WEBVTT - Senate Advances Plan to End Shutdown; Trump Teases $2000 Tariff Dividend

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news.

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<v Speaker 2>Good morning.

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<v Speaker 3>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 3>stories we're following today.

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<v Speaker 2>Karen, The lift in futures this morning comes on signs that,

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<v Speaker 2>after forty one days, the longest government shutdown in US

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<v Speaker 2>history may be close to coming to an end.

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<v Speaker 4>Like we're getting very close on the shutdown. We'll never

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<v Speaker 4>agreed to give any substantial money or any money too

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<v Speaker 4>really prisoners illegals to come into our country. Can I

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<v Speaker 4>think the Democrats understand that?

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<v Speaker 2>That was President Trump speaking before the Senate voted sixty

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<v Speaker 2>to forty last night to advance a bill that would

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<v Speaker 2>fund most of the government through January thirtieth, while providing

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<v Speaker 2>full year funding for agriculture, veterans Affairs, and Congress. Eight

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<v Speaker 2>moderate Democrats broke with their party leaders to break the filibuster,

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<v Speaker 2>including Independent Angus King, who caucuses with Democrats. He says,

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<v Speaker 2>we're publicans weren't willing to budge on Democrats demand for

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<v Speaker 2>a deal on expiring health insurance subsidies.

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<v Speaker 5>The question before us is how's the best way to

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<v Speaker 5>get there? And it was our judgment after six weeks

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<v Speaker 5>going on seven weeks of this shutdown that that path

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<v Speaker 5>wasn't working.

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<v Speaker 2>It was Independent Senator Angus King of Maine. We get

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<v Speaker 2>more from Bloomberg's Jill Deesis.

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<v Speaker 6>The moderate Democrats that the Republicans were able to sway

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<v Speaker 6>over to achieve this sixty forty vote say that they

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<v Speaker 6>were promised basically another vote on some Obamacare tax provisions

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<v Speaker 6>that was ultimately at the heart of the shutdown, So

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<v Speaker 6>that could come some time in December if that's what

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<v Speaker 6>was ultimately achieved here.

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<v Speaker 2>Bloomberg's Jill Deesis reports it's still not clear how quickly

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<v Speaker 2>the shutdown will end. Even after this procedural step. The

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<v Speaker 2>Senate needs consent from all its members to end the

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<v Speaker 2>shutdown quickly. Any one of them could force days of delays.

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<v Speaker 3>Nathan Mother shutdown continues. Millions of Americans are still facing

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<v Speaker 3>flight delays and uncertainty over government food aid. Now. A

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<v Speaker 3>federal speals court is ruled against the Trump administration and

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<v Speaker 3>it's bid to only partially fund a snap benefits while

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<v Speaker 3>it challenges a lower course order to fund the program

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<v Speaker 3>at one hundred percent. The Department of Agriculture and other

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<v Speaker 3>agencies have argued fully funding November snap benefits during the

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<v Speaker 3>shutdown would limit funds for other programs, but the appeals

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<v Speaker 3>court ruled that doesn't outweigh the harm of leaving tens

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<v Speaker 3>of millions of Americans without food as winter approaches.

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<v Speaker 2>Now, the government shutdown is added to headaches for travelers

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<v Speaker 2>across the country. US airlines canceled more than twenty seven

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<v Speaker 2>hundred flights yesterday, mostly because of the shutdown and the

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<v Speaker 2>Federal Aviation Administration's order to reduce air traffic, but compounding

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<v Speaker 2>the problem was frigid weather, delaying thousands more flights. Bloomberg

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<v Speaker 2>meteorologist Craig Allen is tracking the latest weather pattern.

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<v Speaker 7>The core of this unseasonably cold outbreak is plunging south

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<v Speaker 7>and east this morning, and it's going to bring subfreezing

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<v Speaker 7>temperatures to about three dozen states from the planes to

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<v Speaker 7>the East coast, and rather than rise, the mercury may

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<v Speaker 7>tumble all day, as much as twenty to thirty degrees

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<v Speaker 7>from highs on Sunday, so tonight's lows will be in

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<v Speaker 7>the twenties and thirties. It'll be felt from the Canadian

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<v Speaker 7>border all the way down to the Gulf Coast, with

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<v Speaker 7>numerous record lows expected in Texas, Louisiana, Mississippi, Alabama, even Florida,

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<v Speaker 7>and Lake Effect snow will also be a big problem

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<v Speaker 7>downwind of all the Great Lakes, but most notably running

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<v Speaker 7>down the entire length of Lake Michigan. It's going to

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<v Speaker 7>result in near treacherous to near impossible travel conditions, especially

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<v Speaker 7>in Chicago and its suburbs.

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<v Speaker 2>That's Sploomberg meteorologist Craig Allen. Chicago's O'Hare International Airport is

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<v Speaker 2>a major hub for United and American airlines Nathan.

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<v Speaker 3>President Trump suggested tariff revenue could be used to fund

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<v Speaker 3>payments of at least two thousand dollars to most Americans.

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<v Speaker 3>In a post on Truth's Social President Trump said that

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<v Speaker 3>the government would soon begin paying down the country's debt.

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<v Speaker 3>Treasury Secretary of Scott Besson says Trump's suggestion could come

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<v Speaker 3>through the tax cuts passed in the Economic Policy Bill

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<v Speaker 3>earlier this year.

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<v Speaker 8>It could be just the tax decrease is that we

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<v Speaker 8>are seeing on the President's agenda. You know, no tax

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<v Speaker 8>on tips, no tax on overtime, no text and social

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<v Speaker 8>Security deductibility of auto loans. So you know, those are

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<v Speaker 8>substantial deductions that are being financed in the tax bill.

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<v Speaker 3>Treasury Secretary Scott Besson made the comments on ABC's This Week,

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<v Speaker 3>and you can catch the program Sunday afternoons on Bloomberg.

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<v Speaker 2>Radio and Karen. President Trump has reportedly pardoned Rudy Giuliani,

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<v Speaker 2>along with other people allegedly involved in attempts to overturn

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<v Speaker 2>the twenty twenty presidential election. Justice Department pardon attorney Ed

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<v Speaker 2>Martin posted a list on x of prominent Trump allies

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<v Speaker 2>who've gotten reprieves. It also includes attorney's Sidney Powell, Boris Epstein,

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<v Speaker 2>John Eastman, and former White House Chief of Staff Mark Meadows,

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<v Speaker 2>along with seventy two others. It does not include President Trump.

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<v Speaker 2>The pardon document states that explicitly.

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<v Speaker 3>Well Nathan, there are Morris signs. Tensions between the US

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<v Speaker 3>and China continue to ease. China has added more than

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<v Speaker 3>a does in fentanyl precursors to a list of controlled

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<v Speaker 3>exports to the US, Mexico and Canada. The mos there's

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<v Speaker 3>a step and fulfilling Chain's pledged to combat the flow

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<v Speaker 3>of synthetic opioid ingredients to the US. Meanwhile, the Trump

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<v Speaker 3>administration has suspended a probe and to China's shipbuilding industry

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<v Speaker 3>for one year.

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<v Speaker 2>Turning to the markets now, Karen, as we mentioned, futures

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<v Speaker 2>are higher on optimism the government shutdown is coming to

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<v Speaker 2>an end. SMP futures right now are up one percent,

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<v Speaker 2>Nasdaq futures up one and a half. Valerie Titel tracks

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<v Speaker 2>the markets for Bloomberg.

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<v Speaker 9>Well, look, I think for many weeks we thought there

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<v Speaker 9>was really limited progress on the shutdown. We finally get

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<v Speaker 9>a breakthrough, and we're seeing a very positive reaction from

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<v Speaker 9>the equity market.

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<v Speaker 10>Now, this all started on Friday.

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<v Speaker 9>There was a steep reversal in the US equity market

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<v Speaker 9>into the close, and with futures following through this morning,

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<v Speaker 9>we've now essentially erased half of the drawdown in the

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<v Speaker 9>S and P five hundred. Last week was a really

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<v Speaker 9>bad week for the equity market. The Nasdaq had its

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<v Speaker 9>worst week since early April. The S and P five

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<v Speaker 9>hundred had a five percent draw down from all time

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<v Speaker 9>highs at the end of October.

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<v Speaker 2>Bloomberg's Valerie Ttel says the S and P five hundred

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<v Speaker 2>had risen for three straight weeks weeks before last week's losses.

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<v Speaker 3>Well, Nathan, several stock strategists say solid earnings will fuel

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<v Speaker 3>a market rally next year. Morgan Stanley's Michael Wilson says

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<v Speaker 3>there were clear signs that an Ernie's recovery was underway.

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<v Speaker 3>UBS strategists forecast the S and P five hundred will

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<v Speaker 3>hit a record five hundred points by the end of

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<v Speaker 3>twenty twenty six, and that's about an eleven percent gain

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<v Speaker 3>from current levels. And Oppenheimer's John Stoltzfuss says it's too

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<v Speaker 3>early to give up on ship makers and the outlook

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<v Speaker 3>for AI the.

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<v Speaker 2>In company news, Karen Pfizer has won the bidding war

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<v Speaker 2>for the weight loss drug startup Met Sarah, securing the

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<v Speaker 2>ten billion dollar deal after Danish drug maker Nova Nordisks

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<v Speaker 2>said it did not plan to increase its offer. Met

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<v Speaker 2>Sarah cited a call from the Federal Trade Commission regarding

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<v Speaker 2>potential risks from proceeding with the proposed Novo deal structure.

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<v Speaker 3>And there's a new boss at Diagio Nathan, the British

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<v Speaker 3>drinks giant has named Dave Lewis as the new CEO.

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<v Speaker 3>The former head of Tesco and Sheriff hally On is

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<v Speaker 3>set to take up the role at the start of

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<v Speaker 3>next year. The announcement comes just days after the British

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<v Speaker 3>Strange Giant lowered its full year outlook for sales and profit,

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<v Speaker 3>setting weak demand in China and the US and Diaggio

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<v Speaker 3>shares They are up about seven and a half percent

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<v Speaker 3>this morning. Time now for a look at some of

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<v Speaker 3>the other stories making news in New York and around

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<v Speaker 3>the world. And for that we're joined by Bloomber's Monica Ricks. Monica,

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<v Speaker 3>good morning, Good morning, Karen.

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<v Speaker 11>President Trump wants a Justice Department now to investigate meat

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<v Speaker 11>packing companies. We get the details from Bloomberg's Amy Morris.

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<v Speaker 10>In Washington, President Trump is accusing foreign owned meat packers

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<v Speaker 10>of driving up the price of beef in the US.

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<v Speaker 10>He asked the Department of Justice to open an investigation.

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<v Speaker 10>The president posted on social media that he wants a

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<v Speaker 10>probe into whether companies are driving up the price of

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<v Speaker 10>beef through quote collusion, price fixing, and price manipulation. Trump

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<v Speaker 10>announced the move days after his party suffered losses in

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<v Speaker 10>key elections in which the winning Democratic candidates focused on

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<v Speaker 10>the public's concerns about the cost of living in Washington.

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<v Speaker 10>Amy Morris, Bloomberg Radio.

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<v Speaker 11>Later today, President Trump will hold a historic meeting at

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<v Speaker 11>the White House and welcome the new president of Syria.

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<v Speaker 11>Akmed al Sharah was once a leader of Al Qaida

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<v Speaker 11>in Iraq, but he severed ties with the terror organization

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<v Speaker 11>and later overthrew Syrian President Bashar Ala Sade. Edward Derejon

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<v Speaker 11>is a former US ambassador to Syria and Israel.

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<v Speaker 4>If it's a question of national security interests, what happens

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<v Speaker 4>in Syria doesn't only affect the region itself.

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<v Speaker 11>He says, it could affect relations with Israel and the

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<v Speaker 11>entire Middle East. President Trump became the first sitting president

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<v Speaker 11>to attend a regular season NFL game yesterday in half

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<v Speaker 11>a century, not since Carter in nineteen seventy eight. He

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<v Speaker 11>watched the Washington Commanders lose to the visiting Detroit Lyons.

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<v Speaker 11>And Blue Origin postponed a planned second flight of its

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<v Speaker 11>new Glen rocket yesterday in Florida due to weather conditions

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<v Speaker 11>and unspecified ground equipment issues. The company says it's now

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<v Speaker 11>reviewing opportunities for a new launch date and will eventually

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<v Speaker 11>and two probes to Mars to find out why it

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<v Speaker 11>lost its atmosphere. Global News twenty four hours a day

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<v Speaker 11>and whenever you want it with Bloomberg News. Now, I'm

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<v Speaker 11>Monica Rix and this is Bloomberg Karen.

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<v Speaker 3>Thanks Monica. Time now for our Bloomberg Sports update, and

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<v Speaker 3>for that we bring in John Stashauer.

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<v Speaker 12>Thanks Karen. On an NFL Sunday, came the news of

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<v Speaker 12>the death of Paul Tagliabu at the age of eighty four.

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<v Speaker 12>He was the NFL commissioner from nineteen eighty nine to

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<v Speaker 12>two thousand and six. First Game of the Day, the

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<v Speaker 12>best game of the day, five league changes. In the

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<v Speaker 12>first game ever played in Berlin, Germany, the Colts beat

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<v Speaker 12>the Falcons in overtimes. Jonathan Taylor rush for two hundred

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<v Speaker 12>and forty four yards scored three touchdowns. Also passing away

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<v Speaker 12>Sunday was Lenny Wilkins, who's in the Basketball Hall of

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<v Speaker 12>Fame as both a player and coach. He was eighty eight.

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<v Speaker 12>That's your Bloomberg Sports update.

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<v Speaker 3>Stay with us. More from Bloomberg day Break coming up

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<v Speaker 3>after this.

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<v Speaker 1>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 1>and the world on Bloomberg dot Com and the Bloomberg

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<v Speaker 1>Business app. This is Bloomberg Daybreak.

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<v Speaker 8>Good morning.

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<v Speaker 2>I'm Nathan Hager. Now more than forty days into the

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<v Speaker 2>longest government shut down in US history, the Senate has

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<v Speaker 2>taken a major step to bring it to an end,

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<v Speaker 2>advancing a bill to reopen the government without the health

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<v Speaker 2>subsidy extension that Democrats had demanded. New Hampshire Senator Jean

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<v Speaker 2>Shaheen is one of the eight Democrats who broke ranks.

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<v Speaker 13>I understand that not all of my Democratic colleagues are

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<v Speaker 13>satisfied with this agreement, but waiting another week or another

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<v Speaker 13>month wouldn't deliver a better outcome.

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<v Speaker 2>It's New Hampshire Democrat Jean Shaheen, following the sixty forty

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<v Speaker 2>vote to advance this legislation in the Senate and for more.

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<v Speaker 2>We are joined by Bloomberg's Jill Desis. Jill good Morning,

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<v Speaker 2>walk us through the deal that was made between Democrats

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<v Speaker 2>and Republicans and what ultimately got these eight Democrats to crack.

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<v Speaker 14>Good morning, Yes, Good morning, Nathan. So what ultimately happened

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<v Speaker 14>here was this deal only goes so far as funding

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<v Speaker 14>part of the government primarily Congress itself plus the Department

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<v Speaker 14>of Veterans Affairs, Department of Agriculture for the next year,

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<v Speaker 14>and then it funds the rest of the government agencies

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<v Speaker 14>through January thirtieth, just you know, kind of implying that,

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<v Speaker 14>you know, it's not going to be too much longer

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<v Speaker 14>until we're kind of back here again. But it does

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<v Speaker 14>you know, reach a deal at least then to fund

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<v Speaker 14>the government through that time. Also, there's some agreements here

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<v Speaker 14>about repaying for load workers, et cetera. So that's really

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<v Speaker 14>where we stand in terms of, you know, the crux

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<v Speaker 14>of the issue here, the issue that Democrats really kind

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<v Speaker 14>of had at the heart of why they were, you know,

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<v Speaker 14>with they were trying to double down on that idea

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<v Speaker 14>of extending those healthcare tax credits. What they've really only

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<v Speaker 14>gotten from the Republicans here is a pledge that there

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<v Speaker 14>will be a vote on that issue, on a bill

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<v Speaker 14>on that issue in December. So nothing in terms of

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<v Speaker 14>sort of like a long term sort of fulsome commitment there.

0:11:54.960 --> 0:11:57.760
<v Speaker 14>You really just have the opportunity for a vote sometime

0:11:57.840 --> 0:12:00.600
<v Speaker 14>next month. I mean, whether that actually ultimately lays out

0:12:00.679 --> 0:12:02.559
<v Speaker 14>in democrats favor, I think, but that's what you have

0:12:02.679 --> 0:12:04.760
<v Speaker 14>to see here. But you know, clearly, I mean the

0:12:04.760 --> 0:12:07.120
<v Speaker 14>fact that they did get these eight moderate Democrats on

0:12:07.160 --> 0:12:09.000
<v Speaker 14>board with them, I'm not sure that the rest of

0:12:09.040 --> 0:12:11.480
<v Speaker 14>the party is going to be too happy about that

0:12:11.600 --> 0:12:13.560
<v Speaker 14>kind of agreement. So that's kind of where we stand now.

0:12:13.880 --> 0:12:16.160
<v Speaker 14>They'll go in for another vote in the morning, but

0:12:16.760 --> 0:12:18.520
<v Speaker 14>that's and then you know the kind of page the

0:12:18.559 --> 0:12:20.680
<v Speaker 14>way for a House vote there. But that's kind of

0:12:20.679 --> 0:12:21.280
<v Speaker 14>where we stand.

0:12:21.400 --> 0:12:24.240
<v Speaker 2>Yeah, that's I think that Senator Shaheen seemed to allude

0:12:24.280 --> 0:12:27.680
<v Speaker 2>to in that comment just there, with the fact that

0:12:27.720 --> 0:12:31.280
<v Speaker 2>the Democrats had sort of held out against this idea

0:12:31.440 --> 0:12:34.880
<v Speaker 2>of going forward with a promise of a vote on

0:12:35.040 --> 0:12:38.360
<v Speaker 2>the subsidies, what does that say about where this could

0:12:38.559 --> 0:12:40.680
<v Speaker 2>where this bill could go in the House.

0:12:41.160 --> 0:12:43.520
<v Speaker 14>Yeah, I mean, look, it's a good question. So I

0:12:43.559 --> 0:12:46.040
<v Speaker 14>think in terms of, you know, where we ultimately end

0:12:46.120 --> 0:12:48.120
<v Speaker 14>up in the shutdown, I mean, I guess, you know,

0:12:48.160 --> 0:12:50.520
<v Speaker 14>the big difference here in the House is that I mean,

0:12:50.640 --> 0:12:53.680
<v Speaker 14>you know, the Republicans have a majority there. Maybe you know,

0:12:53.880 --> 0:12:57.120
<v Speaker 14>you ultimately don't see as much blowback, but I think,

0:12:57.280 --> 0:12:59.520
<v Speaker 14>you know, it really does raise a lot of questions about,

0:13:00.000 --> 0:13:01.959
<v Speaker 14>you know, some of these issues that the Democrats have

0:13:02.040 --> 0:13:03.920
<v Speaker 14>really been fighting for here, right. I mean, I think

0:13:03.960 --> 0:13:06.160
<v Speaker 14>that the fact that they've even reached the deal here

0:13:06.200 --> 0:13:08.320
<v Speaker 14>it does kind of demonstrate how difficult it is for

0:13:08.360 --> 0:13:11.600
<v Speaker 14>Democrats to use any kind of leverage they have in

0:13:11.600 --> 0:13:14.640
<v Speaker 14>a Republican controlled Washington to push back on Trump's agenda.

0:13:15.280 --> 0:13:17.640
<v Speaker 14>I mean, this is something that you know, a deal

0:13:17.679 --> 0:13:19.640
<v Speaker 14>they were trying to reach just kind of on healthcare

0:13:19.679 --> 0:13:22.079
<v Speaker 14>tax credits, you know, more meaningfully. They were trying to

0:13:22.120 --> 0:13:24.000
<v Speaker 14>reach this for weeks. But you know now, I mean

0:13:24.000 --> 0:13:27.840
<v Speaker 14>we're in the midst of the you have the longest

0:13:27.880 --> 0:13:31.320
<v Speaker 14>government shutdown ever. Clearly they weren't able to you know,

0:13:31.360 --> 0:13:34.240
<v Speaker 14>sort of make any breakthrough here. So we'll have to

0:13:34.280 --> 0:13:37.520
<v Speaker 14>see kind of where that vote ultimately materializes in terms of,

0:13:37.640 --> 0:13:39.880
<v Speaker 14>you know, a future vote on health care tax credits

0:13:39.880 --> 0:13:42.560
<v Speaker 14>in December and whether the Democrats are able to actually

0:13:42.600 --> 0:13:44.960
<v Speaker 14>take that and move it forward into any meaningful progress

0:13:45.000 --> 0:13:48.040
<v Speaker 14>to accomplish anything on their agenda.

0:13:48.920 --> 0:13:52.319
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