1 00:00:01,960 --> 00:00:06,240 Speaker 1: Live from our nation's capital. This is Bloomberg Sound on. 2 00:00:07,320 --> 00:00:10,080 Speaker 1: Biden lost a lot of goodwill, He lost a lot 3 00:00:10,200 --> 00:00:12,760 Speaker 1: of the trust that was given to him at the 4 00:00:12,840 --> 00:00:15,560 Speaker 1: outset of this year. The Democratic Party can't find its 5 00:00:15,600 --> 00:00:18,520 Speaker 1: way back to the JFK days because it's so far 6 00:00:18,640 --> 00:00:22,439 Speaker 1: over to the left. Bloomberg Sound on Politics, Policy and 7 00:00:22,560 --> 00:00:26,720 Speaker 1: perspective from DC's top names. People generally don't have a 8 00:00:26,760 --> 00:00:29,639 Speaker 1: favorable view of Congress, but they do of their own Congressman. 9 00:00:29,720 --> 00:00:32,840 Speaker 1: It's got to be something that all fifty sator, every 10 00:00:32,840 --> 00:00:37,400 Speaker 1: single fifty Senator can support. Bloomberg Sound On with Joe 11 00:00:37,440 --> 00:00:42,760 Speaker 1: Matthew on Bloomberg Radio. We're thrawing the script out today 12 00:00:43,000 --> 00:00:46,120 Speaker 1: with a possible break in the stalemate over the debt ceiling. 13 00:00:46,280 --> 00:00:49,640 Speaker 1: It depends who you ask. Amid a planned vote in 14 00:00:49,680 --> 00:00:52,320 Speaker 1: the Senate to suspend the debt ceiling. That vote expected 15 00:00:52,320 --> 00:00:55,040 Speaker 1: to fail, but it hasn't happened yet. We're going to 16 00:00:55,120 --> 00:00:57,160 Speaker 1: bring you the latest from Capitol Hill, straight ahead and 17 00:00:57,200 --> 00:01:00,280 Speaker 1: the White House and discuss the latest with Representative Nicole 18 00:01:00,320 --> 00:01:03,360 Speaker 1: malatakas Republican from New York, and later we'll dig into 19 00:01:03,400 --> 00:01:07,040 Speaker 1: the Republican psyche around the debt and the president's overall 20 00:01:07,080 --> 00:01:10,600 Speaker 1: economic agenda with Robert Costa of The Washington Post, co 21 00:01:10,760 --> 00:01:14,400 Speaker 1: author of the new book Peril. The panel today Bloomberg 22 00:01:14,480 --> 00:01:18,240 Speaker 1: Politics contributor Jeanie Chanzano along with Bill McGinley, principle of 23 00:01:18,280 --> 00:01:21,120 Speaker 1: the Vocal Group, former Deputy Council at the r n C. 24 00:01:21,319 --> 00:01:24,480 Speaker 1: We've got the fastest hour in politics stacked. Welcome to 25 00:01:24,520 --> 00:01:28,680 Speaker 1: an evolving situation today in Washington, where Senate Minority Leader 26 00:01:28,680 --> 00:01:32,520 Speaker 1: Mitch McConnell is now floating a short term solution to 27 00:01:32,600 --> 00:01:38,080 Speaker 1: the debt ceiling, extending the limit until December. Bloomberg Government 28 00:01:38,080 --> 00:01:42,040 Speaker 1: now reports Democrats are signaling they plan to accept. But 29 00:01:42,200 --> 00:01:44,960 Speaker 1: this was White House Press Secretary Jensaki less than an 30 00:01:44,959 --> 00:01:47,960 Speaker 1: hour ago. My understanding at the point I walked out 31 00:01:47,960 --> 00:01:50,600 Speaker 1: here is that there's been no formal offer made. A 32 00:01:50,640 --> 00:01:54,520 Speaker 1: press release is not a formal offer um and regardless 33 00:01:54,600 --> 00:01:58,680 Speaker 1: even the scant details that have been reported, present more complicated, 34 00:01:58,760 --> 00:02:02,120 Speaker 1: more difficult options than the one that is quite obvious 35 00:02:02,200 --> 00:02:04,360 Speaker 1: in the President's view and is in front of the 36 00:02:04,400 --> 00:02:07,520 Speaker 1: faces of every member up on the hill. We could 37 00:02:07,520 --> 00:02:10,080 Speaker 1: get this done today. We don't need to kick the can. 38 00:02:10,200 --> 00:02:12,480 Speaker 1: We don't need to go through a cumbersome process that 39 00:02:12,600 --> 00:02:17,080 Speaker 1: every day brings additional risks. So not necessarily a big 40 00:02:17,120 --> 00:02:19,600 Speaker 1: fan of this yet, as we try to figure out 41 00:02:19,680 --> 00:02:23,359 Speaker 1: what's going on. Saki's remarks delivered only a short time 42 00:02:23,400 --> 00:02:27,120 Speaker 1: after Senator McConnell himself took to the floor to castigate 43 00:02:27,160 --> 00:02:30,440 Speaker 1: Democrats for mishandling this issue. They wanted to turn their 44 00:02:30,480 --> 00:02:35,840 Speaker 1: failure into everybody else's crisis, playing risky games with our economy, 45 00:02:36,520 --> 00:02:42,720 Speaker 1: using manufactured drama to bully their own members, indulging petty 46 00:02:42,760 --> 00:02:48,120 Speaker 1: politics instead of Governor. Senator Elizabeth Warren says McConnell caves 47 00:02:48,520 --> 00:02:50,720 Speaker 1: and as I read on the terminal majority Leader Chuck 48 00:02:50,760 --> 00:02:53,280 Speaker 1: Schumer has yet to respond publicly. He could speak at 49 00:02:53,280 --> 00:02:55,880 Speaker 1: any time, we're told, and we'll bring you his remarks 50 00:02:55,880 --> 00:02:58,799 Speaker 1: if he chooses to all this action following a big 51 00:02:58,800 --> 00:03:01,639 Speaker 1: event at the White House today with C E O 52 00:03:01,919 --> 00:03:04,440 Speaker 1: s from the big money center banks. Think Jamie Diamond, 53 00:03:04,480 --> 00:03:08,000 Speaker 1: Brian moynihan, Jane Frasier. She was in the room, they 54 00:03:08,040 --> 00:03:10,040 Speaker 1: were on a screen. I was in the room too. 55 00:03:10,080 --> 00:03:14,119 Speaker 1: I can tell you that also they're the heads, well 56 00:03:14,200 --> 00:03:16,760 Speaker 1: virtually of the NASADAC and a a R P all 57 00:03:16,760 --> 00:03:20,000 Speaker 1: there to highlight the urgency of the matter and the 58 00:03:20,040 --> 00:03:24,120 Speaker 1: impact of a possible default. Is the president raising the 59 00:03:24,280 --> 00:03:28,240 Speaker 1: debt limit, is paying our old debts. There's nothing to 60 00:03:28,280 --> 00:03:30,919 Speaker 1: do with new spending or what we becoming this year 61 00:03:31,000 --> 00:03:33,840 Speaker 1: or other years. There's nothing to do with my plans 62 00:03:33,880 --> 00:03:37,240 Speaker 1: on infrastructure of building back better both of what you're 63 00:03:37,240 --> 00:03:40,240 Speaker 1: paid for, but they're not even in the queue right now. 64 00:03:40,560 --> 00:03:44,080 Speaker 1: It's about pain for what we owe and preventing a 65 00:03:44,160 --> 00:03:47,720 Speaker 1: catastrophic event occurred in our economy. But could there be 66 00:03:47,760 --> 00:03:50,360 Speaker 1: a little breathing room coming here? The markets certainly took 67 00:03:50,360 --> 00:03:53,080 Speaker 1: a big breath when news of the offer broke a 68 00:03:53,120 --> 00:03:55,600 Speaker 1: little bit earlier, setting up another possible fight now over 69 00:03:55,640 --> 00:03:59,160 Speaker 1: the debt ceiling in December. It's gonna be a great 70 00:03:59,160 --> 00:04:01,760 Speaker 1: Thanksgiving table either way this year. And this is where 71 00:04:01,760 --> 00:04:05,280 Speaker 1: we begin with Representative Nicole Malayatakas Republican from New York 72 00:04:05,800 --> 00:04:08,200 Speaker 1: congress Woman, welcome back to Bloomberg Radio. We're glad to 73 00:04:08,240 --> 00:04:12,560 Speaker 1: have you today. Do you support this offer by Senator McConnell. Well, 74 00:04:12,640 --> 00:04:14,920 Speaker 1: you know, we doo don't know all the details, and 75 00:04:14,960 --> 00:04:18,240 Speaker 1: that is unfortunately the way things are in Washington, where 76 00:04:18,560 --> 00:04:21,200 Speaker 1: many people say they have a deal, and yet the 77 00:04:21,360 --> 00:04:24,360 Speaker 1: members who have to vote on these deals don't have 78 00:04:24,600 --> 00:04:26,880 Speaker 1: the details. And I think that that's at the end 79 00:04:26,920 --> 00:04:30,560 Speaker 1: of the day, what a responsible member would be waiting for. Look, 80 00:04:30,600 --> 00:04:33,839 Speaker 1: I believe that this debt limit could be passed by 81 00:04:33,880 --> 00:04:37,039 Speaker 1: those who are in control of both chambers, uh, and 82 00:04:37,040 --> 00:04:40,240 Speaker 1: that is the Democrats at this time, UM. And I 83 00:04:40,279 --> 00:04:43,240 Speaker 1: think that there are a lot of games, unfortunately being 84 00:04:43,279 --> 00:04:46,160 Speaker 1: played when it comes to the infrastructure bill, when it's 85 00:04:46,200 --> 00:04:50,000 Speaker 1: coming to the UM three point five trillion, that they're 86 00:04:50,040 --> 00:04:53,919 Speaker 1: trying to camouflage with the infrastructure and of course the 87 00:04:53,960 --> 00:04:56,800 Speaker 1: debt issue as well. But what I'll say is that 88 00:04:57,320 --> 00:05:01,159 Speaker 1: someone who considers herself a fiscal servative, and it always 89 00:05:01,279 --> 00:05:02,720 Speaker 1: was that way when I was in Albany as a 90 00:05:02,760 --> 00:05:06,720 Speaker 1: state legislator, I am concerned about taking on future debt. 91 00:05:06,720 --> 00:05:08,800 Speaker 1: I mean, how can the president stand there and honestly 92 00:05:08,839 --> 00:05:11,640 Speaker 1: tell the people of this country that three point nine 93 00:05:11,760 --> 00:05:15,040 Speaker 1: trillion dollars is already three point five trillion dollars is 94 00:05:15,080 --> 00:05:18,599 Speaker 1: already paid for when we're having this discussion about the 95 00:05:18,640 --> 00:05:21,160 Speaker 1: tet limit at this time. Yeah. Well, of course he 96 00:05:21,240 --> 00:05:24,039 Speaker 1: also said eight trillion dollars in debt came from the 97 00:05:24,040 --> 00:05:27,039 Speaker 1: Trump administration. And while of course Democrats did vote for 98 00:05:27,080 --> 00:05:29,920 Speaker 1: some of that, it's time to pay the bills. Does 99 00:05:29,960 --> 00:05:32,760 Speaker 1: it give you do you take heart in Mitch McConnell 100 00:05:32,880 --> 00:05:34,600 Speaker 1: getting involved in this, or do you see it the 101 00:05:34,640 --> 00:05:37,120 Speaker 1: way Elizabeth Warren does in that he cave. Should he 102 00:05:37,120 --> 00:05:41,000 Speaker 1: stay on the sidelines. I think he's part of leadership 103 00:05:41,000 --> 00:05:43,680 Speaker 1: and he should be at the table when these discussions 104 00:05:43,680 --> 00:05:46,839 Speaker 1: are being had asked the minority leader in the Republican House, 105 00:05:47,400 --> 00:05:50,440 Speaker 1: everyone who was in the leadership role, I should be 106 00:05:50,600 --> 00:05:54,200 Speaker 1: at the tea going to this. I know a lot 107 00:05:54,240 --> 00:05:56,840 Speaker 1: of members, including myself, that believe we need to start 108 00:05:56,880 --> 00:06:03,400 Speaker 1: identifying areas where we can UH cutsmen UM and I 109 00:06:03,839 --> 00:06:06,840 Speaker 1: think that you know, it has to even out going forward. 110 00:06:06,880 --> 00:06:10,080 Speaker 1: We can't continue to put our country in this type 111 00:06:10,120 --> 00:06:13,120 Speaker 1: of situation as we're approaching a thirty trillion dollar that 112 00:06:13,279 --> 00:06:16,440 Speaker 1: in this country, and the idea that there are some 113 00:06:16,560 --> 00:06:19,640 Speaker 1: members that want to spend another three and a half 114 00:06:19,680 --> 00:06:24,159 Speaker 1: on more entitlements, on more welfare without work programs, UH 115 00:06:24,360 --> 00:06:29,720 Speaker 1: creating new UH social programs that we cannot afford clearly, 116 00:06:30,240 --> 00:06:32,599 Speaker 1: UH and and and I think that that is UH 117 00:06:33,240 --> 00:06:34,920 Speaker 1: what we have to be mindful of in this country, 118 00:06:34,920 --> 00:06:37,440 Speaker 1: the dangerous path that some members want to take us 119 00:06:37,480 --> 00:06:40,680 Speaker 1: down right now. Uh. And it's not just the monetary 120 00:06:40,760 --> 00:06:43,320 Speaker 1: it's the government intrusion, the government control. You had all 121 00:06:43,360 --> 00:06:46,440 Speaker 1: the banks there today at the White House that they mentioned, Uh, 122 00:06:46,520 --> 00:06:49,840 Speaker 1: the impact that the reporting of six hundred dollars or 123 00:06:49,880 --> 00:06:52,680 Speaker 1: more transactions and every single bank account across America will 124 00:06:52,680 --> 00:06:57,920 Speaker 1: have not only on personal privacy but on community banks. 125 00:06:58,400 --> 00:07:00,279 Speaker 1: Was actually I was in the room for that, meaning 126 00:07:00,279 --> 00:07:02,240 Speaker 1: I didn't hear CEO is talking about that. They were 127 00:07:02,240 --> 00:07:05,040 Speaker 1: talking about the impact of a possible default or even 128 00:07:05,080 --> 00:07:07,679 Speaker 1: getting too close to one. That was really the message 129 00:07:07,680 --> 00:07:10,520 Speaker 1: from Jamie Diamond and others. Jane Fraser said, each day 130 00:07:10,680 --> 00:07:13,120 Speaker 1: costs a little bit more. So I guess Congress, someone 131 00:07:13,080 --> 00:07:15,360 Speaker 1: will ask you this is this not an opportunity for 132 00:07:15,400 --> 00:07:19,040 Speaker 1: both parties to talk about a long term solution to 133 00:07:19,200 --> 00:07:21,480 Speaker 1: debt reduction. I feel like that's where you're going here, 134 00:07:21,560 --> 00:07:24,720 Speaker 1: right If if Republicans have leverage over the debt ceiling, 135 00:07:24,720 --> 00:07:28,800 Speaker 1: why not use it to lower the debt? Well, I 136 00:07:29,320 --> 00:07:32,640 Speaker 1: think that is where the discussion needs to go. Unfortunately, 137 00:07:32,760 --> 00:07:35,800 Speaker 1: you know, Republicans don't control either chamber, and the reality 138 00:07:35,920 --> 00:07:40,080 Speaker 1: is is that the Democrats have the ability, UH to 139 00:07:40,080 --> 00:07:42,400 Speaker 1: to fix this issue on their own. Of course they 140 00:07:42,400 --> 00:07:44,840 Speaker 1: do need to uh because of the tight margin in 141 00:07:44,840 --> 00:07:47,480 Speaker 1: the in the in the Senate. They do need to 142 00:07:47,520 --> 00:07:50,640 Speaker 1: have that discussion, and they should use every opportunity Republicans 143 00:07:50,960 --> 00:07:54,400 Speaker 1: to try to have a real conversation of where are 144 00:07:54,440 --> 00:07:57,160 Speaker 1: we going. I think it's really just highlights how we 145 00:07:57,200 --> 00:07:59,360 Speaker 1: can't go down that dangerous path at the three point 146 00:07:59,400 --> 00:08:02,800 Speaker 1: five true in an additional spending that we can't afford. 147 00:08:02,920 --> 00:08:05,080 Speaker 1: And by the way, you know, the one point nine 148 00:08:05,120 --> 00:08:07,400 Speaker 1: trillion that was passed earlier this year that was supposed 149 00:08:07,440 --> 00:08:11,760 Speaker 1: to be an economic recovery or COVID recovery fund ended 150 00:08:11,800 --> 00:08:14,040 Speaker 1: up making the economy worse. When you look at the 151 00:08:14,120 --> 00:08:17,880 Speaker 1: labor shortages, when you look at the reports, how they're 152 00:08:17,920 --> 00:08:22,320 Speaker 1: so backed up and they cannot take take these containers down, 153 00:08:22,400 --> 00:08:25,200 Speaker 1: the lack of truck drivers due to people being paid 154 00:08:25,240 --> 00:08:28,200 Speaker 1: to stay home rather than report back to work. You know, 155 00:08:28,240 --> 00:08:32,199 Speaker 1: the the impact is inflation. Uh. You know that all 156 00:08:32,240 --> 00:08:35,520 Speaker 1: of that is showing how this one point nine trillion 157 00:08:35,600 --> 00:08:38,560 Speaker 1: that was spent didn't need to be spent. They just 158 00:08:38,640 --> 00:08:42,040 Speaker 1: simply reopen the economy and and and returned everyone back 159 00:08:42,040 --> 00:08:44,120 Speaker 1: to work. We would be I think in a better 160 00:08:44,160 --> 00:08:47,319 Speaker 1: situation today, you didn't need that excessive spending. Well, as 161 00:08:47,320 --> 00:08:49,640 Speaker 1: we talk about, I get a sense that you want 162 00:08:49,679 --> 00:08:52,120 Speaker 1: to get into the infrastructure and reconciliation a little bit 163 00:08:52,160 --> 00:08:55,079 Speaker 1: more than the debt ceiling with regard to that, taking 164 00:08:55,080 --> 00:08:56,960 Speaker 1: these one at a time. Here with regard to the 165 00:08:57,000 --> 00:08:59,800 Speaker 1: bipartisan infrastructure deal, were you in favor of that when 166 00:09:00,080 --> 00:09:03,600 Speaker 1: publicans got on board in the Senate? Uh? Some have 167 00:09:03,760 --> 00:09:06,200 Speaker 1: suggested that things have changed in them in terms of 168 00:09:06,200 --> 00:09:08,719 Speaker 1: these bills being tied together. That seems to have been 169 00:09:08,800 --> 00:09:11,440 Speaker 1: on again, off again. But are there not components of 170 00:09:11,480 --> 00:09:15,480 Speaker 1: this bill that you want to bring home to New York. Yeah. Look, 171 00:09:15,520 --> 00:09:19,120 Speaker 1: I spent a lot of time reviewing that legislation since 172 00:09:19,160 --> 00:09:21,360 Speaker 1: that had passed the Senate, and particularly in the last 173 00:09:21,400 --> 00:09:23,720 Speaker 1: couple of weeks where it looked like it was going 174 00:09:23,760 --> 00:09:26,400 Speaker 1: to be poised for a vote before Nancy Pelosi canceled 175 00:09:26,400 --> 00:09:30,199 Speaker 1: the vote twice. The reality is that not improving our 176 00:09:30,240 --> 00:09:34,760 Speaker 1: infrastructure has a real detrimental effect on our economy. Um. 177 00:09:35,040 --> 00:09:36,480 Speaker 1: And you know that you could you could There are 178 00:09:36,559 --> 00:09:40,400 Speaker 1: multiple studies out there that highlight the billions UH and 179 00:09:40,640 --> 00:09:44,720 Speaker 1: and lost to to GDP by not improving and keeping 180 00:09:44,760 --> 00:09:47,800 Speaker 1: up with population and economic growth, particularly in cities like 181 00:09:47,920 --> 00:09:52,120 Speaker 1: New York City, where we have aging infrastructure, aging bridges, 182 00:09:52,440 --> 00:09:54,800 Speaker 1: we have ports that we do need to increase the 183 00:09:54,840 --> 00:09:57,079 Speaker 1: capacity of. We need to have a transit system that 184 00:09:57,160 --> 00:10:01,000 Speaker 1: still relies on World War two conditions. You of Stewart 185 00:10:01,440 --> 00:10:05,520 Speaker 1: and storm steward systems that are inadequate. We need coastal resiliency. 186 00:10:05,640 --> 00:10:07,880 Speaker 1: We saw that after Hurricane Sandy. We saw it after 187 00:10:08,360 --> 00:10:13,360 Speaker 1: Item more recently. The impact of not improving our infrastructure, 188 00:10:13,400 --> 00:10:17,760 Speaker 1: I think is for surpasses um the investment that would 189 00:10:17,760 --> 00:10:20,480 Speaker 1: be made, and and and I think that at the 190 00:10:20,600 --> 00:10:22,520 Speaker 1: end of the day, it's it's a it's a shame 191 00:10:22,600 --> 00:10:24,840 Speaker 1: that members, even from New York City, the majority of 192 00:10:24,840 --> 00:10:29,720 Speaker 1: the New York City members held the infrastructure hostage, basically 193 00:10:29,840 --> 00:10:32,760 Speaker 1: the Bipartisan Infrastructure Bill, because they were holding out for 194 00:10:33,160 --> 00:10:38,160 Speaker 1: this uh three point five trillion dollars spending plan. By 195 00:10:38,200 --> 00:10:41,199 Speaker 1: the way, if implemented, would have economic impacts that would 196 00:10:41,440 --> 00:10:44,880 Speaker 1: basically take away the economic benefits of the infrastructure. Okay, 197 00:10:44,960 --> 00:10:46,760 Speaker 1: So that's that. That brings me to the question that 198 00:10:46,840 --> 00:10:48,640 Speaker 1: I want to ask you, is all of that good 199 00:10:48,679 --> 00:10:51,600 Speaker 1: stuff you just talked about the hard infrastructure worth losing. 200 00:10:52,240 --> 00:10:57,280 Speaker 1: If this reconciliation bill is not to your liking, well, 201 00:10:57,320 --> 00:11:01,520 Speaker 1: you know it's uh. I cannot support that reconciliation bill. 202 00:11:01,640 --> 00:11:03,840 Speaker 1: I mean to me, that is taking our country down 203 00:11:03,840 --> 00:11:07,720 Speaker 1: a path of socialism. I cannot support that. Particularly. Also, 204 00:11:07,880 --> 00:11:10,920 Speaker 1: it's not just uh, you know, these new social programs 205 00:11:10,920 --> 00:11:13,600 Speaker 1: that are unsustainable and that we cannot afford. It's the 206 00:11:13,640 --> 00:11:17,680 Speaker 1: government intrusion, more government control. Uh, the increased taxes. And 207 00:11:17,720 --> 00:11:20,280 Speaker 1: by the way, when President Biden says this doesn't affect 208 00:11:20,960 --> 00:11:24,400 Speaker 1: people under a four hundred thousand, he's wrong. Okay, look 209 00:11:24,400 --> 00:11:28,480 Speaker 1: at inflation what it has caused in terms of inflationist taxation, 210 00:11:28,840 --> 00:11:31,280 Speaker 1: and you see the cost of goods going up, whether 211 00:11:31,320 --> 00:11:34,080 Speaker 1: it's gasoline, whether it's food in the grocery store, whether 212 00:11:34,200 --> 00:11:36,520 Speaker 1: you're trying to go on a the commerson. I wish 213 00:11:36,559 --> 00:11:38,760 Speaker 1: I had more time to finish the conversation with you, 214 00:11:38,800 --> 00:11:42,320 Speaker 1: but I appreciate the time. On sound on. You're listening 215 00:11:42,400 --> 00:11:47,120 Speaker 1: to Bloomberg. You sound on with Joe Mavview on Bloomberg Radio. 216 00:11:49,559 --> 00:11:51,400 Speaker 1: So do we have a deal on the dead limits 217 00:11:51,800 --> 00:11:55,200 Speaker 1: breathe the terminal And the answer is yes. M Eric 218 00:11:55,240 --> 00:11:59,200 Speaker 1: Watson and Laura Littvin Right, Democrats signal they will take 219 00:11:59,280 --> 00:12:03,760 Speaker 1: up McConnell's offered to raise the debt ceiling into December, 220 00:12:03,840 --> 00:12:07,520 Speaker 1: alleviating the immediate risk of a default, but raising the 221 00:12:07,640 --> 00:12:11,360 Speaker 1: prospect yes of another bruising political fight near the end 222 00:12:11,400 --> 00:12:15,040 Speaker 1: of the year. It says, President Biden continues to make 223 00:12:15,080 --> 00:12:20,040 Speaker 1: the point that the debt limit is like a credit card. 224 00:12:20,080 --> 00:12:22,800 Speaker 1: It covers money already spent. We had to raise the 225 00:12:22,880 --> 00:12:27,040 Speaker 1: debt limit three times when Donald Trump was president, and 226 00:12:27,080 --> 00:12:29,679 Speaker 1: the republic has moved to raising each time, and each 227 00:12:29,679 --> 00:12:32,920 Speaker 1: time the Democrats supported the effort to raise the debt. 228 00:12:33,480 --> 00:12:36,199 Speaker 1: But now Republicans won't raise the debt limit. Despite being 229 00:12:36,240 --> 00:12:39,360 Speaker 1: responsible for what the debt limit wide has to be 230 00:12:39,440 --> 00:12:42,480 Speaker 1: raised for the bills that are outstanding, they won't raise 231 00:12:42,520 --> 00:12:45,280 Speaker 1: it enough through uh if if don't, we're going to 232 00:12:45,360 --> 00:12:47,959 Speaker 1: be defaulting out of debt. That would lead to self 233 00:12:48,000 --> 00:12:51,840 Speaker 1: inflicted wounds that risk the market tanking and wiping out 234 00:12:51,880 --> 00:12:55,160 Speaker 1: retirement savings and costing jobs. Sound from the meeting the 235 00:12:55,160 --> 00:12:58,080 Speaker 1: President hell today, with the CEO s most of them 236 00:12:58,160 --> 00:13:03,640 Speaker 1: joining virtually, including Jamie Diamond, who he referred to as 237 00:13:03,679 --> 00:13:08,320 Speaker 1: his friend Jamie before he corrected himself to say, Mr CEO, 238 00:13:09,800 --> 00:13:12,640 Speaker 1: Jamie Diamond was not wearing a tie. I was wondering 239 00:13:12,640 --> 00:13:14,840 Speaker 1: about that, Genie. I can imagine going to the White 240 00:13:14,840 --> 00:13:16,559 Speaker 1: House without a tie. But I guess in the age 241 00:13:16,559 --> 00:13:21,679 Speaker 1: of Zoom it's all different. Now you can talk yea 242 00:13:21,880 --> 00:13:24,319 Speaker 1: lay gentlemen. She's in the room with me. This is 243 00:13:24,360 --> 00:13:27,040 Speaker 1: a rare and wonderful treat. It's great to see you. 244 00:13:27,360 --> 00:13:30,959 Speaker 1: Bloomberg Politics contributor Jeannie Chanzano as we assemble the panel, 245 00:13:31,320 --> 00:13:34,320 Speaker 1: along with principle at the Vocal Group, Bill McGinley, former 246 00:13:34,360 --> 00:13:37,240 Speaker 1: Deputy Council at the Republican National Committee. Bill, thank you 247 00:13:37,320 --> 00:13:40,280 Speaker 1: for being here. So let's get going here. Jeannie, you've 248 00:13:40,320 --> 00:13:42,520 Speaker 1: heard all of the voices so far, and you've heard 249 00:13:42,559 --> 00:13:46,280 Speaker 1: the uncertainty around this potential deal with Mitch McConnell. Is 250 00:13:46,280 --> 00:13:49,880 Speaker 1: this something that the Democrats should accept? You know, I 251 00:13:49,920 --> 00:13:52,160 Speaker 1: think McConnell, you know, a lot of the headlines we 252 00:13:52,160 --> 00:13:54,520 Speaker 1: started to see on this it felt like, you know, 253 00:13:54,640 --> 00:13:57,880 Speaker 1: McConnell had bowed to pressure. But I've read it another way. 254 00:13:58,280 --> 00:14:01,320 Speaker 1: I think he is making this work for Democrats by 255 00:14:01,360 --> 00:14:04,880 Speaker 1: extending this out. Not only does it mean Joe Matthew 256 00:14:04,960 --> 00:14:06,880 Speaker 1: that you're going to be covering this for the next 257 00:14:06,880 --> 00:14:11,280 Speaker 1: several months or weeks. But it also I'm sorry um 258 00:14:11,320 --> 00:14:13,920 Speaker 1: with your tie on, of course, but it also means 259 00:14:14,040 --> 00:14:16,280 Speaker 1: that Democrats aren't gonna be able to focus on what 260 00:14:16,360 --> 00:14:18,719 Speaker 1: they need to focus on, what Joe Biden needs them 261 00:14:18,720 --> 00:14:22,040 Speaker 1: to focus on, which is the infrastructure and the reconciliation bill. 262 00:14:22,360 --> 00:14:24,360 Speaker 1: So you know, I am not one of these people 263 00:14:24,360 --> 00:14:27,040 Speaker 1: who describes this as, you know, a win for Democrats 264 00:14:27,080 --> 00:14:30,000 Speaker 1: at this point. You know, McConnell has made it very 265 00:14:30,040 --> 00:14:33,280 Speaker 1: clear it's a limited offer and they have to set 266 00:14:33,320 --> 00:14:36,440 Speaker 1: a ceiling, which is exactly what the Democrats don't want 267 00:14:36,480 --> 00:14:40,200 Speaker 1: to do. And again it extends out this discussion long 268 00:14:40,240 --> 00:14:42,920 Speaker 1: after they should be discussing this, and well into a 269 00:14:42,960 --> 00:14:47,880 Speaker 1: midterm election year. The statement from Mitch McConnell is very 270 00:14:47,880 --> 00:14:51,720 Speaker 1: cleverly written, as you would expect. Bill McGinley says, Republicans 271 00:14:51,760 --> 00:14:55,440 Speaker 1: remain the only party with a plan to prevent default. Obviously, 272 00:14:55,920 --> 00:14:59,880 Speaker 1: the Senate Majority leader here could sense an opportunity and 273 00:15:00,040 --> 00:15:03,040 Speaker 1: he's taking it. Is that how you see it, Bill, Yeah, 274 00:15:03,080 --> 00:15:05,360 Speaker 1: I think that the Democrats have backed themselves into a 275 00:15:05,360 --> 00:15:09,720 Speaker 1: corner um They basically picked the bipartisan infrastructure bill, and 276 00:15:09,800 --> 00:15:12,280 Speaker 1: Nancy Pelosi had to pull it because she could you 277 00:15:12,280 --> 00:15:15,840 Speaker 1: know that she had a moderate versus progressive intra family 278 00:15:15,880 --> 00:15:18,720 Speaker 1: warfare going on. They can't seem to be able to 279 00:15:18,760 --> 00:15:21,200 Speaker 1: get the Senators Cinema and Mansion to be able to 280 00:15:21,200 --> 00:15:24,280 Speaker 1: resolve the three point five trillion dollar tax and spend 281 00:15:24,320 --> 00:15:27,200 Speaker 1: bill that they want to put through on reconciliation. And 282 00:15:27,240 --> 00:15:29,960 Speaker 1: they basically allowed all of this stuff to fester until 283 00:15:29,960 --> 00:15:33,200 Speaker 1: we had the potential government shutdown and the debt limit 284 00:15:33,760 --> 00:15:36,800 Speaker 1: was about to expire. So I agree with Jeanie. I 285 00:15:36,840 --> 00:15:39,680 Speaker 1: think that what Mr McConnell has done here has given 286 00:15:39,720 --> 00:15:42,720 Speaker 1: them an offer that's going to prolong this debt limit 287 00:15:42,760 --> 00:15:45,440 Speaker 1: debate for at least another month until they're close to 288 00:15:45,440 --> 00:15:47,600 Speaker 1: where the government's going to run out of funding again. 289 00:15:48,400 --> 00:15:51,360 Speaker 1: Council Thanksgiving, um, I think that this is going to 290 00:15:51,520 --> 00:15:54,920 Speaker 1: basically spoil the holidays for the Democrats, and this intra 291 00:15:55,080 --> 00:15:57,720 Speaker 1: family warfare that they have going on between the Moderates 292 00:15:57,720 --> 00:16:00,600 Speaker 1: and the Democrats is going to continue until one We 293 00:16:00,640 --> 00:16:02,720 Speaker 1: all love a good fight at the Thanksgiving table, I 294 00:16:02,760 --> 00:16:05,720 Speaker 1: think here, But boy, hasn't this changed in just a 295 00:16:05,720 --> 00:16:08,440 Speaker 1: matter of twenty four hours here, Genie to think that 296 00:16:08,960 --> 00:16:11,680 Speaker 1: Nancy Pelosi was trying to paint Republicans into a corner, 297 00:16:11,760 --> 00:16:15,080 Speaker 1: Chuck Schumer certainly was. Bill McGinley says, it's just the opposite. 298 00:16:15,120 --> 00:16:19,680 Speaker 1: Now Democrats are painted into a corner. You know, I 299 00:16:19,840 --> 00:16:24,320 Speaker 1: have been struggling to understand the path forward for Democrats 300 00:16:24,360 --> 00:16:26,720 Speaker 1: on this, in part because even though I think the 301 00:16:26,760 --> 00:16:30,360 Speaker 1: President did a very good job today explaining the situation, 302 00:16:30,440 --> 00:16:35,200 Speaker 1: explaining the calamity, gathered with those leaders, um, business leaders 303 00:16:35,200 --> 00:16:38,360 Speaker 1: and others all making the case, I'm not sure the 304 00:16:38,400 --> 00:16:41,440 Speaker 1: American public, when you look at polls, is either paying 305 00:16:41,480 --> 00:16:45,120 Speaker 1: attention to this issue or understanding it. And I'm not 306 00:16:45,240 --> 00:16:48,640 Speaker 1: sure if and when the Democrats are allowed to raise 307 00:16:48,720 --> 00:16:51,080 Speaker 1: the debt limit, which we hope they will, if it's 308 00:16:51,080 --> 00:16:53,480 Speaker 1: going to be a political win. The big win for 309 00:16:53,520 --> 00:16:56,160 Speaker 1: Democrats here is going to be on infrastructure, and that's 310 00:16:56,200 --> 00:16:58,440 Speaker 1: what I think they need to focus on. But yet 311 00:16:58,480 --> 00:17:01,040 Speaker 1: they have doubled down, and I think Mitch McConnell today 312 00:17:01,080 --> 00:17:06,879 Speaker 1: by extending this, has given himself and Republicans another ability 313 00:17:07,040 --> 00:17:10,280 Speaker 1: to keep the Democrats from focusing off track on what 314 00:17:10,320 --> 00:17:13,000 Speaker 1: they should be focusing on. Do you believe reports that 315 00:17:13,000 --> 00:17:16,440 Speaker 1: that Democrats will accept it, Genie, I think they might 316 00:17:16,560 --> 00:17:20,240 Speaker 1: accept it. I'm not sure what to believe anymore. You know, 317 00:17:20,400 --> 00:17:22,719 Speaker 1: it seems to be changing by the moment, but I 318 00:17:22,760 --> 00:17:25,240 Speaker 1: think they may feel, you know, they're going to take 319 00:17:25,240 --> 00:17:28,040 Speaker 1: this offer. Some people are describing it as an escape hatch, 320 00:17:28,320 --> 00:17:30,320 Speaker 1: but you know, to me, it's like an escape hatch 321 00:17:30,320 --> 00:17:32,040 Speaker 1: where the person is allowed you to walk on hot 322 00:17:32,040 --> 00:17:35,160 Speaker 1: coals while you're going through it. It's not a particularly 323 00:17:35,200 --> 00:17:37,399 Speaker 1: appetizing way to go out. But they may have to 324 00:17:37,400 --> 00:17:41,680 Speaker 1: accept it at this point. Broadcasting live from our nation's capital, 325 00:17:41,720 --> 00:17:47,639 Speaker 1: Bloomberg to New York, Bloomberg eleven, Frio to Boston, Bloomberg 326 00:17:47,680 --> 00:17:51,360 Speaker 1: one of six, one to San Francisco, Bloomberg nine sixty 327 00:17:51,560 --> 00:17:54,879 Speaker 1: to the country, Serious x M General one nine and 328 00:17:54,960 --> 00:17:58,320 Speaker 1: around the globe, the Bloomberg Business app and Bloomberg Radio 329 00:17:58,480 --> 00:18:03,240 Speaker 1: dot Com. This He's Bloomberg sond On with Joe Matt Hughes. 330 00:18:05,640 --> 00:18:08,520 Speaker 1: We're waiting to hear from Senator Chuck Schumer for a 331 00:18:08,560 --> 00:18:12,080 Speaker 1: response to Senator Mitch McConnell's offer we've been talking about 332 00:18:12,560 --> 00:18:15,800 Speaker 1: to agree to extend the debt ceiling through November, and 333 00:18:15,840 --> 00:18:19,040 Speaker 1: that's after the Minority leader took out the hammer again 334 00:18:19,119 --> 00:18:22,680 Speaker 1: today on the Senate floor, Democrats were requested and won 335 00:18:22,920 --> 00:18:28,840 Speaker 1: new powers, new powers to repeatedly reuse the reconciliation process. 336 00:18:30,080 --> 00:18:32,640 Speaker 1: In the past few days, Democrats in both the House 337 00:18:32,680 --> 00:18:37,359 Speaker 1: and Senate have publicly admitted their party could handle could 338 00:18:37,359 --> 00:18:41,719 Speaker 1: handle the debt limit that way. Our colleagues have plenty 339 00:18:41,720 --> 00:18:45,920 Speaker 1: of time to get it done before the earliest projected deadline. 340 00:18:46,080 --> 00:18:48,640 Speaker 1: A perfect moment, perfect way to set up our conversation 341 00:18:49,200 --> 00:18:52,760 Speaker 1: with Robert Costa, who's been making quite a bit of 342 00:18:52,800 --> 00:18:57,520 Speaker 1: news recently with his book Peril, co author with Bob Woodward. 343 00:18:57,520 --> 00:19:01,439 Speaker 1: Of course, Robert Costa with the Washington Post and Robert, 344 00:19:01,440 --> 00:19:04,000 Speaker 1: it's great to have you back on Bloomberg Radio. Great 345 00:19:04,000 --> 00:19:06,280 Speaker 1: could be back on Bloomberg Radio. I'm gonna bring you 346 00:19:06,359 --> 00:19:07,879 Speaker 1: back in time in a minute, talk about some of 347 00:19:07,880 --> 00:19:11,440 Speaker 1: the incredible stuff you learned while you were reporting and 348 00:19:11,480 --> 00:19:13,679 Speaker 1: writing this book with Bob Woodward. But I'd like to 349 00:19:13,680 --> 00:19:16,480 Speaker 1: start with what's happening today if I could. As I 350 00:19:16,520 --> 00:19:19,359 Speaker 1: listened to Senator Mitch McConnell speaking today, it strikes me 351 00:19:19,400 --> 00:19:22,159 Speaker 1: that even after all these years, Robert is both a 352 00:19:22,200 --> 00:19:27,080 Speaker 1: minority and majority leader, he's still quite misunderstood by the 353 00:19:27,119 --> 00:19:29,600 Speaker 1: news media. Just when everyone looks away, in this case, 354 00:19:29,640 --> 00:19:31,719 Speaker 1: on the debt ceiling, he comes up with an offer 355 00:19:32,440 --> 00:19:37,359 Speaker 1: to extend the ceiling and create an opportunity for himself. 356 00:19:38,080 --> 00:19:40,520 Speaker 1: What do you know about Mitch McConnell that nobody else does. 357 00:19:41,480 --> 00:19:46,399 Speaker 1: Our book shows that McConnell is someone who likes Biden personally. 358 00:19:46,400 --> 00:19:49,680 Speaker 1: He calls by it in someone with an A plus personality. 359 00:19:50,000 --> 00:19:52,080 Speaker 1: But he's also not going to rush to cut deals 360 00:19:52,080 --> 00:19:54,320 Speaker 1: with Biden. They have a history of cutting deals. I 361 00:19:54,400 --> 00:19:58,200 Speaker 1: used to cover them back in during the fiscal cliffs 362 00:19:58,200 --> 00:20:01,800 Speaker 1: and those moments Biden Donald could forge deals that then. 363 00:20:02,400 --> 00:20:06,080 Speaker 1: But Biden and in McConnell now have a dynamic where 364 00:20:06,080 --> 00:20:10,000 Speaker 1: they both respect each other. Biden's trying to do progressive, 365 00:20:10,080 --> 00:20:14,119 Speaker 1: transformational things. McConnell has zero interest in doing any of that. 366 00:20:14,640 --> 00:20:18,200 Speaker 1: But they do both have a shared interest in making 367 00:20:18,200 --> 00:20:21,520 Speaker 1: sure that the debt limit is extended and that the 368 00:20:21,600 --> 00:20:25,920 Speaker 1: business climate in this country, the economic markets are not ruptured, 369 00:20:26,359 --> 00:20:30,120 Speaker 1: and so that transactional understanding that they have a shared interest. 370 00:20:30,200 --> 00:20:33,120 Speaker 1: That's what's driving so much of this now, and it's 371 00:20:33,160 --> 00:20:36,000 Speaker 1: what drove McConnell not to participate in the rescue plan 372 00:20:36,119 --> 00:20:39,120 Speaker 1: earlier in the year, as our book document, because McConnell's 373 00:20:39,119 --> 00:20:41,119 Speaker 1: whole view is I'm just gonna wait for Biden to 374 00:20:41,240 --> 00:20:44,040 Speaker 1: come to me. I don't need to cut any deals 375 00:20:44,119 --> 00:20:46,280 Speaker 1: right now. I'm gonna wait for him when he needs 376 00:20:46,320 --> 00:20:49,760 Speaker 1: me to come to me. Does that mean McConnell wins. 377 00:20:51,080 --> 00:20:53,560 Speaker 1: It's not so much a win. It's both sided are 378 00:20:53,560 --> 00:20:55,600 Speaker 1: trying to get what they want. Yeah, we get a 379 00:20:55,600 --> 00:20:58,080 Speaker 1: lot of questions from people referring to the good old 380 00:20:58,160 --> 00:21:01,600 Speaker 1: days with Tip O'Neill and Ronald Reagan. Is that too 381 00:21:01,680 --> 00:21:03,720 Speaker 1: cute for you? And as you look at what's going 382 00:21:03,760 --> 00:21:06,040 Speaker 1: on today, do you believe these two men, Mitch McConnell 383 00:21:06,040 --> 00:21:10,560 Speaker 1: and Joe Biden trust each other. They do trust each 384 00:21:10,600 --> 00:21:12,480 Speaker 1: other to a point. I mean they served in the 385 00:21:12,560 --> 00:21:15,880 Speaker 1: Senate together for years. They would Biden was vice president. 386 00:21:15,920 --> 00:21:19,400 Speaker 1: They work closely together, They have an understanding of each other. 387 00:21:19,840 --> 00:21:22,560 Speaker 1: They're not trying to cut grand bargains. They know that 388 00:21:22,680 --> 00:21:25,720 Speaker 1: politics has changed. And part of the reason Tip one 389 00:21:25,720 --> 00:21:28,440 Speaker 1: and Reagan could cut some of those dealers decades ago 390 00:21:29,160 --> 00:21:32,280 Speaker 1: is politics wasn't in this hyper a tentive age where 391 00:21:32,280 --> 00:21:36,920 Speaker 1: everything everyone's tracking committees and votes and individual lawmakers on 392 00:21:36,960 --> 00:21:39,800 Speaker 1: Twitter by the second. The lawmakers used to have a 393 00:21:39,800 --> 00:21:43,760 Speaker 1: lot more leeway to have meetings to think through possible 394 00:21:43,800 --> 00:21:47,159 Speaker 1: deals without having the harsh public spotlight on them. But 395 00:21:47,240 --> 00:21:50,479 Speaker 1: now everybody's followed all the time, sometimes even physically, like 396 00:21:50,520 --> 00:21:53,560 Speaker 1: we saw with Senator Cinema of Arizona. And our book 397 00:21:53,600 --> 00:21:58,280 Speaker 1: shows that this political climate really changes the whole dynamic 398 00:21:58,320 --> 00:22:01,560 Speaker 1: of deals that you can't will you be seen is chummy, chummy. 399 00:22:02,440 --> 00:22:04,879 Speaker 1: You have to be working hard to hold your position, 400 00:22:05,320 --> 00:22:08,080 Speaker 1: and the breakdown always is for a very brief moment. 401 00:22:08,080 --> 00:22:11,000 Speaker 1: At the end, you're talking the book quite a bit 402 00:22:11,000 --> 00:22:14,399 Speaker 1: about the transition, or I guess lack thereof, uh and 403 00:22:14,440 --> 00:22:17,200 Speaker 1: what was an incredibly difficult period of time for our 404 00:22:17,200 --> 00:22:21,760 Speaker 1: country leading up to the sixth of January. Robert, how 405 00:22:21,840 --> 00:22:24,919 Speaker 1: much of that has informed this administration now in the 406 00:22:24,960 --> 00:22:29,360 Speaker 1: way that it deals with Republicans on Capitol Hill. It's 407 00:22:29,359 --> 00:22:32,600 Speaker 1: still a major issue the January six Committee and the 408 00:22:32,640 --> 00:22:35,800 Speaker 1: House of Representatives and issuing Stepenis. Some of those Stepenis 409 00:22:35,800 --> 00:22:40,399 Speaker 1: have cited the book by H. Woodward and me. Uh. 410 00:22:41,119 --> 00:22:43,719 Speaker 1: We're trying to add scenes to the public understanding of 411 00:22:43,720 --> 00:22:47,960 Speaker 1: what happened in the days before we unearthed the conservative 412 00:22:48,000 --> 00:22:52,200 Speaker 1: lawyer John Eastman's six point two page memo, which many 413 00:22:52,200 --> 00:22:55,240 Speaker 1: people are calling a roadmap to a coup, that the 414 00:22:55,280 --> 00:22:58,480 Speaker 1: story of January six is not just about the day itself, 415 00:22:58,520 --> 00:23:01,479 Speaker 1: It's about the days prior. The pressure campaign on Senator 416 00:23:01,560 --> 00:23:04,680 Speaker 1: might lead, especially in Vice President pens and so many 417 00:23:04,680 --> 00:23:08,600 Speaker 1: other Republicans to buy in tow Trump's idea of de 418 00:23:08,800 --> 00:23:11,879 Speaker 1: certifying Biden's victory, throwing the election to the House of 419 00:23:11,960 --> 00:23:15,760 Speaker 1: Representatives where Trump very well believed he could win. Robert Costa, 420 00:23:15,840 --> 00:23:17,720 Speaker 1: bring us back to the mid terms, if you would. 421 00:23:17,720 --> 00:23:19,520 Speaker 1: And I wonder if there's a parallel that we can 422 00:23:19,600 --> 00:23:22,520 Speaker 1: draw with a party in power from on both ends 423 00:23:22,560 --> 00:23:26,000 Speaker 1: of Pennsylvania Avenue. We see history take hold to the 424 00:23:26,040 --> 00:23:28,640 Speaker 1: detriment of the party in power when mid terms come around. 425 00:23:28,680 --> 00:23:31,679 Speaker 1: And I wonder if you see the Biden administration facing 426 00:23:31,680 --> 00:23:34,720 Speaker 1: some of the same challenges that the Trump administration was 427 00:23:34,800 --> 00:23:38,720 Speaker 1: preparing for in well, right now, Biden's facing some major 428 00:23:38,800 --> 00:23:42,879 Speaker 1: challenges the fallout from his decision on Afghanistan, withdrawal the 429 00:23:43,000 --> 00:23:45,760 Speaker 1: Stolled spending package on Capitol Hill. But I have two 430 00:23:45,760 --> 00:23:47,800 Speaker 1: words above my desk at the Washington Post and on 431 00:23:47,920 --> 00:23:50,320 Speaker 1: my desk at home. Assume nothing. I mean, it's hard 432 00:23:50,359 --> 00:23:52,720 Speaker 1: to sometimes predict how a foreign policy is you like, 433 00:23:52,720 --> 00:23:55,880 Speaker 1: Afghanistan is going to play a year later. A lot 434 00:23:55,920 --> 00:23:58,720 Speaker 1: will depend on the situation in Kabul and in Afghanistan 435 00:23:59,000 --> 00:24:04,520 Speaker 1: Talibano in October versus now, what's going to depend on 436 00:24:04,520 --> 00:24:07,000 Speaker 1: the economy. Is there going to be a correction or not? 437 00:24:07,160 --> 00:24:09,399 Speaker 1: Or wild things stay where they are? And the pandemic 438 00:24:09,520 --> 00:24:12,960 Speaker 1: remains the huge variable in American politics. If it ever 439 00:24:13,440 --> 00:24:16,720 Speaker 1: really begins to abate, that could be a juggernaut moment 440 00:24:16,760 --> 00:24:18,960 Speaker 1: for the American economy. But we're not really sure if 441 00:24:19,000 --> 00:24:21,080 Speaker 1: that's going to happen, and if it does happen when 442 00:24:21,119 --> 00:24:24,360 Speaker 1: it would if you assume nothing, are you also not 443 00:24:24,440 --> 00:24:29,080 Speaker 1: assuming that will avoid a potential default this month we 444 00:24:29,160 --> 00:24:32,600 Speaker 1: have seen time and again both parties want to avoid 445 00:24:32,600 --> 00:24:36,520 Speaker 1: a default because there's no political benefit to being seen 446 00:24:36,560 --> 00:24:39,480 Speaker 1: as the party that enable the default. Even if Biden 447 00:24:39,840 --> 00:24:43,159 Speaker 1: blames it on McConnell, it would come under the Biden presidency, 448 00:24:43,200 --> 00:24:45,960 Speaker 1: which is no good for Democrats and the White House, 449 00:24:45,960 --> 00:24:47,960 Speaker 1: and Democrats would be pretty savvy and blaming it on 450 00:24:48,040 --> 00:24:51,080 Speaker 1: McConnell and the Republicans. The Republicans don't want that. I 451 00:24:51,119 --> 00:24:53,840 Speaker 1: think the bigger question we're asking in our book is 452 00:24:54,359 --> 00:24:58,080 Speaker 1: why are we like this now where everything is so dramatic, 453 00:24:58,400 --> 00:25:01,280 Speaker 1: so heated, Because most to these lawmakers don't want to 454 00:25:01,320 --> 00:25:03,280 Speaker 1: have this political theater all the way to the end. 455 00:25:03,280 --> 00:25:05,680 Speaker 1: They'd rather just get it done with. But they're under 456 00:25:05,720 --> 00:25:09,679 Speaker 1: such intense pressure from their own constituencies to do what 457 00:25:09,800 --> 00:25:12,560 Speaker 1: those constituencies want. So is there a breaking point? In 458 00:25:12,640 --> 00:25:15,640 Speaker 1: your view? If if everyone's thinking the same thing, nobody 459 00:25:15,680 --> 00:25:18,240 Speaker 1: likes where we are, Robert, then why are we here? 460 00:25:19,200 --> 00:25:22,080 Speaker 1: A breaking points going to be as we saw with 461 00:25:22,160 --> 00:25:25,359 Speaker 1: McConnell today, if some kind of deal to avert the 462 00:25:25,400 --> 00:25:27,879 Speaker 1: dead seal and is offered, can some of the spending 463 00:25:27,920 --> 00:25:32,639 Speaker 1: packages be separated? If Mansion holds to his his his position, 464 00:25:33,440 --> 00:25:36,159 Speaker 1: maybe this is all past in some capacity, but not 465 00:25:36,240 --> 00:25:39,000 Speaker 1: all in the same way. And we've seen Schumer in 466 00:25:39,119 --> 00:25:44,000 Speaker 1: bided in Pelosi veterans the Capitol Hill breakdown legislation before 467 00:25:44,080 --> 00:25:47,760 Speaker 1: they could easily do so again. But they're trying, understandably politically, 468 00:25:48,080 --> 00:25:50,600 Speaker 1: to put as much in one bag as they can 469 00:25:50,800 --> 00:25:52,840 Speaker 1: versus many bags as they carry them out of the 470 00:25:52,880 --> 00:25:56,800 Speaker 1: so called store. Robert Costa, the Washington posts and the 471 00:25:56,840 --> 00:25:59,320 Speaker 1: great book Peril. Many thanks for being with us again 472 00:25:59,480 --> 00:26:02,880 Speaker 1: Bloomberg Radio. Thank you, and just to update where we are. 473 00:26:03,000 --> 00:26:04,720 Speaker 1: By the way, if you're just joining us. We do 474 00:26:04,880 --> 00:26:08,520 Speaker 1: have a deal on the table. We're told by Senate 475 00:26:08,840 --> 00:26:13,320 Speaker 1: Minority Leader Mitch McConnell that means no vote. We thought 476 00:26:13,320 --> 00:26:15,960 Speaker 1: we'd be walking in today on Sound On with news 477 00:26:16,080 --> 00:26:19,000 Speaker 1: of a vote in the Senate which has delayed an 478 00:26:19,000 --> 00:26:23,600 Speaker 1: attempt to advance legislation to suspend the debt limit, which 479 00:26:23,640 --> 00:26:27,840 Speaker 1: of course Republicans were poised to block. Would have been 480 00:26:27,880 --> 00:26:31,360 Speaker 1: the third time in nine days we went through this exercise. 481 00:26:31,440 --> 00:26:36,480 Speaker 1: Maybe this day will end differently. You're listening to Bloomberg 482 00:26:36,560 --> 00:26:42,399 Speaker 1: you Sound On with Joe Matthew on Bloomberg Radio. Thanks 483 00:26:42,400 --> 00:26:46,200 Speaker 1: for spending part of your Wednesday with us. I am right, 484 00:26:46,280 --> 00:26:48,760 Speaker 1: there's been so much going on today. It's been several 485 00:26:48,840 --> 00:26:53,159 Speaker 1: days in one as we began with the thought of 486 00:26:53,240 --> 00:26:56,160 Speaker 1: having a vote in the Senate on the debt ceiling matter. 487 00:26:56,240 --> 00:26:58,280 Speaker 1: That vote has not happened, and I'm not going to 488 00:26:58,359 --> 00:27:00,879 Speaker 1: tell you that it won't because we still have not 489 00:27:01,000 --> 00:27:04,080 Speaker 1: heard from the Senate Majority Leader, Chuck Schumer on this 490 00:27:04,200 --> 00:27:06,879 Speaker 1: offer that we've been discussing through the hour. The offer 491 00:27:06,960 --> 00:27:11,280 Speaker 1: by Senator Mitch McConnell, putting his offer out as a compromise, 492 00:27:11,359 --> 00:27:14,680 Speaker 1: as I read on the terminal would also tie Democrats 493 00:27:14,720 --> 00:27:17,639 Speaker 1: though to raising a specific level of debt. This is 494 00:27:17,680 --> 00:27:22,280 Speaker 1: important as opposed to a suspension as done under the 495 00:27:22,280 --> 00:27:24,639 Speaker 1: Trump administration, and as they were going to vote on 496 00:27:24,680 --> 00:27:27,440 Speaker 1: today it was expected to fail. This would actually force 497 00:27:27,520 --> 00:27:31,120 Speaker 1: Democrats to put a number on this. And we're joined 498 00:27:31,160 --> 00:27:35,040 Speaker 1: again by the panel reassembled with Bloomberg Politics contributor Geanie 499 00:27:35,040 --> 00:27:37,560 Speaker 1: Schanzano and Bill McGinley is here for the hour as well, 500 00:27:37,600 --> 00:27:40,840 Speaker 1: principal at the Vocal Group, former Deputy Council at the 501 00:27:40,840 --> 00:27:45,320 Speaker 1: Republican National Committee. Genie, is that a worry that Democrats 502 00:27:45,400 --> 00:27:47,520 Speaker 1: had to actually be pinned down on a number and 503 00:27:47,560 --> 00:27:51,359 Speaker 1: not simply suspend the ceiling once again, it's a real 504 00:27:51,400 --> 00:27:54,480 Speaker 1: concern they've had. They did not want to be forced 505 00:27:54,520 --> 00:27:57,520 Speaker 1: to deal with this kind of ceiling number that now 506 00:27:57,600 --> 00:27:59,919 Speaker 1: McConnell has put them in this box if they do 507 00:28:00,160 --> 00:28:02,960 Speaker 1: take one of these deals, and that is precisely the 508 00:28:03,000 --> 00:28:05,560 Speaker 1: problem for them. They wanted to lift the debt ceiling 509 00:28:05,680 --> 00:28:10,320 Speaker 1: until after the mid term election. Quite specifically, Um and 510 00:28:10,400 --> 00:28:12,880 Speaker 1: so they now have to make a really, I think, 511 00:28:13,080 --> 00:28:16,480 Speaker 1: very tough decision on how they move forward, you know. 512 00:28:16,560 --> 00:28:19,399 Speaker 1: And I have continued to think they should move forward 513 00:28:19,480 --> 00:28:23,040 Speaker 1: on reconciliation, get this thing behind them, and then move 514 00:28:23,080 --> 00:28:26,320 Speaker 1: forward to infrastructure. But they have said clearly they don't 515 00:28:26,320 --> 00:28:28,520 Speaker 1: want to do that. What if what if Democrats just 516 00:28:28,560 --> 00:28:32,160 Speaker 1: turned around through the debt limit in this reconciliation bill 517 00:28:32,200 --> 00:28:35,680 Speaker 1: with that ostracize Joe Mansion, Kyrston Cinema because it makes 518 00:28:35,680 --> 00:28:38,480 Speaker 1: it too expensive. What's what's the downside of doing that? 519 00:28:39,080 --> 00:28:41,360 Speaker 1: It very well might, And they have said that they 520 00:28:41,360 --> 00:28:43,040 Speaker 1: will not do that. They don't want to do that, 521 00:28:43,120 --> 00:28:46,000 Speaker 1: and Mansion and Cinema are a real concern for them. 522 00:28:46,200 --> 00:28:48,720 Speaker 1: And that's the same problem they ran into as they 523 00:28:48,800 --> 00:28:51,920 Speaker 1: talked about potentially a carve out for the filibuster. They 524 00:28:51,960 --> 00:28:54,960 Speaker 1: need Mansion and Cinema to go along, and neither one 525 00:28:55,080 --> 00:28:58,120 Speaker 1: seems at least publicly inclined to do that. So they 526 00:28:58,160 --> 00:29:00,240 Speaker 1: come up against this juggernaut. Which is why we go 527 00:29:00,280 --> 00:29:02,640 Speaker 1: back the other day to the President saying, I've got 528 00:29:02,680 --> 00:29:05,120 Speaker 1: these two Democrats that are holding me up. And it's 529 00:29:05,160 --> 00:29:09,000 Speaker 1: not just on infrastructure reconciliation, it's on the debt ceiling 530 00:29:09,120 --> 00:29:11,200 Speaker 1: as well. If you look at it, you know, in 531 00:29:11,320 --> 00:29:14,160 Speaker 1: terms of potentially a cark out with a filibuster. Funny 532 00:29:14,200 --> 00:29:16,840 Speaker 1: doesn't even need to name them at this point, Bill McGinley, 533 00:29:17,040 --> 00:29:21,160 Speaker 1: the conventional wisdom is you peg Democrats to a number 534 00:29:21,200 --> 00:29:23,680 Speaker 1: here and then you can make lots of political attack 535 00:29:23,720 --> 00:29:26,600 Speaker 1: ads in the mid terms. Is that actually true to 536 00:29:26,680 --> 00:29:31,040 Speaker 1: people walk around remembering, my god, numbers on a debt ceiling, 537 00:29:31,080 --> 00:29:34,760 Speaker 1: never mind the size of the reconciliation bill. I don't 538 00:29:34,760 --> 00:29:37,120 Speaker 1: even think it's that specific in terms of what the 539 00:29:37,120 --> 00:29:39,840 Speaker 1: political attacks are going to become. I mean, remember, it's 540 00:29:39,840 --> 00:29:44,600 Speaker 1: worth stepping back and recognizing that Democrats control Washington, they 541 00:29:44,640 --> 00:29:47,040 Speaker 1: control the White House, they control the Senate, they controlled 542 00:29:47,080 --> 00:29:50,320 Speaker 1: the House. They may be at Senate and narrow margin 543 00:29:50,360 --> 00:29:51,800 Speaker 1: in the House, but at the end of the day, 544 00:29:51,800 --> 00:29:55,280 Speaker 1: this is a unified democratic government. And all the crises 545 00:29:55,320 --> 00:30:00,640 Speaker 1: that we've seen materialize, whether it's the whether it the border, 546 00:30:00,840 --> 00:30:04,680 Speaker 1: or inflation or crime, and now we have this this 547 00:30:04,800 --> 00:30:09,480 Speaker 1: manufactured self inflicted uh debt limit UH plus you know, 548 00:30:09,560 --> 00:30:13,400 Speaker 1: government funding in the infrastructure packages being stalled. These are 549 00:30:13,440 --> 00:30:16,479 Speaker 1: all late at the feet of the Democratic leaders. And 550 00:30:16,520 --> 00:30:19,240 Speaker 1: I think that's going to become a real issue for 551 00:30:19,360 --> 00:30:23,840 Speaker 1: them going forward into the UH midterms. You know, one 552 00:30:23,880 --> 00:30:25,640 Speaker 1: point that I would just make is, you know why 553 00:30:25,720 --> 00:30:27,600 Speaker 1: the rush to try and get all this stuff done 554 00:30:27,640 --> 00:30:31,120 Speaker 1: in it is because nothing is going to pass of 555 00:30:31,240 --> 00:30:34,640 Speaker 1: that size or should not pass during an election year. 556 00:30:35,080 --> 00:30:38,719 Speaker 1: Primaries are going to start pretty early in two and 557 00:30:38,800 --> 00:30:42,760 Speaker 1: once that starts all of these big packages, the opportunity 558 00:30:42,840 --> 00:30:45,080 Speaker 1: to try and get them through the Congress into the 559 00:30:45,120 --> 00:30:48,360 Speaker 1: President's desk, that time period is going to expire, and 560 00:30:48,400 --> 00:30:50,680 Speaker 1: so the Democrats have a real time The clock is 561 00:30:50,720 --> 00:30:53,360 Speaker 1: not their friend right now. That's interesting. Do you need 562 00:30:53,400 --> 00:30:57,760 Speaker 1: to look at comments from Patrick Lahy, Democrat from Vermont. 563 00:30:57,760 --> 00:31:00,880 Speaker 1: Of course, the senator from Vermont calls this GOP move 564 00:31:01,040 --> 00:31:06,880 Speaker 1: quote just pure politics. It's stupid and it's wrong. He says, 565 00:31:07,680 --> 00:31:10,360 Speaker 1: are we going to hear Chuck Schumer walk out here 566 00:31:10,400 --> 00:31:12,680 Speaker 1: say there's no deal? I mean, is this is this possible? 567 00:31:12,720 --> 00:31:15,520 Speaker 1: We can't act like it's done. We can act like 568 00:31:15,560 --> 00:31:18,480 Speaker 1: it's done. It is possible that the Democrats decide they 569 00:31:18,560 --> 00:31:21,120 Speaker 1: don't accept this offer. And you know, I was struck 570 00:31:21,160 --> 00:31:24,280 Speaker 1: by the president. He said today what the Republicans are 571 00:31:24,320 --> 00:31:30,160 Speaker 1: doing is dangerous, despicable, cynical, destructive political playing in gamesmanship. 572 00:31:30,360 --> 00:31:35,160 Speaker 1: I mean, that's that's the kind of language that's being used, because, 573 00:31:35,160 --> 00:31:38,959 Speaker 1: of course Democrats do want to make the case that Republicans, 574 00:31:39,000 --> 00:31:42,480 Speaker 1: who claim to be so economically responsible and are seen 575 00:31:42,520 --> 00:31:45,360 Speaker 1: as the party best able to move us through some 576 00:31:45,480 --> 00:31:48,160 Speaker 1: of these debates about taxation and the depths of those 577 00:31:48,200 --> 00:31:49,880 Speaker 1: kinds of things, they want to make the case they 578 00:31:49,880 --> 00:31:54,280 Speaker 1: are highly irresponsible. And here's an example of that. Of course, 579 00:31:54,560 --> 00:31:57,680 Speaker 1: I go back, though you look at the polls. Voters 580 00:31:58,000 --> 00:32:00,880 Speaker 1: don't tend to at least a lourality in some of 581 00:32:00,880 --> 00:32:03,800 Speaker 1: these latest polls. They blame both parties in all of 582 00:32:03,880 --> 00:32:06,800 Speaker 1: Washington equally on these things. And so I think it's 583 00:32:06,880 --> 00:32:08,920 Speaker 1: really really tough to squeak out a win on this. 584 00:32:09,000 --> 00:32:12,120 Speaker 1: I think Democrats much better off getting a real deal 585 00:32:12,160 --> 00:32:15,520 Speaker 1: on infrastructure, which almost all American support. Well, well, what 586 00:32:15,560 --> 00:32:18,800 Speaker 1: do you make of that idea, Bill McGinley, If if 587 00:32:18,840 --> 00:32:22,719 Speaker 1: the Democrats, if Senator Chuck Schumer says no, we're not 588 00:32:22,760 --> 00:32:24,920 Speaker 1: just kicking the can to December, and I'm and I'm 589 00:32:24,960 --> 00:32:26,720 Speaker 1: hearing that in the tone of voice when I listen 590 00:32:26,760 --> 00:32:29,520 Speaker 1: to Jensaki today. If you can't get in your head 591 00:32:29,560 --> 00:32:32,400 Speaker 1: around a long term deal, then we will use reconciliation, 592 00:32:32,520 --> 00:32:35,560 Speaker 1: or we will try to the nuclear option and get 593 00:32:35,600 --> 00:32:38,479 Speaker 1: it done all on our own. But the problem is 594 00:32:38,480 --> 00:32:40,840 Speaker 1: is that the Democrats aren't unified on what their agenda 595 00:32:40,920 --> 00:32:44,000 Speaker 1: should be. They can't seem to be able to come 596 00:32:44,040 --> 00:32:47,320 Speaker 1: to an agreement with Senator's mansion in cinema and in 597 00:32:47,400 --> 00:32:50,800 Speaker 1: at the Vice president's vote does not come into play 598 00:32:50,880 --> 00:32:55,000 Speaker 1: unless all fifty senators vote and lock step. And right 599 00:32:55,000 --> 00:32:59,000 Speaker 1: now they've got two holdouts, which is preventing reconciliation, which 600 00:32:59,000 --> 00:33:03,160 Speaker 1: is preventing everything else. Let's remember, let's remind the listeners. 601 00:33:03,840 --> 00:33:08,400 Speaker 1: M A document was released um recently where Chuck Schumer 602 00:33:08,480 --> 00:33:12,560 Speaker 1: and Joe Manson Joe Manchon had laid out his priorities 603 00:33:12,600 --> 00:33:14,600 Speaker 1: and the limits on what he would agree to. The 604 00:33:14,680 --> 00:33:17,920 Speaker 1: famous members signed that document and it was one point 605 00:33:17,960 --> 00:33:20,440 Speaker 1: five trillion on the on the big spending bill in 606 00:33:20,440 --> 00:33:24,040 Speaker 1: addition to the bipartisan infrastructure. This is not a Democrat 607 00:33:24,200 --> 00:33:27,840 Speaker 1: versus Republican problem. This is Democrat versus democrat, and the 608 00:33:27,880 --> 00:33:30,400 Speaker 1: Democrats have not been able to unify their party around 609 00:33:30,400 --> 00:33:33,200 Speaker 1: a central message. It has largely been the issue since 610 00:33:33,280 --> 00:33:35,080 Speaker 1: we started talking about this Genie. I don't know if 611 00:33:35,120 --> 00:33:37,120 Speaker 1: you had a good look at that memo that Bill 612 00:33:37,240 --> 00:33:39,960 Speaker 1: is talking about here. Paul Kane the Washington Post had 613 00:33:40,000 --> 00:33:43,880 Speaker 1: a great column decoding the memo, and he pointed to 614 00:33:43,920 --> 00:33:46,880 Speaker 1: these lines across the top that were in bold face. 615 00:33:47,400 --> 00:33:50,240 Speaker 1: The big one was the price tag one point five trillion. 616 00:33:50,520 --> 00:33:52,400 Speaker 1: Everybody ran down the road with that. That was the 617 00:33:52,440 --> 00:33:55,720 Speaker 1: big news. But two lines lower it said, have the 618 00:33:55,720 --> 00:33:59,720 Speaker 1: Federal Reserve stop quantitative easing. And of course he's been 619 00:34:00,000 --> 00:34:03,640 Speaker 1: turned about inflation, but Congress has no ability to do that, 620 00:34:04,040 --> 00:34:06,160 Speaker 1: and so some are thinking that he's kind of built 621 00:34:06,200 --> 00:34:09,799 Speaker 1: in cover for him to potentially vote no. I think 622 00:34:09,800 --> 00:34:12,000 Speaker 1: that story. I have to say, this memo that you 623 00:34:12,040 --> 00:34:14,080 Speaker 1: and Bill were just talking about, and and we've all 624 00:34:14,160 --> 00:34:16,840 Speaker 1: looked at it, it was one of the strangest things 625 00:34:16,880 --> 00:34:20,839 Speaker 1: I've ever seen, to have a majority leader signing this 626 00:34:20,960 --> 00:34:24,360 Speaker 1: kind of memo laying out what one of his members, 627 00:34:24,400 --> 00:34:27,320 Speaker 1: albeit one of the most important members in the caucus, 628 00:34:27,400 --> 00:34:29,839 Speaker 1: you know, has you know, set as their sort of 629 00:34:29,880 --> 00:34:32,799 Speaker 1: bottom line. And to your point, there was a lot 630 00:34:32,880 --> 00:34:34,960 Speaker 1: in this memo, but I was just so struck by 631 00:34:34,960 --> 00:34:37,120 Speaker 1: the idea of the majority leader would not just read it, 632 00:34:37,160 --> 00:34:40,200 Speaker 1: which makes sense, but sign it. And and I think, 633 00:34:40,360 --> 00:34:43,440 Speaker 1: you know, importantly, this was done months ago, or at 634 00:34:43,520 --> 00:34:46,520 Speaker 1: least weeks months, if not months in the summer before 635 00:34:47,120 --> 00:34:49,319 Speaker 1: it was released publicly. And I think that is a 636 00:34:49,440 --> 00:34:53,879 Speaker 1: real concern and raised questions about good faith negotiating with 637 00:34:53,960 --> 00:34:56,319 Speaker 1: the Moderates and the repel and the and and the 638 00:34:56,320 --> 00:34:58,880 Speaker 1: progressives quite frankly in the House. And if I was 639 00:34:59,000 --> 00:35:01,360 Speaker 1: Nancy Pelosi, I'm assuming she knew about it, but I 640 00:35:01,360 --> 00:35:03,840 Speaker 1: would be very, very concerned by that. That was almost 641 00:35:03,840 --> 00:35:06,719 Speaker 1: three months before he actually said one point five out 642 00:35:06,760 --> 00:35:10,919 Speaker 1: loud in that big scrum on Capitol Hill last week. Bill, 643 00:35:10,960 --> 00:35:13,520 Speaker 1: what do you make of the reference to to QE. 644 00:35:13,520 --> 00:35:15,879 Speaker 1: What Why would Joe Mansion zero in on the FED 645 00:35:16,239 --> 00:35:19,640 Speaker 1: when he's talking to the leader of the Senate. Is 646 00:35:19,680 --> 00:35:22,640 Speaker 1: he giving himself covered a vote? Now? I think he 647 00:35:22,680 --> 00:35:25,400 Speaker 1: was trying to lay out a global policy agenda for 648 00:35:25,400 --> 00:35:27,520 Speaker 1: for Joe Mansion. That he was saying that a lot 649 00:35:27,520 --> 00:35:30,799 Speaker 1: of the policies the administration in the Democratic Congress have 650 00:35:30,880 --> 00:35:34,640 Speaker 1: been pursuing he feels are wrong for the country, wrongs 651 00:35:34,719 --> 00:35:37,520 Speaker 1: for West Virginia. And I think looping in the FED 652 00:35:37,560 --> 00:35:41,960 Speaker 1: policies on quantitative easy Uh, you know, illustrates that point. 653 00:35:42,040 --> 00:35:45,640 Speaker 1: I mean he he basically said that the spending has 654 00:35:45,719 --> 00:35:48,280 Speaker 1: gotten way out of control, that inflation is a concern. 655 00:35:48,800 --> 00:35:52,439 Speaker 1: And I can't get over the fact that the Majority leader, 656 00:35:52,520 --> 00:35:56,680 Speaker 1: Chuck Schumer, signed that document back in July. Yet we 657 00:35:56,719 --> 00:35:59,920 Speaker 1: had all these public discussions that started at six trillion 658 00:36:00,000 --> 00:36:04,480 Speaker 1: dollars with the original Senator Sanders proposal that apparently was 659 00:36:04,520 --> 00:36:08,840 Speaker 1: the compromise down to a meager three point five trillion dollars, 660 00:36:08,960 --> 00:36:11,400 Speaker 1: all the while Chuck Schumer had signed a document with 661 00:36:11,480 --> 00:36:14,439 Speaker 1: Joe Manchin, a critical vote that he had to get, 662 00:36:14,800 --> 00:36:17,719 Speaker 1: saying one point five trillion was the ceiling on his 663 00:36:17,840 --> 00:36:20,080 Speaker 1: vote for that package. So it's back on the road 664 00:36:20,160 --> 00:36:25,399 Speaker 1: tomorrow for President Biden. As we read here, Uh, he'll 665 00:36:25,440 --> 00:36:30,200 Speaker 1: be traveling to Elk Grove Village, Illinois, Genie. As you know, 666 00:36:30,320 --> 00:36:33,440 Speaker 1: that is northwest of Chicago. And I wonder who's the 667 00:36:33,480 --> 00:36:36,440 Speaker 1: audience on these trips as he tries to I guess 668 00:36:36,520 --> 00:36:40,680 Speaker 1: bypass the Beltway media's does an attempt to speak to 669 00:36:40,800 --> 00:36:43,560 Speaker 1: so called regular people? And is that the right move? 670 00:36:44,280 --> 00:36:46,040 Speaker 1: You know, I do think it's the right move. I 671 00:36:46,160 --> 00:36:49,000 Speaker 1: thought he had a good trip out to Michigan. I 672 00:36:49,120 --> 00:36:52,239 Speaker 1: think it's important he get on the stump, use the 673 00:36:52,320 --> 00:36:54,600 Speaker 1: power of the bully pulpit, which is one of the 674 00:36:54,640 --> 00:36:58,120 Speaker 1: most enormous powers our presidents have, to talk about what 675 00:36:58,520 --> 00:37:01,520 Speaker 1: is in this proposal because us you know, whether you 676 00:37:01,640 --> 00:37:04,440 Speaker 1: like all of it or some of it, whatever your number, 677 00:37:04,719 --> 00:37:08,200 Speaker 1: there's a lot in this bill that Americans want and need, 678 00:37:08,360 --> 00:37:11,360 Speaker 1: from the hard infrastructure to the human infrastructure. And I 679 00:37:11,440 --> 00:37:14,719 Speaker 1: think he's intent on, and rightly so, making this case 680 00:37:14,800 --> 00:37:17,720 Speaker 1: to the American public and hoping that they put pressure 681 00:37:17,840 --> 00:37:21,800 Speaker 1: on their lawmakers to move forward on this bill. And 682 00:37:21,920 --> 00:37:24,040 Speaker 1: you wonder what that local news coverage is going to 683 00:37:24,120 --> 00:37:28,080 Speaker 1: be like compared to the constant coverage Shaun Cable News 684 00:37:28,680 --> 00:37:31,560 Speaker 1: here in Washington, d C. Great to have both of 685 00:37:31,640 --> 00:37:35,160 Speaker 1: you with us. Genie Chanzano and Bill McGinley here, principle 686 00:37:35,200 --> 00:37:37,800 Speaker 1: at the Vocal Group, former Deputy Council at the r 687 00:37:37,920 --> 00:37:41,200 Speaker 1: n C, the Republican National Committee. Bill. Thanks for spending 688 00:37:41,280 --> 00:37:43,520 Speaker 1: some time with us and sharing your insights this hour. Genie, 689 00:37:43,600 --> 00:37:45,960 Speaker 1: great to see you. We'll meet back here tomorrow. I'm 690 00:37:46,040 --> 00:37:47,719 Speaker 1: Joe Matthew. This is Bloomberg