1 00:00:01,800 --> 00:00:06,280 Speaker 1: Now from our nation's capital. This is Bloomberg's sound on. 2 00:00:07,400 --> 00:00:10,760 Speaker 1: We are actually going to do the largest infrastructure bill 3 00:00:10,920 --> 00:00:15,560 Speaker 1: ever in America's history. The more extraordinary, the extraordinary measures. Again, 4 00:00:15,880 --> 00:00:19,360 Speaker 1: the harder it is to put pressure on Congress. Bloomberg 5 00:00:19,560 --> 00:00:24,280 Speaker 1: sound on Politics, Policy and Perspective from DC's top name. So, 6 00:00:24,320 --> 00:00:28,960 Speaker 1: why wouldn't you try a primary against President Biden? Sewerda 7 00:00:29,080 --> 00:00:31,159 Speaker 1: decided to run against you. Guys know you speak to 8 00:00:31,160 --> 00:00:35,000 Speaker 1: overt audience. The death ceiling is a completely manufactured Carson 9 00:00:35,360 --> 00:00:41,320 Speaker 1: Bloomberg sound on with Joe Matthew on Bloomberg Radio. So 10 00:00:41,400 --> 00:00:45,440 Speaker 1: it actually happened. H R three six eight four is 11 00:00:45,520 --> 00:00:50,159 Speaker 1: now law. Infrastructure, the Biff, whatever you choose to call it, 12 00:00:50,400 --> 00:00:53,720 Speaker 1: actually signed by the President of the United States in 13 00:00:53,720 --> 00:00:56,560 Speaker 1: a windy ceremony on the South Lawn, concluding months of 14 00:00:56,600 --> 00:00:59,040 Speaker 1: debate on this bill in many weeks that followed its 15 00:00:59,080 --> 00:01:01,800 Speaker 1: passage on Capitol Hill. Now it's on to the next 16 00:01:01,840 --> 00:01:05,160 Speaker 1: chapter already, as Democrats hope to vote on the President's 17 00:01:05,480 --> 00:01:09,360 Speaker 1: social spending bill later on this week, assuming it becomes 18 00:01:09,360 --> 00:01:11,039 Speaker 1: a bill this week, And we'll talk about that with 19 00:01:11,080 --> 00:01:15,319 Speaker 1: Congressman Reuben Diego, Democrat from Arizona, later, we'll explore the 20 00:01:15,319 --> 00:01:20,040 Speaker 1: president's economic agenda and his agenda tonight with China through 21 00:01:20,040 --> 00:01:22,840 Speaker 1: the prism of the financial markets, with the help of 22 00:01:22,920 --> 00:01:25,240 Speaker 1: you and Rally, managing partner at the firm b d 23 00:01:25,440 --> 00:01:29,120 Speaker 1: A our panel today Bloomberg Politics contributors Geenie Schanzano and 24 00:01:29,200 --> 00:01:34,760 Speaker 1: Rick Davis. The Biff is now in the books. Sound 25 00:01:34,760 --> 00:01:38,440 Speaker 1: of the President's supporters with the Joe Chant today on 26 00:01:38,560 --> 00:01:42,160 Speaker 1: the South Lawn as the President stood before a crowd 27 00:01:42,160 --> 00:01:45,399 Speaker 1: of hundreds, many shivering on a windy fall day. They 28 00:01:45,400 --> 00:01:48,520 Speaker 1: were in the shade by the time this thing started, 29 00:01:48,520 --> 00:01:50,680 Speaker 1: but the President was all smiles at the podium as 30 00:01:50,720 --> 00:01:55,680 Speaker 1: he marked the occasion. We're finally getting this done. So 31 00:01:55,840 --> 00:02:00,720 Speaker 1: my message the American people is this America's moving again, 32 00:02:01,360 --> 00:02:03,360 Speaker 1: and your life is going to change for the better. 33 00:02:04,120 --> 00:02:07,880 Speaker 1: He's waiting for that moment for months, recalling what's actually 34 00:02:08,000 --> 00:02:10,520 Speaker 1: in the bill. This law makes us the most significant 35 00:02:10,560 --> 00:02:13,839 Speaker 1: investment in rose and bridges in the past seventy years. 36 00:02:14,000 --> 00:02:17,320 Speaker 1: It makes the most significant investment in passenger rail in 37 00:02:17,400 --> 00:02:21,520 Speaker 1: the past fifty years, and in public transit ever. So 38 00:02:21,600 --> 00:02:25,200 Speaker 1: what what that means is you're gonna be safer and 39 00:02:25,240 --> 00:02:27,640 Speaker 1: you're gonna get there faster, and we're gonna have a 40 00:02:27,639 --> 00:02:30,040 Speaker 1: whole hell of a lot pollution, less pollution than the 41 00:02:30,120 --> 00:02:34,160 Speaker 1: year nineteen. Republicans voted for it in the Senate, in 42 00:02:34,240 --> 00:02:37,120 Speaker 1: the House, and the President hopes to be holding another 43 00:02:37,200 --> 00:02:40,480 Speaker 1: event like this one sometime, we'll say, before the end 44 00:02:40,480 --> 00:02:43,480 Speaker 1: of the year, in signing his social spending Plan, which 45 00:02:43,680 --> 00:02:47,600 Speaker 1: Speaker Pelosi has promised to pass in the House this 46 00:02:47,639 --> 00:02:50,680 Speaker 1: week at least, it appears a vote will be set, 47 00:02:50,720 --> 00:02:54,359 Speaker 1: maybe even this weekend. And we're joined by somebody who 48 00:02:54,400 --> 00:02:56,680 Speaker 1: was with the President today and knows a lot about 49 00:02:56,760 --> 00:03:01,120 Speaker 1: this debate, Congressman Reuben Diego, Democrat from Arizona, to we 50 00:03:01,200 --> 00:03:02,880 Speaker 1: thank you for being with us. Serves on the House 51 00:03:02,960 --> 00:03:06,880 Speaker 1: Arm Services and Natural Resources committees. Congressman, is this bill 52 00:03:07,040 --> 00:03:11,239 Speaker 1: now law enough to help your district? It's a very 53 00:03:11,280 --> 00:03:13,520 Speaker 1: good start. Look, this does take care of a lot 54 00:03:13,560 --> 00:03:16,360 Speaker 1: of issues. It certainly helps us with infrastructure. When it 55 00:03:16,360 --> 00:03:19,240 Speaker 1: comes to mass transportation. I have some of the highest 56 00:03:19,240 --> 00:03:23,560 Speaker 1: amounts of populations den cities that don't have um access 57 00:03:23,600 --> 00:03:25,840 Speaker 1: to vehicles, and it takes them forever to go to school, 58 00:03:25,880 --> 00:03:27,680 Speaker 1: to go to school, to go to work. It's gonna 59 00:03:27,680 --> 00:03:29,600 Speaker 1: help us with broadband. I have a lot of broadband 60 00:03:29,600 --> 00:03:32,360 Speaker 1: areas that are just you know, dark areas. Especially when 61 00:03:32,360 --> 00:03:34,240 Speaker 1: it came to COVID, A lot of kids had to 62 00:03:34,280 --> 00:03:37,360 Speaker 1: go to local McDonald's and Burger Kinges and you know, 63 00:03:37,400 --> 00:03:40,400 Speaker 1: strip off their wifis just to do uh their homework, 64 00:03:40,400 --> 00:03:42,560 Speaker 1: including even adults who try to work from home. So 65 00:03:42,800 --> 00:03:44,840 Speaker 1: there is gonna be a lot of There's a lot 66 00:03:44,880 --> 00:03:46,800 Speaker 1: of good that's gonna come out of this. Uh you know, 67 00:03:46,880 --> 00:03:49,360 Speaker 1: I have uh one of the fifth largest airport in 68 00:03:49,360 --> 00:03:53,000 Speaker 1: the country, employ twenty people in my district, good paying jobs, 69 00:03:53,000 --> 00:03:55,200 Speaker 1: so uh you know, people are going to be going 70 00:03:55,240 --> 00:03:57,320 Speaker 1: back to work. So this is actually a really good start. 71 00:03:57,800 --> 00:04:00,600 Speaker 1: The build Back Better agenda will also end up kind 72 00:04:00,640 --> 00:04:03,040 Speaker 1: of rounding out the last missing missing pieces that we 73 00:04:03,040 --> 00:04:06,400 Speaker 1: need to really recover from, uh you know, the recession 74 00:04:06,440 --> 00:04:08,640 Speaker 1: that was caused by this pandemic. I'll ask you about 75 00:04:08,680 --> 00:04:11,080 Speaker 1: the BBB in just a moment, but the timetable for 76 00:04:11,120 --> 00:04:14,440 Speaker 1: implementation has been knocked around quite a bit here. You 77 00:04:14,440 --> 00:04:17,160 Speaker 1: you mentioned broadband right at the outset. That is actually 78 00:04:17,200 --> 00:04:20,800 Speaker 1: something that some people, particularly uh in in Phoenix, Arizona 79 00:04:20,839 --> 00:04:22,320 Speaker 1: where you are, will be able to feel, I know, 80 00:04:22,480 --> 00:04:25,640 Speaker 1: rural Uh, folks and communities will have to wait a 81 00:04:25,680 --> 00:04:29,000 Speaker 1: little bit longer than that. But I just wonder about 82 00:04:29,000 --> 00:04:32,040 Speaker 1: the timetable here, Congressman. This could have been signed by 83 00:04:32,160 --> 00:04:36,039 Speaker 1: by President Biden weeks and weeks ago, and it was 84 00:04:36,120 --> 00:04:39,840 Speaker 1: used essentially as leveraged to continue this debate on reconciliation, 85 00:04:39,880 --> 00:04:43,840 Speaker 1: to get everybody on board with whatever this Reconciliation bill 86 00:04:44,000 --> 00:04:46,719 Speaker 1: is going to. What form is it going to take? 87 00:04:46,720 --> 00:04:48,800 Speaker 1: Do you wish the President had signed it earlier so 88 00:04:48,839 --> 00:04:52,920 Speaker 1: we could get benefits to people faster. Look, I think 89 00:04:52,960 --> 00:04:54,240 Speaker 1: at the end of the day, we're going to have 90 00:04:54,360 --> 00:04:59,160 Speaker 1: a huge influx of investment in America. I think, uh, 91 00:04:59,240 --> 00:05:02,080 Speaker 1: one week to do difference. I get what it looks like. 92 00:05:02,120 --> 00:05:03,960 Speaker 1: But at the end of the day, there is a 93 00:05:04,040 --> 00:05:07,640 Speaker 1: lot enough investment already moving. Just today in Arizona, the 94 00:05:07,680 --> 00:05:11,440 Speaker 1: Governor of Arizona announced about eighteen million dollars worth of 95 00:05:11,480 --> 00:05:14,520 Speaker 1: infrastructures just on broadband that's coming from the American Recovery Act. 96 00:05:14,760 --> 00:05:16,880 Speaker 1: So there's already money that's out there that it needs 97 00:05:16,920 --> 00:05:18,839 Speaker 1: to be invested. So this is just, you know, going 98 00:05:18,880 --> 00:05:20,640 Speaker 1: to help kind of kick start what's already moving in 99 00:05:20,680 --> 00:05:23,920 Speaker 1: that direction. Let's talk more about where we go from here. 100 00:05:23,960 --> 00:05:28,440 Speaker 1: You mentioned build back better. Speaker Pelosi is expected to 101 00:05:28,720 --> 00:05:30,880 Speaker 1: bring this bill to a vote. Will it actually be 102 00:05:31,000 --> 00:05:33,640 Speaker 1: a bill this week? Will there be CBO scoring? Is 103 00:05:33,680 --> 00:05:37,880 Speaker 1: this an unrealistic goal? I think it's a realistic goal. 104 00:05:38,279 --> 00:05:41,200 Speaker 1: Talking to some of my colleagues, are still hesitant. They 105 00:05:41,400 --> 00:05:44,880 Speaker 1: believe the CBO score coming out hopefully by Friday, will 106 00:05:44,920 --> 00:05:46,440 Speaker 1: make a difference. Some of them are actually willing to 107 00:05:46,520 --> 00:05:50,040 Speaker 1: vote for it now, concerned they have enough information. Moderate colleagues, 108 00:05:51,160 --> 00:05:53,920 Speaker 1: my modern clugs. I think at the end of the day, 109 00:05:53,960 --> 00:05:55,960 Speaker 1: this is going to be kind of the cap stone 110 00:05:56,000 --> 00:05:59,080 Speaker 1: to the economic recovery the United States. You know, families 111 00:05:59,120 --> 00:06:01,119 Speaker 1: being able to plan for them to receive a child 112 00:06:01,120 --> 00:06:06,440 Speaker 1: tax credit, uh, you know per two per child uh permanently. Uh. 113 00:06:06,520 --> 00:06:09,480 Speaker 1: You have the opportunity for childcare tax credits, so men 114 00:06:09,520 --> 00:06:10,960 Speaker 1: and women can go back to work and know that 115 00:06:11,000 --> 00:06:15,440 Speaker 1: they're going to have their kids inappropriate uh day care settings. 116 00:06:15,880 --> 00:06:18,640 Speaker 1: There's gonna be massive investments in pre K. So now 117 00:06:18,640 --> 00:06:20,479 Speaker 1: we have universal pre K for schools that you know, 118 00:06:20,520 --> 00:06:22,600 Speaker 1: have never had it in states, never had There's gonna 119 00:06:22,600 --> 00:06:24,960 Speaker 1: be a lot of investments here that you know, we 120 00:06:25,040 --> 00:06:26,960 Speaker 1: just have not been. We have not had in the past. 121 00:06:26,960 --> 00:06:29,560 Speaker 1: It would really help the American middle class. There's still 122 00:06:29,560 --> 00:06:31,400 Speaker 1: some taught Congressman about how to pay for it all. 123 00:06:31,400 --> 00:06:32,960 Speaker 1: And I could ask you as well if if you 124 00:06:33,000 --> 00:06:34,919 Speaker 1: believe that all of those components will end up in 125 00:06:34,920 --> 00:06:37,880 Speaker 1: a final version. But we saw the members of the 126 00:06:37,920 --> 00:06:41,320 Speaker 1: Senate Finance Committee today putting forth the proposal on how 127 00:06:41,360 --> 00:06:44,400 Speaker 1: to deal with crypto taxes for instance, is this still 128 00:06:44,440 --> 00:06:46,520 Speaker 1: being baked? Does this bill still in the oven? When 129 00:06:46,520 --> 00:06:49,800 Speaker 1: it comes to pay for us it sounds like it is. 130 00:06:49,880 --> 00:06:52,960 Speaker 1: To be honest, um, Uh, you know, I think the 131 00:06:53,040 --> 00:06:56,919 Speaker 1: simplest method for funding is is probably you know, through 132 00:06:57,080 --> 00:06:59,479 Speaker 1: higher tax and higher wage earners and and a higher 133 00:06:59,480 --> 00:07:02,640 Speaker 1: corporation the tax um. The method of the Senate is 134 00:07:02,640 --> 00:07:04,480 Speaker 1: going to go about is I doin't gonna cause more 135 00:07:04,600 --> 00:07:07,400 Speaker 1: chaos and anything else. Specifically, even when he comes to 136 00:07:07,520 --> 00:07:10,960 Speaker 1: taxing crypto, which is a very much collectual hits every day. Uh. 137 00:07:11,000 --> 00:07:12,920 Speaker 1: And I hope that we can we can do something 138 00:07:12,960 --> 00:07:17,560 Speaker 1: that is fair, equitable and simple. Um. You know, I 139 00:07:17,600 --> 00:07:21,600 Speaker 1: don't want Americans and small corporations having to do massive 140 00:07:21,600 --> 00:07:24,960 Speaker 1: amount of paperwork to figure out whether they're in or 141 00:07:25,200 --> 00:07:26,840 Speaker 1: or out of the tax bracket. It's going to be 142 00:07:27,000 --> 00:07:30,680 Speaker 1: uh taxed here, But you're happy with the minimum corporate 143 00:07:30,680 --> 00:07:33,360 Speaker 1: tax rate that's come up the millionaire's tax, for instance, 144 00:07:33,680 --> 00:07:35,720 Speaker 1: to try to pay for this. Do you think that 145 00:07:35,760 --> 00:07:38,440 Speaker 1: will actually cover the final price tag when we hear 146 00:07:38,480 --> 00:07:42,080 Speaker 1: from the CBO this week. I do not believe it 147 00:07:42,080 --> 00:07:45,160 Speaker 1: will cover it. I think, you know, the billionaire tax 148 00:07:46,080 --> 00:07:49,120 Speaker 1: is good, but I think it's more of a messaging 149 00:07:49,520 --> 00:07:51,400 Speaker 1: issue than a funding issue. And I think we really 150 00:07:51,400 --> 00:07:53,080 Speaker 1: want to fund this. I think we had to be 151 00:07:53,120 --> 00:07:58,800 Speaker 1: realistic about you know, very high wealthy wage earners. Uh. 152 00:07:58,840 --> 00:08:00,760 Speaker 1: And I don't believe the bility our tax with funding, 153 00:08:00,800 --> 00:08:03,480 Speaker 1: but obviously I will keep my mind open. If we 154 00:08:03,520 --> 00:08:07,760 Speaker 1: can do this with taxing the minimum amount of people incorporation, 155 00:08:07,840 --> 00:08:10,560 Speaker 1: then that, obviously that will be success. So you preferred 156 00:08:10,600 --> 00:08:13,040 Speaker 1: to have a billionaire's tax, am I understanding that right? 157 00:08:15,120 --> 00:08:18,880 Speaker 1: I would prefer that we have enough funding for this, uh, 158 00:08:19,160 --> 00:08:22,520 Speaker 1: you know, for this agenda. UH. And if the billonai's 159 00:08:22,520 --> 00:08:25,520 Speaker 1: tax is part of that, then that's that's great. Uh. 160 00:08:25,560 --> 00:08:27,120 Speaker 1: If we could do it all, which is a billier's tax, 161 00:08:27,160 --> 00:08:28,880 Speaker 1: that would be great. I just don't think it's going 162 00:08:28,920 --> 00:08:31,600 Speaker 1: to be enough. I understand I wonder what you're kind 163 00:08:31,600 --> 00:08:34,559 Speaker 1: of making plans for here, Congressman. Everybody needs to get 164 00:08:34,559 --> 00:08:37,079 Speaker 1: home for Thanksgiving at some point. Or are we all 165 00:08:37,080 --> 00:08:41,439 Speaker 1: meeting at Ben's Chili Bowl instead of eating turkey this year? Uh? Well, 166 00:08:41,480 --> 00:08:43,679 Speaker 1: you know, I'm Latino, so probably trying to find a 167 00:08:43,720 --> 00:08:48,720 Speaker 1: place that to modest. Uh. But you know, whatever it 168 00:08:48,760 --> 00:08:50,960 Speaker 1: takes to get this done for the country. You know, 169 00:08:51,360 --> 00:08:54,160 Speaker 1: you have service members that are overseas missing Thanksgiving. Obsten 170 00:08:54,200 --> 00:08:55,960 Speaker 1: really done that before, So it's not in the world 171 00:08:55,960 --> 00:08:59,280 Speaker 1: if I have to do that as a member of Congress. Congressman, 172 00:08:59,320 --> 00:09:02,679 Speaker 1: the President is going to be meeting with his counterpart 173 00:09:02,760 --> 00:09:05,439 Speaker 1: from China tonight. This is pretty high stakes day at 174 00:09:05,440 --> 00:09:08,320 Speaker 1: this White House, not just the bill signing, but also 175 00:09:08,720 --> 00:09:11,400 Speaker 1: meeting with President She and the President went out of 176 00:09:11,440 --> 00:09:13,640 Speaker 1: his way in this address, as he does in many 177 00:09:13,679 --> 00:09:18,000 Speaker 1: of them, to talk about competition with China. How does 178 00:09:18,040 --> 00:09:21,400 Speaker 1: this bill make us more competitive with this country on 179 00:09:21,400 --> 00:09:24,000 Speaker 1: the other side of the world. Are we talking about transportation? 180 00:09:24,000 --> 00:09:27,000 Speaker 1: Are we talking about roads, bridges, and so forth? What 181 00:09:27,000 --> 00:09:31,360 Speaker 1: what makes us a better competitor with China? Well, certainly 182 00:09:31,679 --> 00:09:34,560 Speaker 1: our infrastructure, you know, coming up to being one of 183 00:09:34,559 --> 00:09:37,040 Speaker 1: the number one rankings of the world does help us 184 00:09:37,080 --> 00:09:39,280 Speaker 1: in terms of statute reads of the our allies and 185 00:09:39,320 --> 00:09:42,120 Speaker 1: other people that have to decide who to back between 186 00:09:42,160 --> 00:09:45,360 Speaker 1: China and the United States. I also think like the 187 00:09:45,440 --> 00:09:48,520 Speaker 1: upgrading of the electric electrical grid, which is extremely important 188 00:09:48,559 --> 00:09:52,560 Speaker 1: to this country, will help us become more energy efficient 189 00:09:52,640 --> 00:09:55,319 Speaker 1: and we rely more readable energy, something that will allow 190 00:09:55,400 --> 00:09:58,400 Speaker 1: us to basically show the world that we are responsible 191 00:09:58,440 --> 00:10:01,160 Speaker 1: partners and not admitting as much are been as irresponsible 192 00:10:01,200 --> 00:10:04,600 Speaker 1: countries like China. Uh you know, so these are all 193 00:10:04,679 --> 00:10:07,240 Speaker 1: kind of first steps. I think that a long long step. 194 00:10:07,640 --> 00:10:10,840 Speaker 1: Do you and your fellow colleagues on the Armed Services 195 00:10:10,840 --> 00:10:15,600 Speaker 1: Committee considered China to be an adversary? I think we 196 00:10:15,640 --> 00:10:18,320 Speaker 1: all have to anticipate that they will be an adversary, 197 00:10:18,320 --> 00:10:21,480 Speaker 1: and certainly China acts like they're an adversary. They're consistent 198 00:10:21,559 --> 00:10:27,320 Speaker 1: cyber crimes, they're hacking, they're consistent espionage that they're engaging in. Um, 199 00:10:27,360 --> 00:10:30,120 Speaker 1: you know, tells us a lot about what their intentions are. 200 00:10:30,640 --> 00:10:33,360 Speaker 1: Uh so, you know, we we could only be you know, 201 00:10:33,600 --> 00:10:35,160 Speaker 1: when someone tells you who they are, you have to 202 00:10:35,160 --> 00:10:37,160 Speaker 1: believe them. So we have to anticipate that they are 203 00:10:37,800 --> 00:10:40,760 Speaker 1: unless they can prove otherwise, or unless they start showing otherwise. 204 00:10:41,600 --> 00:10:45,320 Speaker 1: But obviously, I think in America's intent is not to 205 00:10:45,320 --> 00:10:48,480 Speaker 1: have adversaries. Uh, you know, I'd rather have strategic partners 206 00:10:48,480 --> 00:10:50,960 Speaker 1: instead of strategic competitors. But we're not going to be 207 00:10:50,960 --> 00:10:52,960 Speaker 1: caught on the on our back foot, uh, you know, 208 00:10:53,040 --> 00:10:55,040 Speaker 1: just because we hope things will go a certain way 209 00:10:55,080 --> 00:10:56,839 Speaker 1: when in fact they're not. We'll be looking forward to 210 00:10:56,880 --> 00:10:59,120 Speaker 1: that read out tonight to see what they actually discussed. 211 00:10:59,120 --> 00:11:01,280 Speaker 1: Congressman Diego, while you're with us, we have one minute 212 00:11:01,320 --> 00:11:04,560 Speaker 1: left here. Getting back to the matter of reconciliation. You're 213 00:11:04,600 --> 00:11:06,480 Speaker 1: looking ahead to a vote as soon as this week. 214 00:11:06,520 --> 00:11:09,640 Speaker 1: We talked about some of the pay force. Should Democrats 215 00:11:09,720 --> 00:11:12,520 Speaker 1: not add the debt ceiling to that reconciliation bill so 216 00:11:12,559 --> 00:11:14,160 Speaker 1: we don't have to walk up on the cliff again 217 00:11:14,240 --> 00:11:19,240 Speaker 1: next month, I think it actually would wrap up. We 218 00:11:19,440 --> 00:11:23,360 Speaker 1: would end up causing more chaos by doing that. Obviously, 219 00:11:23,400 --> 00:11:26,719 Speaker 1: I want to avoid the chaotic situation where we have to, 220 00:11:27,040 --> 00:11:30,199 Speaker 1: you know, going into a holiday season wonder whether or 221 00:11:30,200 --> 00:11:31,559 Speaker 1: not the government is going to be able to pay 222 00:11:31,559 --> 00:11:33,720 Speaker 1: its bills. But the bigger problem with that is that 223 00:11:33,760 --> 00:11:36,400 Speaker 1: it may actually end up losing votes and and and 224 00:11:36,440 --> 00:11:40,800 Speaker 1: cause both votes agendas to fail. So I think it's 225 00:11:40,880 --> 00:11:44,760 Speaker 1: cleaner we keep these separate. And look, the Republicans also 226 00:11:44,800 --> 00:11:48,640 Speaker 1: have to take part of this. Of the debt comes 227 00:11:48,640 --> 00:11:50,800 Speaker 1: from the administration and the fact that they're not willing 228 00:11:50,840 --> 00:11:52,880 Speaker 1: to capture textor there for the exact that they incurred 229 00:11:52,920 --> 00:11:56,000 Speaker 1: by voting on it. Yeah, we'll see, Mitch McConnell says, 230 00:11:56,080 --> 00:12:00,280 Speaker 1: no way. Congressman Reuben Diego of Arizona, we thank you 231 00:12:00,320 --> 00:12:02,640 Speaker 1: for being with us, coming off your meeting today and 232 00:12:02,679 --> 00:12:05,600 Speaker 1: the bill signing with the president. The panel's next, This 233 00:12:05,760 --> 00:12:13,120 Speaker 1: is Bloomberg. This is Bloomberg, So Long with Joe Matthew 234 00:12:13,640 --> 00:12:19,679 Speaker 1: on Bloomberg Radio headline on the terminal, Biden promises change 235 00:12:19,760 --> 00:12:24,920 Speaker 1: for the better in infrastructure law, or, as Senate Majority 236 00:12:25,000 --> 00:12:28,280 Speaker 1: Leader Chuck Schumer today said, to paraphrase one of my 237 00:12:28,440 --> 00:12:34,880 Speaker 1: favorite former vice presidents, it's a big effing deal recalling 238 00:12:34,880 --> 00:12:38,839 Speaker 1: another bill signing during another administration. But what's next is 239 00:12:38,880 --> 00:12:41,640 Speaker 1: what everyone's talking about at the moment in Washington, because 240 00:12:41,679 --> 00:12:43,599 Speaker 1: that's the way we work. And before we assemble the 241 00:12:43,640 --> 00:12:45,960 Speaker 1: panel with Rick and Genie, I want to ask Emily 242 00:12:46,000 --> 00:12:49,200 Speaker 1: Wilkins about this. Of course, of Bloomberg government who lives 243 00:12:49,200 --> 00:12:52,800 Speaker 1: and breathes Capitol Hill, Emily. They're talking about a vote 244 00:12:52,800 --> 00:12:56,200 Speaker 1: this week. We're talking about CBO scores maybe Thursday, Friday. 245 00:12:56,280 --> 00:13:02,199 Speaker 1: This reconciliation actually happened before Thanksgiving. At this time, Democratic 246 00:13:02,280 --> 00:13:05,000 Speaker 1: leaders are still saying yes, they're still saying that they 247 00:13:05,040 --> 00:13:07,800 Speaker 1: want to vote this week. Remember, Congress is not supposed 248 00:13:07,800 --> 00:13:09,520 Speaker 1: to be in next week. They're all go back to 249 00:13:09,520 --> 00:13:12,280 Speaker 1: their districts for Thanksgiving. And if there's one thing that 250 00:13:12,320 --> 00:13:14,960 Speaker 1: Congress hates doing, it is missing a recess that they 251 00:13:14,960 --> 00:13:18,000 Speaker 1: were supposed to get. And so what we're seeing right now, 252 00:13:18,280 --> 00:13:21,080 Speaker 1: I mean it's very critical. You're absolutely right, Joe, to 253 00:13:21,080 --> 00:13:24,200 Speaker 1: focus in on that Congressional Budget Office score. It sounds 254 00:13:24,240 --> 00:13:27,200 Speaker 1: so wonky because it is, But basically this is about 255 00:13:27,320 --> 00:13:31,360 Speaker 1: more moderate and centrist Democrats saying we cannot vote for 256 00:13:31,400 --> 00:13:35,480 Speaker 1: this bill until we have it absolutely clear that it 257 00:13:35,720 --> 00:13:38,400 Speaker 1: is not going to spend any money that doesn't raise 258 00:13:38,480 --> 00:13:40,960 Speaker 1: that essentially that the bill is paid for. And those 259 00:13:41,040 --> 00:13:43,680 Speaker 1: fears have become so much more real because of the 260 00:13:43,679 --> 00:13:46,560 Speaker 1: inflation numbers that came out last week, and so we 261 00:13:46,640 --> 00:13:49,640 Speaker 1: have to wait for the Congressional Budget Office. Uh, they're 262 00:13:49,640 --> 00:13:51,959 Speaker 1: not magic it takes time to run the numbers and 263 00:13:52,160 --> 00:13:54,839 Speaker 1: to look at all this stuff, and you know it 264 00:13:55,320 --> 00:13:57,400 Speaker 1: is going to take a while. Where now hearing that 265 00:13:57,440 --> 00:14:00,760 Speaker 1: they could potentially get the numbers on Friday, it'll be 266 00:14:00,800 --> 00:14:03,199 Speaker 1: interesting to see if leadership might try and move through 267 00:14:03,240 --> 00:14:05,440 Speaker 1: a vote sooner, say hey, we have all these other 268 00:14:05,520 --> 00:14:08,480 Speaker 1: pieces of date on the bills, is this enough? But 269 00:14:08,559 --> 00:14:11,360 Speaker 1: we might wind up seeing Congress state Friday, might see 270 00:14:11,400 --> 00:14:14,040 Speaker 1: them stay into the weekend. We could see them here 271 00:14:14,080 --> 00:14:17,400 Speaker 1: next week. It really depends how what kind of timeline 272 00:14:17,679 --> 00:14:21,560 Speaker 1: democratic leadership needs, because remember after they come back for Thanksgiving, 273 00:14:21,880 --> 00:14:24,200 Speaker 1: that's the week that ends in December three, and that's 274 00:14:24,200 --> 00:14:27,480 Speaker 1: when there's a potential government shutdown, that's the debt ceiling. 275 00:14:27,760 --> 00:14:30,000 Speaker 1: That that's a lot of things that that are coming 276 00:14:30,080 --> 00:14:32,360 Speaker 1: up then. So leadership might want to try and make 277 00:14:32,400 --> 00:14:35,080 Speaker 1: sure they're moving a little quicker when it comes to 278 00:14:35,120 --> 00:14:37,960 Speaker 1: the social way. They're a big menu on Capitol Hill. 279 00:14:38,280 --> 00:14:40,440 Speaker 1: As we hear from Emily Wilkins, thank you Emily for 280 00:14:40,880 --> 00:14:42,840 Speaker 1: jumping in with us quickly today. We'll have a lot 281 00:14:42,840 --> 00:14:45,600 Speaker 1: more to talk about with Emily tomorrow as this really 282 00:14:45,640 --> 00:14:47,640 Speaker 1: becomes a story. But it gives you a sense as 283 00:14:47,680 --> 00:14:51,120 Speaker 1: we now assemble the panel as to what is going 284 00:14:51,200 --> 00:14:53,840 Speaker 1: on around the president here. He's preparing to meet with 285 00:14:54,320 --> 00:14:57,359 Speaker 1: his counterpart in China tonight, but it's all about reconciliation 286 00:14:57,360 --> 00:15:01,440 Speaker 1: as we move into tomorrow. Jennie Chanzano and Rick Davis 287 00:15:01,440 --> 00:15:05,040 Speaker 1: with US Bloomberg Politics contributors. As we assemble the panel. 288 00:15:05,080 --> 00:15:07,000 Speaker 1: I hope you both had a great weekend. Ginnie. It's 289 00:15:07,040 --> 00:15:09,600 Speaker 1: great to see you in the nation's capital for starters here. 290 00:15:10,240 --> 00:15:11,680 Speaker 1: I don't know if you were shivering on the lawn 291 00:15:11,680 --> 00:15:13,560 Speaker 1: a little bit earlier with Joe Biden, but I'm glad 292 00:15:13,560 --> 00:15:16,360 Speaker 1: you're here for whatever pulled you into Washington, d C. 293 00:15:16,520 --> 00:15:20,000 Speaker 1: Do they get a reconciliation bill this week? I think 294 00:15:20,040 --> 00:15:22,600 Speaker 1: this week is tough. I mean, you know, I come 295 00:15:22,640 --> 00:15:25,280 Speaker 1: to see you, Matt Shirley and listened to Emily with 296 00:15:25,320 --> 00:15:28,640 Speaker 1: all her details. I think it's really tough. Um they 297 00:15:28,840 --> 00:15:32,240 Speaker 1: they you know, ideally for the leadership, they would, but 298 00:15:32,320 --> 00:15:35,200 Speaker 1: you're talking you need CBO scores and you need to 299 00:15:35,360 --> 00:15:38,520 Speaker 1: move this through. But of course, even if that happens, 300 00:15:38,560 --> 00:15:40,560 Speaker 1: this thing gets sent to the Senate and it is 301 00:15:40,600 --> 00:15:43,320 Speaker 1: going to be blown up there. So as much as 302 00:15:43,320 --> 00:15:45,560 Speaker 1: we talk about this big vote, the big vote does 303 00:15:45,600 --> 00:15:48,200 Speaker 1: not make a bill that said, this was a big 304 00:15:48,280 --> 00:15:50,920 Speaker 1: f and deal today for Joe Biden and the nation. 305 00:15:51,280 --> 00:15:54,960 Speaker 1: And we want to underscore that because we cannot, you know, 306 00:15:55,320 --> 00:15:58,800 Speaker 1: diminish the amount of how many past presidents, how many 307 00:15:58,800 --> 00:16:01,920 Speaker 1: infrastructure weeks have gone by to get a bill at 308 00:16:01,960 --> 00:16:05,360 Speaker 1: this size and this scope today is a huge achievement 309 00:16:05,400 --> 00:16:08,360 Speaker 1: for the Biden administration and the Republicans in Congress who 310 00:16:08,400 --> 00:16:11,320 Speaker 1: supported it. Rick Davis, this whole conversation, aside from what 311 00:16:11,400 --> 00:16:13,840 Speaker 1: Jeannie just said towards the end there, does remind me 312 00:16:14,400 --> 00:16:17,160 Speaker 1: that President Biden gets basically no time to enjoy this. 313 00:16:17,360 --> 00:16:19,560 Speaker 1: The minute he stepped off that podium there in prep 314 00:16:19,600 --> 00:16:22,880 Speaker 1: mode for China, everyone's talking about reconciliation instead of what 315 00:16:22,920 --> 00:16:25,880 Speaker 1: happened today. Yeah, he doesn't get any chance to really 316 00:16:25,920 --> 00:16:28,800 Speaker 1: take a true victory lap. Now that being said, he's 317 00:16:28,840 --> 00:16:30,640 Speaker 1: got all year that he's going to go off to 318 00:16:30,760 --> 00:16:34,280 Speaker 1: every single state that has an important race, uh in 319 00:16:34,320 --> 00:16:38,680 Speaker 1: the mid terms and campaign on the fact that there'll 320 00:16:38,720 --> 00:16:41,760 Speaker 1: be new bridges, they'll be better internet in the in 321 00:16:41,800 --> 00:16:44,400 Speaker 1: the rural areas, there's going to be better water for 322 00:16:44,440 --> 00:16:48,200 Speaker 1: your children. Um, he's got a whole talking point now 323 00:16:48,320 --> 00:16:50,640 Speaker 1: that he didn't have yesterday that he can go out 324 00:16:50,720 --> 00:16:53,120 Speaker 1: and have a conversation with the American people. Does what 325 00:16:53,240 --> 00:16:56,320 Speaker 1: happen today Jennie helped. Does it create any leverage or 326 00:16:56,360 --> 00:16:58,840 Speaker 1: momentum to get the next part done? You know, I 327 00:16:58,840 --> 00:17:01,400 Speaker 1: think it does to a certain extent. There's nothing that 328 00:17:01,480 --> 00:17:05,119 Speaker 1: gets people motivated like success. So I think Democrats feeling 329 00:17:05,119 --> 00:17:07,680 Speaker 1: a bit of wind on their back, may be motivated 330 00:17:07,720 --> 00:17:10,320 Speaker 1: to push this through. But that said, and I hate 331 00:17:10,320 --> 00:17:13,720 Speaker 1: to throw you know, cold water on their excitement. Again, 332 00:17:14,040 --> 00:17:16,520 Speaker 1: when this goes through the House, which I believe it will, 333 00:17:16,560 --> 00:17:18,720 Speaker 1: whether this week or next, it is going to be 334 00:17:18,800 --> 00:17:21,159 Speaker 1: a few weeks of pain in the Senate at the 335 00:17:21,280 --> 00:17:24,200 Speaker 1: very least as it gets ripped apart. You know, parts 336 00:17:24,200 --> 00:17:25,880 Speaker 1: of this are going to be taken out because they 337 00:17:25,920 --> 00:17:29,119 Speaker 1: simply can't meet the reconciliation. And then of course it 338 00:17:29,200 --> 00:17:32,520 Speaker 1: depends on holding all fifty of those Democratic senators together, 339 00:17:32,800 --> 00:17:35,680 Speaker 1: and Joe Mansion Kristen Cinema have indicated there are parts 340 00:17:35,680 --> 00:17:38,480 Speaker 1: of this that they will not sign off on. So 341 00:17:38,600 --> 00:17:42,160 Speaker 1: a long way to go for the you know, soft infrastructure, 342 00:17:42,160 --> 00:17:44,960 Speaker 1: if you will, But we are, you know, a huge 343 00:17:44,960 --> 00:17:47,520 Speaker 1: achievement for the president again for heart infrastructure as he 344 00:17:47,560 --> 00:17:50,159 Speaker 1: meets the President of China tonight. So Rick, once it 345 00:17:50,160 --> 00:17:52,520 Speaker 1: gets the bird bath and the privilege scrub, and then 346 00:17:52,560 --> 00:17:54,679 Speaker 1: all the other elements come out of this thing that 347 00:17:54,760 --> 00:17:57,760 Speaker 1: the mansions and cinemas don't like in the Senate, will 348 00:17:57,760 --> 00:18:02,159 Speaker 1: it bear any resemblance to this carefully crafted agreement in 349 00:18:02,200 --> 00:18:05,240 Speaker 1: the House or is everyone going to be offended moderates 350 00:18:05,280 --> 00:18:08,240 Speaker 1: and progressives and we're stuck in the mud once again. Yeah, 351 00:18:08,280 --> 00:18:10,200 Speaker 1: I think there's gonna be a bit of a sticker shock. 352 00:18:10,280 --> 00:18:12,720 Speaker 1: I mean, people today we're still talking about how the 353 00:18:12,720 --> 00:18:15,560 Speaker 1: infrastructure bill started. It two and a half trillion. Come on, 354 00:18:15,680 --> 00:18:18,680 Speaker 1: get a light, things happen, get a life. Since rick yabus, 355 00:18:18,960 --> 00:18:20,520 Speaker 1: you know you ought to be happy You've got this 356 00:18:20,640 --> 00:18:24,200 Speaker 1: massive infrastructure bill, and so if it's one point five 357 00:18:24,440 --> 00:18:27,920 Speaker 1: one point to you know, less than a trillion. At 358 00:18:27,920 --> 00:18:32,159 Speaker 1: this point, Democrats need to check their wins quickly. A 359 00:18:32,200 --> 00:18:34,440 Speaker 1: lot to be said here, Rick and Genie will be 360 00:18:34,480 --> 00:18:37,399 Speaker 1: back as we spend the hour with our panel you 361 00:18:37,480 --> 00:18:39,920 Speaker 1: and Relly is up next from b d A Partners, 362 00:18:39,920 --> 00:18:41,960 Speaker 1: as we try to get a sense of this agenda 363 00:18:42,000 --> 00:18:45,080 Speaker 1: through the prism of the financial markets on the fastest 364 00:18:45,080 --> 00:18:51,040 Speaker 1: hour in Politics. I'm Joe Matthew. This is Bloomberg broadcasting 365 00:18:51,080 --> 00:18:56,000 Speaker 1: live from our nation's capital, Bloomberg to New York, Bloomberg 366 00:18:57,160 --> 00:19:03,280 Speaker 1: to Boston, Bloomberg in Francisco, Bloomberg nine to the country, 367 00:19:03,480 --> 00:19:06,960 Speaker 1: Serious x M, General one, and around the globe, the 368 00:19:07,040 --> 00:19:11,280 Speaker 1: Bloomberg Business app and Bloomberg Radio dot Com. This is 369 00:19:11,280 --> 00:19:17,480 Speaker 1: Bloomberg Sound On with Joe Matthew. A presidential moment for 370 00:19:17,600 --> 00:19:21,440 Speaker 1: Joe Biden as he signed the BIFF at last, unlocking 371 00:19:21,480 --> 00:19:25,439 Speaker 1: five fifty billion dollars in new infrastructure money. And you 372 00:19:25,480 --> 00:19:28,960 Speaker 1: thought that already happened, setting the stage for the next 373 00:19:29,080 --> 00:19:32,879 Speaker 1: round here his social spending bill to move forward on 374 00:19:32,960 --> 00:19:35,800 Speaker 1: Capitol Hill, and with another presidential moment in store tonight, 375 00:19:36,680 --> 00:19:39,000 Speaker 1: Biden meeting with President She of China. We're going to 376 00:19:39,119 --> 00:19:42,080 Speaker 1: talk about his agenda through the eyes of the markets 377 00:19:42,200 --> 00:19:45,800 Speaker 1: and what's actually important to investors with you and Rally, 378 00:19:45,840 --> 00:19:49,000 Speaker 1: co founder managing partner at b d A Partners. He'll 379 00:19:49,000 --> 00:19:50,919 Speaker 1: be with us next Thanks for joining us on the 380 00:19:50,960 --> 00:19:55,080 Speaker 1: Monday edition of Sound On. Some of us still can't 381 00:19:55,080 --> 00:19:58,040 Speaker 1: really believe it. He signed it into law, he signed infrastructure. 382 00:19:58,040 --> 00:20:00,439 Speaker 1: But of course that now has everyone looking ahead to 383 00:20:00,520 --> 00:20:03,600 Speaker 1: what happens this week. I'm confident that the House will 384 00:20:03,640 --> 00:20:06,320 Speaker 1: pass this bill, and then we're gonna have to fast 385 00:20:06,320 --> 00:20:09,320 Speaker 1: it in the Senate, and it's fully paid for. It 386 00:20:09,359 --> 00:20:12,520 Speaker 1: will reduce the deficit over long term recording and leading 387 00:20:12,520 --> 00:20:15,960 Speaker 1: to economists in the world. And again, no one earning 388 00:20:16,080 --> 00:20:19,280 Speaker 1: less than four hundred thousands dollars will pay a single 389 00:20:19,359 --> 00:20:22,000 Speaker 1: penny more in federal taxes. Of course, he's talking about 390 00:20:22,000 --> 00:20:26,520 Speaker 1: Build Back Better b B B reconciliation, the social spending plan. 391 00:20:27,000 --> 00:20:29,720 Speaker 1: Maybe you choose to call it soft infrastructure. The longer 392 00:20:29,760 --> 00:20:32,080 Speaker 1: this takes, the more names will come up with here 393 00:20:32,119 --> 00:20:34,719 Speaker 1: in Washington. That part though, about it being fully paid for, 394 00:20:34,760 --> 00:20:37,600 Speaker 1: if you listen to Congressman Reuben Diego with us, the 395 00:20:37,640 --> 00:20:40,840 Speaker 1: Democrat from Arizona at the top of this hour, wasn't 396 00:20:40,880 --> 00:20:44,720 Speaker 1: so sure, and so we turned to an expert on 397 00:20:44,800 --> 00:20:47,040 Speaker 1: the market's view here, which is something we don't always 398 00:20:47,040 --> 00:20:50,000 Speaker 1: get a chance to do on this political broadcast. But boy, 399 00:20:50,040 --> 00:20:54,560 Speaker 1: they sure are interwoven with the conversation about inflation driving 400 00:20:54,600 --> 00:20:57,800 Speaker 1: the news that sees It seems just about every day 401 00:20:57,960 --> 00:21:00,600 Speaker 1: you and Relly is co founder and managing partner of 402 00:21:00,680 --> 00:21:03,960 Speaker 1: bed A Partners, which just celebrated its twenty fifth anniversary, 403 00:21:03,960 --> 00:21:07,600 Speaker 1: and we're delighted to have you and happy anniversary, and 404 00:21:07,680 --> 00:21:11,560 Speaker 1: welcome back to Bloomberg Radio. As you look ahead to 405 00:21:11,640 --> 00:21:16,040 Speaker 1: Reconciliation by all means potentially passing this week, I know 406 00:21:16,119 --> 00:21:19,959 Speaker 1: that the infrastructure bill was relatively popular on Wall Street. 407 00:21:20,640 --> 00:21:23,280 Speaker 1: Putting shovels into the ground, buying a lot of equipment, 408 00:21:23,400 --> 00:21:28,160 Speaker 1: upgrading our facilities, getting more broadband and so forth. These 409 00:21:28,160 --> 00:21:30,920 Speaker 1: are things investors can get their heads around. Is there 410 00:21:30,920 --> 00:21:34,520 Speaker 1: a growing worry that Democrats might actually pass the reconciliation 411 00:21:34,560 --> 00:21:39,120 Speaker 1: plan on Wall Street? I think actually the markets will 412 00:21:39,119 --> 00:21:41,800 Speaker 1: be happy when it's done um And I think, uh, 413 00:21:42,040 --> 00:21:46,800 Speaker 1: markets always want predictability, We want stability. We want a 414 00:21:46,880 --> 00:21:50,480 Speaker 1: sense that, you know, the political football is is kind 415 00:21:50,480 --> 00:21:54,800 Speaker 1: of safely balanced between the two parties. This is a 416 00:21:54,880 --> 00:21:59,080 Speaker 1: political slanging match, which is never healthy. I don't think 417 00:21:59,640 --> 00:22:01,240 Speaker 1: the mob gets on the whole, you know. I think 418 00:22:01,240 --> 00:22:05,520 Speaker 1: we've priced in the idea of some extended child tax 419 00:22:05,560 --> 00:22:09,840 Speaker 1: credits and some sort of universal pre k um. You know. 420 00:22:09,880 --> 00:22:13,760 Speaker 1: I think the question is, really, can these um actions 421 00:22:13,840 --> 00:22:17,920 Speaker 1: be positioned to reduce inflation rather than rather than continue 422 00:22:18,000 --> 00:22:21,359 Speaker 1: to stoke inflation? Well, what's your view on that, Because 423 00:22:21,440 --> 00:22:25,360 Speaker 1: nobody seems to agree between Democrats and Republicans, and even 424 00:22:25,400 --> 00:22:27,639 Speaker 1: between Washington and New York. There seems to be a 425 00:22:27,640 --> 00:22:30,800 Speaker 1: pretty big eye roll when when Joe Biden or Briand's 426 00:22:30,880 --> 00:22:32,640 Speaker 1: or anybody come out and say, oh, if you want 427 00:22:32,640 --> 00:22:36,320 Speaker 1: to help inflation, then pass this bill. Look, I think 428 00:22:36,359 --> 00:22:39,680 Speaker 1: I think individuals and and and and middle class families 429 00:22:39,720 --> 00:22:44,080 Speaker 1: across America probably are generally in favor of this kind 430 00:22:44,119 --> 00:22:48,720 Speaker 1: of human infrastructure. And I think anything that persuades people 431 00:22:48,720 --> 00:22:50,680 Speaker 1: to go back to work and to stay in their 432 00:22:50,760 --> 00:22:54,600 Speaker 1: jobs and to be productive is helpful. But I think 433 00:22:54,680 --> 00:22:58,240 Speaker 1: that actually the markets are very glad for the existence 434 00:22:58,640 --> 00:23:02,239 Speaker 1: of mansion and cinema who restrain some of what they 435 00:23:02,280 --> 00:23:06,360 Speaker 1: would otherwise what we might otherwise see is excessive spending. 436 00:23:06,680 --> 00:23:11,240 Speaker 1: We're all for um some kind of social infrastructure that 437 00:23:11,240 --> 00:23:16,240 Speaker 1: that that that that that helps UM employers keep people employed, 438 00:23:16,600 --> 00:23:19,760 Speaker 1: But but we don't want excess. It sounds like you're 439 00:23:19,800 --> 00:23:23,520 Speaker 1: more concerned with uncertainty than you are spending and inflation. 440 00:23:23,640 --> 00:23:26,120 Speaker 1: Is that fair to say you? And Look, I think 441 00:23:26,160 --> 00:23:29,760 Speaker 1: I think inflation is a worry. And and for sure, 442 00:23:30,200 --> 00:23:35,879 Speaker 1: the the administration suggestions that inflation is only transitory, you know, Marcus, 443 00:23:35,960 --> 00:23:39,440 Speaker 1: don't believe that anymore. We believe inflations here to stay. 444 00:23:39,600 --> 00:23:44,800 Speaker 1: We want to see a combination of moderate, sensible, uh 445 00:23:45,160 --> 00:23:48,760 Speaker 1: you know, middle of the road policies which will maybe 446 00:23:48,880 --> 00:23:52,320 Speaker 1: allow the inflationary pressures to abate. But we also want 447 00:23:52,320 --> 00:23:55,560 Speaker 1: to get get policies done and signed up so we 448 00:23:55,560 --> 00:23:58,040 Speaker 1: can move on. So I think it's it's always a 449 00:23:58,040 --> 00:24:00,760 Speaker 1: balancing act between those things. We want to see progress, 450 00:24:00,760 --> 00:24:03,720 Speaker 1: but we want to see gradual, gentle, moderate progress. We 451 00:24:03,760 --> 00:24:07,440 Speaker 1: don't want to see anything crazy or unruly. You and 452 00:24:07,480 --> 00:24:10,240 Speaker 1: really it's unto China tonight, and President Biden will be 453 00:24:10,280 --> 00:24:13,919 Speaker 1: meeting virtually with President She. Trade is on the table, 454 00:24:14,080 --> 00:24:16,359 Speaker 1: we are told, along with a number of other issues, 455 00:24:16,400 --> 00:24:19,560 Speaker 1: including climate. Both of these kind of tie in to 456 00:24:19,680 --> 00:24:23,840 Speaker 1: what this bill would be hoping to address. How concern 457 00:24:23,880 --> 00:24:26,600 Speaker 1: are the markets about our relationship with China? What are 458 00:24:26,640 --> 00:24:30,919 Speaker 1: the stakes tonight in this conversation. Here's what the pattern 459 00:24:30,920 --> 00:24:34,200 Speaker 1: has been over the last year. Surprisingly, the Biden administration 460 00:24:34,280 --> 00:24:37,400 Speaker 1: as largely as you know, kept in placed the tariffs 461 00:24:37,480 --> 00:24:40,399 Speaker 1: and kept in placed the pressure on on President She. 462 00:24:40,960 --> 00:24:43,280 Speaker 1: It seemed to be you know, a chest beating battle 463 00:24:43,359 --> 00:24:46,480 Speaker 1: of the two strong men before Trump and She both 464 00:24:46,560 --> 00:24:50,399 Speaker 1: playing to their domestic audiences trying to seem tough. Biden 465 00:24:50,440 --> 00:24:54,560 Speaker 1: has largely echoed what Trump did. We as business would 466 00:24:54,560 --> 00:24:59,360 Speaker 1: love to see again see the tensions reduced. We'd love 467 00:24:59,400 --> 00:25:02,240 Speaker 1: to see um reduction in tariffs, and we'd love to 468 00:25:02,280 --> 00:25:06,360 Speaker 1: see a healthier, more productive relationship between the two countries. 469 00:25:06,640 --> 00:25:09,480 Speaker 1: I'm not expecting miracles, but I think the efforts to 470 00:25:09,600 --> 00:25:12,680 Speaker 1: move in the right direction will be well received by markets. 471 00:25:12,920 --> 00:25:15,879 Speaker 1: Movement on terriffs would be that would be a real deliverable. 472 00:25:15,920 --> 00:25:18,359 Speaker 1: That means you want to see more than we've agreed 473 00:25:18,400 --> 00:25:22,520 Speaker 1: to continue talking. We're breaking the ice, were lowering the temperature. 474 00:25:22,560 --> 00:25:25,440 Speaker 1: You want to see actual news. I don't. I don't 475 00:25:25,480 --> 00:25:28,879 Speaker 1: think they will reduce tariffs immediately. I think what the 476 00:25:28,880 --> 00:25:33,400 Speaker 1: Biden administration will allow certain companies to work around tariffs. 477 00:25:33,440 --> 00:25:37,360 Speaker 1: They will allow exclusions more often. You know. Actually we're 478 00:25:37,359 --> 00:25:41,600 Speaker 1: seeing tensions within the Biden administration. Some some of his 479 00:25:41,840 --> 00:25:45,880 Speaker 1: administration are keen even potentially to increase tariffs, which would 480 00:25:45,880 --> 00:25:49,200 Speaker 1: be viewed very unfavorably by business. We want to see 481 00:25:49,440 --> 00:25:52,720 Speaker 1: freer trade and we want to see more business between 482 00:25:52,760 --> 00:25:55,760 Speaker 1: the two countries. I'm hopeful, but I'm not too optimistic 483 00:25:55,760 --> 00:25:58,360 Speaker 1: in the short term. You and rarely co founder managing 484 00:25:58,400 --> 00:26:01,240 Speaker 1: partner of v D A part there's many thanks for 485 00:26:01,359 --> 00:26:05,600 Speaker 1: your insights today on Bloomberg Radio. Fascinating conversation. We're gonna 486 00:26:05,640 --> 00:26:07,480 Speaker 1: play this against the panel in just a moment. See 487 00:26:07,480 --> 00:26:10,040 Speaker 1: what Rick and Jennie think about this as I sit 488 00:26:10,119 --> 00:26:13,280 Speaker 1: here thinking as well about the E. S G. Implications 489 00:26:13,800 --> 00:26:19,160 Speaker 1: of that meeting with China. Not to mention the reconciliation 490 00:26:19,200 --> 00:26:22,240 Speaker 1: bill passing and why not remind us what we're listening to. 491 00:26:22,359 --> 00:26:24,440 Speaker 1: That's right, It is Sound On, and I'm Joe Matthew 492 00:26:24,720 --> 00:26:28,040 Speaker 1: in Washington. Up next, we reassemble the panel. Rick and 493 00:26:28,119 --> 00:26:30,159 Speaker 1: Jennie will be with us as they are for the 494 00:26:30,200 --> 00:26:34,399 Speaker 1: rest of the hour. We'll talk about some motions in 495 00:26:34,440 --> 00:26:36,920 Speaker 1: the mid terms today as well, who's running and who 496 00:26:37,000 --> 00:26:41,800 Speaker 1: is not. Stay with us, This is Bloomberg. This is 497 00:26:41,800 --> 00:26:49,520 Speaker 1: Bloomberg Sound On with Joe Matthew on Bloomberg Radio for 498 00:26:49,680 --> 00:26:52,200 Speaker 1: just about an hour away here, a couple hours maybe 499 00:26:52,200 --> 00:26:54,880 Speaker 1: from the big meeting. Yeah, it's we'll call it two hours. 500 00:26:55,320 --> 00:26:59,560 Speaker 1: Biden and she on zoom. Well, they don't use zoom 501 00:26:59,560 --> 00:27:01,040 Speaker 1: at the White House. But no, they're not going to 502 00:27:01,119 --> 00:27:03,440 Speaker 1: be having a summit in the same room as we 503 00:27:03,520 --> 00:27:05,840 Speaker 1: discussed on Friday with the panel. This is a virtual 504 00:27:05,960 --> 00:27:09,320 Speaker 1: meeting and one that will not include probably a lot 505 00:27:09,359 --> 00:27:12,760 Speaker 1: of eye contacts. As I read on the terminal us 506 00:27:12,880 --> 00:27:16,679 Speaker 1: China seeking to stabilize ties with Biden. She summit and 507 00:27:16,720 --> 00:27:19,000 Speaker 1: we reassemble the panel. Now, Rick and Janie are with 508 00:27:19,119 --> 00:27:23,680 Speaker 1: us for the hour Bloomberg Politics contributors the original panel. Rick, 509 00:27:23,720 --> 00:27:26,240 Speaker 1: I wonder, as you prepare for the read out tonight 510 00:27:26,280 --> 00:27:28,680 Speaker 1: from the White House, what needs to happen. I'll ask 511 00:27:28,720 --> 00:27:30,800 Speaker 1: you both this what needs to happen for you to 512 00:27:30,840 --> 00:27:34,200 Speaker 1: call this a success? You know, I think that they 513 00:27:34,240 --> 00:27:36,760 Speaker 1: need to hit the top issues. Biden has to show 514 00:27:36,800 --> 00:27:40,080 Speaker 1: strength when it comes to some of these human rights issues. Uh. 515 00:27:40,119 --> 00:27:42,960 Speaker 1: He's got to be able to articulate clearly to the 516 00:27:42,960 --> 00:27:46,280 Speaker 1: American public how he handled the Taiwan issue, which has 517 00:27:46,760 --> 00:27:50,160 Speaker 1: been a little bit of a bouncing ball in this administration. Uh. 518 00:27:50,200 --> 00:27:52,919 Speaker 1: And and I think a little bit about what the 519 00:27:52,920 --> 00:27:56,399 Speaker 1: economic implications for this relationship are, because right now the 520 00:27:56,400 --> 00:27:59,920 Speaker 1: competition is still very much economic. We haven't really gotten 521 00:28:00,119 --> 00:28:04,280 Speaker 1: into much of a military competition, although some of the 522 00:28:04,359 --> 00:28:06,400 Speaker 1: things that could come out of this is an agreement 523 00:28:06,440 --> 00:28:09,640 Speaker 1: to start to pursue some kind of a nuclear disarmament 524 00:28:09,720 --> 00:28:14,359 Speaker 1: or nuclear management UH set of conversations, and that would 525 00:28:14,359 --> 00:28:19,520 Speaker 1: be a welcome UH outcome. But even though the administration 526 00:28:19,680 --> 00:28:22,879 Speaker 1: is not pushing outcomes, I think he's got to be 527 00:28:22,960 --> 00:28:25,719 Speaker 1: able to tell the American public that he's making progress 528 00:28:26,240 --> 00:28:29,400 Speaker 1: in this relationship with with mainland China. You can say 529 00:28:29,440 --> 00:28:31,720 Speaker 1: anything you want when there's no joint statement, right, there's 530 00:28:31,720 --> 00:28:33,280 Speaker 1: going to be a readout we know late tonight from 531 00:28:33,320 --> 00:28:34,920 Speaker 1: the White House. Genie, what does it need to say 532 00:28:34,960 --> 00:28:38,000 Speaker 1: for you to draw around and and give Joe Biden credit? 533 00:28:38,520 --> 00:28:40,600 Speaker 1: You know? What I think it needs to say is 534 00:28:40,680 --> 00:28:44,560 Speaker 1: that he has reset this relationship. I think that's critical 535 00:28:44,640 --> 00:28:47,120 Speaker 1: for the White House. There's been a lot of tension, 536 00:28:47,200 --> 00:28:49,640 Speaker 1: whether it was Anchorage, whether it was the meetings in 537 00:28:49,720 --> 00:28:52,720 Speaker 1: July or September, and I think what the President wants 538 00:28:52,760 --> 00:28:55,080 Speaker 1: to do coming off this win that he's had on 539 00:28:55,320 --> 00:28:59,200 Speaker 1: hard infrastructure also the unemployment numbers, is he wants to 540 00:28:59,240 --> 00:29:03,200 Speaker 1: reset the relationship and set the stage for a fair competition, 541 00:29:03,480 --> 00:29:06,280 Speaker 1: which is something we keep hearing from the White House, 542 00:29:06,560 --> 00:29:09,120 Speaker 1: not that they're going to have any big deliverables, if 543 00:29:09,120 --> 00:29:12,040 Speaker 1: they're small deliverables. I think that's a good first step. 544 00:29:12,040 --> 00:29:13,960 Speaker 1: But I really think it's to set the stage for 545 00:29:14,080 --> 00:29:18,440 Speaker 1: future conversations where the United States, protricked, particularly on trade 546 00:29:18,840 --> 00:29:22,640 Speaker 1: and the economic issues, can compete fairly with China. And 547 00:29:22,680 --> 00:29:24,840 Speaker 1: that's been a big rub because there's still a lot 548 00:29:24,880 --> 00:29:28,000 Speaker 1: of questions as to whether China is complying with the 549 00:29:28,040 --> 00:29:31,000 Speaker 1: agreement from last year, and so, you know, to get 550 00:29:31,000 --> 00:29:34,400 Speaker 1: those conversations moving forward in a positive direction. You know, 551 00:29:34,520 --> 00:29:37,040 Speaker 1: I think they are saying, don't expect anything big if 552 00:29:37,080 --> 00:29:39,320 Speaker 1: they come out with something that would be critical, and 553 00:29:39,360 --> 00:29:41,680 Speaker 1: of course I am. I am interested to hear how 554 00:29:41,720 --> 00:29:44,719 Speaker 1: he responds if there is an invitation about the Olympics, 555 00:29:44,920 --> 00:29:47,280 Speaker 1: because that may not sound like a big deal, but 556 00:29:47,440 --> 00:29:49,960 Speaker 1: many people saying we should be boycotting. He's going to 557 00:29:50,080 --> 00:29:52,440 Speaker 1: have to respond if they do make an invitation tonight 558 00:29:52,480 --> 00:29:54,640 Speaker 1: on that I'm glad you brought that up. Ambassador Pickering 559 00:29:54,640 --> 00:29:56,560 Speaker 1: talked about that on Friday with us Rick. Do you 560 00:29:56,560 --> 00:29:59,360 Speaker 1: think Joe Biden should say yes if there's an invite, Yes, 561 00:29:59,560 --> 00:30:02,560 Speaker 1: I think it. There's no better way to manage a 562 00:30:02,600 --> 00:30:06,680 Speaker 1: relationship than being able to create the formality of an 563 00:30:06,720 --> 00:30:11,560 Speaker 1: in person meeting, summit, whatever the standard will be, but 564 00:30:11,680 --> 00:30:15,800 Speaker 1: I think that that will help add some stability to 565 00:30:15,920 --> 00:30:18,880 Speaker 1: what is right now, a relationship that is headed in 566 00:30:18,880 --> 00:30:22,480 Speaker 1: the wrong direction, where the competition is negative competition, not 567 00:30:22,600 --> 00:30:25,040 Speaker 1: healthy competition. There's going to be a lot of gaming 568 00:30:25,040 --> 00:30:28,040 Speaker 1: around this tomorrow. Be very curious to see what kind 569 00:30:28,040 --> 00:30:30,920 Speaker 1: of language the White House chooses, because we really only 570 00:30:30,920 --> 00:30:32,800 Speaker 1: will have their version to go on here, right. I mean, 571 00:30:32,840 --> 00:30:34,800 Speaker 1: I'm sure there'll be leaks some sort coming out of 572 00:30:34,800 --> 00:30:37,600 Speaker 1: this meeting, but it's gonna be difficult to tell really 573 00:30:38,040 --> 00:30:40,560 Speaker 1: what the tone was in that room. As we spend 574 00:30:40,560 --> 00:30:43,080 Speaker 1: time with the panel today on sound On, I do 575 00:30:43,160 --> 00:30:46,760 Speaker 1: want to ask you both about electoral politics, and may 576 00:30:46,800 --> 00:30:51,800 Speaker 1: as well start in the great state of Texas. Your 577 00:30:52,040 --> 00:30:56,440 Speaker 1: Betto is running. Um so I'm here at the dentist 578 00:30:56,600 --> 00:31:00,520 Speaker 1: and we're going to continue our series The People of 579 00:31:00,520 --> 00:31:04,880 Speaker 1: the Border. I'm here with bet I was actually remember 580 00:31:04,880 --> 00:31:07,960 Speaker 1: when he went live on Instagram from the dentist chair. 581 00:31:08,080 --> 00:31:11,760 Speaker 1: He also got his hair cut on Instagram. Because nothing 582 00:31:11,960 --> 00:31:16,520 Speaker 1: says vote for me like the sound of the dentist. 583 00:31:16,600 --> 00:31:21,600 Speaker 1: Drugs get people talking here. Rick and Jeannie are with us, 584 00:31:21,600 --> 00:31:24,200 Speaker 1: and I figure both of you guys get big bands 585 00:31:24,200 --> 00:31:26,640 Speaker 1: of the dentists. I mean, imagine this with the with 586 00:31:26,680 --> 00:31:29,640 Speaker 1: the camera. All right, Geannie, tell me what you have here? 587 00:31:29,880 --> 00:31:33,480 Speaker 1: Better or Or says he will challenge Greg Abbott. I'm 588 00:31:33,520 --> 00:31:36,640 Speaker 1: assuming Matthew McConnaughey is not going to join this campaign. 589 00:31:37,520 --> 00:31:40,200 Speaker 1: Is this a real race? You know it is a 590 00:31:40,240 --> 00:31:42,800 Speaker 1: real race. I I love my own dentist. I would 591 00:31:42,800 --> 00:31:45,720 Speaker 1: not want to be filmed at my dentist office. Um, 592 00:31:45,840 --> 00:31:47,720 Speaker 1: this is why the kids love better Or Rourke though, 593 00:31:47,960 --> 00:31:50,720 Speaker 1: but you know he's going to make a go of this. UM. 594 00:31:50,760 --> 00:31:53,280 Speaker 1: I do hope Matthew McConaughey runs by the way because 595 00:31:53,280 --> 00:31:55,720 Speaker 1: I want him to come on sound one. UM. But 596 00:31:56,200 --> 00:31:59,000 Speaker 1: you know, I I think it's still an uphill battle 597 00:31:59,200 --> 00:32:03,040 Speaker 1: UM for Better Rourke. Um. You know, Texas is famously changing, 598 00:32:03,440 --> 00:32:06,560 Speaker 1: but he has been here before, and even when the 599 00:32:06,600 --> 00:32:09,560 Speaker 1: polls say he's got a shot, it's still an uphill battle. 600 00:32:09,640 --> 00:32:12,840 Speaker 1: I think in this environment that's going to be the same. Um. 601 00:32:12,840 --> 00:32:15,600 Speaker 1: But he's putting himself out there, and you know, Greg 602 00:32:15,640 --> 00:32:19,440 Speaker 1: Abbott remains popular in his state of Texas, so this 603 00:32:19,560 --> 00:32:21,960 Speaker 1: is going to be quite a battle. And I am 604 00:32:22,040 --> 00:32:25,720 Speaker 1: interested to see how much outside money, money from outside 605 00:32:25,720 --> 00:32:28,640 Speaker 1: Texas enters into this rate race as a result of 606 00:32:28,680 --> 00:32:30,840 Speaker 1: beta or overk challenge. Many times you have to lose 607 00:32:30,880 --> 00:32:32,640 Speaker 1: and still be making money. Rick, I'm sure I don't 608 00:32:32,640 --> 00:32:35,040 Speaker 1: need to tell you that Texas has not elected a 609 00:32:35,080 --> 00:32:40,560 Speaker 1: Democrat to state wide office since is this a real race? 610 00:32:41,440 --> 00:32:43,640 Speaker 1: You know it's it's a real race because of what 611 00:32:43,760 --> 00:32:45,960 Speaker 1: Jeannie just said. It's going to drain a lot of 612 00:32:45,960 --> 00:32:48,840 Speaker 1: Democratic coffers people money. I think this is a chance 613 00:32:48,920 --> 00:32:53,040 Speaker 1: to do something. I'm highly skeptical. He wasn't the greatest 614 00:32:53,040 --> 00:32:56,040 Speaker 1: candidate um when he ran the last time for the Senate, 615 00:32:56,080 --> 00:32:59,240 Speaker 1: and he was a disaster as a presidential candidate, but 616 00:32:59,360 --> 00:33:01,920 Speaker 1: he's going to take money out of other more competitive 617 00:33:02,040 --> 00:33:05,480 Speaker 1: races because of the star appeal he has and the 618 00:33:05,600 --> 00:33:08,440 Speaker 1: desire for Democrats to create an upset in Texas. There's 619 00:33:08,440 --> 00:33:10,560 Speaker 1: gonna be another test run for maybe something a couple 620 00:33:10,560 --> 00:33:13,040 Speaker 1: of years down the road. Well, I think it actually 621 00:33:13,040 --> 00:33:18,000 Speaker 1: elevates Abbott because there's nothing like winning, right and uh, 622 00:33:18,040 --> 00:33:20,520 Speaker 1: and you're now going to empower a guy like Abbott 623 00:33:20,520 --> 00:33:23,960 Speaker 1: who otherwise would not be a big issue in election year. 624 00:33:24,640 --> 00:33:26,719 Speaker 1: But it could be the death knell for beetto if 625 00:33:26,720 --> 00:33:29,240 Speaker 1: he doesn't win here, three strikes and you're out, baby. Yeah, 626 00:33:29,360 --> 00:33:32,320 Speaker 1: well that may well be true, Genie. Uh did did 627 00:33:32,680 --> 00:33:37,000 Speaker 1: bettle or learn enough in two losses to manage this 628 00:33:37,080 --> 00:33:40,120 Speaker 1: campaign differently? I don't think we know the answer to 629 00:33:40,200 --> 00:33:43,200 Speaker 1: that yet. Um. You know he had, As as Rick mentioned, 630 00:33:43,200 --> 00:33:46,240 Speaker 1: he was not a good candidate either time, and so 631 00:33:46,560 --> 00:33:48,320 Speaker 1: this is going to be a big test for him. 632 00:33:48,320 --> 00:33:50,720 Speaker 1: There's only so many times you can run on the 633 00:33:50,760 --> 00:33:53,720 Speaker 1: big stage and lose. So this is a big gamble. 634 00:33:53,760 --> 00:33:55,120 Speaker 1: And I have to say, when I heard he was 635 00:33:55,120 --> 00:33:58,480 Speaker 1: going to run, I was surprised because you know, he's 636 00:33:58,520 --> 00:34:02,920 Speaker 1: taken the path very different than say the Transportation secretary. 637 00:34:03,000 --> 00:34:05,040 Speaker 1: So other people who have run and lost have you know, 638 00:34:05,160 --> 00:34:07,920 Speaker 1: gone into appointments and those kinds of things. He's putting 639 00:34:07,960 --> 00:34:10,400 Speaker 1: himself out there once again. But it's a big gamble 640 00:34:10,800 --> 00:34:13,120 Speaker 1: I think for beata O Rourke well as betto jumps 641 00:34:13,120 --> 00:34:15,840 Speaker 1: in somebody else jumping out here. The longest serving senator 642 00:34:15,880 --> 00:34:18,840 Speaker 1: in Vermont history, that would of course be Patrick Leahy, 643 00:34:19,400 --> 00:34:22,719 Speaker 1: and all of his Batman collectibles are he's packing up 644 00:34:22,760 --> 00:34:25,720 Speaker 1: his toys. Rick, what does that mean for the Senate 645 00:34:25,719 --> 00:34:28,799 Speaker 1: in the mid terms? Remembering we have this conversation about 646 00:34:28,880 --> 00:34:32,160 Speaker 1: Chris Sunu deciding not to run in New Hampshire. Yeah, 647 00:34:32,200 --> 00:34:34,640 Speaker 1: there's a real scramble on these retirements. I mean, you've 648 00:34:34,640 --> 00:34:38,080 Speaker 1: already got over thirty members. Thirty members were announced their 649 00:34:38,080 --> 00:34:41,200 Speaker 1: retirement six and the Senate. Uh and this is the 650 00:34:41,239 --> 00:34:45,160 Speaker 1: only Democrat retirement. So uh, it's not going to help um, 651 00:34:46,000 --> 00:34:50,040 Speaker 1: you know, the Republicans when the Senate um that seat's 652 00:34:50,040 --> 00:34:53,239 Speaker 1: gonna stay democratic. It will change things in the primary 653 00:34:53,239 --> 00:34:56,960 Speaker 1: contest in Vermont. But this is this is another example 654 00:34:57,000 --> 00:34:59,680 Speaker 1: of how the Senate is changing. I mean, Patrick Leahy 655 00:34:59,760 --> 00:35:01,960 Speaker 1: was one of the you know, I wouldn't call him 656 00:35:01,960 --> 00:35:03,759 Speaker 1: a lion of the Senate, but he's been there longer 657 00:35:03,760 --> 00:35:05,560 Speaker 1: than anybody else that you've got to get some kind 658 00:35:05,560 --> 00:35:09,120 Speaker 1: of positive title. And uh and and and now he's 659 00:35:09,160 --> 00:35:13,400 Speaker 1: going and and so the complexion of the Senate is changing, 660 00:35:13,920 --> 00:35:16,560 Speaker 1: and and probably not for the better. It'll be interesting 661 00:35:16,600 --> 00:35:18,759 Speaker 1: to see now if he gets what he wants As 662 00:35:18,840 --> 00:35:22,320 Speaker 1: chairman of the Appropriations Committee, he'd liked the appropriations process 663 00:35:22,320 --> 00:35:24,880 Speaker 1: to move forward. Maybe now he can devote all his 664 00:35:24,920 --> 00:35:27,000 Speaker 1: time and attention to doing that. Rick, I'm sure you 665 00:35:27,040 --> 00:35:30,160 Speaker 1: had your throws with the Senator Leahy while you were 666 00:35:30,200 --> 00:35:34,520 Speaker 1: working with Senator John McCain over the years. Are you concerned, Well, 667 00:35:34,680 --> 00:35:37,359 Speaker 1: maybe I'll ask you what are you concerned about losing? Here? 668 00:35:37,400 --> 00:35:41,200 Speaker 1: Is there is there something uh you know, down the 669 00:35:41,760 --> 00:35:44,880 Speaker 1: route of compromise, the old fashioned way of doing business 670 00:35:44,880 --> 00:35:47,840 Speaker 1: that the Senate might lose. That's exactly right, Joe. I 671 00:35:47,840 --> 00:35:50,480 Speaker 1: mean the Patrick Leahy was the kind of guy who 672 00:35:50,480 --> 00:35:52,560 Speaker 1: could cut a deal. I mean, you think about this, 673 00:35:52,680 --> 00:35:55,800 Speaker 1: he gets along perfectly well, you know with his Democrat 674 00:35:55,880 --> 00:35:59,239 Speaker 1: or his Republican counterpart in appropriations probably the hardest thing 675 00:35:59,239 --> 00:36:01,759 Speaker 1: in the world did do, and and he makes it 676 00:36:01,840 --> 00:36:05,040 Speaker 1: look easy. So so when you have people like this 677 00:36:05,120 --> 00:36:07,920 Speaker 1: that can reach across the aisle within their committees, outside 678 00:36:07,960 --> 00:36:11,799 Speaker 1: their committees, and and do deals that actually create a 679 00:36:11,840 --> 00:36:16,279 Speaker 1: stronger country and a better Congress, that his loss will 680 00:36:16,320 --> 00:36:19,200 Speaker 1: be impacted in the Senate. I'm sure how worried are 681 00:36:19,239 --> 00:36:22,600 Speaker 1: you about losing the man that that Rick even referred 682 00:36:22,600 --> 00:36:24,920 Speaker 1: to as as a lion, if not the lion of 683 00:36:24,960 --> 00:36:28,040 Speaker 1: the Senate, Senator Patrick Leahy goes away and and takes 684 00:36:28,040 --> 00:36:31,399 Speaker 1: what with him. You know that the seat remains democratic, 685 00:36:31,440 --> 00:36:34,200 Speaker 1: But I think you just mentioned Governor Sanunu deciding not 686 00:36:34,280 --> 00:36:36,520 Speaker 1: to run. And we heard him over the weekend as 687 00:36:36,560 --> 00:36:39,359 Speaker 1: Pat lay he leaves the Senate and and this, you know, 688 00:36:39,480 --> 00:36:43,280 Speaker 1: young attractive Republican says he's not going to go to Washington, 689 00:36:43,360 --> 00:36:46,960 Speaker 1: d c. Because nothing in sun because nothing gets done, 690 00:36:47,280 --> 00:36:51,040 Speaker 1: he can't do his job. And so, you know, I 691 00:36:51,040 --> 00:36:53,640 Speaker 1: think he's been there a long time. He's probably fed 692 00:36:53,719 --> 00:36:56,080 Speaker 1: up with how things have changed. But I do think 693 00:36:56,120 --> 00:36:58,920 Speaker 1: that that is a real frustration. Who would put themselves 694 00:36:59,000 --> 00:37:01,960 Speaker 1: out there for were these kinds of jobs? When the 695 00:37:02,040 --> 00:37:06,000 Speaker 1: senses from thinking people like Sonnu and other Democrats and 696 00:37:06,000 --> 00:37:09,319 Speaker 1: Republicans that if you go to Washington you are going 697 00:37:09,360 --> 00:37:11,480 Speaker 1: to be per and personal of what is a toxic 698 00:37:11,640 --> 00:37:14,080 Speaker 1: environment at this point, you know, you look just at 699 00:37:14,080 --> 00:37:17,880 Speaker 1: the what happened today with the signing ceremony and Republicans 700 00:37:18,120 --> 00:37:21,120 Speaker 1: who voted for this bill wouldn't go because they were 701 00:37:21,160 --> 00:37:23,919 Speaker 1: scared to have a picture taken with the president. That's 702 00:37:23,960 --> 00:37:26,719 Speaker 1: the times we're living in. This is the world we 703 00:37:26,760 --> 00:37:30,480 Speaker 1: are in. Although, as I'll suggest a little homework assignment 704 00:37:30,480 --> 00:37:33,440 Speaker 1: before tomorrow, sound on, go to the terminal and you 705 00:37:33,480 --> 00:37:35,880 Speaker 1: will read the story lay he retirement may result in 706 00:37:36,000 --> 00:37:39,799 Speaker 1: Vermont's first woman in Congress. There's that legacy to Rick 707 00:37:39,840 --> 00:37:42,840 Speaker 1: and Genie. Thanks as ever our original panel on sound On. 708 00:37:42,920 --> 00:37:45,440 Speaker 1: I'll meet you back here this time tomorrow. I'm Joe Matthew. 709 00:37:45,719 --> 00:37:47,040 Speaker 1: This is Bloomberg