,800 --> 00:21:21,320 Speaker 1: has said that, and his Secretary of Transportation, Pete Buddha 370 00:21:21,359 --> 00:21:23,320 Speaker 1: Judge is said the same. And I'm excited, by the 371 00:21:23,320 --> 00:21:28,000 Speaker 1: way about the leadership of Secretary Pete. Secretaries later, it's 372 00:21:28,000 --> 00:21:31,439 Speaker 1: good to talk to you the President. I think, you know, 373 00:21:31,880 --> 00:21:35,440 Speaker 1: this was really a historic speech in my mind. Um, 374 00:21:35,480 --> 00:21:39,840 Speaker 1: and he talks about this fundamental choice between democracy and autocracy, 375 00:21:40,000 --> 00:21:43,760 Speaker 1: and ended with this question of whether democracies can still 376 00:21:43,800 --> 00:21:45,879 Speaker 1: deliver for the people in all the ways that you 377 00:21:45,920 --> 00:21:48,680 Speaker 1: and Kevin have been talking about. So, if you had 378 00:21:48,720 --> 00:21:52,080 Speaker 1: to advise President Biden and one of your successors, Pete 379 00:21:52,080 --> 00:21:55,000 Speaker 1: Buddha judge, how would you advise them to move this 380 00:21:55,200 --> 00:21:58,960 Speaker 1: through Congress so that democracy can deliver for the people. 381 00:21:59,000 --> 00:22:01,720 Speaker 1: Because that's really whether rubber is going to meet the road. Sorry, 382 00:22:01,800 --> 00:22:04,280 Speaker 1: he was a very bad transportation pun of U secretary. 383 00:22:05,080 --> 00:22:10,160 Speaker 1: I like that. I like that. Sorry, is it it's 384 00:22:10,280 --> 00:22:15,240 Speaker 1: Jenny right, I'm sorry, Genie j Okay, I'm sorry. Jennie. 385 00:22:15,440 --> 00:22:19,320 Speaker 1: Well for professor, she's an Iona College professor. I call 386 00:22:19,400 --> 00:22:22,359 Speaker 1: her professor. I feel like I gotta always be smart 387 00:22:22,400 --> 00:22:26,399 Speaker 1: around Jennie. Go ahead. Well, actually she's sounding like a 388 00:22:26,440 --> 00:22:29,159 Speaker 1: professor where she links all of this together. You know. 389 00:22:29,280 --> 00:22:33,960 Speaker 1: He did talk about democracies as relates to autocracies and 390 00:22:35,160 --> 00:22:37,800 Speaker 1: the fight that is underway in that regard, and he 391 00:22:37,880 --> 00:22:40,760 Speaker 1: made reference to the two and a half hour conversation 392 00:22:40,840 --> 00:22:44,080 Speaker 1: he had with the President Jen Ping of China, and 393 00:22:44,160 --> 00:22:48,439 Speaker 1: also I remember the report after he had that meeting. 394 00:22:48,720 --> 00:22:52,240 Speaker 1: It was him speaking extemporaneously and he said, I made 395 00:22:52,240 --> 00:22:55,359 Speaker 1: it clear that we're here to compete, that we're back, 396 00:22:55,800 --> 00:22:58,959 Speaker 1: and we recognize that there was a competition underway and 397 00:22:59,080 --> 00:23:02,280 Speaker 1: we intend to win. And so I thought that was 398 00:23:02,400 --> 00:23:04,760 Speaker 1: very very powerful. Now the Stab, the STAB hurried in 399 00:23:04,840 --> 00:23:07,720 Speaker 1: and said yes, And we also talked about human rights 400 00:23:07,720 --> 00:23:10,680 Speaker 1: issues and all of the other things that we generally 401 00:23:10,800 --> 00:23:14,359 Speaker 1: pick off when there is this engagement. But he made 402 00:23:14,359 --> 00:23:18,399 Speaker 1: it clear that he dealt with the competitive and the 403 00:23:18,480 --> 00:23:23,000 Speaker 1: philosophical engagement that's necessary to compete on that stage and 404 00:23:23,119 --> 00:23:26,320 Speaker 1: to and to win. And he also in his speech 405 00:23:26,359 --> 00:23:30,719 Speaker 1: today made it clear that Americans and really citizens across 406 00:23:30,800 --> 00:23:35,080 Speaker 1: the globe are questioning whether democracies, because of the tension 407 00:23:35,119 --> 00:23:38,760 Speaker 1: and the in fighting and sometimes the partisanship, whether it 408 00:23:38,840 --> 00:23:43,240 Speaker 1: can deliver for uh its people. And I think that's 409 00:23:43,240 --> 00:23:45,800 Speaker 1: why he talks so much about his Relief Act, the 410 00:23:46,040 --> 00:23:49,000 Speaker 1: one point nine trillion dollar measure that he had to 411 00:23:49,119 --> 00:23:53,240 Speaker 1: move unfortunately had he had to move without the support 412 00:23:53,240 --> 00:23:57,080 Speaker 1: of Republicans, but he did offer the opportunity for them 413 00:23:57,119 --> 00:23:59,800 Speaker 1: to participate. And so when he put one point nine 414 00:23:59,800 --> 00:24:02,359 Speaker 1: to billion four which they came back with six hundred billion, 415 00:24:02,400 --> 00:24:05,960 Speaker 1: he said, no, that's not enough. If we're gonna be serious, 416 00:24:05,960 --> 00:24:08,320 Speaker 1: we're gonna be serious. If we're not, then I'm going 417 00:24:08,400 --> 00:24:11,159 Speaker 1: to move as I have to, I think, in setting 418 00:24:11,240 --> 00:24:14,760 Speaker 1: up the opportunity to move forward on the transportation bill. 419 00:24:14,840 --> 00:24:17,639 Speaker 1: He's saying, Look, let's let's take a little more time. 420 00:24:18,040 --> 00:24:20,959 Speaker 1: We gotta crep. Breaking news headline on the Bloomberg terminal 421 00:24:21,000 --> 00:24:23,840 Speaker 1: about fit. I gotta cut in here, sorry, About fifteen 422 00:24:23,880 --> 00:24:27,960 Speaker 1: million Johnson and Johnson vaccine doses have been ruined by 423 00:24:28,040 --> 00:24:31,880 Speaker 1: a US factory mix up, according to the New York Times. Again, 424 00:24:31,920 --> 00:24:36,080 Speaker 1: a breaking news headline, uh from the New York Times 425 00:24:36,119 --> 00:24:39,919 Speaker 1: that about fifteen million Johnson and Johnson vaccine doses have 426 00:24:40,040 --> 00:24:45,040 Speaker 1: been ruined by a factory mix up, and that uh, 427 00:24:45,400 --> 00:24:47,320 Speaker 1: the New York Times is reporting that. So we're going 428 00:24:47,359 --> 00:24:53,320 Speaker 1: to carefully monitor uh that story. But transportation and supply change, 429 00:24:53,440 --> 00:24:56,439 Speaker 1: I mean, right there off of that headline, uh, secretary 430 00:24:56,880 --> 00:25:01,119 Speaker 1: former transportation secretary and the Clinton administration, Rod Slater, who's 431 00:25:01,160 --> 00:25:04,280 Speaker 1: with us, that just proves the importance of just how 432 00:25:04,400 --> 00:25:08,880 Speaker 1: much this is a critical, critical component on beyond just 433 00:25:09,119 --> 00:25:12,520 Speaker 1: the way that we talk about transportation issues. Kevin, You're 434 00:25:12,600 --> 00:25:16,679 Speaker 1: you couldn't have stated it more succinctly, and also I 435 00:25:16,760 --> 00:25:19,639 Speaker 1: think very appropriate to break in on this conversation and 436 00:25:19,760 --> 00:25:22,800 Speaker 1: to talk about UH COVID. And as you know, the 437 00:25:22,800 --> 00:25:26,639 Speaker 1: President made that his number one objective upon coming into office. 438 00:25:26,680 --> 00:25:30,600 Speaker 1: Now that he's addressed that, at least temporarily, he's moving 439 00:25:30,600 --> 00:25:33,680 Speaker 1: on to the bigger agenda dealing with the economy. UH. 440 00:25:33,720 --> 00:25:37,440 Speaker 1: And yes, even with COVID and the movement and the 441 00:25:37,480 --> 00:25:42,520 Speaker 1: shipment of those um important vaccines. UH, you've got many 442 00:25:42,560 --> 00:25:46,840 Speaker 1: many transportation UH companies involved, from FedEx to ups on 443 00:25:46,920 --> 00:25:50,480 Speaker 1: the light. UH. And it is very sensitive the environment 444 00:25:50,480 --> 00:25:53,680 Speaker 1: in which they have to be contained as their move 445 00:25:53,800 --> 00:25:56,760 Speaker 1: the temperatures and things of that nature. So there again, 446 00:25:56,840 --> 00:26:01,400 Speaker 1: transportation very very critical. You've only out the former Transportation 447 00:26:01,480 --> 00:26:04,120 Speaker 1: secretary just for a few minutes. But let's just dive 448 00:26:04,160 --> 00:26:06,919 Speaker 1: into this new New York Times report that just cross 449 00:26:06,920 --> 00:26:10,000 Speaker 1: headlines crossing the Bloomberg terminal, the headline Johnson and Johnson 450 00:26:10,359 --> 00:26:14,880 Speaker 1: COVID nineteen vaccine is delayed by a US factory mix up. 451 00:26:15,200 --> 00:26:18,240 Speaker 1: Sharon la Fernier and Noah Wyland report in the Times 452 00:26:18,280 --> 00:26:24,160 Speaker 1: a manufacturer in Baltimore accidentally conflated the ingredients for two 453 00:26:24,200 --> 00:26:29,520 Speaker 1: different coronavirus vaccines. Officials say workers at a Baltimore plant 454 00:26:29,560 --> 00:26:35,800 Speaker 1: manufacturing two coronavirus vaccines, accidentally conflated the vaccines ingredients several 455 00:26:35,840 --> 00:26:41,359 Speaker 1: weeks ago, ruining about fifteen million doses of Johnson and 456 00:26:41,480 --> 00:26:46,560 Speaker 1: Johnson's vaccine and forcing regulators to delay authorization of the 457 00:26:46,600 --> 00:26:51,120 Speaker 1: plant's production lines. The plant is run by Emergent Bio Solutions, 458 00:26:51,359 --> 00:26:55,080 Speaker 1: a manufacturing partner to both Johnson and Johnson and Astra Zeneca. 459 00:26:55,520 --> 00:27:00,440 Speaker 1: Federal officials attributed the mistake to human era. The mix 460 00:27:00,520 --> 00:27:03,760 Speaker 1: up has halted future shipments of Johnson and Johnson doses 461 00:27:03,800 --> 00:27:08,720 Speaker 1: in the United States while the Food and Drug Administration investigates. 462 00:27:08,720 --> 00:27:12,760 Speaker 1: So again, just a major development on the vaccination front, 463 00:27:12,760 --> 00:27:16,280 Speaker 1: as fifteen million Johnson and Johnson vaccine doses have been 464 00:27:16,359 --> 00:27:19,359 Speaker 1: ruined by a US factory mix up, reports The New 465 00:27:19,440 --> 00:27:21,440 Speaker 1: York Time. Just final word. I know you've got to run, 466 00:27:21,800 --> 00:27:25,560 Speaker 1: uh secretary, But just a finer final word as we 467 00:27:26,320 --> 00:27:30,720 Speaker 1: devour President Biden speech, and now this the first I 468 00:27:30,720 --> 00:27:37,320 Speaker 1: would argue major blemish on a rollout for executing the 469 00:27:37,760 --> 00:27:41,520 Speaker 1: vaccination um, though the details of which are still just 470 00:27:41,640 --> 00:27:45,399 Speaker 1: coming to light. Sure, well, the one thing about it, 471 00:27:45,480 --> 00:27:47,639 Speaker 1: not to make excuses, is that we were able to 472 00:27:47,680 --> 00:27:50,560 Speaker 1: catch it. You want to do that and make corrections 473 00:27:50,840 --> 00:27:54,639 Speaker 1: and get the right vaccines out. So let's encourage and 474 00:27:54,680 --> 00:27:58,439 Speaker 1: I know you you're you're doing that, encourage them to 475 00:27:58,480 --> 00:28:01,120 Speaker 1: deal with it. But going forward, let me just say 476 00:28:01,200 --> 00:28:04,159 Speaker 1: this is how I would sum up the announcement today. 477 00:28:04,560 --> 00:28:07,359 Speaker 1: I think that the President gave voice to the fact 478 00:28:07,400 --> 00:28:10,720 Speaker 1: that this is a generational opportunity. The last time we 479 00:28:10,760 --> 00:28:15,080 Speaker 1: had an opportunity like this, frankly, was during my tenure 480 00:28:15,119 --> 00:28:18,560 Speaker 1: as secretary. We were shifting from a focus solely on 481 00:28:18,600 --> 00:28:21,800 Speaker 1: the interstate system to all of the modes of transportation 482 00:28:21,800 --> 00:28:24,720 Speaker 1: and how they work together. We had a wonderful piece 483 00:28:24,760 --> 00:28:29,680 Speaker 1: of bipartisan legislation called the Intermodal Surface Transportation Efficiency Act, 484 00:28:30,080 --> 00:28:33,960 Speaker 1: and since that time we've been refining and enhancing that legislation. 485 00:28:34,480 --> 00:28:37,560 Speaker 1: The objective now is to make another shift with a 486 00:28:37,680 --> 00:28:42,800 Speaker 1: focus on resilience, sustainability, and equity and time and time again. 487 00:28:43,520 --> 00:28:47,320 Speaker 1: The President talked about that today and and and look 488 00:28:47,360 --> 00:28:50,480 Speaker 1: at the place that he unveiled all of this. Not 489 00:28:50,600 --> 00:28:55,400 Speaker 1: only was the It's a place, but more importantly, Pittsburgh. 490 00:28:55,800 --> 00:28:58,880 Speaker 1: This is an old steel town that you can look 491 00:28:58,880 --> 00:29:02,120 Speaker 1: at today as a modernized city. It's got all of 492 00:29:02,160 --> 00:29:06,200 Speaker 1: its forms of transportation, working well. The airport is set 493 00:29:06,280 --> 00:29:09,880 Speaker 1: to be reconstructed and improved. Then you've got all of 494 00:29:09,920 --> 00:29:14,160 Speaker 1: that rail activity, the transit lines, You've got the great 495 00:29:14,280 --> 00:29:19,120 Speaker 1: rivers and the stadiums in downtown Pittsburgh. August Wilson in 496 00:29:19,200 --> 00:29:23,880 Speaker 1: talking through his Wonderful Stories art about Pittsburgh, he talks 497 00:29:23,880 --> 00:29:28,120 Speaker 1: about it as a resilient, vibrant, a live city and 498 00:29:28,160 --> 00:29:31,080 Speaker 1: we see that, uh today, and I thought it was 499 00:29:31,160 --> 00:29:34,600 Speaker 1: just wonderful for him to go to the Midwest, to 500 00:29:34,720 --> 00:29:37,400 Speaker 1: the center, you know, to the to the interior of 501 00:29:37,440 --> 00:29:40,640 Speaker 1: the country and talk about how all too often we're 502 00:29:40,680 --> 00:29:43,400 Speaker 1: focused on the coast and we now need to really 503 00:29:43,520 --> 00:29:47,160 Speaker 1: bring in, uh, the interior of the country. I grew up. 504 00:29:47,240 --> 00:29:49,959 Speaker 1: I grew up outside of Philly. I mean, I'm from Delco. 505 00:29:50,120 --> 00:29:52,560 Speaker 1: But I know Pennsylvania and you're absolutely right. I mean, 506 00:29:52,560 --> 00:29:55,800 Speaker 1: Pittsburgh is synonymous with grit, with the termination, with with 507 00:29:55,880 --> 00:29:59,000 Speaker 1: hard work. And I really want to thank you, Mr 508 00:29:59,360 --> 00:30:02,760 Speaker 1: former secret Terry for Rodney Slader, for for joining us. 509 00:30:02,760 --> 00:30:04,760 Speaker 1: He has a partner at the Washington, d c. Law 510 00:30:04,800 --> 00:30:07,280 Speaker 1: firm of Squire, Pattent and Bogs, where he is the 511 00:30:07,280 --> 00:30:10,320 Speaker 1: head of the Transportation practice and he works on projects 512 00:30:10,360 --> 00:30:14,920 Speaker 1: related to the transportation infrastructure. Uh, thank you very much 513 00:30:15,000 --> 00:30:18,000 Speaker 1: if you're still with us. A. Jeanie Schanzan, No, candidly, 514 00:30:18,520 --> 00:30:20,880 Speaker 1: you know, I mean Tom Keene. It's no Derek Jeter, 515 00:30:21,080 --> 00:30:23,520 Speaker 1: but you know he was one of the initial investors 516 00:30:23,520 --> 00:30:26,000 Speaker 1: on the Washington Nationals. But what do I know, right, Jeannie? 517 00:30:26,400 --> 00:30:28,520 Speaker 1: That's I was just going to say that, you know, 518 00:30:28,600 --> 00:30:31,040 Speaker 1: Tom Keane's got nothing on you. You had one of 519 00:30:31,080 --> 00:30:34,280 Speaker 1: the original owners of the Washington National. Thought. I do 520 00:30:34,320 --> 00:30:36,280 Speaker 1: want to come back to this story that we're carefully 521 00:30:36,280 --> 00:30:39,200 Speaker 1: monitoring out of the New York Times again, this headline 522 00:30:39,240 --> 00:30:42,760 Speaker 1: crossing the Bloomberg terminal. Johnson and Johnson COVID nineteen vaccine 523 00:30:43,080 --> 00:30:46,840 Speaker 1: is delayed by a US factory mix up. This was 524 00:30:46,920 --> 00:30:51,400 Speaker 1: something like four about fifteen million Johnson and Johnson vaccine 525 00:30:51,400 --> 00:30:54,120 Speaker 1: doses were ruined by a US factory mix up. But 526 00:30:54,200 --> 00:30:59,440 Speaker 1: we've gotten some more details. This does not affect Johnson 527 00:30:59,480 --> 00:31:03,440 Speaker 1: and Johnson and doses that are currently being delivered and 528 00:31:03,640 --> 00:31:09,400 Speaker 1: use nationwide. That bears repeating. This does not affect Johnson 529 00:31:09,440 --> 00:31:14,520 Speaker 1: and Johnson doses that are currently being delivered and use nationwide. 530 00:31:14,960 --> 00:31:17,280 Speaker 1: So ultimately, this is a delay. This is a mix up, 531 00:31:17,600 --> 00:31:20,840 Speaker 1: as The New York Time characterizes it, quote, the mistake 532 00:31:21,000 --> 00:31:23,680 Speaker 1: is a major embarrassment for Johnson and Johnson, whose one 533 00:31:23,720 --> 00:31:26,840 Speaker 1: dose vaccine has been credited with speeding up the national 534 00:31:26,840 --> 00:31:32,000 Speaker 1: immunization program. But it does not affect Johnson and Johnson 535 00:31:32,080 --> 00:31:36,240 Speaker 1: doses that are currently being delivered and used nationwide. All 536 00:31:36,280 --> 00:31:38,800 Speaker 1: of those doses, the New York Times correctly points out, 537 00:31:39,120 --> 00:31:42,400 Speaker 1: were produced in the Netherlands, where operations have been fully 538 00:31:42,440 --> 00:31:45,320 Speaker 1: approved by federal regulators. J you need. They go on 539 00:31:45,400 --> 00:31:47,760 Speaker 1: to report that all further shipments of the J and 540 00:31:47,840 --> 00:31:51,640 Speaker 1: J vaccine projected to total tens of millions of doses 541 00:31:51,640 --> 00:31:54,600 Speaker 1: in the next month. We're supposed to come from the 542 00:31:54,640 --> 00:31:58,360 Speaker 1: massive Baltimore plant. But again, this does not affect the 543 00:31:58,440 --> 00:32:01,280 Speaker 1: Johnson and Johnson doses that are currently being delivered and 544 00:32:01,400 --> 00:32:05,080 Speaker 1: used nationwide. I think that's a crucial point of context 545 00:32:05,360 --> 00:32:08,080 Speaker 1: as folks continue to rightfully go and get their vaccines. 546 00:32:08,360 --> 00:32:10,880 Speaker 1: So important to underscore because that was my first question 547 00:32:11,000 --> 00:32:14,040 Speaker 1: is how does this affect, for instance, President Biden's, you know, 548 00:32:14,160 --> 00:32:17,200 Speaker 1: promise of two hundred million And as you point out, 549 00:32:17,200 --> 00:32:20,640 Speaker 1: they say, it doesn't affect doses currently being delivered, but 550 00:32:20,760 --> 00:32:24,640 Speaker 1: it has halted future shipments of the doses to the 551 00:32:24,840 --> 00:32:28,719 Speaker 1: in the United States while the FDA investigates, So you know, 552 00:32:28,800 --> 00:32:31,360 Speaker 1: it will be interesting to see how this works its 553 00:32:31,360 --> 00:32:34,120 Speaker 1: way out well. And I think if there's we can 554 00:32:34,160 --> 00:32:36,320 Speaker 1: now take a breath now as we've as we've flown 555 00:32:36,400 --> 00:32:41,280 Speaker 1: through this policy based jam packed our just with complete 556 00:32:41,280 --> 00:32:44,600 Speaker 1: analysis from the team and whatnot, but you gotta be 557 00:32:44,640 --> 00:32:46,400 Speaker 1: able to go macro for a second. I mean the 558 00:32:46,440 --> 00:32:49,479 Speaker 1: supply chain conversation. I think a lot of Americans, millions 559 00:32:49,480 --> 00:32:52,680 Speaker 1: of Americans are learning about supply chains from their policy 560 00:32:52,680 --> 00:32:55,360 Speaker 1: makers for really the first time, and not dusting off 561 00:32:55,400 --> 00:32:59,600 Speaker 1: their old economic textbooks. You know. They're learning about the 562 00:32:59,680 --> 00:33:02,720 Speaker 1: chemera calls that are in the medical supplies. They're learning 563 00:33:02,760 --> 00:33:06,440 Speaker 1: about the medals that are made in their chips and 564 00:33:06,440 --> 00:33:09,640 Speaker 1: their smartphones and their solar panels. And I thought it 565 00:33:09,680 --> 00:33:15,000 Speaker 1: was very interesting, as former Secretary Slater alluded to that 566 00:33:15,800 --> 00:33:20,800 Speaker 1: President Biden delivered this address in a union plant essentially, 567 00:33:21,240 --> 00:33:25,080 Speaker 1: and in Pittsburgh because these are high tech jobs, but 568 00:33:25,160 --> 00:33:27,600 Speaker 1: the components of these are going to be built by 569 00:33:27,640 --> 00:33:30,360 Speaker 1: the middle class. Is the pitch that he made, Jennie Yes, 570 00:33:30,400 --> 00:33:33,800 Speaker 1: and of course Pittsburgh where he announced his bid for 571 00:33:33,840 --> 00:33:37,120 Speaker 1: the presidency. Um, he goes right back there. He considers 572 00:33:37,120 --> 00:33:40,960 Speaker 1: it his home. And of course they're also trying to 573 00:33:41,040 --> 00:33:43,960 Speaker 1: underscore the fact that Pittsburgh has done a very good 574 00:33:44,080 --> 00:33:47,840 Speaker 1: job with this evolution from an industrial hub into more 575 00:33:47,880 --> 00:33:50,680 Speaker 1: modern industries, which is exactly what he wants to do 576 00:33:51,040 --> 00:33:55,080 Speaker 1: across the country, particularly in rural and urban areas, and 577 00:33:55,400 --> 00:33:57,720 Speaker 1: that's where his focus is. So I think they did 578 00:33:57,720 --> 00:34:00,680 Speaker 1: a good job in terms of bringing him to Pittsburgh 579 00:34:00,680 --> 00:34:03,800 Speaker 1: to make this first pitch on this really massive bill. 580 00:34:04,160 --> 00:34:07,960 Speaker 1: And Edgerton is back with us. She's Bloomberg Politics editor. 581 00:34:08,000 --> 00:34:10,520 Speaker 1: But let's play a little bit of the Republican response 582 00:34:10,880 --> 00:34:13,200 Speaker 1: to this speech. We've got sounds on this from Senate 583 00:34:13,360 --> 00:34:17,120 Speaker 1: Senator Mitch McConnell, the Republican from Kentucky, uh, and he 584 00:34:17,239 --> 00:34:20,120 Speaker 1: says that the bill is unlikely to be that he 585 00:34:20,160 --> 00:34:24,280 Speaker 1: will be unlikely able to support President Biden's new infrastructure 586 00:34:24,280 --> 00:34:27,880 Speaker 1: supposal proposal. Here's the sounds on this from Leader McConnell. 587 00:34:28,560 --> 00:34:31,359 Speaker 1: We've reached a critical point here, and I hope we're 588 00:34:31,360 --> 00:34:34,080 Speaker 1: not beginning to engage in the habit of any time 589 00:34:34,120 --> 00:34:36,640 Speaker 1: we want to do something, call it a national emergency 590 00:34:36,640 --> 00:34:39,440 Speaker 1: and run up the national doubt. It's like a trojan horse. 591 00:34:39,880 --> 00:34:43,200 Speaker 1: It's called infrastructor, but inside the trojan horse is going 592 00:34:43,239 --> 00:34:48,560 Speaker 1: to be more borrowed money and massive tax increases and adjaton. 593 00:34:48,600 --> 00:34:51,759 Speaker 1: There you go. Yeah, we we were actually kind of 594 00:34:51,840 --> 00:34:55,160 Speaker 1: joking amongst ourselves, were receiving, you know, all kinds of 595 00:34:55,160 --> 00:34:58,200 Speaker 1: press releases from Republicans and Democrats that everything is infrastructure 596 00:34:58,200 --> 00:35:00,799 Speaker 1: of these states. You know, we have child our infrastructure 597 00:35:00,800 --> 00:35:04,120 Speaker 1: and elder care infrastructure. So you know, the minority leader 598 00:35:04,160 --> 00:35:06,400 Speaker 1: does have a point, and that infrastructure is a buzzword 599 00:35:06,520 --> 00:35:09,040 Speaker 1: and it's the train leaving the station. So everyone is 600 00:35:09,040 --> 00:35:12,560 Speaker 1: going to try to cast their priority as an element 601 00:35:12,560 --> 00:35:16,200 Speaker 1: of infrastructure. But you know, Republicans are kind of in 602 00:35:16,200 --> 00:35:18,600 Speaker 1: a tough spot and that they don't want to add 603 00:35:18,600 --> 00:35:20,960 Speaker 1: to the deficit, and they don't want they don't like 604 00:35:21,080 --> 00:35:24,239 Speaker 1: the way the Biden administration is proposing to pay for it, 605 00:35:24,360 --> 00:35:26,439 Speaker 1: so you know, it's kind of in comment upon them 606 00:35:26,480 --> 00:35:29,359 Speaker 1: to come up with an alternative, and so far they 607 00:35:29,400 --> 00:35:32,840 Speaker 1: haven't really come up with any solutions to raise revenue 608 00:35:32,880 --> 00:35:36,400 Speaker 1: to support the sending that both parties say the country needs. 609 00:35:36,960 --> 00:35:39,320 Speaker 1: So um, you know, let's take a listen to some 610 00:35:39,400 --> 00:35:43,120 Speaker 1: more sound on what Biden had to say during his speech, 611 00:35:43,160 --> 00:35:45,919 Speaker 1: because we've got also the President of the United States 612 00:35:45,960 --> 00:35:47,880 Speaker 1: saying that it's time to build our economy from the 613 00:35:47,920 --> 00:35:50,759 Speaker 1: middle up again talking in that populous tone. Here is 614 00:35:52,080 --> 00:35:54,239 Speaker 1: it's time to build our economy from the bottom up 615 00:35:54,320 --> 00:35:57,759 Speaker 1: and from the middle out, not the top down. It 616 00:35:57,800 --> 00:36:00,960 Speaker 1: hadn't worked very well for the economy overall. It hadn't 617 00:36:00,960 --> 00:36:06,360 Speaker 1: work because Wall Street didn't build this country. You great 618 00:36:06,400 --> 00:36:11,520 Speaker 1: middle class built this country, and unions built the middle class. 619 00:36:12,520 --> 00:36:14,719 Speaker 1: He went on to say that he was proposing a 620 00:36:14,760 --> 00:36:18,600 Speaker 1: plan to reward work, not just wealth. Take a listen. 621 00:36:19,360 --> 00:36:23,360 Speaker 1: So today I'm proposing a plan for the nation that 622 00:36:23,480 --> 00:36:28,480 Speaker 1: rewards work, not just rewards wealth. The bills, a fairer 623 00:36:28,480 --> 00:36:31,879 Speaker 1: economy that gives everybody a chance to succeed as could 624 00:36:31,880 --> 00:36:36,400 Speaker 1: you create the strongest, most resilient, innovative economy in the world. 625 00:36:37,360 --> 00:36:40,600 Speaker 1: President Biden says, it's a once in a generation investments 626 00:36:40,640 --> 00:36:43,880 Speaker 1: in America. Here's the sound of that. It's not a 627 00:36:43,920 --> 00:36:46,960 Speaker 1: plan that tinkers around the edges. It's a once in 628 00:36:47,000 --> 00:36:51,759 Speaker 1: a generation investment in America, unlike anything we've seen or 629 00:36:51,880 --> 00:36:55,719 Speaker 1: done since we built the Interstate Highway system. And the 630 00:36:55,800 --> 00:37:00,160 Speaker 1: space race decades ago. So there you go, Genie. I mean, 631 00:37:00,440 --> 00:37:02,200 Speaker 1: you hear some of those sound bites you hear in 632 00:37:02,280 --> 00:37:05,920 Speaker 1: contrast with Leander McConnell, and it's, uh, it's it's really 633 00:37:05,920 --> 00:37:08,840 Speaker 1: really fascinating to hear that it is and it's historic, 634 00:37:08,960 --> 00:37:10,640 Speaker 1: and you know, it reminds me. I think it was 635 00:37:10,719 --> 00:37:13,160 Speaker 1: Ram Emmanuel never let a crisis go to waste is 636 00:37:13,200 --> 00:37:16,040 Speaker 1: what we see the Biden administration doing at this point. 637 00:37:16,360 --> 00:37:18,799 Speaker 1: And he was very clear at the beginning of his 638 00:37:18,920 --> 00:37:25,239 Speaker 1: speech that the pandemic exacerbated existing inequalities in our system 639 00:37:25,280 --> 00:37:27,799 Speaker 1: that needed to be addressed prior to the pandemic, but 640 00:37:27,880 --> 00:37:30,520 Speaker 1: even more so in the midst and after the pandemic. 641 00:37:30,719 --> 00:37:32,520 Speaker 1: And I think we should also add because you and 642 00:37:32,680 --> 00:37:36,040 Speaker 1: we're just talking about the debt, that Republicans are now 643 00:37:36,120 --> 00:37:38,440 Speaker 1: talking about the debt. They weren't talking about it as 644 00:37:38,520 --> 00:37:43,840 Speaker 1: much in teen when Trump's tax cut really soared the 645 00:37:43,920 --> 00:37:46,879 Speaker 1: debt um and the deficit. So you know, there's sort 646 00:37:46,920 --> 00:37:49,239 Speaker 1: of a a sort of they've found this issue of 647 00:37:49,239 --> 00:37:51,640 Speaker 1: the deficit and the debt again, but it wasn't as 648 00:37:51,719 --> 00:37:54,040 Speaker 1: much of a concern when they wanted to make those 649 00:37:54,040 --> 00:37:58,200 Speaker 1: tremendous tax because which they did. Yeah, I mean that's 650 00:37:58,200 --> 00:38:03,040 Speaker 1: absolutely right. And um, it's it's hard for Republicans to 651 00:38:03,480 --> 00:38:05,799 Speaker 1: really find you know, they're looking for a way to 652 00:38:05,800 --> 00:38:08,160 Speaker 1: oppose this, and part of that is that these um 653 00:38:08,200 --> 00:38:12,040 Speaker 1: spending proposals are are largely popular with you with the 654 00:38:12,040 --> 00:38:14,839 Speaker 1: American public, and they're largely needed. I mean, these are 655 00:38:14,880 --> 00:38:17,960 Speaker 1: things that members will go back to the districts and 656 00:38:18,000 --> 00:38:20,440 Speaker 1: go back to their states and hear from constituents like 657 00:38:20,719 --> 00:38:23,680 Speaker 1: we need you know, federal funds to help you know, 658 00:38:23,880 --> 00:38:27,280 Speaker 1: shore up this bit ridge to expand world broad band. 659 00:38:27,360 --> 00:38:30,680 Speaker 1: So you know, these are things that if these lawmakers, 660 00:38:31,239 --> 00:38:33,520 Speaker 1: you know, see that this is going to happen anyway, 661 00:38:33,680 --> 00:38:36,960 Speaker 1: they're going to want to make sure that their districts 662 00:38:37,040 --> 00:38:40,640 Speaker 1: get some of the spending. I just want to carefully 663 00:38:40,760 --> 00:38:43,360 Speaker 1: monitor a story from the New York Times that we 664 00:38:43,400 --> 00:38:46,960 Speaker 1: are carefully monitoring a headline crossing the Bloomberg terminal. This 665 00:38:47,000 --> 00:38:50,200 Speaker 1: is incredibly important. An official says that President Biden will 666 00:38:50,200 --> 00:38:53,600 Speaker 1: still meet the two hundred million dosed target with Johnson 667 00:38:53,600 --> 00:38:57,239 Speaker 1: and Johnson set back another massive headlines to cross the 668 00:38:57,280 --> 00:39:00,400 Speaker 1: Bloomberg terminal. That President Biden will still meet the two 669 00:39:00,480 --> 00:39:03,760 Speaker 1: hundred million dollar I'm sorry, the two hundred million DOES 670 00:39:04,320 --> 00:39:07,760 Speaker 1: target with Johnson and Johnson setback. According to an official 671 00:39:08,200 --> 00:39:11,680 Speaker 1: headline crossing the Bloomberg terminal, President Biden Jennie will still 672 00:39:11,719 --> 00:39:14,200 Speaker 1: meet the two hundred million dose target with Johnson and 673 00:39:14,280 --> 00:39:17,920 Speaker 1: Johnson setback. Just this is just so incredibly important as 674 00:39:18,000 --> 00:39:21,040 Speaker 1: as millions of Americans rightfully go out and get vaccinated, 675 00:39:21,360 --> 00:39:24,120 Speaker 1: uh and and followed, they're the guidelines that have an 676 00:39:24,160 --> 00:39:26,200 Speaker 1: issue to them. And for this to happen, you know, 677 00:39:26,320 --> 00:39:29,320 Speaker 1: incredibly important, as you say, because of course many people 678 00:39:29,400 --> 00:39:32,359 Speaker 1: see that feel that we are reaching towards the end 679 00:39:32,400 --> 00:39:34,719 Speaker 1: of this, that that we you know, that pandemic is 680 00:39:34,760 --> 00:39:37,200 Speaker 1: coming to an end, so to speak, but you know 681 00:39:37,280 --> 00:39:39,560 Speaker 1: it's going to be dependent on our ability to access 682 00:39:39,600 --> 00:39:42,520 Speaker 1: those vacks, those vaccines. So that's incredibly important that that 683 00:39:42,560 --> 00:39:45,400 Speaker 1: hasn't been more good news, more good news that the 684 00:39:45,480 --> 00:39:47,880 Speaker 1: President Biden is still going to meet the two hundred 685 00:39:47,920 --> 00:39:51,359 Speaker 1: million DOES target with the Johnson and Johnson set back. 686 00:39:51,360 --> 00:39:54,440 Speaker 1: All right, thanks to the Whole Team executive produced by 687 00:39:54,480 --> 00:39:58,000 Speaker 1: Christine Murrata, produced by Matthew, Shirley Maruful Sarah livesI on 688 00:39:58,040 --> 00:40:01,839 Speaker 1: the boards, we've also got at Darden Pola. He's joined 689 00:40:01,880 --> 00:40:05,400 Speaker 1: the team. He's been get feeding us the headlines. Bob Bragg, 690 00:40:05,920 --> 00:40:10,400 Speaker 1: of course, Jeanie Schanz No, Hannah Edgerton, the former Transportation Secretary, 691 00:40:10,680 --> 00:40:13,680 Speaker 1: Rodney Slater, Tom Keane, why not? Tommy? Are you listening 692 00:40:15,200 --> 00:40:16,120 Speaker 1: of Kevin's A really