WEBVTT - Debt Ceiling Impasse May Lead to Ratings Cut; Nvidia Nears Record One Day Gain

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<v Speaker 1>From the Bloomberg Interactor Burgers Studios. This is Bloomberg day

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<v Speaker 1>Break for Thursday, May twenty fifth, Coming up today.

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<v Speaker 2>Still waiting on a debt ceiling deal, just seven days

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<v Speaker 2>before a potential default.

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<v Speaker 1>Now the uncertainty has a rating agency putting the US

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<v Speaker 1>on a credit watch list.

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<v Speaker 2>The presidential campaign for Ron DeSantis gets off to a

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<v Speaker 2>glitchy start on Twitter.

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<v Speaker 1>And Nvidia surges, nearing the biggest one day jump in

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<v Speaker 1>US history.

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<v Speaker 2>I'm a Meymoras.

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<v Speaker 3>New York City explains it doesn't want to end the

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<v Speaker 3>shelter rule, just change it. And New York's top housing

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<v Speaker 3>official is stepping down from.

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<v Speaker 4>John stash Allen. Sports, the Yankees blow a Lee, lost

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<v Speaker 4>of the Orioles, the Mets lost of the Cubs. The

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<v Speaker 4>Florida Panthers are going to the Stanley Cup Finals.

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<v Speaker 5>That's all straight ahead on Bloomberg day Break. The Business

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<v Speaker 5>news You need to starn your day in just one

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<v Speaker 5>fifteen minute podcast each morning on Apples, Spotify, the Bloomberg

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<v Speaker 5>Business Appen everywhere you get your podcasts.

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<v Speaker 2>Good morning, I'm Nathan.

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<v Speaker 1>Hager and I'm Karen Moscow. Here are the stories we're

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<v Speaker 1>following today.

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<v Speaker 2>Karen the US government is now seven days for potentially

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<v Speaker 2>running out of cash to pay its bills. The White

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<v Speaker 2>House and Congressional Republicans still haven't reached a deal to

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<v Speaker 2>raise the debt ceiling, but after four hours of negotiations yesterday,

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<v Speaker 2>House Speaker Kevin McCarthy said he still thinks there's time

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<v Speaker 2>to reach in agreement.

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<v Speaker 6>There's a number of issues that are out there that

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<v Speaker 6>we've been working on. I think being able to find

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<v Speaker 6>some ways that we could probably get to fruition on

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<v Speaker 6>a couple of these. There's still a number of them

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<v Speaker 6>out there, so I want to work as hard as

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<v Speaker 6>we can and not stop.

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<v Speaker 2>And Speaker McCarthy isn't saying when negotiations might resume. House

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<v Speaker 2>lawmakers are expected to leave Washington today for a Memorial

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<v Speaker 2>Day weekend.

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<v Speaker 1>Well, let's talks drag on, Nathan. The US debt rating

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<v Speaker 1>is coming under pressure. Fitch Rating says it made downgrade

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<v Speaker 1>its credit ratings for the US and we get the

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<v Speaker 1>latest from Bloomberg's Doug Chrisner.

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<v Speaker 7>The move would reflect the worsening political standoff and talks

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<v Speaker 7>to solve the debt ceiling crisis. Fitch said the US

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<v Speaker 7>Triple A is on rating Watch negative to reflect increased

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<v Speaker 7>political partisanship. The firm says it's hindering a resolution to

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<v Speaker 7>raise or suspend the debt limit despite the fast approaching

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<v Speaker 7>date when the government runs out of cash. Bloomberg Economic

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<v Speaker 7>says the current standoff has the potential to wreak more

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<v Speaker 7>havoc on the economy than in any previous go around.

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<v Speaker 7>In twenty eleven, S and P Global Ratings drew fire

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<v Speaker 7>for downgrading the US from triple A after a similar

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<v Speaker 7>brush with default in New York. I'm Doug Prisoner, Bloomberg Daybreak.

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<v Speaker 2>Thanks Doug. Another major story we're following this morning involves

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<v Speaker 2>the race for the Lighthouse. Ron DeSantis has officially thrown

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<v Speaker 2>his hat into the ring for the Republican nomination, and

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<v Speaker 2>Bloomberg's Ed Baxter has the story.

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<v Speaker 8>He has filed papers with federal regulators and released a video.

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<v Speaker 8>Our border is a disaster crime in FESTI and ran

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<v Speaker 8>a Twitter space session with Elon Musk, which they say

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<v Speaker 8>had so many hits they had a hard time getting

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<v Speaker 8>it going.

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<v Speaker 5>Welcome, Govenor de sentus up for the Siztark.

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<v Speaker 7>We're described just trying to get it going.

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<v Speaker 8>Yeah, they had to shut it down. They finally did

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<v Speaker 8>get it back up and d Santas addressed the educational

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<v Speaker 8>book issues and.

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<v Speaker 9>So nothing's being banned.

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<v Speaker 10>They're basically ensuring that we make curation choices that are

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<v Speaker 10>consistent with state standard.

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<v Speaker 8>DeSantis becomes Donald Trump's strongest polling contender yet in San Francisco.

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<v Speaker 8>I'm at Baxter Bloomberg Daybreak.

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<v Speaker 1>All right, and thanks well. DeSantis is currently trailing Donald

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<v Speaker 1>Trump in the polls, but legal trouble is mounting to

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<v Speaker 1>the former president. Bloomberg News has learned that Special counsel

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<v Speaker 1>Jack Smith is wrapping up his investigation into Trump's refusal

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<v Speaker 1>to return classified documents after his election defeat. Sources a

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<v Speaker 1>Smith is poised to announce possible criminal charges in the

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<v Speaker 1>days or weeks after Memorial Day. Any indictments would need

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<v Speaker 1>to be approved by Attorney General Merrick Garland and a

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<v Speaker 1>federal grand jury.

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<v Speaker 2>It's turned to these markets now, Karen, we may be

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<v Speaker 2>seeing history in the making. In Nvidia is close to

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<v Speaker 2>registering the biggest one day valuation jump in US history.

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<v Speaker 2>Right now, its shares are surging twenty four percent. If

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<v Speaker 2>that holds, in Video's value ad rise by almost one

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<v Speaker 2>hundred ninety billion dollars, almost topping apples one hundred and

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<v Speaker 2>ninety one billion dollar one day gain. In November. Demand

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<v Speaker 2>for Nvidia's artificial intelligence processors brought sales forecasts for this

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<v Speaker 2>quarter to eleven billion dollars, shattering estimates. Dan Morgan is

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<v Speaker 2>senior portfolio manager at Sonovis Trust.

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<v Speaker 11>We know that Nvideo is one of the first chip

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<v Speaker 11>companies to really embrace AI before it became the big

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<v Speaker 11>thing that it is, right, and now we're starting to

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<v Speaker 11>come that kind of fruition in terms of actually seeing

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<v Speaker 11>this figures. I mean, when ACE numbers came out, I

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<v Speaker 11>just had to say wow.

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<v Speaker 2>Dan Morgan at Sinova's Trust notes the impact on other

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<v Speaker 2>chip makers advanced micro devices. Those shares are up nearly

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<v Speaker 2>nine percent in early trading.

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<v Speaker 1>Well, let's look at the flip side here, Nathan Shares

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<v Speaker 1>of Snowflake are down about fourteen percent in early trading.

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<v Speaker 1>The company gave a sales outlook for the current quarter

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<v Speaker 1>that fell short of estimates. That suggests that companies are

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<v Speaker 1>trimming their spending for a cloud software as economic conditions

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<v Speaker 1>become more uncertain.

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<v Speaker 2>Turning to the economy, Karen Minutes from the latest FED

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<v Speaker 2>meeting show officials leaning toward pausing rate hikes at their

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<v Speaker 2>June meeting. For insight on that, we spoke with former

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<v Speaker 2>Dallas FED president Robert Kaplan.

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<v Speaker 9>It feels to me that they're moving toward a pause.

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<v Speaker 9>It doesn't surprise me that they're having a debate, though,

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<v Speaker 9>because despite all these rate increases, the economy is holding

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<v Speaker 9>up pretty well, and I think that's a bit of

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<v Speaker 9>a surprise.

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<v Speaker 2>In former Dallas FED president Robert Kaplan said he thinks

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<v Speaker 2>the Central Bank should pause and wait for more data

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<v Speaker 2>before deciding on any more rate hikes and eure Rope.

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<v Speaker 1>Today, Nathan, we're learning Germany suffered its first recession since

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<v Speaker 1>the start of the pandemic. First quarter output strengths three

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<v Speaker 1>tenths of a percent from the previous three months. That

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<v Speaker 1>follows a half of a percent drop in the last

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<v Speaker 1>quarter of twenty twenty two.

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<v Speaker 2>And in banking news this morning, Karen Us prosecutors are

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<v Speaker 2>reviewing stock trading by some First Republic employees during the

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<v Speaker 2>lenders recent FAI failure. Sources say the Justice Department's looking

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<v Speaker 2>at whether anyone working at the firm used inside information

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<v Speaker 2>in transactions as the bank was on its way to collapse.

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<v Speaker 2>The probe is in its early stages, and it's also

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<v Speaker 2>scrutinizing the company's financial disclosures. Time now to take a

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<v Speaker 2>look at some of the other stories making news in

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<v Speaker 2>New York and around the world, and for that we're

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<v Speaker 2>joined by Bloomberg's Amy Morris. Good morning, Amy, Good morning, Nathan.

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<v Speaker 3>Officials say New York City does not want to end

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<v Speaker 3>right to shelter regulations for tens of thousands of asylum seekers.

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<v Speaker 3>Chief Counsel Brendan Maguire says the Adams administration only wants

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<v Speaker 3>the flexibility over that forty year old requirement.

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<v Speaker 12>This isn't an effort here to turn our backs on anyone.

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<v Speaker 12>The past year demonstrates that we're not going to do that.

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<v Speaker 12>We will not do that. The issue here is flexibility

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<v Speaker 12>in a crisis now.

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<v Speaker 3>Officials say the shelter system is buckling, with migrants being

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<v Speaker 3>housed at one hundred and fifty different locations across the city,

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<v Speaker 3>which has spent roughly seven hundred and sixty million dollars

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<v Speaker 3>on services, supplies, and housing for migrants, along with another

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<v Speaker 3>three hundred million dollars onto other resources. A day after

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<v Speaker 3>Merrick Mayor Eric Adams said he would oppose an effort

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<v Speaker 3>to reduce homelessness by increasing the number of housing vouchers.

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<v Speaker 3>His top housing official said she'd step down. Sources tell

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<v Speaker 3>The New York Times the Mayor's opposition to that legislation

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<v Speaker 3>is one reason Chief Housing Officer Jessica Katz will be

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<v Speaker 3>leaving that job this summer. Another is reportedly confusion over

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<v Speaker 3>who was actually in charge of dealing with the city's

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<v Speaker 3>housing problems. Katz says she is leaving the job to

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<v Speaker 3>spend more time with her children. Connecticut residents may see

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<v Speaker 3>reduced commuter rail service to Manhattan if state lawmakers cut funds.

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<v Speaker 3>The MTA may be forced to decrease service even during

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<v Speaker 3>peak travel times if lawmakers in Connecticut pass a budget

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<v Speaker 3>that directs a smaller subsidy to the transit agency. Kathy Rinaldi,

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<v Speaker 3>president of MTA's Metro North Railroad, told the New York

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<v Speaker 3>Transit Agency's monthly board meeting that it would be quote

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<v Speaker 3>very difficult, if not impossible, to hold peak hour trains unharmed.

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<v Speaker 3>The possible service cuts could come as ridership is increasing

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<v Speaker 3>after the pandemic shrank usage. New Jersey Attorney General's Office

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<v Speaker 3>has joined a lawsuit filed by forty four other states

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<v Speaker 3>against AVID Telecom and its owner for facilitating more than

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<v Speaker 3>seven and a half billion robocalls. The calls were made

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<v Speaker 3>to numbers on the National Do Not Call Registry. Avid

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<v Speaker 3>Telecom is a voice over Internet protocol service provider that

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<v Speaker 3>sells data, phone numbers and dialing software so its customers

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<v Speaker 3>can make robocalls. Global News twenty four hours a day,

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<v Speaker 3>powered by more than twenty seven hundred journalists and analysts

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<v Speaker 3>in over one hundred twenty countries. I'm Amy Morris, and

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<v Speaker 3>this is Bloomberg.

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<v Speaker 4>Nathan.

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<v Speaker 11>Okay a me thank you.

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<v Speaker 2>Time now for a Bloomberg Sports update. For that, we

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<v Speaker 2>bring in John Stashauer. Thanks Nathan.

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<v Speaker 4>The night after the Yankees came from four runs down

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<v Speaker 4>to beat Baltimore, Baltimore trailed by four, it was five

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<v Speaker 4>to one Yankees, and the seventh inning when the Orioles

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<v Speaker 4>they erupted, scoring eight times pof Nester Cortes and Jimmy Cordero.

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<v Speaker 4>Baltimore won nine to six at the stadium and in

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<v Speaker 4>the Yanks five game winning streak. In the lost two

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<v Speaker 4>home runs the Yankees Claybor Torres, the Mets went to

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<v Speaker 4>Chicago with a five game wins streak, but now two

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<v Speaker 4>losses for them to the Cubs, who won four to

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<v Speaker 4>at Rigley behind the pitching of x Men Marcus Strom

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<v Speaker 4>when he allowed only four hits in eight and eight's.

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<v Speaker 4>One of the hit hits was a Francisco Alvarez two

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<v Speaker 4>run homer. The Florida Panthers were the last team to

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<v Speaker 4>get it into the Stanley Cup playoffs.

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<v Speaker 2>Seen at eight.

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<v Speaker 4>They trailed the Bruins of the first round three games

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<v Speaker 4>to one, but since then they are eleven and one.

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<v Speaker 4>Hosted Carolina. The game was tied late in regulation.

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<v Speaker 11>Chuck out for right.

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<v Speaker 4>Point cover at fifteen seconds in regulation to chuck Ryan.

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<v Speaker 2>Hart and near circle. Grin Hart in the circle shot

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<v Speaker 2>and it's follow up by Anderson four cup right circle

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<v Speaker 2>down to.

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<v Speaker 1>The Egal like Ki.

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<v Speaker 11>Chuck in first hut.

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<v Speaker 10>This stars Bristis Bristons Man, Dude good.

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<v Speaker 4>Zuck wq hey Am in Miami won a playoff at

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<v Speaker 4>matthew to Chuck nine goals, three game winning goals. Florida

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<v Speaker 4>beat the Hurricanes four to three. It's the first sweep

0:10:05.920 --> 0:10:08.320
<v Speaker 4>in franchise history and just the second trip to the

0:10:08.360 --> 0:10:11.920
<v Speaker 4>Stanley Cup. Finally, the other came back in nineteen ninety six,

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<v Speaker 4>So this is gonna be a new Stanley Cup winner.

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<v Speaker 4>It looks like if Vegas can finish off Dallas and

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<v Speaker 4>the goal of the Knights are up three games and

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<v Speaker 4>I can complete the sweep. Tonight, Miami Heat up three

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<v Speaker 4>zip on the Celtics, who then stayed alive, winning Game

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<v Speaker 4>four tonight Game five in Boston, Jets are considering signing

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<v Speaker 4>a new punter in matter Raza. A year ago, he

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<v Speaker 4>had an impressive training camp, made the Buffalo Bills, but

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<v Speaker 4>then got cut after a sexual assault allegation of Rasa

0:10:34.280 --> 0:10:38.160
<v Speaker 4>has since been cleared of any wrongdo. Don Stashawar Bloomberg.

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<v Speaker 5>Sports from coast to coast, from New York to San Francisco,

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<v Speaker 5>Boston to Washington, DC, nationwide on Syrias Exam, the Bloomberg

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<v Speaker 5>business appened. Bloomberg dot Com. This is Bloomberg Daybreak.

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<v Speaker 2>Good morning. I'm Nathan Hager. With seven days now until

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<v Speaker 2>the earliest default date set by Treasury Secretary Janet and

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<v Speaker 2>the markets are still waiting for a deal on the

0:11:02.880 --> 0:11:05.360
<v Speaker 2>debt ceiling to come out of Washington. But House Speaker

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<v Speaker 2>Kevin McCarthy says he still thinks there's time to get

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<v Speaker 2>to an agreement with the White House.

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<v Speaker 6>We can meet and talk at any time with the President.

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<v Speaker 6>Were working with their team consistently constantly, and so I

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<v Speaker 6>think an appropriate time we'll get back again.

0:11:19.480 --> 0:11:22.200
<v Speaker 2>But that optimism from Speaker McCarthy does not appear to

0:11:22.240 --> 0:11:25.080
<v Speaker 2>be shared by analystic. Fitch Ratings so placed the nation's

0:11:25.080 --> 0:11:27.760
<v Speaker 2>triple A credit rating on down grade.

0:11:27.880 --> 0:11:28.200
<v Speaker 8>Watch.

0:11:28.400 --> 0:11:31.520
<v Speaker 2>Let's bring in Bloomberg News Senior editor Bill Ferries for

0:11:31.600 --> 0:11:34.120
<v Speaker 2>more on this bill. Is this starting to seem more

0:11:34.160 --> 0:11:38.839
<v Speaker 2>like deja vous from twenty eleven when Moody's downgraded the US?

0:11:39.440 --> 0:11:41.880
<v Speaker 10>Yeah, it does bring back that. It does bring back

0:11:41.920 --> 0:11:44.719
<v Speaker 10>that deja vu or that memory from more than ten

0:11:44.800 --> 0:11:47.920
<v Speaker 10>years ago now, and it's you know, it's another warning

0:11:48.040 --> 0:11:50.160
<v Speaker 10>sign that the calendar is just getting a little bit

0:11:50.200 --> 0:11:54.079
<v Speaker 10>too tight here. Both sides continue to meet for hours

0:11:54.120 --> 0:11:57.840
<v Speaker 10>each day. But if you remember a week ago, or

0:11:57.920 --> 0:12:00.839
<v Speaker 10>just about a week ago, we were expecting the framework

0:12:01.040 --> 0:12:03.680
<v Speaker 10>of a deal to have been done over the weekend,

0:12:04.600 --> 0:12:06.960
<v Speaker 10>and so we're here now four or five days later

0:12:07.040 --> 0:12:09.880
<v Speaker 10>and we still haven't seen that framework. And the June

0:12:09.960 --> 0:12:13.360
<v Speaker 10>first X State, which is kind of the earliest date

0:12:14.160 --> 0:12:17.120
<v Speaker 10>that we think the Treasury will hit the debt ceiling

0:12:17.600 --> 0:12:20.360
<v Speaker 10>is now just you know, only a few more days away,

0:12:20.640 --> 0:12:21.320
<v Speaker 10>six days away.

0:12:21.320 --> 0:12:24.480
<v Speaker 2>At this point, are you hearing whether the US is

0:12:24.480 --> 0:12:28.480
<v Speaker 2>going to start prioritizing things. I know that Social Security

0:12:28.480 --> 0:12:32.200
<v Speaker 2>payments in particular are supposed to be coming due a

0:12:32.280 --> 0:12:36.000
<v Speaker 2>day after Treasury Secretary Yellen's X state of June first.

0:12:36.760 --> 0:12:39.440
<v Speaker 10>Right, and so we don't know if June first is

0:12:39.480 --> 0:12:44.440
<v Speaker 10>the actual final deadline date, although that's you know what,

0:12:44.440 --> 0:12:49.200
<v Speaker 10>what Secretary Yellen and many of the major financial institutions

0:12:49.200 --> 0:12:52.520
<v Speaker 10>have said is when you know we're when we're basically

0:12:52.559 --> 0:12:57.160
<v Speaker 10>running on fumes, and so they've already been prioritizing or shifting,

0:12:57.400 --> 0:13:01.760
<v Speaker 10>shifting funds around to make sure that payments are going through.

0:13:02.080 --> 0:13:04.400
<v Speaker 10>It gets a lot tougher as of that date, and

0:13:04.400 --> 0:13:07.520
<v Speaker 10>it may hit the ceiling. Then now Congress can still

0:13:07.559 --> 0:13:11.840
<v Speaker 10>step in and try to suspend it or make other changes.

0:13:12.280 --> 0:13:16.000
<v Speaker 10>That's most likely only going to happen if they reach

0:13:16.040 --> 0:13:18.079
<v Speaker 10>a deal at really the last minute.

0:13:18.960 --> 0:13:21.160
<v Speaker 2>While we wait for that deal, one thing we're not

0:13:21.240 --> 0:13:24.480
<v Speaker 2>waiting for now is for Ron DeSantis to announce his

0:13:24.679 --> 0:13:27.839
<v Speaker 2>presidential campaign. We'd been waiting for that for months, and

0:13:28.040 --> 0:13:31.640
<v Speaker 2>it seems like even the launch kept some people waiting

0:13:31.640 --> 0:13:34.920
<v Speaker 2>with that sort of glitchy start on Twitter, right.

0:13:35.000 --> 0:13:37.520
<v Speaker 10>I think he wanted to do something unusual by making

0:13:37.559 --> 0:13:40.720
<v Speaker 10>the announcement on Twitter. It's probably going to be remembered

0:13:40.760 --> 0:13:43.480
<v Speaker 10>for other reasons, although I don't know if it'll have

0:13:43.520 --> 0:13:46.480
<v Speaker 10>a long term impact, but it was. It was a

0:13:46.600 --> 0:13:50.439
<v Speaker 10>very glitchy launch, twenty five minutes of which were mostly

0:13:50.480 --> 0:13:55.880
<v Speaker 10>dead airtime as his tech staff, as Elon Musk tech staff,

0:13:55.960 --> 0:13:59.439
<v Speaker 10>tried to figure out what was going on. The sound

0:13:59.520 --> 0:14:02.840
<v Speaker 10>was down. They eventually had to switch this Twitter spaces

0:14:02.880 --> 0:14:06.480
<v Speaker 10>to another account and got it off the ground somewhat,

0:14:09.000 --> 0:14:13.040
<v Speaker 10>but it is officially launched, and Ron DeSantis is even

0:14:13.080 --> 0:14:16.800
<v Speaker 10>though he seems to trail Donald Trump in polls by

0:14:17.080 --> 0:14:20.240
<v Speaker 10>more than thirty points, he is the strongest challenger to

0:14:20.320 --> 0:14:23.000
<v Speaker 10>him at this point and has probably the biggest war

0:14:23.120 --> 0:14:25.360
<v Speaker 10>chest to go head to head against the former president.

0:14:25.960 --> 0:14:31.240
<v Speaker 2>Well, the Florida governor wants to make this challenge. Former

0:14:31.280 --> 0:14:34.800
<v Speaker 2>President Trump's legal challenges appear to be mounting here, with

0:14:35.480 --> 0:14:39.120
<v Speaker 2>sources telling us that Special Counsel Jack Smith is getting

0:14:39.120 --> 0:14:42.120
<v Speaker 2>close to wrapping up his classified documents investigation.

0:14:43.440 --> 0:14:46.000
<v Speaker 10>Right we think he's in the final stages and then

0:14:46.120 --> 0:14:48.800
<v Speaker 10>has to just make a determination whether he's or an

0:14:48.800 --> 0:14:52.960
<v Speaker 10>announcement about whether he's going to push for criminal charges

0:14:53.040 --> 0:14:57.160
<v Speaker 10>against the former president, and according to our reporting, we

0:14:57.280 --> 0:15:00.440
<v Speaker 10>think that could come within as soon as day after

0:15:00.480 --> 0:15:04.040
<v Speaker 10>the Memorial Day holiday. And some of those charges that

0:15:04.080 --> 0:15:09.120
<v Speaker 10>he would potentially be facing would include some major jail

0:15:09.200 --> 0:15:13.240
<v Speaker 10>time if he's convicted. We're talking about up to twenty

0:15:13.320 --> 0:15:18.480
<v Speaker 10>years in prison if convicted of obstructing justice. And that's probably,

0:15:18.640 --> 0:15:22.240
<v Speaker 10>you know, when it comes to Trump's Trump's decision to

0:15:22.320 --> 0:15:25.360
<v Speaker 10>keep those classified documents, that's probably the most serious charge

0:15:25.360 --> 0:15:25.960
<v Speaker 10>he's facing.

0:15:26.520 --> 0:15:31.000
<v Speaker 2>Our last thirty seconds here, even though these legal troubles

0:15:31.040 --> 0:15:34.240
<v Speaker 2>are mounting, I mean, the president, the former president, still

0:15:34.280 --> 0:15:37.800
<v Speaker 2>has this massive polling lead over not just a Santus,

0:15:37.800 --> 0:15:39.520
<v Speaker 2>but everybody else in the Republican field.

0:15:40.360 --> 0:15:42.520
<v Speaker 10>He does I think I said he's got a I

0:15:42.560 --> 0:15:44.600
<v Speaker 10>think it was a thirty six point lead over Ron

0:15:44.640 --> 0:15:48.280
<v Speaker 10>DeSantis in the latest polls. And then when you talk

0:15:48.320 --> 0:15:51.760
<v Speaker 10>about some of the other candidates and potential candidates, Nikki Haley,

0:15:51.800 --> 0:15:54.440
<v Speaker 10>Mike Pence, and a couple of the others, they are

0:15:54.680 --> 0:15:58.760
<v Speaker 10>much further down, usually in single digits. So President Trump

0:15:58.760 --> 0:16:02.200
<v Speaker 10>has showed he has stayed power with that base that

0:16:02.320 --> 0:16:05.480
<v Speaker 10>got him to the presidency in twenty sixteen. Many of

0:16:05.520 --> 0:16:08.200
<v Speaker 10>them are sticking with them. Of course, there's two different

0:16:08.280 --> 0:16:11.120
<v Speaker 10>races when you're running for president. There's the primary race

0:16:11.160 --> 0:16:13.680
<v Speaker 10>when you have to get the Republican votes, and then

0:16:13.720 --> 0:16:16.160
<v Speaker 10>there's a general election where you have to have broader appeal.

0:16:17.360 --> 0:16:20.280
<v Speaker 2>This is Bloomberg day Break Today, your morning brief on

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