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Speaker 1: Five from our nation's cale. This budget thing is going

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Speaker 1: to do nothing with space forces. I still think it's

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Speaker 1: interesting President Trump not playing his cards yet headlines Policy

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Speaker 1: and Politics colliding to sound on with Kevin's relate, the insiders,

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Speaker 1: the influencers, the insides. I would rather see a congressional solution.

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Speaker 1: It's part of my DNA. The Senate map in looks

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Speaker 1: a lot different than it looked in. You really have

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Speaker 1: a divide within Team Trump. The president has to do

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Speaker 1: exactly what people send him here to do, which is

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Speaker 1: to get it done. He's sound on with Kevin's your

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Speaker 1: relate on Bloomberg one and one m h D two

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Speaker 1: Boltemore call him tariff man. President Donald Trump not backing

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Speaker 1: down on the threat to raise tariffs on Friday, and

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Speaker 1: the White House says that he means business. Stock market

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Speaker 1: doesn't like it. The street is not shrugging it off.

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Speaker 1: US stock slumping after trying to chade outlook say that

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Speaker 1: three times fast China trade outlooks sours. We had the

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Speaker 1: LAist on the politics, the policy, and whether it's just

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Speaker 1: the art of the deal or the beginning of the

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Speaker 1: end for US China trade talks. Meanwhile, how Speaker Nancy Pelosi.

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Speaker 1: She's issuing an impeachment warning as the White House escalates fight.

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Speaker 1: We have to all star Capitol Hill reporters who know

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Speaker 1: the ends and the outs of Capitol Hill as well

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Speaker 1: as the White House. Politico's very own Jake Sherman and

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Speaker 1: Anna Palmer. They are senior writers for Politico, co authors

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Speaker 1: of Politico Playbook, and the authors of the new book,

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Speaker 1: the New York Times bestseller, The Hill To Die On.

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Speaker 1: We are going to have them for the hour in studio.

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Speaker 1: Plus Kim Wallace, the former Assistant Secretary for Legislative Affairs

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Speaker 1: at the Treasury Department under President Obama's administration. He also

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Speaker 1: started the Business Intelligence Group at Lehman Brothers several years ago.

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Speaker 1: Before we dive into all of this, though, Nancy, it

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Speaker 1: was a busy day. Catch us up to speed well, Kevin,

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Speaker 1: thanks the Leader. Mitch McConnell is once again denouncing the

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Speaker 1: conclusion Democrats have made about the Special Counsel's Russia investigation.

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Speaker 1: It's time to accept the recommendations of Muller's report and

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Speaker 1: and to move on. Senate Democrats say McConnell is afraid

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Speaker 1: of the findings from Special Counsel Robert Muller and is

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Speaker 1: failing to protect US elections. Senate Minority Leader Chuck Schumer

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Speaker 1: says McConnell is sending proposals to crack down on interference

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Speaker 1: to a graveyard that ignores Muller's Mueller's Report. Leader McConnell,

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Speaker 1: the grim Reaper is creating this graveyard. It serves America poorly,

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Speaker 1: will serve the Republican Party poorly, and will serve him poorly.

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Speaker 1: Schumer says McConnell is so afraid of the report he

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Speaker 1: doesn't even want to do what needs to be done

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Speaker 1: to stop Russian interference. Maryland Governor Larry Hogan says he

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Speaker 1: wants to clean house on the University of Maryland Medical

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Speaker 1: System's Board of directors. Bloomberg's Amy Morris reports the governor

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Speaker 1: signed a reform bill last month after The Baltimore Sun

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Speaker 1: reported on the board's contracting practices and self dealing. Under

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Speaker 1: the new law, no elected official can sit on the

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Speaker 1: board and no member can serve more than two five

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Speaker 1: year terms. The Baltimore Sun reports Hogan will refuse to

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Speaker 1: appoint most, if not all, of the current board members,

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Speaker 1: which means he'll have to appoint the majority of the

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Speaker 1: twenty five member body, and then the Maryland Senate would

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Speaker 1: have to confirm them. Amy Morris Bloomberg and one oh

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Speaker 1: five point seven f m HD two rideshare drivers in

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Speaker 1: d C and other cities across the country are planning

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Speaker 1: a strike tomorrow. The driver's plan to turn off their

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Speaker 1: apps at noon and keep them off until midnight. It's

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Speaker 1: a protest over how Uber drivers are paid. Those planning

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Speaker 1: to strikes say they feel overworked and underpaid. NBC four

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Speaker 1: reports there may be an organized protest at Reagan National Airport.

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Speaker 1: The Kennedy Center has selected the recipient for this year's

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Speaker 1: Mark Twain Prize for Humor. It's Dave Chappelle, who grew

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Speaker 1: up in Silver Spring and attended the Duke Ellington School

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Speaker 1: of the Arts. Chapelle will be honored at a Star

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Speaker 1: Studied gala on October. Kennedy Center President Debora Rotter says

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Speaker 1: Dave is the embodiment of Mark Twain's observation that quote

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Speaker 1: against the assault of humor, nothing can stand. Past recipients

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Speaker 1: of the prize include Julia, Louis Dreyfuss and David Letterman.

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Speaker 1: Also Eddie Murphy. It's time now for the Beltway Business Report.

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Speaker 1: Here is Bloomberg's Larry Kovski. Well Nancy stock sold off

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Speaker 1: as investors worried about trade tensions between the US and China.

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Speaker 1: Beijing's top trade negotiators still intends to visit Washington for

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Speaker 1: further talks later this week. Our cassion at UBS Financial

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Speaker 1: Services says China has more to lose if the talks failed.

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Speaker 1: We buy a good deal more from China than they

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Speaker 1: buy from mush so they will be hurt somewhat worse.

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Speaker 1: Wall streets major averages bottomed out with losses of more

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Speaker 1: than two percent, before a late recovery took hold near

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Speaker 1: the bell. Today's losses were the worst since March that

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Speaker 1: Jones Industrial average plunge four hundred seventy three. The SMP

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Speaker 1: five hundred dropped forty eight, then as that composite skidded

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Speaker 1: one hundred fifty nine. Strong growth and a huge loss

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Speaker 1: some uplifts. First quarterly yearnings report since going public, sales

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Speaker 1: of seven hundred seventy six million dollars were up nine

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Speaker 1: percent from a year ago, beating estimates. It lost one

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Speaker 1: point one billion dollars, more than it lost for all

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Speaker 1: of last year, lifted down about four percent. In late trading.

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Speaker 1: The Bloomberg Washington d C Area stock index fell one

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Speaker 1: eight percent Europe to date. On business from the Beltway

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Speaker 1: to Baltimore. I'm Larry Kofsky. This is Bloomberg ninety one

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Speaker 1: and one oh five point seven FM h T two,

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Speaker 1: Thanks Larry. Global News twenty four hours a day on

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Speaker 1: air and at TikTok on Twitter, powered by more than

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Speaker 1: twenty seven hundred journalists and analyst and more than a

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Speaker 1: hundred and twenty countries. I'm Nancy Alliance. Back to you, Kevin.

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Speaker 1: Thank you, Nancy. It was quite a remarkable day in

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Speaker 1: Washington as the fallout from President Trump's Sunday tweet continues

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Speaker 1: to reverberate throughout Washington, Wall Street, Main Street, you name it,

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Speaker 1: and tariffs are set to increase twelve o one am

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Speaker 1: Friday morning. All of this comes as a Chinese delegation

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Speaker 1: is going to arrive in Washington, d C. Can't make

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Speaker 1: it up. They're going to arrive on Thursday. They're gonna

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Speaker 1: be meeting with Treasury Secretary Stephen Manusian as well as

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Speaker 1: US Trade Representative Bob Leightheizer. Mind you, the tariffs on

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Speaker 1: these billions of dollars worth of goods. They've already increased

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Speaker 1: by ten percent. President Trump says he's gonna kick that up,

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Speaker 1: jack that up to come Friday. Meanwhile, the latest developments

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Speaker 1: in the last twenty four hours, China not blinking. They

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Speaker 1: are not blinking. They are saying that they are going

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Speaker 1: to ready economic consequences of their own with tariffs of

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Speaker 1: their own. I started the day up on Capitol Hill.

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Speaker 1: I interviewed Senator Kevin Kramer, a Republican from North Dakota.

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Speaker 1: He is not happy. He wants these tariffs removed. He's

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Speaker 1: hearing concerns from the agricultural sector in particular. We've heard

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Speaker 1: a lot about soybeans. But we're also hearing now from

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Speaker 1: supply chains increasingly, who are urging the White House to

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Speaker 1: back off, to back off of these terrorists. But the

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Speaker 1: White House, according to according to sources that I I

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Speaker 1: speak with, who are connected to this White House, especially

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Speaker 1: on the trade front, they're saying, hey, it's the art

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Speaker 1: of the deal. It's a marathon, not a sprint. All

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Speaker 1: of this comes, uh following the investigations. We're gonna touch

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Speaker 1: on that. How Speaker Nancy Pelosi not backing down. UH

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Speaker 1: In terms of tinkering with the idea of impeachment. I'll

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Speaker 1: bring you up to speed on that. Plus a group

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Speaker 1: of Republicans, including Senator Kramer. We're at the White House today,

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Speaker 1: not to talk about trade or tariffs, though I find

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Speaker 1: a little hard to believe that wouldn't have come up,

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Speaker 1: but to talk about immigration. It's why I am so

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Speaker 1: glad we have such an all star panel with us

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Speaker 1: to help navigate through this bevy bevy of dizzying headlines.

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Speaker 1: Jake Sherman and Anna Palmer, they are senior writers for Politico.

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Speaker 1: They are co authors of Political Playbook, and they are

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Speaker 1: the authors of the new book the New York Times

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Speaker 1: best selling book, a book that you have to read.

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Speaker 1: It's called The Hill to Die On. The reason I

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Speaker 1: love this book is because so much, so much of

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Speaker 1: the news coverage is on the White House and who

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Speaker 1: likes who, what the President's wearing, what he's watching, And

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Speaker 1: this is actually about policy. It connects the personality with

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Speaker 1: the policy. The Hill to Die On is the name

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Speaker 1: of the book. Make sure to read it. I'm going

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Speaker 1: to ask them about it, but of course we're gonna

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Speaker 1: talk news of the day as well. And Kim Wallace.

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Speaker 1: My good friend, Kim Wallace. He is the former Assistant

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Speaker 1: Secretary for Legislative Affairs the Treasury Department under President Obama's administration.

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Speaker 1: He started the Business Intelligence Group at Lehman Brothers several

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Speaker 1: years back. All Right, Kim, you watch We were talking

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Speaker 1: about this over coffee before the show. You watch this

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Speaker 1: news flow. As Tom Keane, my mentor, would say, out

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Speaker 1: of Washington, because of the trade talks, what do you

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Speaker 1: advise companies? How should they be reading into this? You

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Speaker 1: have to read it as a long haul. The competition

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Speaker 1: between US and China is going to last for decades.

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Speaker 1: And my view is that while there will be fights

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Speaker 1: and there will be disagreements, and some of those will

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Speaker 1: last for a long time because of the seriousness of

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Speaker 1: the issues separating policy makers in China and the US,

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Speaker 1: we're gonna be in this path for sometimes sometime. It

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Speaker 1: is not going to be linear, and um, I don't

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Speaker 1: expect disengagement anytime. And I saw that you were at

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Speaker 1: the milk In conference the other week promoting the book

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Speaker 1: The Hill to Die on UH and one of the

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Speaker 1: things that struck out from me, probably the dominant headline,

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Speaker 1: was the President's Chief of staff McK mulvaney, and he

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Speaker 1: essentially said we're going to know within a week or

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Speaker 1: or so whether or not there's going to be a deal.

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Speaker 1: That was like a siren for me because it was, hey,

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Speaker 1: wait a minute, they're not convinced that they're going to

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Speaker 1: get a deal with China and they're fully prepared to

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Speaker 1: walk back. No. Yeah, I mean, I think it's pretty stunning.

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Speaker 1: This president is really in a steering contest right now

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Speaker 1: with China. And we saw almost this week where the

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Speaker 1: Chinese Vice mayor who's coming here basically questionable, questionable whether

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Speaker 1: he was even gonna come right. I mean, this is

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Speaker 1: really I think one of the things that makes lawmakers

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Speaker 1: on Capitol Hill particularly nervous is because you don't see

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Speaker 1: the endgame. You don't see a plan, and that's what

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Speaker 1: they want. They want certainty. You mentioned one of those lawmakers,

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Speaker 1: Senator Kevin Kramer, a Republican from North Dakota. He's hearing it.

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Speaker 1: He's hearing it from the farmers. To take a listen

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Speaker 1: to what he told me earlier today for Bloomberg Television.

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Speaker 1: If you use the blunt instrument of increased tariffs, you know,

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Speaker 1: use it carefully, but also understand that there's consequences both ways.

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Speaker 1: Our farmers have hung in there with them, but they

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Speaker 1: are kind of at the end of their rope, and

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Speaker 1: I've heard it from lots of them in the last

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Speaker 1: couple of days. Politicoist Jake Sherman. Take us into the

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Speaker 1: back rooms, take us into Leader McConnell's office when they're

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Speaker 1: talking with their Republican colleagues. You just heard from Senator Kramer.

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Speaker 1: They are at the end of their ropes with these tariffs.

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Speaker 1: So what can they do? Can they do anything to

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Speaker 1: convince the President to change course? It's a good question.

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Speaker 1: I mean, they've been willing to stomach tariffs which they

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Speaker 1: don't agree with, for an endgame. Like Anna said, they

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Speaker 1: anticipated that there would be a deal. They anticipated that

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Speaker 1: the President would follow through on this. Uh. I think

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Speaker 1: that the Senate Majority Leader, if I had to guess

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Speaker 1: knowing him in the next couple weeks, is going to

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Speaker 1: have to make some some statement, some firm statement, would

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Speaker 1: be my guess, UH, to try to direct these talks

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Speaker 1: and try to get the President to back off of

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Speaker 1: some of these tariffs, especially going into a campaign season,

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Speaker 1: which I know we just feel like we've got off

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Speaker 1: a campaign season. I don't even think that's like perpetual,

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Speaker 1: but but I think that's gonna be a reality he's

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Speaker 1: gonna have to contend with soon. Yeah, I think I

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Speaker 1: agree completely with what you're you're saying, Jake. I mean

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Speaker 1: in the sense that Republicans have had a hard time

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Speaker 1: figuring out when to go against this president. I think

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Speaker 1: there's a lot of hessitency by Mitch McConnell to try

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Speaker 1: to publicly fight with him on these issues. They have

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Speaker 1: had conversations about this before. Kem Kermer from my home

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Speaker 1: state of North Dakota, actually my hometown. Uh, you know,

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Speaker 1: when I go back to North Dakota, farmers are really

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Speaker 1: stressed out about this. I mean, it's not like some

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Speaker 1: you know, academic conversation that I think sometimes we see

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Speaker 1: here in Washington that you you don't really see the ramifications.

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Speaker 1: But this is going to have a big problem for Republicans,

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Speaker 1: particularly when it comes to cycle and for senators and

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Speaker 1: from some of these states. And on Anna's point, what

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Speaker 1: politicians in Washington nor farmers in Midwest sea is a strategy,

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Speaker 1: and they've been sold by Secretary Ross and other people

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Speaker 1: that there is a strategy and that will be presented

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Speaker 1: to you and you will win, and you'll win long term. Unfortunately,

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Speaker 1: in the bread basket of the US, you've had a

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Speaker 1: combination of the last year doubling more doubling of the

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Speaker 1: cost of credit on the farm. You've had the floods,

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Speaker 1: other national natural disasters, and now the tariffs second round,

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Speaker 1: maybe third round really coming through. UH. Their patients is

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Speaker 1: resilient as we know, but it's got to be wearing

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Speaker 1: very thin. Of the top ten exporting states in the US,

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Speaker 1: in seven of them, president Trump has a net negative

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Speaker 1: disapproval rating. Um, that's not a good look going into

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Speaker 1: a presidential election. You could say the pain will be

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Speaker 1: limited just to the president in that case, because there

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Speaker 1: are no income bents or open seats on the Republican

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Speaker 1: side in those seven states. But turnout will be a key.

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Speaker 1: You know, if people decide to stay home because they're

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Speaker 1: not excited, or worse, they're piste off, that's a problem.

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Speaker 1: Kim Wallace he's the former Assistant Secretary for Legislative Affairs

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Speaker 1: at the Treasury Department under President Obama's administration. He founded

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Speaker 1: the Business Intelligence Group at Lehman Brothers several years ago.

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Speaker 1: Wall Street not shrugging this off. We talked about farmers

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Speaker 1: the street. They don't like it. US equities fell by

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Speaker 1: the most since March, the most since March, as investors

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Speaker 1: remained on edge over President Trump's threats to increase tariffs

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Speaker 1: on billions of dollars of imports from China Kim. We

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Speaker 1: talked about farmers. This will directly impact these tariffs the

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Speaker 1: price index of regarding you know, a Walmart shopper for example.

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Speaker 1: But quickly, what about folks retirement funds. I mean, when

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Speaker 1: you look at these stocks that are impacted by this,

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Speaker 1: the Caterpillars, the Boeings, this is this is skey business.

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Speaker 1: It's extraordinarily risky again because there is no strategy, or

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Speaker 1: at least it's not a parent and if there is,

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Speaker 1: when it doesn't seem the US is winning right now.

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Speaker 1: But on the capital markets, part of the reaction I

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Speaker 1: have to believe today especially is disappointment. They're the President's

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Speaker 1: second biggest base constituency in my view, and they have

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Speaker 1: assumed markets and capital markets participants for the last six months,

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Speaker 1: that the de NOMOI had been met in friction on trade,

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Speaker 1: and that the President White House we're landing this plane

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Speaker 1: and landing it gently and soon there would be celebrations.

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Speaker 1: So the surprise to them is that you're going backwards

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Speaker 1: as opposed to going forward. That increases uncertainty. Alright, coming up,

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Speaker 1: Kim Wallace Stays, Jake Sherman, and Anna Palmer, the senior

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Speaker 1: writers for Political co authors a political playbook, and the

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Speaker 1: authors of the New York Times bestseller The Hill to

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Speaker 1: Die On, take us into the back room of the

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Speaker 1: tax bill negotiations. I'm Kevin Cirelli, Chief Washington and correspondent

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Speaker 1: for Bloomberg Television Bloomberg Radio. You can download the Sound

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Speaker 1: On podcast on Apple iTunes, at Bloomberg dot com, or

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Speaker 1: by downloading the Bloomberg Business app. You can also check

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Speaker 1: us out on radio dot Com, I Heart Radio, and Spotify.

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Speaker 1: I'm Kevin Cerelli. You're listening to Bloomberg. You're listening to

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Speaker 1: Sound On with Kevin Serelli on Bloomberg one and one

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Speaker 1: oh five point seven of m h D two Baltimore.

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Speaker 1: It is a Beautiful Day. That's one of my all

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Speaker 1: time favorite songs by YouTube. It is a beautiful day

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Speaker 1: here in Washington. I'm Kevin Cerelli, Chief Washington correspondent for

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Speaker 1: Bloomberg Television and Bloomberg Radio talking all things politics and policy.

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Speaker 1: I gotta tell you this trade stuff, this trade spat,

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Speaker 1: I think we can call it a trade ward, folks,

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Speaker 1: is really escalating dramatically. This as a Beijing delegation is

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Speaker 1: set to arrive here. Vice Premier Leo set to a

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Speaker 1: ry've here in Washington, d C. On Thursday and Friday

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Speaker 1: of this week. Treasury Secretary Stephen Manusian telling reporters yesterday

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Speaker 1: he hasn't even talked to the spoken to the Vice Premiere,

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Speaker 1: but get ready, because those tariffs that are already increased

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Speaker 1: to ten percent, said to be jacked up on billions

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Speaker 1: of dollars worth of Chinese goods. Republicans don't like it.

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Speaker 1: I'm telling you Republicans don't like it. Privately, behind the scenes,

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Speaker 1: on background, they are up in arms hearing from the

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Speaker 1: business community, big business, small business, farmers, supply change. They

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Speaker 1: don't like the tariffs. We're also talking about the escalating

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Speaker 1: situation on Capitol Hill with how Speaker Nancy Pelosi ratcheting

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Speaker 1: up impeachment talk or at least leaving the door open

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Speaker 1: instead of Majority Leader Mitch McConnell not blinking at all,

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Speaker 1: saying essentially, case closed, case closed with me for the show.

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Speaker 1: Kim Wallace. He is the former Assistant Secretary or Legislative

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Speaker 1: Affairs at the Treasury Department under President Obama's administrations. He

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Speaker 1: started the Business Intelligence Group at Lehman Brothers prior to

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Speaker 1: that end. My good friends folks that I have looked

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Speaker 1: up to here in town Jake Sherman and Anna Palmer,

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Speaker 1: senior writers for Political co authors of Political Playbook, and

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Speaker 1: authors of the New York Times best selling book The

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Speaker 1: Hill to Die On read this book. I was laughing

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Speaker 1: in the break Jake and Anna because there's this this

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Speaker 1: scene in the book where President Trump is at Camp

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Speaker 1: David getting briefed by Gary Cone. Global is Gary getting

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Speaker 1: briefed by Gary Cohene on infrastructure, and you take us

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Speaker 1: in Camp David and President Trump hearing this briefing from Gary,

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Speaker 1: and he's taking these, like scribbling furiously these notes, and

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Speaker 1: everyone's like, wow, Like President Trump, like this infrastructure plan,

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Speaker 1: It's it's really gonna happen. And he was not. He

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Speaker 1: wasn't talking about the infrastructure plan. What was he talking about? No,

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Speaker 1: he definitely was not. Actually it was pretty finanial because

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Speaker 1: infrastructure is backed on the table. But it's unclear how

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Speaker 1: detail oriented he has become. But in that instance, uh,

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Speaker 1: he was writing over and over again the words sloppy

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Speaker 1: Steve as he was coming up with and you know,

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Speaker 1: kind of getting used to the branding guy and him

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Speaker 1: of what he was going to call Steve Bannon the

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Speaker 1: next time he was going to attack him, sloppy Steve. Yeah, listen,

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Speaker 1: it was a clearly on his mind. It was right

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Speaker 1: after Michael Wolves, Fire and Fury came out and the

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Speaker 1: president was at Camp David was a moment. Republicans had

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Speaker 1: hoped they can get him back to center, so to speak,

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Speaker 1: not politically to center, but get him to focus on

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Speaker 1: things that they thought could help save his their majority

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Speaker 1: in the House of Representatives. They were unable to really

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Speaker 1: focus him or too. They thought they were able to

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Speaker 1: get his attention around the political peril they faced, But

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Speaker 1: clearly he had other things on his mind. You know,

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Speaker 1: it's interesting Steve Bannon, the nationalistic voice, one time chief

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Speaker 1: art detect inside the policy wing of the administration. He

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Speaker 1: was at the St Regis the other week, Ken Wallace,

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Speaker 1: did you see this? He was at the St Regis

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Speaker 1: Hotel in New York City, and he's all for the

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Speaker 1: President's tariffs on China. He says, yeah, jack him up.

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Speaker 1: Listen to Peter Navarro, don't listen to monution. It's fascinating

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Speaker 1: to watch how that has played out. Headline crossing the

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Speaker 1: Bloomberg terminal as we speak, the Associated Press reporting that U. S.

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Speaker 1: Secretary of State Mike Pompeo has made an unannounced trip

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Speaker 1: to Iraq. That is U S Secretary of State Mike

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Speaker 1: Pompeo making an unannounced trip to Iraq. We will bring

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Speaker 1: you the latest developments on that front as that breaking

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Speaker 1: news happens. I want to stick with Congress Jake and

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Speaker 1: Anna while I have you here. Speaker Nancy Pelosi, she's

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Speaker 1: issued an impeachment warning. She's issued I thought this impeachment

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Speaker 1: chatter was done. Yeah, I think listen. I think Pelosi

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Speaker 1: recognizes the political peril of impeachment, which is that if

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Speaker 1: the House Democrats impeach the president, Republics are not going

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Speaker 1: to follow suit. And she believes, according to people close

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Speaker 1: to her, that Democrats will be out on allege with

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Speaker 1: no political cover. And I would argue, and I've made

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Speaker 1: the point politically that these investigations that the House is

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Speaker 1: engaged in are just as politically damaging, if not more so,

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Speaker 1: than impeachment. In my estimation, I think Anna would agree

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Speaker 1: by in large yeah, I think that's right. I would

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Speaker 1: just by one counter to that, or at least s

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Speaker 1: adendum is I do think she's feeling a lot of

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Speaker 1: pressure from her rank and file, and particularly some of

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Speaker 1: these Democrats that are freshmen who came in with the

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Speaker 1: express intent to investigate this president and believe that there

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Speaker 1: is enough to have charging with impeachment. I would say

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Speaker 1: one more thing. I think people Nancy Pelosi has said

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Speaker 1: for months, Democrats didn't get elected to the House majority

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Speaker 1: to impeach the president. They got elected to represent the

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Speaker 1: people on pocketbook issues and on economic issues. I think

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Speaker 1: more and more you might hear members of Congress Democratic

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Speaker 1: members of Congress say what some have said already, which is,

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Speaker 1: I go home, and I'm not hearing about pocketbook issues.

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Speaker 1: I'm hearing about impeachment. And that will be when Pelosi

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Speaker 1: might have to think about change. Of course, Jake Sherman

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Speaker 1: and Anna Palmer are here. They're the authors of the

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Speaker 1: New New York Times bestseller The Hill to Die. On

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Speaker 1: speaking to Pelosi, as you report in your book, she

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Speaker 1: was going to retire if it was President Hillary Clinton.

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Speaker 1: Talk about how quickly her career can change. Kim Wallas

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Speaker 1: walk us through. In terms of these investigations, we've had

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Speaker 1: another big development. And on the investigation front, to the

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Speaker 1: surprise of no one, the Treasury Department says, you know,

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Speaker 1: they're not going to comply with the call to get

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Speaker 1: President Trump's tax returned. I mean, that doesn't really surprise anyone, doesn't. No,

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Speaker 1: it can't surprise you, nor will the blowback surprise anyone.

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Speaker 1: You know, they're headed to court. The third branch of

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Speaker 1: government is going to have to resolve fights between the

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Speaker 1: first and the second, and the first branch is not

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Speaker 1: backing down uh Anna's point, particularly about the investigations. Some

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Speaker 1: of the Democrats who came into the new Democrats who

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Speaker 1: came in UM didn't have an appreciation for what the

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Speaker 1: impeachment process really means. The amount of time you spending committee,

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Speaker 1: the votes that you have to take in committee, and

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Speaker 1: the cajoling of the leadership to move forward to the floor.

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Speaker 1: They're beginning to be sensitized how difficult this is. And

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Speaker 1: so my guess is that while you hear a lot

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Speaker 1: about impeachment from mainly people like US pocketbook. Pocketbook issues

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Speaker 1: are going to dominate going into the cycle, and Speaker

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Speaker 1: might have a very difficult management job. But if you

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Speaker 1: look at the polls, healthcare, education, veterans affairs much more

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Speaker 1: important to most people than the outcome of a tenuous

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Speaker 1: impeachment process. Can you put it? Before we're coming up,

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Speaker 1: I'll talk more about this, but just can you put

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Speaker 1: a number on it? And a Wall Street doesn't really

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Speaker 1: blink on news of impeachment. I think they've kind of

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Speaker 1: moved on. Would you say less than one in five chance?

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Speaker 1: What percentage chance? I always say after the sixteen election,

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Speaker 1: journalistsould get out of the prediction game. But I think

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Speaker 1: it's pretty low. Yeah, pretty low, pretty low. It's still

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Speaker 1: interesting to hear her talking about that. Coming up, we

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Speaker 1: talk more politics, more policy with Jake and Anna, the

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Speaker 1: authors of the best selling book on the New York

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Speaker 1: Times List, The Hill to Die On. Jake Sherman and

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Speaker 1: Anna Palmer, senior writers for Politico. Kim Wallace, managing from

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Speaker 1: founded the Business Intelligence Group at Lehman Brothers and then

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Speaker 1: became former Assistant Secretary for Legislative Affairs at the Treasury

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Speaker 1: Department in the Obama administration. I'm Kevin Serelli. You can

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Speaker 1: download the sound On podcast on Apple iTunes, at Bloomberg

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Speaker 1: dot com, or by downloading my favorite app, the Bloomberg

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Speaker 1: Business App. You can also check us out as well

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Speaker 1: as my colleagues on radio dot com, I Heart Radio

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Speaker 1: and Spotify. I'm Kevin Serelli. You're listening to Bloomberg one.

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Speaker 1: You're listening to sound On with Kevin's really on Bloomberg

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00:25:05,240 --> 00:25:07,560
Speaker 1: one and one oh five point seven of m HD

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00:25:07,640 --> 00:25:12,480
Speaker 1: two bosom are We had two years from Muller to

431
00:25:12,480 --> 00:25:16,600
Speaker 1: take a look at us. He follow report John the internet.

432
00:25:16,960 --> 00:25:22,920
Speaker 1: Everybody can see it. It's over. It's over, sent a

433
00:25:23,000 --> 00:25:27,879
Speaker 1: majority Leader Mitch McConnell, Republican from Kentucky saying it's over.

434
00:25:28,200 --> 00:25:32,000
Speaker 1: Not so fast, recording two Democrats up on Capitol Hill.

435
00:25:32,040 --> 00:25:35,760
Speaker 1: They want to see Special Council bomb Muller testify. And

436
00:25:35,800 --> 00:25:40,600
Speaker 1: there are a plethora of different issues occupying lawmakers attention.

437
00:25:41,200 --> 00:25:43,560
Speaker 1: Even within the Republican Party, there is a divide. There

438
00:25:43,640 --> 00:25:46,560
Speaker 1: is a divide amongst Republicans on this issue of tariffs.

439
00:25:46,600 --> 00:25:51,400
Speaker 1: Remember Beijing delegation arriving from China on Thursday and Friday

440
00:25:51,440 --> 00:25:55,240
Speaker 1: to negotiate ahead of on Thursday, the clock striking down

441
00:25:55,240 --> 00:25:58,919
Speaker 1: to midnight twelve o one am Friday morning. Those ten

442
00:25:59,000 --> 00:26:01,960
Speaker 1: percent tariffs on the billions of dollars worth of Chinese goods,

443
00:26:02,160 --> 00:26:05,919
Speaker 1: they're going up to that, according to the White House.

444
00:26:06,119 --> 00:26:09,199
Speaker 1: Business community doesn't like it. Republicans don't like it. I

445
00:26:09,280 --> 00:26:12,520
Speaker 1: was with Senator Kevin Kramer, a Republican from North Dakota,

446
00:26:12,600 --> 00:26:16,359
Speaker 1: earlier today. He doesn't like it. He's urging the White

447
00:26:16,359 --> 00:26:20,280
Speaker 1: House to walk back, walk back on those tariffs. Meanwhile,

448
00:26:20,400 --> 00:26:24,119
Speaker 1: the street doesn't like it either. The stock market slumped

449
00:26:24,440 --> 00:26:28,560
Speaker 1: after China trade outlook sours. US equities fell by the

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00:26:28,600 --> 00:26:32,560
Speaker 1: most since March as investors remain on edge over President

451
00:26:32,560 --> 00:26:35,200
Speaker 1: Trump's threat to increase tariffs on billions of dollars of

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00:26:35,240 --> 00:26:40,880
Speaker 1: imports from China. Oil dropped uh and Gold Gold Stephen Moore,

453
00:26:40,880 --> 00:26:45,720
Speaker 1: where are you? Gold Rose point three with me in

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00:26:45,880 --> 00:26:49,080
Speaker 1: studio for the hour. This is so long overdue. I've

455
00:26:49,160 --> 00:26:51,120
Speaker 1: I've been looking forward to this show for so long

456
00:26:51,160 --> 00:26:53,879
Speaker 1: because Jake Sherman and Anna Palmer they right. They're the

457
00:26:53,920 --> 00:26:56,679
Speaker 1: co authors of Political Playbook with their buddy Daniel Lippman,

458
00:26:57,080 --> 00:27:00,280
Speaker 1: and they are senior writers for Politico, and they've this

459
00:27:00,320 --> 00:27:03,199
Speaker 1: New York Times bestselling book called The Hill to Die On.

460
00:27:03,359 --> 00:27:06,080
Speaker 1: The reason I love it is because it's like a

461
00:27:06,119 --> 00:27:09,920
Speaker 1: breath of fresh air you read it, and so many

462
00:27:09,960 --> 00:27:13,200
Speaker 1: of the issues that we talked about, whether it's infrastructure,

463
00:27:13,320 --> 00:27:18,920
Speaker 1: tax policy, you connect the personality with the politics of this.

464
00:27:19,080 --> 00:27:24,600
Speaker 1: So now as we had this backdrop of the Mueller investigation,

465
00:27:24,800 --> 00:27:31,560
Speaker 1: take us into how that clouded the Republican Caucus during

466
00:27:32,040 --> 00:27:35,879
Speaker 1: the last year or so, Jake, I mean, listen, it

467
00:27:35,920 --> 00:27:38,199
Speaker 1: was one of the big things that we make this

468
00:27:38,280 --> 00:27:41,240
Speaker 1: argument in the book that Congress really did gain in

469
00:27:41,400 --> 00:27:44,680
Speaker 1: power in the Trump administration, but shrunk in its ability

470
00:27:44,760 --> 00:27:48,080
Speaker 1: or its willingness rather to exercise it. For example, Paul

471
00:27:48,160 --> 00:27:50,760
Speaker 1: Ryan gave assurances that Donald Trump was not going to

472
00:27:51,160 --> 00:27:55,040
Speaker 1: fire Bob Mueller, but refused on multiple occasions to do

473
00:27:55,160 --> 00:27:58,040
Speaker 1: anything to shore up Mueller's probe. Now it turns out

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00:27:58,359 --> 00:28:01,280
Speaker 1: the President did not fire Bob Muller, but as the

475
00:28:01,320 --> 00:28:05,160
Speaker 1: Muller Report showed, the President did on many occasions at

476
00:28:05,240 --> 00:28:09,520
Speaker 1: least seriously consider firing the special counsel. And and uh,

477
00:28:09,560 --> 00:28:12,360
Speaker 1: it seems like he didn't just by almost by happenstance.

478
00:28:12,760 --> 00:28:15,040
Speaker 1: I think there was a split, but really, to be

479
00:28:15,080 --> 00:28:17,000
Speaker 1: honest with you, at least in the House of Representatives,

480
00:28:17,760 --> 00:28:21,600
Speaker 1: House Republicans were really in lock step behind the President,

481
00:28:22,640 --> 00:28:26,480
Speaker 1: parroted his talking points, especially on the Bob Muller investigation. Uh.

482
00:28:26,600 --> 00:28:30,480
Speaker 1: Senate Republicans were a bit more skeptical of the President's

483
00:28:30,640 --> 00:28:33,639
Speaker 1: view on Bob Muller's probe. And what about the relationship

484
00:28:33,720 --> 00:28:38,360
Speaker 1: between Leader McConnell and President Trump, especially on the investigation front. Yeah,

485
00:28:38,400 --> 00:28:41,800
Speaker 1: I mean, I think what's interesting about the Mitt McConnell

486
00:28:42,080 --> 00:28:44,880
Speaker 1: Donald Trump relationship as you probably couldn't find two more

487
00:28:44,920 --> 00:28:48,880
Speaker 1: different people, right, Donald Trump has very little personally in

488
00:28:48,960 --> 00:28:53,800
Speaker 1: common with McConnell, who's from Kentucky, very quiet, you know,

489
00:28:53,920 --> 00:28:56,120
Speaker 1: it doesn't say a lot unless he, you know, wants

490
00:28:56,160 --> 00:28:58,880
Speaker 1: to make a point, as he did today. So I

491
00:28:58,920 --> 00:29:02,280
Speaker 1: think that there were times that they obviously spoke about it,

492
00:29:02,320 --> 00:29:06,040
Speaker 1: but from they aren't close personal friends, are really allies.

493
00:29:06,040 --> 00:29:08,720
Speaker 1: I think Mitch McConnell is leader of the Senate and

494
00:29:08,760 --> 00:29:11,680
Speaker 1: wants to stay in that position and wants the President

495
00:29:11,720 --> 00:29:13,560
Speaker 1: to be successful because he wants to keep that power.

496
00:29:13,960 --> 00:29:17,280
Speaker 1: I think another way to say that Nana is exactly right.

497
00:29:17,400 --> 00:29:20,560
Speaker 1: Is that McConnell saw Trump as a vehicle, a vehicle

498
00:29:20,640 --> 00:29:23,640
Speaker 1: to achieve the policy ends that he had been trying

499
00:29:23,680 --> 00:29:25,920
Speaker 1: to achieve for many years. And Anna and I had

500
00:29:25,960 --> 00:29:29,880
Speaker 1: this kind of stunning conversation with Mitch McConnell about the judiciary, which,

501
00:29:30,280 --> 00:29:33,560
Speaker 1: using Donald Trump as a as a vehicle, he reshaped

502
00:29:33,560 --> 00:29:36,920
Speaker 1: in a conservative manner that will impact generations of policy

503
00:29:36,920 --> 00:29:39,880
Speaker 1: and legal decisions. Coming up, we're gonna talk more about

504
00:29:40,040 --> 00:29:43,160
Speaker 1: other investigations, the politics and the policy with the authors

505
00:29:43,160 --> 00:29:45,120
Speaker 1: of the New New York Times bestseller The Hill to

506
00:29:45,200 --> 00:29:48,360
Speaker 1: Die On, Jake Sherman and Anna Palmer, senior writers for Politico,

507
00:29:48,640 --> 00:29:52,080
Speaker 1: co authors of Politico Playbook. Download The Sound On podcast

508
00:29:52,160 --> 00:29:55,440
Speaker 1: on Apple iTunes, at Bloomberg dot com, or by downloading

509
00:29:55,440 --> 00:29:57,560
Speaker 1: the Bloomberg Business App. You can also find us on

510
00:29:57,680 --> 00:30:01,600
Speaker 1: Radio dot Com, I Heart Radio, and Spotify. I'm Kevin Cerelli,

511
00:30:01,680 --> 00:30:05,400
Speaker 1: Chief Washington correspondent for Bloomberg Television and Bloomberg Radio. And

512
00:30:05,480 --> 00:30:12,160
Speaker 1: you are listening to Bloomberg. This is Sound On with

513
00:30:12,280 --> 00:30:18,240
Speaker 1: Kevin crell on Bloomberg one, m h D two Boltimore.

514
00:30:19,200 --> 00:30:22,400
Speaker 1: It's been It's only Tuesday. It's literally only Tuesday. I

515
00:30:22,680 --> 00:30:24,719
Speaker 1: thought it was like not Tuesday. I thought we were

516
00:30:24,760 --> 00:30:27,480
Speaker 1: much closer to the weekend. But we aren't. And we're grateful.

517
00:30:27,600 --> 00:30:30,880
Speaker 1: We have gratitude. It is a beautiful day here in Washington,

518
00:30:30,960 --> 00:30:34,320
Speaker 1: d C. I'm Kevin Cirelli, Chief Washington correspondent for Bloomberg

519
00:30:34,360 --> 00:30:36,920
Speaker 1: Television and Bloomberg Radio. I'm joined by two of the

520
00:30:36,920 --> 00:30:39,200
Speaker 1: best in the biss folks, the best in the biz,

521
00:30:39,320 --> 00:30:42,680
Speaker 1: Jake Sherman and Anna Palmer. They are senior writers for Politico.

522
00:30:42,800 --> 00:30:46,200
Speaker 1: They are co authors of Political Playbook, and they are

523
00:30:46,240 --> 00:30:48,959
Speaker 1: the authors of the new book, the New York Times

524
00:30:49,000 --> 00:30:52,480
Speaker 1: best selling book, The Hill To Die On. It is

525
00:30:52,920 --> 00:30:55,800
Speaker 1: a back it's not even like a back way, and

526
00:30:55,920 --> 00:30:59,120
Speaker 1: it's like a front row seat into the rim of

527
00:30:59,280 --> 00:31:03,760
Speaker 1: Washington power brokers up on Capitol Hill and the personalities

528
00:31:03,800 --> 00:31:07,160
Speaker 1: that come out in this book. Wow, Jakie and I

529
00:31:07,160 --> 00:31:11,320
Speaker 1: have no idea how you found the time to and

530
00:31:11,400 --> 00:31:13,600
Speaker 1: you've got to. You've got a little one writer, a

531
00:31:13,640 --> 00:31:15,920
Speaker 1: soccer star in the zone, right, and a new one

532
00:31:15,960 --> 00:31:19,600
Speaker 1: on the way congratulating you. And and I mean every

533
00:31:19,720 --> 00:31:21,280
Speaker 1: every time I look at you and I'm like, where

534
00:31:21,320 --> 00:31:24,200
Speaker 1: is she? What did you learn? What? That's the best

535
00:31:24,240 --> 00:31:26,800
Speaker 1: part about being a journalist. Is you learn as a journalist?

536
00:31:26,840 --> 00:31:29,560
Speaker 1: What did you learn after writing the New York Times

537
00:31:29,560 --> 00:31:33,040
Speaker 1: bestseller The Hill To Die On? I think a couple

538
00:31:33,040 --> 00:31:35,680
Speaker 1: of things. One, I think we wanted to tell this

539
00:31:35,920 --> 00:31:40,520
Speaker 1: story about AIDS, not just the caricatures of members of Congress,

540
00:31:40,520 --> 00:31:43,320
Speaker 1: which are often what people see on television, these very

541
00:31:43,360 --> 00:31:46,240
Speaker 1: small simpets, and so it wasn't just kind of going

542
00:31:46,280 --> 00:31:49,200
Speaker 1: back of who these people are and who the members are,

543
00:31:49,200 --> 00:31:51,120
Speaker 1: but really the role that staff is and really a

544
00:31:51,160 --> 00:31:55,080
Speaker 1: realistic portraiture of Washington. And that was I think particularly

545
00:31:55,120 --> 00:31:58,200
Speaker 1: emblematic in the tax fight in terms of really a

546
00:31:58,200 --> 00:32:00,640
Speaker 1: lot of senior socers having the proxy of their members

547
00:32:00,680 --> 00:32:03,280
Speaker 1: to put that deal together. I think the other thing

548
00:32:03,320 --> 00:32:06,560
Speaker 1: we we really that attracted us to this topic is

549
00:32:06,600 --> 00:32:09,960
Speaker 1: what we all love about politics. The backstories are always

550
00:32:10,000 --> 00:32:12,720
Speaker 1: the best, and we felt like, frankly, we felt like

551
00:32:12,760 --> 00:32:17,080
Speaker 1: the public was being underserved and right and understanding these

552
00:32:17,120 --> 00:32:20,800
Speaker 1: amazing backstories, how the deals get done, how they don't

553
00:32:20,840 --> 00:32:24,720
Speaker 1: get done, the personalities, Paul Ryan, Mitch McConnell, what actually

554
00:32:24,880 --> 00:32:27,400
Speaker 1: drives them. And we were lucky because we had been

555
00:32:27,440 --> 00:32:31,600
Speaker 1: doing this covering Washington, covering Congress for a long time.

556
00:32:31,640 --> 00:32:35,520
Speaker 1: Why did McConnell stay and Ryan go. Well, McConnell, I

557
00:32:35,520 --> 00:32:38,040
Speaker 1: think even I think Ryan would say this, and part

558
00:32:38,040 --> 00:32:42,520
Speaker 1: of this is institutional. McConnell is much stronger then Paul

559
00:32:42,640 --> 00:32:46,400
Speaker 1: Ryan was, mostly because Paul Ryan needs to get two

560
00:32:46,600 --> 00:32:48,280
Speaker 1: d The Speaker of the House needs to get two

561
00:32:48,640 --> 00:32:51,880
Speaker 1: eighteen votes on the House floor to stay speaker. Uh.

562
00:32:51,920 --> 00:32:54,920
Speaker 1: The Senate majority leader needs fifty plus one, so needs

563
00:32:55,240 --> 00:32:57,920
Speaker 1: you know, twenty something senators. Is Paul Ryan gonna make

564
00:32:57,960 --> 00:33:01,040
Speaker 1: a comeback? It's a good question, and he in my

565
00:33:01,240 --> 00:33:04,440
Speaker 1: conversations with him and with the people around him, he

566
00:33:04,560 --> 00:33:07,840
Speaker 1: doesn't seem like it. But he's a young man. I mean,

567
00:33:07,920 --> 00:33:10,760
Speaker 1: politics is a long game. You could run for office

568
00:33:10,800 --> 00:33:14,960
Speaker 1: at seventy and I think I think Ryan's in his fifties,

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00:33:15,000 --> 00:33:17,000
Speaker 1: so he's got a long way. Did he like it?

570
00:33:17,080 --> 00:33:20,160
Speaker 1: Did he like having to deal with President Trump? No?

571
00:33:20,280 --> 00:33:22,320
Speaker 1: I mean I think, yeah, I didn't get that vibe

572
00:33:22,000 --> 00:33:24,720
Speaker 1: and his staff talking about Stafford Brendan Buckleby on later

573
00:33:24,800 --> 00:33:26,880
Speaker 1: this week, but I I didn't get the vibe that

574
00:33:26,920 --> 00:33:29,880
Speaker 1: they enjoyed it. No. I mean, I think I think

575
00:33:29,920 --> 00:33:32,280
Speaker 1: sometimes too. One of the things that was really interesting

576
00:33:32,480 --> 00:33:35,440
Speaker 1: with this book is it really chronicles from before the election,

577
00:33:35,520 --> 00:33:39,920
Speaker 1: elect election and the shutdown, and you sometimes because the

578
00:33:39,920 --> 00:33:41,760
Speaker 1: news is coming at you so fast and furious and

579
00:33:41,800 --> 00:33:43,760
Speaker 1: there's a crisis every moment, you forget to kind of

580
00:33:43,800 --> 00:33:46,120
Speaker 1: zoom out. And Paul Ryan was not with the president.

581
00:33:46,720 --> 00:33:49,040
Speaker 1: Uh you know he you know, before he was elected,

582
00:33:49,080 --> 00:33:50,920
Speaker 1: he almost considered, we write about this in the book,

583
00:33:51,200 --> 00:33:54,520
Speaker 1: pulling his endorsement. I mean they had a very fraud relationship,

584
00:33:55,240 --> 00:33:57,560
Speaker 1: to say the least. I remember being in Paul Ryan's

585
00:33:57,640 --> 00:34:00,120
Speaker 1: district on the campaign trail and Donald Trump getting the

586
00:34:00,120 --> 00:34:03,600
Speaker 1: crowd to boo Paul Ryan. And I was like, buckle up, folks.

587
00:34:03,600 --> 00:34:06,080
Speaker 1: I always say this to people, and you guys mentioned this,

588
00:34:06,360 --> 00:34:08,239
Speaker 1: say which one about the Freedom Caucus. But on their

589
00:34:08,239 --> 00:34:12,560
Speaker 1: ascent into power, they loved the game. They love the game,

590
00:34:12,680 --> 00:34:14,680
Speaker 1: They loved the fight. They didn't care who they were

591
00:34:14,680 --> 00:34:17,879
Speaker 1: fighting with, Democrats, Republicans. They loved it. They lived for it.

592
00:34:18,560 --> 00:34:21,480
Speaker 1: Paul Ryan world hated it. They were like you know,

593
00:34:21,520 --> 00:34:25,799
Speaker 1: and the personalities I always say, a principle or a politician,

594
00:34:26,080 --> 00:34:29,000
Speaker 1: their staff are like it's like a dog owner, Like

595
00:34:29,200 --> 00:34:32,440
Speaker 1: your dog is like a caricature of the owner. Staffers

596
00:34:32,440 --> 00:34:36,040
Speaker 1: who work for respect and politicians have a personality type.

597
00:34:36,600 --> 00:34:38,800
Speaker 1: It takes a certain type of person to work for AOC.

598
00:34:39,040 --> 00:34:40,680
Speaker 1: It takes a certain type of person to work for

599
00:34:40,719 --> 00:34:44,440
Speaker 1: President Trump, for Paul Ryan and whatnot. It's fascinating. I

600
00:34:44,480 --> 00:34:46,480
Speaker 1: was struck when I read this book. I was thinking

601
00:34:46,520 --> 00:34:49,480
Speaker 1: of Too Big to Fail, Andrew Ross Sorkin's book back

602
00:34:49,480 --> 00:34:53,280
Speaker 1: when he was a young gun, uh during the financial

603
00:34:53,280 --> 00:34:56,040
Speaker 1: crisis of a wait, uh, which I was reading them

604
00:34:56,040 --> 00:35:00,160
Speaker 1: like when high school. But but he talks about he

605
00:35:00,200 --> 00:35:02,080
Speaker 1: takes it into the back room at the Central Bank

606
00:35:02,200 --> 00:35:04,239
Speaker 1: and like, you know, all of the different you know,

607
00:35:04,280 --> 00:35:08,480
Speaker 1: fed chairs and whatnot, and just how they were saying, look,

608
00:35:08,640 --> 00:35:11,840
Speaker 1: you're gonna have a recession. Then you've passed forward to

609
00:35:11,880 --> 00:35:13,360
Speaker 1: your guys book The Hill to Dine on, the New

610
00:35:13,440 --> 00:35:16,680
Speaker 1: York Times bestseller about the tax I don't mean it's

611
00:35:16,719 --> 00:35:18,879
Speaker 1: just such a sign of the times. The tax bill,

612
00:35:18,960 --> 00:35:21,480
Speaker 1: the Republican tax bill, and Mark Meadows, co founder of

613
00:35:21,520 --> 00:35:24,719
Speaker 1: the Freedom Caucus, is getting it into a fight with

614
00:35:24,800 --> 00:35:28,920
Speaker 1: Kevin McCarthy and and he says, essentially, you're gonna sink

615
00:35:29,239 --> 00:35:33,160
Speaker 1: the McCarthy tells tells Meadows, You're gonna sink the stock

616
00:35:33,200 --> 00:35:38,600
Speaker 1: market by five thousand points I mean, it's just talked

617
00:35:38,640 --> 00:35:41,920
Speaker 1: to me about the tax bill in particular, which has

618
00:35:41,960 --> 00:35:45,600
Speaker 1: really become the crux of Republican orthodoxy and a success

619
00:35:45,600 --> 00:35:48,640
Speaker 1: story to them, a major failure to their to their opponents.

620
00:35:48,680 --> 00:35:51,960
Speaker 1: The story you mentioned is uh Mark Meadows was going

621
00:35:52,040 --> 00:35:54,320
Speaker 1: to block the tax bill from actually coming to a

622
00:35:54,400 --> 00:35:57,120
Speaker 1: vote by by taking down a procedural motion, not that

623
00:35:57,160 --> 00:36:02,759
Speaker 1: he actually opposed to tack well at that point he

624
00:36:02,920 --> 00:36:06,919
Speaker 1: had some token complaints about the legislation, but he went

625
00:36:06,960 --> 00:36:08,480
Speaker 1: to the House floor was going to take it down.

626
00:36:08,560 --> 00:36:12,000
Speaker 1: Kevin McCarthy gets up alongside him and says, do what

627
00:36:12,040 --> 00:36:13,480
Speaker 1: you gotta do. You want to take this down, the

628
00:36:13,480 --> 00:36:15,879
Speaker 1: market will drop five thousand points. It will be on you.

629
00:36:16,360 --> 00:36:19,000
Speaker 1: So yeah, the tax bill we thought was a critical component.

630
00:36:19,040 --> 00:36:20,560
Speaker 1: It was one of the things we knew we'd have

631
00:36:20,600 --> 00:36:23,359
Speaker 1: to write about in this book. And Republicans pinned all

632
00:36:23,400 --> 00:36:26,640
Speaker 1: their hopes on on the tax bill on a on it,

633
00:36:26,920 --> 00:36:29,600
Speaker 1: you know, juicing the economy, and there was some truth

634
00:36:29,640 --> 00:36:32,200
Speaker 1: to that, for depending on who you ask. For a

635
00:36:32,200 --> 00:36:36,480
Speaker 1: certain period of time, it was also a massive weight

636
00:36:36,760 --> 00:36:39,480
Speaker 1: on the shoulders of people from high tax states like

637
00:36:39,520 --> 00:36:42,600
Speaker 1: New York, California and places like that. Hey, yeah. I

638
00:36:42,600 --> 00:36:45,040
Speaker 1: mean what was so interesting though? Is it so much

639
00:36:45,080 --> 00:36:47,240
Speaker 1: of politicals. You have to be there at the right moment,

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Speaker 1: at the right time. The reason why tax reform, which

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Speaker 1: I think any institutionalists would have said would have been

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Speaker 1: very skeptical that in Pump's first two years they were

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Speaker 1: gonna get a massive reright of the tax bill, but

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Speaker 1: including us, by the way, including us if you go back.

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Speaker 1: But if you go back and you look, healthcare imploded.

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Speaker 1: Trump didn't have any wins. Republicans were very concerned about

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Speaker 1: the Mitts, and they pinned, as Jake said, all of

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Speaker 1: their hopes on this one thing. And so all of

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Speaker 1: a sudden, everything kind of slid into place where you

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Speaker 1: really had Republicans willing to go on their own. They

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Speaker 1: didn't try to ever get Democratic support in this tax bill,

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Speaker 1: and they kind of jumped out, They held hands and

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Speaker 1: jumped off the mountaintop on this issue alone as being

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Speaker 1: the saving grace for them. I'm not gonna I'm not

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Speaker 1: gonna say which. A parent of mine is always intrigued

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Speaker 1: by Chuck Schumer, But she's my mom. What's that Chuck

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Speaker 1: Schumer really like Kevin? Did she you looked? They're both

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Speaker 1: from New York. We've got less than a minute. But

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Speaker 1: our President Trump and Truck Schumer really friends. Yeah. I

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Speaker 1: think they have a lot more common friendly. I don't

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Speaker 1: know about friends. They have a lot more common than

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Speaker 1: Trump did with Paul Ryan and Mitch McConnell. We're gonna

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Speaker 1: stay with this conversation for the Sound On extra. Download

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Speaker 1: that subscribes that on attudes Jake and Anna Such a treat,

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00:37:54,920 --> 00:37:56,560
Speaker 1: Such a treat by their book, It's a New York

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00:37:56,600 --> 00:37:59,840
Speaker 1: Times bestseller, The Hill to Die On with Jake Sherman

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00:37:59,840 --> 00:38:03,440
Speaker 1: and Anna Palmer, senior writers for Politico and as well

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00:38:03,480 --> 00:38:06,960
Speaker 1: as co authors of Politico Playbook. Download The Sound On

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Speaker 1: podcast on Apple iTunes, at Bloomberg dot com, or by

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00:38:10,560 --> 00:38:12,920
Speaker 1: downloading the Bloomberg Business app. You can also find us

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Speaker 1: on Radio dot Com, I Heart Radio, and Spotify, Trade Talk,

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Speaker 1: Tariff Talk all week long, folks, it is just getting started.

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Speaker 1: I'm Kevin Crelli, Chief Washington correspondent for Bloomberg Television and

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Speaker 1: Bloomberg Radio. Thank you, Thank you for listening to Bloomberg