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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the

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Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at

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Speaker 1: noon and five pm Eastern on Applecarckley and Android Auto

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Speaker 1: get your podcasts, or watch us live on YouTube.

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Speaker 2: Thank you for being with us here on the Tuesday

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Speaker 2: edition of Balance of Power. Over the course of the

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Speaker 2: next hour, we're going to speak with Republican Congressman Byron

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Speaker 2: Donalds of Florida. He, like many, are on their way

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Speaker 2: back to Washington for an anticipated vote tomorrow to reopen

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Speaker 2: the government, and we'll have some things to ask Congressman

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Speaker 2: Donalds when he joins us later this hour. Jared Bernstein's

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Speaker 2: going to be talking with us as well. Tyler. This

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Speaker 2: idea that not only do we have a lack of data,

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Speaker 2: but also data that may not reflect the way Americans

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Speaker 2: are feeling. This is something that Donald Trump talked about

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Speaker 2: a lot last evening in his interview on Fox News.

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Speaker 2: Not buying the idea, he said he doesn't believe the

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Speaker 2: polls and he thinks it's a democratic con job that

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Speaker 2: people are not feeling the benefits of this economy right in.

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Speaker 3: One of those polls was one of ours, conducted by

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Speaker 3: the Harris Poll for Bloomberg News, which found that a

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Speaker 3: majority of Americans aren't happy with the state of the

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Speaker 3: economy right now. But what's important from that survey is

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Speaker 3: that that is up from forty one percent back in

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Speaker 3: February when President Trump originally took office. Affordability, of course, Joe,

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Speaker 3: is going to be top of mind as we head

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Speaker 3: into the midterms.

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Speaker 2: It was one week ago tonight when affordability featured prominently

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Speaker 2: in elections. Of course in New York, New Jersey, Virginia,

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Speaker 2: California might have been a slightly different matter, But that

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Speaker 2: was a wake up call for some Republicans, and that's

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Speaker 2: why many Democrats were surprised to see the moderates flipped

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Speaker 2: in the Senate a couple.

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Speaker 3: Nights ago, right exactly because the government shutdown has really

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Speaker 3: been overshadowing those national headlines as it continues to drag

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Speaker 3: on and Americans feel the impacts. So for the latest

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Speaker 3: on where we stand on how close we are to

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Speaker 3: reopening the government, we bring in Bloomberg's Wendy Benjaminson, a

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Speaker 3: senior editor here in our Washington Bureau for a look

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Speaker 3: on where this is all heading. So when do you

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Speaker 3: just give us an update? Are we looking at the

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Speaker 3: government potentially reopening by tomorrow evening?

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Speaker 4: Probably it could be because remember when, but we're really close.

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Speaker 4: I was just thinking whether it was Wednesday night or

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Speaker 4: Thursday morning. President Trump has to sign the bill once

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Speaker 4: it passes the House. So whether he chooses to sign

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Speaker 4: it on Wednesday night or do it Thursday in front

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Speaker 4: of cameras to make a big deal about it, which

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Speaker 4: I suspect would be his preference, then it could be Thursday.

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Speaker 4: But we the country is certainly on its way to

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Speaker 4: reopening at this point. It'll be this week.

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Speaker 2: Now, what do we think about the optics here? Does

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Speaker 2: President Trump have a signing ceremony at a moment like

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Speaker 2: this after the longest shutdown in history? Does he try

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Speaker 2: to take credit for what happened here? Or do we

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Speaker 2: just do this quickly and get on with our business.

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Speaker 4: I don't know, you know, I think he certainly could

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Speaker 4: spin it. And this is what the liberal Democrats are

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Speaker 4: so angry about, is that he could spin it. As

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Speaker 4: the Democrats caved in. You know, it's all nonsense. As

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Speaker 4: you talked about he's mentioned a Democratic con job about

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Speaker 4: how voters are feeling about the economy. I would page

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Speaker 4: Joe Biden to find, you know, on whether it's really

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Speaker 4: a con job or not. When Americans say they're unhappy,

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Speaker 4: they're often unhappy. But so yeah, he could spin it

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Speaker 4: as a total victory for himself. I also think that Democrats,

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Speaker 4: you know, were able to do this because they had won.

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Speaker 4: As you mentioned last Tuesday, there was a Democratic sweep

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Speaker 4: in generally liberal places, but Virginia is certainly purple, and

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Speaker 4: they had they had it had become clear that they

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Speaker 4: had won. In terms of who was getting blamed for

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Speaker 4: the shutdown, it is at least I think by about

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Speaker 4: ten points voters are blaming Republicans for the shutdown because

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Speaker 4: they controlled the White House in both chambers of Congress.

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Speaker 4: But so they've they've gotten that, and then the American

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Speaker 4: public could turn on them very quickly. If thanks Giving

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Speaker 4: travel is messed up, if people aren't getting their snap benefits,

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Speaker 4: if this just keeps getting worse and worse, and people

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Speaker 4: are going without a third paycheck, I think the collective

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Speaker 4: electorate might turn on the Democrats. So they can also

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Speaker 4: spin this as the strategic thing to do to get

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Speaker 4: the country back up and running, well.

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Speaker 3: Back up and running until at least January thirtieth. I'm

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Speaker 3: curious if we can talk just a little bit more

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Speaker 3: about what's actually in this package that we're voting on. One,

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Speaker 3: are we going to be set up for another fight

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Speaker 3: come the end of January? And two, I'm wondering how

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Speaker 3: the White House is feeling about an important provision that

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Speaker 3: Democrats got which reverses those mass federal firings that we

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Speaker 3: saw starting on October first and puts a block on

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Speaker 3: them through at least January thirtieth. There's it's perhaps a

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Speaker 3: simple stop gap measure, but there's also a lot of

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Speaker 3: other things included that we should keep in mind.

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Speaker 4: Absolutely, there are all those things you mentioned, and you're right,

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Speaker 4: blocking the mass firings was something Tim Kaine, the Senate

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Speaker 4: from Virginia, really wanted in there and got that, and

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Speaker 4: so that is that will be good for federal workers.

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Speaker 4: But you're absolutely right, Tyler. We are back here again

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Speaker 4: groundhog Day, you know, in mid January, when everybody gets

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Speaker 4: back from the holidays, and here we are facing that again.

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Speaker 4: There's also other little weird things in there, like some

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Speaker 4: senators can now there's a provision that allows senators to

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Speaker 4: sue over their phone records being seized in one of

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Speaker 4: these investigations, which shouldn't really even be in the spending bill.

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Speaker 4: But this is what they call the Christmas Tree ornaments.

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Speaker 4: So there's a lot of little hidden gems throughout this.

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Speaker 5: Bill, hidden gyms.

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Speaker 2: With Wendy Benjaminson, thank you, Wendy Bloomberg, Senior editor in Washington,

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Speaker 2: which helps us set up our conversation with Jared Bernstein.

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Speaker 2: Having listened to the president last evening, he sat down

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Speaker 2: with Laura Ingram on Fox News, who actually challenged the

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Speaker 2: president on the idea that it is the greatest economy

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Speaker 2: in history, as he puts it. More importantly, though, when

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Speaker 2: it comes to costs, this is something that we've heard

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Speaker 2: the President check reporters questions on frequently, suggesting that it's

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Speaker 2: a Democrat hoax that costs are going up, that people

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Speaker 2: are not feeling the benefits of the broader Trump economic

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Speaker 2: agenda and more specifically the Big Beautiful Bill. Listened to

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Speaker 2: what he said last evening. Is this a voter perception

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Speaker 2: issue of the economy or is there more that needs

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Speaker 2: to be done by Republicans on Capitol.

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Speaker 6: Hill or done in terms of policy more than anything

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Speaker 6: else is seconjab by the Democrats.

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Speaker 7: They're saying, they just have to say, you.

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Speaker 6: Know, they put out something, say today, coursser up. They

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Speaker 6: feed it to the anchors of ABC, CBS and NBC

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Speaker 6: and a lot of other you know, CNN and etc.

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Speaker 6: Are you ready court the way down Casoline is going

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Speaker 6: to be hitting two dollars pretty soon?

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Speaker 2: Well, of course, we've been keeping a very close eye

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Speaker 2: on gas prices in the national average remains quite a

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Speaker 2: bit higher than two dollars.

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Speaker 5: It's closer to three, in fact.

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Speaker 2: And I'm still waiting to get the memo on the

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Speaker 2: talking points here because this is a conversation we used

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Speaker 2: to have with officials in the Biden administration frequently. You

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Speaker 2: remember Jared Bernstein standing on the North Lawn talking with

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Speaker 2: us about this and why Americans were not always feeling

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Speaker 2: the lower prices the data were showing, and we thought, well,

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Speaker 2: Wendy suggested we page the Biden administration. Well, here we

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Speaker 2: go right now. Jared Bernstein, of course, was chair of

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Speaker 2: the White House Counsel of Economic Advisors for four years

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Speaker 2: under Joe Biden. He's now senior fellow for Economic Policy

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Speaker 2: at the Center for American Progress, Jared, it's great to

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Speaker 2: have you back, and I wonder what you thought of

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Speaker 2: that conversation. Listening last evening to the President speak about

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Speaker 2: a very different world than what data are showing or

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Speaker 2: anecdotal evidence are showing, and you start to get this

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Speaker 2: push and pull here where it's very difficult to tell

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Speaker 2: people how they feel.

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Speaker 5: What did you make of the rhetoric last evening.

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Speaker 8: Well as your setup for our conversation underscored, I think

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Speaker 8: the President is making just a foundational, fundamental error here

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Speaker 8: by trying to tell people they're better off than they think,

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Speaker 8: really than they know they are. Now he mentioned the

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Speaker 8: gas prices.

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Speaker 9: It's not two dollars a gallon.

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Speaker 8: It's three dollars and eight cents a gallon this morning,

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Speaker 8: and that's exactly the same price.

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Speaker 9: It was a year ago.

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Speaker 8: It's actually three oh seven and so not much there now.

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Speaker 8: I think the thing that's going on here is that

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Speaker 8: President Trump often is able to persuade his followers of

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Speaker 8: his reality, even if that reality isn't.

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Speaker 9: Backed up by the facts.

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Speaker 8: But I feel very firmly that that particular superpower of

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Speaker 8: this president, who really is an effective communicator to his

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Speaker 8: followers simply doesn't work when it comes to affordability. We

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Speaker 8: certainly saw that result at the polls with the affordability

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Speaker 8: election a week ago today, and I'm sure that the

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Speaker 8: kinds of comments he was making last night are going

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Speaker 8: to do him more harm than good when it comes

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Speaker 8: to that very issue.

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Speaker 3: Well, affordability isn't did that any one item one issue?

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Speaker 3: And President Trump was asked about one potential proposal last

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Speaker 3: night in this interview when it comes to a fifty

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Speaker 3: year mortgage. We want to play you a little bit

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Speaker 3: more sound because Fox News pressed him on it as

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Speaker 3: he's getting some pushback from some of those in his

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Speaker 3: own base.

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Speaker 7: It's not even a big deal.

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Speaker 6: I mean, you know, you go from forty to fifty years,

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Speaker 6: and whatever is you pay, you pay.

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Speaker 7: Something less from thirty.

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Speaker 6: That some people had a forty and then that now

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Speaker 6: they have a fifty. All it means is you pay

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Speaker 6: less per month you paid over a longer period of time.

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Speaker 3: The idea is late on details, But Jared, is this

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Speaker 3: the direction of travel we're headed in when it comes

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Speaker 3: to attempts to lower monthly payments. I'm wondering how you

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Speaker 3: would jump start the housing market and the impacts that

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Speaker 3: we could see from the economy if a proposal like

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Speaker 3: this went into place.

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Speaker 8: Let me give you some interesting information on that, unpacking

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Speaker 8: that important question. First of all, this fifty year mortgage idea,

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Speaker 8: it's being lambasted pretty broadly, and I did a calculation

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Speaker 8: this morning. I reaped up the old spreadsheet just to

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Speaker 8: see what happened if you look over the course of

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Speaker 8: a thirty year versus a fifty year mortgage. I think

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Speaker 8: you have to kick up the mortgage rate a little

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Speaker 8: bit because lenders will ask for a little bit more

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Speaker 8: for locking up fifty year loans. You're literally paying over

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Speaker 8: three hundred thousand dollars more in interest over the life

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Speaker 8: of the loan. So yes, you might pay a little

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Speaker 8: bit less on a monthly basis, but over the life

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Speaker 8: the loan you're hundreds of thousands of dollars more on interest.

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Speaker 8: But there's a broader point here. I think that the

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Speaker 8: Republican Party in general and President Trump specifically have really

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Speaker 8: lost any policy chops when it comes to affordability policy.

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Speaker 8: It's actually fairly gnarly stuff. You really have to roll

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Speaker 8: up your sleeves and get into the analysis. You can't

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Speaker 8: have a director Poulty of the FHFA come in and

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Speaker 8: say here's a great idea, and then ten minutes later,

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Speaker 8: as I believe you've reported, the President goes out and

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Speaker 8: says new idea. Same thing with his stimmies, these two

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Speaker 8: thousand dollars stimulus checks to offset the effects of the tariffs, which,

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Speaker 8: by the way, he claims don't have price effects. Same

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Speaker 8: thing with their Health Savings Account, which is really just

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Speaker 8: a tax shelter for wealthy people, not a health insurance program.

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Speaker 8: So they really have a problem, and that their muscle

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Speaker 8: memory for affordability policies is quite unutilized. And I think

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Speaker 8: they're the Democrats have an advantage. And again I think

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Speaker 8: you saw that in the election.

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Speaker 2: You ever meet anyone or know anyone who had a

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Speaker 2: forty year mortgage, Jared, I heard the President saying that

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Speaker 2: some people are paying forty that would be would that

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Speaker 2: be a qualified mortgage?

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Speaker 5: Are those available commercially?

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Speaker 8: They were for a time and then they weren't, so

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Speaker 8: you might find a few people who have them. But

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Speaker 8: by far the most common mortgage is, of course the

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Speaker 8: thirty year FRM, the fixed rate mortgage, and by the way,

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Speaker 8: it would take legislation to implement a fifty year more.

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Speaker 9: I don't think this is going anywhere. I think this

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Speaker 9: is some.

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Speaker 8: Stray voltage the idea of the day. But my broader

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Speaker 8: point is I do think they're failing here and I

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Speaker 8: think they'll continue to do so. By the way, I

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Speaker 8: didn't answer the very good questionable what the heck would

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Speaker 8: you do if.

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Speaker 9: You wanted to deal with the housing market?

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Speaker 8: And here I'm going to give you a little bit

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Speaker 8: of a lead, which is that very shortly, I think

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Speaker 8: next week the Center for American Progress, where I'm a

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Speaker 8: policy fellow, I might even be a distinguished policy fellow.

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Speaker 9: That just means you're old. Where I'm a policy.

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Speaker 8: Fellow, we'll be releasing a housing a document on housing policy,

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Speaker 8: wherein we have numerous ideas that have been again we

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Speaker 8: rolled up our sleeves and got into the weeds, but

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Speaker 8: we have ideas that should significantly reduce the cost of

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Speaker 8: both home ownership and rentals. So that's a little bit

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Speaker 8: of a tease for something coming out next week.

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Speaker 5: Okay, looking forward to it.

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Speaker 3: All Right, Well, we want to ask you about another

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Speaker 3: one in president proposed policies, including this potential two thousand

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Speaker 3: dollars rebate check tied to tariff revenues.

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Speaker 5: We know that.

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Speaker 3: Rebate stimulus checks would have to be approved by Congress.

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Speaker 3: I'm wondering how feasible you see this being and what

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Speaker 3: that impact would be on the broader economy if it

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Speaker 3: even gets approved.

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Speaker 8: I think it would be a heavy lift for Congress.

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Speaker 8: Even Republicans when they see the price tag, I think

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Speaker 8: would walk. There are a number numerous analyzes out yesterday

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Speaker 8: showing that almost any way you cut it, this idea

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Speaker 8: would absorb well over what the nation is collecting in

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Speaker 8: tariff revenues right now, which is something in the two

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Speaker 8: hundred to three hundred billion a year amount in terms of,

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Speaker 8: you know, the revenue collections from the customs. Remember, contrary

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Speaker 8: to a lot of what the President says, the folks

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Speaker 8: who pay the tariffs are the import is the American

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Speaker 8: companies that are importing the theial these goods, and that's

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Speaker 8: why it shows up in our national accounts. And the

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Speaker 8: stimulus checks to allegedly offset the costs from these tariffs,

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Speaker 8: and there are real costs there. They are juicing inflation,

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Speaker 8: particularly of imported goods, would swamp the amount of revenue

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Speaker 8: even though that's substantial revenue, this is a very expensive promise,

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Speaker 8: so I doubt it would occur. I also think you

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Speaker 8: have to be concerned about the Federal Reserve. I mean,

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Speaker 8: they're kind of on a knife's edge there in terms

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Speaker 8: of balancing a weakening job market and higher prices. They're

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Speaker 8: looking at a nascent stagflationary environment. I think you'd be

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Speaker 8: fighting the FED big time if you try to implement

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Speaker 8: this policy.

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Speaker 2: Just about a minute lift here, Jared. We started by

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Speaker 2: talking about this ADP report, and as we see continued

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Speaker 2: cooling in the job market without the benefit of monthly

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Speaker 2: BLS data, I just wonder where your head is on this.

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Speaker 2: The Fed is kind of flying blind until the government

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Speaker 2: can start churning out monthly job reports again. But this

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Speaker 2: was a trajec already in place. Where's the job market

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Speaker 2: going to be a couple of months from now? And

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Speaker 2: are you worried about this continued contraction?

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Speaker 8: I definitely am concerned about it, and I wrote about

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Speaker 8: it this morning on my substack, but about precisely this question.

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Speaker 8: The title of my piece was our layoffs Accelerating, and

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Speaker 8: I concluded based on a lot of private sector data

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Speaker 8: ADP but one bit of public sector data, which is

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Speaker 8: unemployment insurance claims. They're still coming in that A. It

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Speaker 8: does look like layoffs are accelerating, but the trend is

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Speaker 8: quite mild. So maybe flashing yellow. Definitely not flashing yet red.

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Speaker 8: And that's a maybe on the yellow. I do think

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Speaker 8: the unemployment rate is probably ticking up, and I would

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Speaker 8: guess by the end of the year it's a couple

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Speaker 8: of so which is next month, Actually it's a couple

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Speaker 8: of tents higher than it is now.

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Speaker 3: All right, Jared Bernstein, thanks so much for joining us

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Speaker 3: here on Bloomberg.

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Speaker 2: Stay with us on Balance of Power. We'll have much

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Speaker 2: more coming up after this.

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Speaker 2: It's great to have you on the radio side here

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Speaker 2: Satellite radio channel one twenty one. If you've got a

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Speaker 2: serious ExM, we're always there, and of course on YouTube

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Speaker 2: where you can even pause this thing and back it up.

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Speaker 2: Although they do that now at SiriusXM right, we didn't

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Speaker 2: have that when I worked there, brand new.

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Speaker 7: Age of media.

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Speaker 2: So we're trying to get a sense of when the

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Speaker 2: voting is going to take place tomorrow. We understand around

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Speaker 2: four pm that might be the case. With the House

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Speaker 2: getting back to town today, the Rules Committee is going

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Speaker 2: to get to work because the Senate did its job.

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Speaker 5: They passed this CR plus.

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Speaker 2: Plus minibus. I don't know if we have a nickname

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Speaker 2: for it yet. It's going to go to the House

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Speaker 2: tomorrow and it's expected to pass. Speaker Mike Johnson says

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Speaker 2: he's got the votes. Then magically, the President signs the bill.

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Speaker 2: Government reopens, and we'll wait days, if not weeks, for

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Speaker 2: airports to get back to normal, for snap benefits to

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Speaker 2: be restored, for federal workers to get back on the

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Speaker 2: job and start getting paid again. Never mind specifically air

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Speaker 2: traffic controllers. That's a big issue.

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Speaker 5: Here, and it's going to take some time to unwind

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Speaker 5: all of that.

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Speaker 2: Of course, leads us to a big floor vote on

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Speaker 2: Obamacare that was the so called deal.

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Speaker 9: Right.

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Speaker 2: John Thune's promising He says he'll set aside floor time

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Speaker 2: for a Democratic led bill to extend Obamacare subsidies. We

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Speaker 2: don't know if it's going to be a year or

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Speaker 2: permanent or whatever. They've got to figure that out and

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Speaker 2: write it. Republicans pivoting from the debate around the Affordable

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Speaker 2: Care Act tax credits as we speak, though, to maybe

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Speaker 2: coming up with their own plan, and Speaker Mike Johnson says,

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Speaker 2: I never promised anybody a vote, so that may not

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Speaker 2: go anywhere. Enter Donald Trump on Laura Ingram Fox Knew

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Speaker 2: it was last night, sat down for an interview in

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Speaker 2: which you talked about a lot of stuff.

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Speaker 5: We went through the fifty year mortgage.

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Speaker 2: Talked about the shutdown itself, but also specifically healthcare.

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Speaker 5: Remember concepts of a plan.

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Speaker 2: The President's been working on these concepts, and it involves

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Speaker 2: sending you money.

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Speaker 5: Here's what he told Laura Ingram about this last night.

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Speaker 6: What I want, and probably what you're alluding to, is

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Speaker 6: the fact that I want instead of going to the

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Speaker 6: insurance companies, I want the money to go into an

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Speaker 6: account for people with the people by their own health insurance.

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Speaker 6: It's so good, the insurance will be better. It'll cost less.

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Speaker 6: Everybody's going to be happy. They're going to feel like

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Speaker 6: entrepreneurs are actually able to go out and negotiate their

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Speaker 6: own health insurance and they can use it only for

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Speaker 6: that reason. That's only for that purpose. And if we

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Speaker 6: did that, that would be so exciting. Call it trump care,

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Speaker 6: call it whatever you want to call it.

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Speaker 5: Trump Care.

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Speaker 2: Okay, to replace Obamacare, Well maybe that's what will happen.

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Speaker 2: But the president's talking about the entrepreneur Auriel exercise of

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Speaker 2: you or me negotiating with an insurance company. That is

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Speaker 2: the idea of how this works. Right, You get a

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Speaker 2: whole bunch of people together, pay into a pot, and

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Speaker 2: then have some leverage to negotiate with seid insurance company.

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Speaker 2: Now it's going to be every man for himself. I

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Speaker 2: bet your producer James gets a better rate than I got.

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Speaker 2: Let's see how the panel feels about it. Rick Davis

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Speaker 2: and Jeanie Shanzano are back with us today with the

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Speaker 2: idea of trump Care on the menu. Bloomberg Politics contributors.

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Speaker 2: Genie is our democratic analyst and democracy visiting fellow at

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Speaker 2: Harvard Kennedy Schools ASH Center. Rick is our Republican strategist

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Speaker 2: and partner at Stone Court Capital, Genie. The concepts of

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Speaker 2: a plan are being fleshed out. And you remember Joe

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Speaker 2: Biden used to talk about the dignity of having a job.

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Speaker 2: He said it wasn't just about making a paycheck. It

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Speaker 2: was being able to look yourself in the mirror, look

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Speaker 2: at your family in the eye, and say everything's going

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Speaker 2: to be all right. Now, we suggest the dignity of entrepreneurialism.

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Speaker 2: Is this what America needs to.

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Speaker 10: It's as if he didn't live through all of the

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Speaker 10: fighting on Obamacare, and you know, Joe, it reminds me

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Speaker 10: of in the early twentieth century, Conservatives push this idea

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Speaker 10: of liberty to contract. We don't need minimum wage, minimum

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Speaker 10: working hours. Let's let everybody be free to contract without

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Speaker 10: remembering the imbalance of power between workers on the ground

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Speaker 10: and managers and owners. And of course that's the same

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Speaker 10: idea here. We as individuals without a collectivity, have no

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Speaker 10: powers against the big insurance companies. Donald Trump thinks we

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Speaker 10: all want to go out there and be entrepreneurs and

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Speaker 10: spend our lives and negotiating with insurance companies. I'm not

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Speaker 10: sure what he's thinking, but I think my favorite quote

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Speaker 10: in the last few days. Was when Kevin Hassett was

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Speaker 10: on CBS asked about this over the weekend and he said, oh,

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Speaker 10: there's not really a plan. The President is just brainstorming.

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Speaker 10: I don't know if this is like his riffing, but

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Speaker 10: I can tell you it's not the thing you're supposed

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Speaker 10: to do when you're president of the United States. As

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Speaker 10: retained something as important as healthcare, to be out in

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Speaker 10: public greenstorming.

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Speaker 2: But he's continuing, well, i'll tell you what, Rick, the

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Speaker 2: president again he said, it's so good. The insurance will

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Speaker 2: be better, it'll cost less. Everybody's going to be happy,

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Speaker 2: they're going to feel like entrepreneurs.

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Speaker 5: Is there a chance that he's right.

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Speaker 11: It's hard to parse through the dialogue with the president.

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Speaker 11: You know, he's not precise with the words he uses.

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Speaker 11: It sounds a little bit like Bill Cassidy's idea the

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Speaker 11: Republican Center for Louisiana, who's on the negotiating committee that

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Speaker 11: done just appointed, and he has this idea that you

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Speaker 11: create accounts at corporations that you if you're an employee

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Speaker 11: who worked for you, they put money in in a

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Speaker 11: pre tax situation, which technically then maybe means you pay

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Speaker 11: less because you're not paying taxes on the money that

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Speaker 11: then is going to purchase insurance, and that you can

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Speaker 11: purchase insurance through that account. Bill Cassie is a really

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Speaker 11: smart guy. He's a doctor. He knows the industry better

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Speaker 11: than anyone. I would be deferential to him because he's

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Speaker 11: looked at it from a point of view of you know,

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Speaker 11: ACA is fine with a lot of people, but it

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Speaker 11: does raise the cost of medical care in the United States,

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Speaker 11: and we should all be working to try and bring

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Speaker 11: it down. But as you also point out, Joe, insurance

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Speaker 11: companies like actuarial tables. They want millions and millions of

439
00:22:28,200 --> 00:22:32,040
Speaker 11: people in a pool to then grade a price for

440
00:22:32,080 --> 00:22:34,399
Speaker 11: the insurance. They don't want to just negotiate with you

441
00:22:34,480 --> 00:22:37,639
Speaker 11: and me, And so there's a lot of wood to

442
00:22:37,720 --> 00:22:41,080
Speaker 11: chop here. But look, June's put his group together that

443
00:22:41,160 --> 00:22:46,520
Speaker 11: includes Cassidy, Schumers leading the negotiators on the side of

444
00:22:46,520 --> 00:22:50,480
Speaker 11: the Democrats. Somewhere in there is a way to manage

445
00:22:50,200 --> 00:22:54,639
Speaker 11: the ACA subsidy issue and any other things that the

446
00:22:54,720 --> 00:22:57,119
Speaker 11: Republican Caucus wants to try to put forth.

447
00:22:58,760 --> 00:23:02,879
Speaker 2: Bill Cassidy's names would go up pretty often, Genie, and

448
00:23:02,920 --> 00:23:04,919
Speaker 2: I'm not sure what he would think about what the

449
00:23:04,960 --> 00:23:06,960
Speaker 2: President said last evening.

450
00:23:07,040 --> 00:23:09,680
Speaker 5: Does he have the model for a Republican plan?

451
00:23:11,320 --> 00:23:14,560
Speaker 10: There are models out there, but none that has been

452
00:23:14,600 --> 00:23:17,760
Speaker 10: a selling point. I mean, as we know, this has

453
00:23:17,880 --> 00:23:21,360
Speaker 10: been the achilles heel of the Republican Party for years.

454
00:23:21,720 --> 00:23:25,000
Speaker 10: Anytime the conversation turns to healthcare, it has been a

455
00:23:25,119 --> 00:23:29,240
Speaker 10: political loser, bar none. I'm just surprised that we're talking

456
00:23:29,240 --> 00:23:31,520
Speaker 10: about this more than Chuck Schumer in the last forty

457
00:23:31,560 --> 00:23:34,280
Speaker 10: eight hours. But putting that aside, I mean, just think

458
00:23:34,320 --> 00:23:38,080
Speaker 10: about what the President is saying. Has anybody I'm expecting

459
00:23:38,160 --> 00:23:42,439
Speaker 10: he hasn't recently tried to call their insurance company. Do

460
00:23:42,520 --> 00:23:45,240
Speaker 10: we all want to be waiting on lines to negotiate

461
00:23:45,280 --> 00:23:48,920
Speaker 10: with some kind of robotic voice Press one, press three,

462
00:23:49,080 --> 00:23:52,399
Speaker 10: go here, go there. I mean, what are they talking about?

463
00:23:52,440 --> 00:23:55,960
Speaker 10: And until they can't articulate a plan which both Kevin

464
00:23:56,040 --> 00:23:58,840
Speaker 10: has to and Scott Bessen has said does not exist,

465
00:23:59,000 --> 00:24:02,200
Speaker 10: or is just you know, just brainstorming about now, they

466
00:24:02,240 --> 00:24:04,000
Speaker 10: have to be very cautious about this.

467
00:24:04,440 --> 00:24:06,000
Speaker 5: And who knows this well.

468
00:24:06,040 --> 00:24:10,600
Speaker 10: The President's poster Tony Fabrizio in July big memorandum, which

469
00:24:10,640 --> 00:24:14,399
Speaker 10: said this is the death knell of the Republicans going

470
00:24:14,480 --> 00:24:17,560
Speaker 10: into the mint terms, they will lose by double digits

471
00:24:17,600 --> 00:24:21,719
Speaker 10: in the twenty plus contentious districts if they are talking

472
00:24:21,760 --> 00:24:24,439
Speaker 10: about this issue. So, in fact, you know, Democrats have

473
00:24:24,480 --> 00:24:26,240
Speaker 10: been doing them a favor by trying to get a

474
00:24:26,280 --> 00:24:29,560
Speaker 10: resolution extend the subsidies. I'm surprised they haven't done it

475
00:24:29,640 --> 00:24:32,160
Speaker 10: just for a year until after the election. But since

476
00:24:32,160 --> 00:24:35,679
Speaker 10: they're insisting on not they are looking at a political loser.

477
00:24:35,720 --> 00:24:37,960
Speaker 10: And my only guess is that Donald Trump doesn't care

478
00:24:38,080 --> 00:24:40,680
Speaker 10: much because he's not on the ballot. And that's why

479
00:24:40,680 --> 00:24:43,439
Speaker 10: people like Marjorie Taylor Green do care an awful lot

480
00:24:43,640 --> 00:24:45,919
Speaker 10: because they are looking at their district and they know

481
00:24:46,080 --> 00:24:49,520
Speaker 10: this is a loser for Republicans going into twenty six.

482
00:24:50,520 --> 00:24:53,560
Speaker 2: Well, Rick, we've got two different stories in the two

483
00:24:53,680 --> 00:24:56,800
Speaker 2: different chambers as well. John Thune, as I mentioned, promised

484
00:24:57,600 --> 00:25:00,240
Speaker 2: a vote. I believe that was part of the deal

485
00:25:00,280 --> 00:25:04,439
Speaker 2: with Jean Shaheen. Here the White House, I guess was

486
00:25:04,480 --> 00:25:07,160
Speaker 2: on board with this. Katie Britt started making phone calls,

487
00:25:07,160 --> 00:25:10,200
Speaker 2: and here we have an off ramp. But Mike Johnson

488
00:25:10,240 --> 00:25:13,399
Speaker 2: is refusing to commit to an Obamacare vote on the

489
00:25:13,400 --> 00:25:14,119
Speaker 2: House floor.

490
00:25:14,800 --> 00:25:17,680
Speaker 5: What makes Democrats think this is going anywhere.

491
00:25:18,960 --> 00:25:20,000
Speaker 12: Because they still have.

492
00:25:22,280 --> 00:25:24,600
Speaker 11: A bullet in the Chamber, if you want to call

493
00:25:24,640 --> 00:25:28,040
Speaker 11: it that, with a vote on January at the end

494
00:25:28,040 --> 00:25:34,480
Speaker 11: of January to extend either the appropriations bills or another cr.

495
00:25:34,720 --> 00:25:36,120
Speaker 5: I mean, this isn't over right.

496
00:25:36,160 --> 00:25:39,960
Speaker 11: We just extended yeah, government funding from twenty twenty five.

497
00:25:40,040 --> 00:25:42,360
Speaker 5: We didn't solve the problem.

498
00:25:43,040 --> 00:25:48,399
Speaker 11: Say for those three minibus appropriations that were passing the Senate.

499
00:25:48,440 --> 00:25:50,560
Speaker 11: Those come off the table, so it's not as horrific

500
00:25:51,000 --> 00:25:53,199
Speaker 11: as it was before. But we could be waking up

501
00:25:53,280 --> 00:25:57,120
Speaker 11: on February first first with another shutdown, and so there

502
00:25:57,240 --> 00:25:58,000
Speaker 11: is leverage.

503
00:25:58,680 --> 00:25:59,720
Speaker 5: And my guess is.

504
00:25:59,680 --> 00:26:04,160
Speaker 11: Too, you know, the President's already signaled that he wants

505
00:26:04,160 --> 00:26:08,080
Speaker 11: to have a conversation about healthcare. And I don't disagree

506
00:26:08,080 --> 00:26:10,840
Speaker 11: with Tony Fabrizio. As Genie points out. I mean, like

507
00:26:11,200 --> 00:26:15,119
Speaker 11: if I were looking at the results of Tuesday's elections

508
00:26:15,240 --> 00:26:17,399
Speaker 11: and said, gee, we want to pivot to talk in

509
00:26:17,480 --> 00:26:22,199
Speaker 11: healthcare because that affordability thing isn't working for us. It's like,

510
00:26:22,440 --> 00:26:25,520
Speaker 11: let's dig deeper and see whether or not we can

511
00:26:25,600 --> 00:26:28,520
Speaker 11: really cover ourselves over with earth before the election day.

512
00:26:30,240 --> 00:26:30,480
Speaker 12: Wow.

513
00:26:30,520 --> 00:26:34,240
Speaker 2: All right, well, okay, so that said Genie, if there's

514
00:26:34,280 --> 00:26:37,520
Speaker 2: no extension of Obamacare subsidies. If Democrats don't get the

515
00:26:37,560 --> 00:26:40,480
Speaker 2: deal they want, do we set a new record shutdown

516
00:26:40,920 --> 00:26:42,600
Speaker 2: starting the end of January.

517
00:26:43,960 --> 00:26:46,200
Speaker 10: Oh boy, I certainly hope not, but I do think

518
00:26:46,240 --> 00:26:49,480
Speaker 10: it's possible. Even Jean Shaheen was out saying that, listen

519
00:26:49,520 --> 00:26:52,800
Speaker 10: to Rick's point, we have this deadline, it's there. You know,

520
00:26:53,000 --> 00:26:56,560
Speaker 10: we can be back at this all over again. You know,

521
00:26:56,640 --> 00:27:01,560
Speaker 10: the reality is that you've got the president who even

522
00:27:01,680 --> 00:27:06,000
Speaker 10: last night, in that interview with Laura Ingram, reiterated that

523
00:27:06,200 --> 00:27:09,480
Speaker 10: affordability is a con job. He's not going to talk

524
00:27:09,520 --> 00:27:11,800
Speaker 10: about it, doesn't want to talk about it, and to

525
00:27:11,920 --> 00:27:15,720
Speaker 10: Rick's point, he's going to talk about health care. None

526
00:27:15,760 --> 00:27:21,200
Speaker 10: of that makes any political sense for Republicans. Again, Forbrizio July,

527
00:27:21,520 --> 00:27:24,840
Speaker 10: I think the memo was a fifteen point loser for

528
00:27:25,000 --> 00:27:29,280
Speaker 10: Republicans in these competitive districts for the House, and so

529
00:27:30,200 --> 00:27:32,919
Speaker 10: you know, it would be a gift for Republicans to

530
00:27:33,000 --> 00:27:36,320
Speaker 10: make a deal with Democrats on healthcare. I think it's

531
00:27:36,520 --> 00:27:39,640
Speaker 10: possible they can do that in the Senate. But then

532
00:27:39,680 --> 00:27:42,159
Speaker 10: they hand that hot potato over to Mike Johnson. And

533
00:27:42,200 --> 00:27:44,800
Speaker 10: to your point, he told Jake Tapper on CNN. He

534
00:27:44,840 --> 00:27:47,840
Speaker 10: said repeatedly, it's a non starter there, and I don't

535
00:27:47,880 --> 00:27:51,200
Speaker 10: know what happens, because who needs it politically more than

536
00:27:51,200 --> 00:27:54,480
Speaker 10: anyone are the Republicans in the House. But they are

537
00:27:54,520 --> 00:27:57,160
Speaker 10: dead set against it, and let's not forget they're dead

538
00:27:57,160 --> 00:28:00,000
Speaker 10: set against it without articulating a plan.

539
00:28:00,080 --> 00:28:00,880
Speaker 12: To move forward.

540
00:28:01,240 --> 00:28:03,520
Speaker 10: So that's what they should be spending their time on,

541
00:28:03,920 --> 00:28:07,880
Speaker 10: and they haven't in fifteen years, by my estimation, articulated

542
00:28:07,920 --> 00:28:10,880
Speaker 10: a plan to combat the Affordable Care Act and one

543
00:28:10,920 --> 00:28:13,440
Speaker 10: that can sell to voters. And they're going to pay

544
00:28:13,480 --> 00:28:15,600
Speaker 10: the price that they elect at the ballot box if

545
00:28:15,600 --> 00:28:16,400
Speaker 10: they keep this up.

546
00:28:17,600 --> 00:28:20,159
Speaker 5: Well, I'll tell you if you want to explore the

547
00:28:20,200 --> 00:28:20,679
Speaker 5: split in.

548
00:28:20,680 --> 00:28:24,880
Speaker 2: The Democratic Party here between the moderates who voted yes

549
00:28:25,000 --> 00:28:30,080
Speaker 2: in the Senate and progressives who are calling for their retirement.

550
00:28:30,840 --> 00:28:33,959
Speaker 2: As written in the Hill, appropriately Thanksgiving dinner in the

551
00:28:34,000 --> 00:28:37,959
Speaker 2: Shaheen household might be a little awkward. Enter Stephanie Shaheen,

552
00:28:38,000 --> 00:28:40,840
Speaker 2: Democratic candidate for Congress in New Hampshire, same state where

553
00:28:40,840 --> 00:28:44,440
Speaker 2: her mom is in the Senate. Of course, so she

554
00:28:44,560 --> 00:28:48,080
Speaker 2: cannot support this deal and in fact demonizes it. Improving

555
00:28:48,120 --> 00:28:50,800
Speaker 2: healthcare has been the cause of my life she writes,

556
00:28:51,120 --> 00:28:53,520
Speaker 2: it's why I am running for Congress, so I cannot

557
00:28:53,560 --> 00:28:56,800
Speaker 2: support this deal. When Speaker Johnson refuses to even allow

558
00:28:56,840 --> 00:29:00,800
Speaker 2: a vote to extend healthcare tax credits, Stephanie Shaheen says,

559
00:29:00,800 --> 00:29:03,880
Speaker 2: too many people will see healthcare costs already too high

560
00:29:03,920 --> 00:29:08,600
Speaker 2: skyrocket even further starting in January. Knowing that her mother

561
00:29:08,920 --> 00:29:11,560
Speaker 2: is the one who helped us spearhead the deal. Here

562
00:29:11,640 --> 00:29:14,440
Speaker 2: the meat in the middle with the White House and

563
00:29:15,200 --> 00:29:17,680
Speaker 2: with John Thune in the Senate. It's going to be

564
00:29:17,680 --> 00:29:20,640
Speaker 2: interesting to see how these two get out there in public.

565
00:29:22,920 --> 00:29:26,400
Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch

566
00:29:26,480 --> 00:29:29,440
Speaker 1: us live weekdays at noon and five pm Eastern on

567
00:29:29,600 --> 00:29:33,320
Speaker 1: Applecarcklay and Android Auto with the Bloomberg Business App. Listen

568
00:29:33,400 --> 00:29:36,520
Speaker 1: on demand wherever you get your podcasts, or watch us

569
00:29:36,520 --> 00:29:38,800
Speaker 1: live on YouTube.

570
00:29:39,040 --> 00:29:41,320
Speaker 2: We're all keeping our eyes on Capitol Hill today for

571
00:29:41,400 --> 00:29:44,640
Speaker 2: good reason. The Senate passed the legislation last evening that

572
00:29:44,640 --> 00:29:46,840
Speaker 2: would reopen the government. Once the House does the same,

573
00:29:46,880 --> 00:29:49,880
Speaker 2: the President pulls out the sharpie and we're back in business.

574
00:29:49,920 --> 00:29:51,800
Speaker 2: Of course, knowing that it could take some time for

575
00:29:51,880 --> 00:29:54,880
Speaker 2: airlines to get back together. For airports and air traffic

576
00:29:54,920 --> 00:29:58,680
Speaker 2: control towers to be fully staffed, snap benefits to be funded,

577
00:29:59,040 --> 00:30:02,080
Speaker 2: and of course the hundreds of thousands of furloughed federal

578
00:30:02,120 --> 00:30:06,080
Speaker 2: workers to get back to work get a paycheck in

579
00:30:06,160 --> 00:30:06,960
Speaker 2: the bank account.

580
00:30:06,960 --> 00:30:09,480
Speaker 5: So, Tyler, what we have here is a rules committee hearing.

581
00:30:09,480 --> 00:30:11,000
Speaker 2: It's going to be an important one that's set to

582
00:30:11,000 --> 00:30:14,000
Speaker 2: start a few hours from now, and they'll start hashing

583
00:30:14,000 --> 00:30:16,920
Speaker 2: out the rules that will bring the bill to the floor.

584
00:30:17,520 --> 00:30:22,960
Speaker 2: And by four pm we're told, don't necessarily bet on that,

585
00:30:23,080 --> 00:30:24,840
Speaker 2: but around four pm we'll have a vote in the

586
00:30:24,840 --> 00:30:27,120
Speaker 2: House that could actually end this shut though, right, if we've.

587
00:30:27,040 --> 00:30:30,280
Speaker 3: Learned anything, things could change quickly. Yeah, good of representatives.

588
00:30:30,280 --> 00:30:32,120
Speaker 3: But this is what we're tracking as of now. How

589
00:30:32,160 --> 00:30:36,400
Speaker 3: Speaker Mike Johnson can only afford to lose two Republican votes,

590
00:30:36,440 --> 00:30:38,880
Speaker 3: but it appears that his hand has been bolstered by

591
00:30:38,880 --> 00:30:41,600
Speaker 3: the fact that President Trump has thrown his weight behind

592
00:30:41,720 --> 00:30:45,120
Speaker 3: this deal, saying that he wants to sign it into law. Now,

593
00:30:45,120 --> 00:30:46,960
Speaker 3: we're going to talk to one of the members who

594
00:30:47,160 --> 00:30:50,200
Speaker 3: is going to cast his vote when this comes up tomorrow,

595
00:30:50,280 --> 00:30:53,640
Speaker 3: and that's Congressman Byron Donalds. He's a Republican representing Florida's

596
00:30:53,720 --> 00:30:57,040
Speaker 3: nineteenth District. Congressman, thanks so much for joining us here

597
00:30:57,080 --> 00:31:00,720
Speaker 3: on Bloomberg Television and Radio. I think I probably know

598
00:31:00,840 --> 00:31:02,840
Speaker 3: the answer, but just to get you on the record

599
00:31:02,880 --> 00:31:05,400
Speaker 3: and to confirm, how are you going to vote when

600
00:31:05,400 --> 00:31:06,720
Speaker 3: this package comes up tomorrow?

601
00:31:07,920 --> 00:31:10,800
Speaker 13: I'm voting yes tomorrow. It's time for the government to

602
00:31:10,840 --> 00:31:14,960
Speaker 13: be reopened and this shutdown created by Chuck Schumer and

603
00:31:15,000 --> 00:31:17,800
Speaker 13: the Democrats to be blunt. We're still not even sure

604
00:31:17,800 --> 00:31:20,040
Speaker 13: what they shut the government down for in the first place,

605
00:31:20,080 --> 00:31:23,320
Speaker 13: but we're excited to get back to work and get

606
00:31:23,320 --> 00:31:25,560
Speaker 13: this to the President's desk as quickly as possible.

607
00:31:27,240 --> 00:31:28,680
Speaker 3: Congressman, I want to ask you about one of the

608
00:31:28,680 --> 00:31:32,120
Speaker 3: provisions that we're seeing included, which is a rollback a

609
00:31:32,200 --> 00:31:36,520
Speaker 3: reversal of the mass federal firings that started on October first,

610
00:31:36,560 --> 00:31:41,120
Speaker 3: also puts a block on any future firings until January thirtieth.

611
00:31:41,160 --> 00:31:43,720
Speaker 3: Do you have any concern with this policy since we

612
00:31:43,760 --> 00:31:46,520
Speaker 3: know it's something that this White House had been advocating for.

613
00:31:47,800 --> 00:31:48,320
Speaker 12: No, we don't.

614
00:31:48,360 --> 00:31:50,520
Speaker 13: There's been a lot of work in this regard the

615
00:31:50,680 --> 00:31:51,760
Speaker 13: entire year.

616
00:31:51,920 --> 00:31:53,240
Speaker 12: That's number one. Number two.

617
00:31:54,360 --> 00:31:56,400
Speaker 13: Everybody knows at this point that one of the ways

618
00:31:56,480 --> 00:31:58,600
Speaker 13: we're going to be able to get our spending under control,

619
00:31:58,880 --> 00:32:01,160
Speaker 13: which is a major concern for the bond markets and

620
00:32:01,200 --> 00:32:03,560
Speaker 13: our credit rating agencies, is we're going to have to

621
00:32:03,560 --> 00:32:07,120
Speaker 13: streamline the federal government across the board. Part of that

622
00:32:07,200 --> 00:32:11,680
Speaker 13: has been giving workers an opportunity to leave the federal workforce.

623
00:32:12,000 --> 00:32:13,960
Speaker 13: Some of them have been provided bonuses on their way

624
00:32:13,960 --> 00:32:16,240
Speaker 13: out the door, and so I think this is going

625
00:32:16,280 --> 00:32:19,400
Speaker 13: to continue. Well, you know, we have a temporary measure

626
00:32:19,400 --> 00:32:21,080
Speaker 13: that we have to get through here, and we're going

627
00:32:21,160 --> 00:32:23,240
Speaker 13: to do that and get the government reopened.

628
00:32:24,480 --> 00:32:24,880
Speaker 5: Congress.

629
00:32:24,880 --> 00:32:26,560
Speaker 2: But it's good to see you, and you said something

630
00:32:26,560 --> 00:32:28,040
Speaker 2: in your first answer that was important.

631
00:32:28,040 --> 00:32:29,080
Speaker 5: What was this all for?

632
00:32:29,160 --> 00:32:31,920
Speaker 2: Because it seems to me that this could have been

633
00:32:32,000 --> 00:32:36,040
Speaker 2: something that took place weeks ago, knowing that Democrats were

634
00:32:36,080 --> 00:32:40,120
Speaker 2: offered an up or down vote on extending Obamacare subsidies.

635
00:32:40,200 --> 00:32:41,880
Speaker 2: Many told us here on the air that that was

636
00:32:41,920 --> 00:32:43,760
Speaker 2: simply not good enough. And I know a lot of

637
00:32:43,760 --> 00:32:45,480
Speaker 2: them still feel that way, who are going to vote

638
00:32:45,480 --> 00:32:48,520
Speaker 2: no because they wanted an actual deal on paper. John

639
00:32:48,560 --> 00:32:51,160
Speaker 2: Thune has promised that vote. Now should Speaker Johnson do

640
00:32:51,200 --> 00:32:51,520
Speaker 2: the same?

641
00:32:53,000 --> 00:32:53,360
Speaker 12: H No.

642
00:32:53,480 --> 00:32:55,600
Speaker 13: I think that's something that John Thune and the Senate has.

643
00:32:55,440 --> 00:32:56,000
Speaker 12: To go through.

644
00:32:56,160 --> 00:32:59,440
Speaker 13: Let's talk real quickly about these Obamacare subsidies that were

645
00:32:59,560 --> 00:33:02,280
Speaker 13: part of one of the things that Democrats were talking about.

646
00:33:02,440 --> 00:33:03,360
Speaker 12: Let's first be clear.

647
00:33:03,440 --> 00:33:06,520
Speaker 13: Democrats who are arguing for like five different things over

648
00:33:06,560 --> 00:33:08,479
Speaker 13: the last forty days, and that's how you know that

649
00:33:08,520 --> 00:33:12,560
Speaker 13: their negotiations weren't serious. This was much more about politics

650
00:33:12,880 --> 00:33:16,160
Speaker 13: from the Democratic left and politics from Chuck Schumer trying

651
00:33:16,200 --> 00:33:19,960
Speaker 13: to save his job as Senate Minority Leader. But to

652
00:33:20,000 --> 00:33:23,600
Speaker 13: the specific issue about Obamacare subsidies. What the Democrats have

653
00:33:23,640 --> 00:33:26,800
Speaker 13: been telling the American people consistently is that they need

654
00:33:26,840 --> 00:33:29,760
Speaker 13: more subsidies to cover up the true cost of healthcare.

655
00:33:30,120 --> 00:33:33,840
Speaker 13: And these subsidies are on top of the existing structure

656
00:33:33,960 --> 00:33:38,360
Speaker 13: of subsidies built into the law of the Affordable Care Act. So,

657
00:33:38,560 --> 00:33:41,680
Speaker 13: in short, more subsidies is not going to fix Obamacare.

658
00:33:41,920 --> 00:33:44,360
Speaker 13: What it's going to do is mask the true costs

659
00:33:44,720 --> 00:33:46,880
Speaker 13: and the true damage to families.

660
00:33:47,000 --> 00:33:47,640
Speaker 12: Everywhere.

661
00:33:48,000 --> 00:33:51,160
Speaker 13: I've talked to people where their premiums for a bronze

662
00:33:51,160 --> 00:33:55,440
Speaker 13: plan are now two thousand dollars a month. That's rent,

663
00:33:55,560 --> 00:33:57,960
Speaker 13: that's a mortgage. In some parts of the country, the

664
00:33:58,040 --> 00:34:01,760
Speaker 13: deductibles twelve to fourteen thousand dollars a year. So if

665
00:34:01,760 --> 00:34:03,960
Speaker 13: you're making one hundred and twenty five thousand dollars a

666
00:34:04,040 --> 00:34:06,760
Speaker 13: year as a family, you don't have two thousand dollars

667
00:34:06,800 --> 00:34:09,960
Speaker 13: a month in disposable income to pay premiums, let alone

668
00:34:10,239 --> 00:34:13,640
Speaker 13: the fourteen thousand dollars to pay the deductible before you

669
00:34:13,680 --> 00:34:16,080
Speaker 13: even start accessing the health insurance policy.

670
00:34:16,360 --> 00:34:18,120
Speaker 12: This is what's wrong with Obamacare.

671
00:34:18,320 --> 00:34:21,319
Speaker 13: The Democrats want to cover it up using subsidies as

672
00:34:21,320 --> 00:34:24,640
Speaker 13: opposed to fixing the problem that they created fifteen years ago.

673
00:34:25,800 --> 00:34:28,120
Speaker 3: So then what is the plan, Congressman, are we talking

674
00:34:28,160 --> 00:34:31,160
Speaker 3: about replacing? President Trump has said that he'd be willing

675
00:34:31,200 --> 00:34:34,000
Speaker 3: to negotiate when it comes to this very issue.

676
00:34:34,040 --> 00:34:34,880
Speaker 5: So what's feasible?

677
00:34:34,920 --> 00:34:36,719
Speaker 3: What's going to get through your chamber that would get

678
00:34:36,719 --> 00:34:37,920
Speaker 3: your vote?

679
00:34:38,320 --> 00:34:40,560
Speaker 13: I think what's feasible or some of the reforms that

680
00:34:40,600 --> 00:34:43,680
Speaker 13: we try to get through back in twenty seventeen, I

681
00:34:43,719 --> 00:34:46,080
Speaker 13: will tell you by the way Democrats refuse to lift

682
00:34:46,080 --> 00:34:49,560
Speaker 13: a finger and work with us to avoid the calamity.

683
00:34:49,040 --> 00:34:49,880
Speaker 12: That we see today.

684
00:34:50,120 --> 00:34:53,160
Speaker 13: But that centered around healthcare policies that are patients centered.

685
00:34:53,440 --> 00:34:56,839
Speaker 13: It's about health care policies that do not have overburden

686
00:34:56,960 --> 00:34:59,759
Speaker 13: some requirements on all the things that are covered that

687
00:35:00,280 --> 00:35:04,640
Speaker 13: create a bureaucratic bloat that makes the premiums more expensive.

688
00:35:04,920 --> 00:35:06,240
Speaker 12: It's about making sure there's.

689
00:35:06,080 --> 00:35:09,759
Speaker 13: More catastrophic insurance policies in the marketplace. Maybe you have

690
00:35:09,880 --> 00:35:14,560
Speaker 13: young workers, they don't need a full gold plated healthcare policy.

691
00:35:14,600 --> 00:35:17,800
Speaker 13: What they need is catastrophic health care coverage and ability

692
00:35:17,840 --> 00:35:20,919
Speaker 13: to go get regular visits and checkups. That's a key

693
00:35:20,960 --> 00:35:23,759
Speaker 13: part of this. There's a study being done. There was one,

694
00:35:23,800 --> 00:35:26,799
Speaker 13: I think Senator Ron Johnson released these findings actually, and

695
00:35:26,840 --> 00:35:29,960
Speaker 13: it's demonstrated that employer provided coverage in most of the

696
00:35:30,000 --> 00:35:35,719
Speaker 13: country has just marginally risen over inflation. But when you

697
00:35:35,719 --> 00:35:39,239
Speaker 13: look at health insurance policies in the Obamacare exchanges, they

698
00:35:39,239 --> 00:35:42,520
Speaker 13: are up two three, four hundred in some respects five

699
00:35:42,600 --> 00:35:47,719
Speaker 13: hundred percent over inflation. That's crazy. We've created a two

700
00:35:47,760 --> 00:35:50,960
Speaker 13: tier system in healthcare. So I would tell the American

701
00:35:51,000 --> 00:35:54,600
Speaker 13: people this is not simply about subsidies for Obamacare. It

702
00:35:54,680 --> 00:35:58,120
Speaker 13: is about providing real solutions that put patients first.

703
00:35:58,400 --> 00:36:00,279
Speaker 12: So we have a healthcare system in a.

704
00:36:00,200 --> 00:36:04,200
Speaker 13: Healthcare insurance marketplace that people can afford and be able

705
00:36:04,200 --> 00:36:07,000
Speaker 13: to access health care readily in their communities.

706
00:36:07,800 --> 00:36:10,120
Speaker 2: Well, I love that we're having this conversation, Congressman, and

707
00:36:10,160 --> 00:36:11,960
Speaker 2: I wonder your thoughts on what the President said to

708
00:36:12,040 --> 00:36:14,800
Speaker 2: Laura Ingram last evening, because he's been on truth Social

709
00:36:14,800 --> 00:36:17,520
Speaker 2: about this as well. Give the money directly to people

710
00:36:18,000 --> 00:36:21,520
Speaker 2: and let them negotiate with health insurance is essentially what

711
00:36:21,600 --> 00:36:23,799
Speaker 2: he said. The quote was, the insurance will be better,

712
00:36:23,840 --> 00:36:27,480
Speaker 2: it'll cost less. They're going to feel like entrepreneurs, he said,

713
00:36:27,520 --> 00:36:30,080
Speaker 2: they'll actually be able to go out and negotiate their

714
00:36:30,080 --> 00:36:35,680
Speaker 2: own health insurance. Would that still require a pool of patients, though,

715
00:36:35,680 --> 00:36:39,240
Speaker 2: Congressmen to create leverage? Or am I calling up United

716
00:36:39,280 --> 00:36:41,120
Speaker 2: Healthcare and trying to get my own rates at the

717
00:36:41,120 --> 00:36:42,200
Speaker 2: same time that you are.

718
00:36:43,600 --> 00:36:45,960
Speaker 13: Well, I think there's parts of what you're saying or

719
00:36:46,000 --> 00:36:48,040
Speaker 13: true something that will have to be worked on. I

720
00:36:48,040 --> 00:36:50,319
Speaker 13: think the premise of the President laying out is the

721
00:36:50,400 --> 00:36:54,399
Speaker 13: correct one. Look at any industry in our economy, the

722
00:36:54,400 --> 00:36:57,960
Speaker 13: ones where people have direct purchasing power to go to

723
00:36:58,200 --> 00:37:01,000
Speaker 13: companies and buy the product they're looking for for those

724
00:37:01,080 --> 00:37:04,760
Speaker 13: prices are actually increasing lower than the rate of inflation.

725
00:37:05,120 --> 00:37:07,439
Speaker 13: But when you bring in these other issues, these other

726
00:37:07,480 --> 00:37:11,719
Speaker 13: areas where the government is doing direct subsidies that's where

727
00:37:11,719 --> 00:37:15,000
Speaker 13: the prices are completely out of control. And so for me,

728
00:37:15,440 --> 00:37:17,960
Speaker 13: the situation is clear. The situation is clear. You have

729
00:37:18,000 --> 00:37:19,359
Speaker 13: to put people at the front of the line. They

730
00:37:19,400 --> 00:37:21,600
Speaker 13: got to be able to make those purchasing decisions. If

731
00:37:21,640 --> 00:37:24,640
Speaker 13: it's doing if it's giving those dollars directly to the individual,

732
00:37:24,719 --> 00:37:27,840
Speaker 13: that will work. Now to your question around risk pools,

733
00:37:28,080 --> 00:37:31,120
Speaker 13: this is essential in all insurance. We could look at

734
00:37:31,160 --> 00:37:35,319
Speaker 13: setting up geographic risk pools as an idea so that

735
00:37:35,400 --> 00:37:39,200
Speaker 13: people in that community or in that state can actually

736
00:37:39,520 --> 00:37:42,360
Speaker 13: be dealing with the insurance companies, but the insurance companies

737
00:37:42,400 --> 00:37:42,879
Speaker 13: actually have.

738
00:37:42,840 --> 00:37:44,160
Speaker 12: A defined risk pool.

739
00:37:44,440 --> 00:37:47,239
Speaker 13: This is one of the reasons why large companies have

740
00:37:47,400 --> 00:37:50,200
Speaker 13: cheaper insurance than when people are just going into the

741
00:37:50,239 --> 00:37:54,160
Speaker 13: marketplace by themselves, because they're using the risk profile of

742
00:37:54,200 --> 00:37:57,040
Speaker 13: working for that company to set up the risk pool

743
00:37:57,280 --> 00:37:59,959
Speaker 13: to within than the actual AIS kind of decide how

744
00:38:00,000 --> 00:38:00,759
Speaker 13: how much is.

745
00:38:00,719 --> 00:38:03,959
Speaker 12: The cost to ensure each person in that pool.

746
00:38:04,000 --> 00:38:06,839
Speaker 13: There's ways to do this, but the Obamacare way has

747
00:38:06,880 --> 00:38:09,399
Speaker 13: been a disaster. It is now proven and the costs

748
00:38:09,400 --> 00:38:10,200
Speaker 13: are out of control.

749
00:38:11,960 --> 00:38:14,120
Speaker 3: We're talking about next steps here, and I also want

750
00:38:14,120 --> 00:38:16,520
Speaker 3: to talk about the next steps for fully funding the

751
00:38:16,560 --> 00:38:20,200
Speaker 3: government because this stop gap measure goes until January thirtieth.

752
00:38:20,280 --> 00:38:22,840
Speaker 3: How are we going to avoid another shutdown? Are we

753
00:38:22,880 --> 00:38:25,000
Speaker 3: going to be having this conversation again when we know

754
00:38:25,080 --> 00:38:27,880
Speaker 3: that the Senate has been proposing some spending levels that

755
00:38:27,920 --> 00:38:30,600
Speaker 3: are higher than many House Republicans want to see.

756
00:38:31,560 --> 00:38:33,640
Speaker 13: Well, again, we're going to get back to the negotiating

757
00:38:33,640 --> 00:38:36,560
Speaker 13: table in short order. I know Speaker Johnson has told

758
00:38:36,600 --> 00:38:40,520
Speaker 13: the members that we can expect some very long days

759
00:38:40,520 --> 00:38:42,319
Speaker 13: when we get back to Capitol Hill, and that's fine.

760
00:38:42,320 --> 00:38:45,040
Speaker 12: That's our job, and we're more than happy to do that.

761
00:38:45,640 --> 00:38:48,879
Speaker 13: I think it's important for my Senate colleagues, both Republicans

762
00:38:48,880 --> 00:38:51,520
Speaker 13: and Democrats, to understand one very important thing.

763
00:38:52,040 --> 00:38:53,840
Speaker 12: We are borrowing a lot of money.

764
00:38:54,120 --> 00:38:56,920
Speaker 13: The bond market is looking at us to curtail spending,

765
00:38:57,200 --> 00:39:00,040
Speaker 13: and this is the core position of House Republicans. We

766
00:39:00,080 --> 00:39:02,600
Speaker 13: can still have a federal government that does its job,

767
00:39:02,920 --> 00:39:05,200
Speaker 13: but we don't have to be so obscene in how

768
00:39:05,239 --> 00:39:08,200
Speaker 13: we are spending other people's money. And I think that

769
00:39:08,520 --> 00:39:10,799
Speaker 13: if we come back to the situation again in January,

770
00:39:11,000 --> 00:39:13,960
Speaker 13: I think whether it's healthcare or spending, it's important for

771
00:39:14,040 --> 00:39:16,840
Speaker 13: myself and my colleagues to communicate clearly to the American

772
00:39:16,840 --> 00:39:20,040
Speaker 13: people of what's truly at stake. Everybody wants to talk

773
00:39:20,080 --> 00:39:22,440
Speaker 13: about the economy, affordability.

774
00:39:22,640 --> 00:39:25,120
Speaker 12: These are major issues for the American people.

775
00:39:25,640 --> 00:39:30,160
Speaker 13: The core of our affordability problems is massive government over

776
00:39:30,400 --> 00:39:34,840
Speaker 13: spending deep It diminishes the purchasing power of the American dollar.

777
00:39:35,160 --> 00:39:38,239
Speaker 13: It does not help American families be able to make

778
00:39:38,360 --> 00:39:41,759
Speaker 13: ends meet. In Washington for once, we've got to do

779
00:39:41,840 --> 00:39:44,360
Speaker 13: the right thing. Let's cut our spending, get that down,

780
00:39:44,480 --> 00:39:47,560
Speaker 13: and let's pass bills so we're not doing this brinksmanship, which,

781
00:39:47,600 --> 00:39:50,080
Speaker 13: by the way, the Democrats are the ones want to

782
00:39:50,080 --> 00:39:52,200
Speaker 13: do it. People should know the Democrats, half of them,

783
00:39:52,200 --> 00:39:54,360
Speaker 13: most of them are mad about this deal to reopen

784
00:39:54,360 --> 00:39:56,880
Speaker 13: the government. They want the government to continue to be

785
00:39:56,960 --> 00:40:00,160
Speaker 13: shut down. That's not an appropriate way to get the

786
00:40:00,160 --> 00:40:01,840
Speaker 13: business done for the American people.

787
00:40:02,680 --> 00:40:04,800
Speaker 2: Well, we have talked to a number of Democratic lawmakers

788
00:40:04,840 --> 00:40:06,440
Speaker 2: who were not happy with the aid who crossed the

789
00:40:06,440 --> 00:40:09,160
Speaker 2: aisle on this because there wasn't a deal there that

790
00:40:09,160 --> 00:40:12,359
Speaker 2: they were hoping for. Certainly, Congressman, I want to mention

791
00:40:12,640 --> 00:40:14,840
Speaker 2: to our viewers on Bloomberg TV, if you're watching this

792
00:40:14,960 --> 00:40:18,160
Speaker 2: on YouTube right now, that the Congressman does not have

793
00:40:18,239 --> 00:40:18,840
Speaker 2: a new job.

794
00:40:18,880 --> 00:40:20,200
Speaker 5: He's not working at Cantor.

795
00:40:20,239 --> 00:40:23,400
Speaker 2: He's actually down in Miami right now at an important AI.

796
00:40:23,280 --> 00:40:24,760
Speaker 5: Energy infrastructure conference.

797
00:40:25,160 --> 00:40:27,919
Speaker 2: And I've got to ask you, because we typically get

798
00:40:28,239 --> 00:40:30,400
Speaker 2: to this because of your committee asignments and your areas

799
00:40:30,440 --> 00:40:33,880
Speaker 2: of interest. An important bipartisan bill came out of the

800
00:40:33,880 --> 00:40:37,240
Speaker 2: Senate last evening, the ag Committee on a crypto market

801
00:40:37,320 --> 00:40:41,280
Speaker 2: structure bill, and I'm wondering where this stands in the House.

802
00:40:41,280 --> 00:40:43,359
Speaker 2: We've talked so much about the Clarity Act and whether

803
00:40:43,360 --> 00:40:46,760
Speaker 2: there's going to be some reconciliation between these two pieces

804
00:40:46,760 --> 00:40:48,359
Speaker 2: of legislation or a different path.

805
00:40:49,800 --> 00:40:51,600
Speaker 13: I think we're probably going to end up sitting down

806
00:40:51,600 --> 00:40:54,800
Speaker 13: and get coming to an agreement between the two chambers

807
00:40:54,840 --> 00:40:57,320
Speaker 13: on this. The one thing that's very clear, I'm happy

808
00:40:57,320 --> 00:41:01,960
Speaker 13: to my Senate colleagues are taking this seriously. AI quantum

809
00:41:02,040 --> 00:41:05,839
Speaker 13: computing the future of energy for our country. These are

810
00:41:05,880 --> 00:41:10,120
Speaker 13: critical components to our economic future. If we don't actually

811
00:41:10,160 --> 00:41:14,480
Speaker 13: create the frameworks for this, we fall further behind to China,

812
00:41:15,280 --> 00:41:18,720
Speaker 13: to Europe and some of our rivals on the globe

813
00:41:18,760 --> 00:41:21,600
Speaker 13: on the world stage. So this is actually important stuff

814
00:41:21,600 --> 00:41:24,720
Speaker 13: that we can get done. I'm very happy that AI

815
00:41:24,800 --> 00:41:28,359
Speaker 13: and quantum is not a partisan issue because it's really

816
00:41:28,400 --> 00:41:30,600
Speaker 13: about the future of our economy, and.

817
00:41:30,600 --> 00:41:31,600
Speaker 12: So let's see what they have.

818
00:41:31,760 --> 00:41:33,920
Speaker 13: We'll work together with them and try to get something

819
00:41:33,960 --> 00:41:36,840
Speaker 13: done that's going to put the American people first and

820
00:41:37,000 --> 00:41:38,800
Speaker 13: actually be in the best interest of our country.

821
00:41:39,960 --> 00:41:41,920
Speaker 3: Could you give us any timeline that we should be

822
00:41:42,080 --> 00:41:44,120
Speaker 3: watching out for, any chance that this is going to

823
00:41:44,160 --> 00:41:45,399
Speaker 3: get done by the end of the year.

824
00:41:47,080 --> 00:41:50,480
Speaker 13: Listen, I don't put any timelines on Washington. You've been

825
00:41:50,520 --> 00:41:52,560
Speaker 13: around long enough. You know you just what you do

826
00:41:52,640 --> 00:41:54,799
Speaker 13: is you go in there, you work hard, you try

827
00:41:54,800 --> 00:41:58,040
Speaker 13: not to set artificial deadlines. I do believe that you

828
00:41:58,239 --> 00:42:01,320
Speaker 13: have members of the Senate, members of House, myself included,

829
00:42:01,600 --> 00:42:05,520
Speaker 13: who want to see a regulatory framework in ai at,

830
00:42:05,560 --> 00:42:08,160
Speaker 13: crypto and quantum. It is important we have to be

831
00:42:08,160 --> 00:42:11,439
Speaker 13: able to get this job done because we have many

832
00:42:11,520 --> 00:42:14,360
Speaker 13: other public policy issues that we have to address as well.

833
00:42:14,800 --> 00:42:16,240
Speaker 12: One of them is energy.

834
00:42:16,320 --> 00:42:19,960
Speaker 13: I'm a major proponent for small modular nuclear reactors to

835
00:42:20,000 --> 00:42:23,919
Speaker 13: be commercially deployed throughout the United States. Every state needs

836
00:42:23,920 --> 00:42:26,120
Speaker 13: to double their amount of power on their grid. The

837
00:42:26,200 --> 00:42:28,480
Speaker 13: United States needs to do that, and this is something

838
00:42:28,480 --> 00:42:31,839
Speaker 13: where my colleagues on Capitol Hill. This is common sense

839
00:42:31,880 --> 00:42:36,600
Speaker 13: stuff that actually provide energy at a lower per kilowatt

840
00:42:36,600 --> 00:42:37,120
Speaker 13: hour than.

841
00:42:37,000 --> 00:42:38,280
Speaker 12: Any other generation source.

842
00:42:38,480 --> 00:42:39,680
Speaker 13: We need to get in the game and get that

843
00:42:39,719 --> 00:42:41,080
Speaker 13: done as well.

844
00:42:41,200 --> 00:42:43,680
Speaker 2: Well, you know, Congressman, a few stories are more important

845
00:42:43,680 --> 00:42:45,600
Speaker 2: to our audience, So let's talk about that. Let's have

846
00:42:45,640 --> 00:42:48,400
Speaker 2: that conversation when you're back in town with our eyes

847
00:42:48,480 --> 00:42:51,960
Speaker 2: of course, on the AI space. Congressman Byron Donald's, I

848
00:42:51,960 --> 00:42:54,640
Speaker 2: hope you get the flight back to DC. All right,

849
00:42:54,680 --> 00:42:58,839
Speaker 2: That's easier said than done. Representing Florida's nineteenth district. Thanks

850
00:42:58,880 --> 00:43:02,040
Speaker 2: for listening to the Balance of Power podcast. Make sure

851
00:43:02,080 --> 00:43:04,960
Speaker 2: to subscribe if you haven't already, at Apple, Spotify, or

852
00:43:05,000 --> 00:43:07,680
Speaker 2: wherever you get your podcasts, and you can find us

853
00:43:07,719 --> 00:43:11,800
Speaker 2: live every weekday from Washington, DC at Noontimeeastern at Bloomberg

854
00:43:11,880 --> 00:43:12,600
Speaker 2: dot com.