Government Shutdown Looms; Trump Threatens EU Tariffs

Bloomberg Audio Studios, Podcasts, Radio News. 0:00:09.680 --> 0:00:11.520 Good morning. I'm Nathan Hager. 0:00:11.400 --> 0:00:14.600 And I'm Karen Moscow. Here are the stories we're following today. 0:00:14.800 --> 0:00:18.000 Karen, we begin with the latest on a possible government shutdown, 0:00:18.040 --> 0:00:21.720 with a midnight deadline now just hours away. A revised 0:00:21.760 --> 0:00:25.280 funding plan backed by President elect Donald Trump and Elon 0:00:25.400 --> 0:00:29.080 Musk has been rejected by the Republican Ledhouse. That's after 0:00:29.160 --> 0:00:32.800 Musk and Trump came out against a previous bipartisan stopgap measure. 0:00:33.120 --> 0:00:36.080 House Speaker Mike Johnson spoke after thirty eight members of 0:00:36.120 --> 0:00:39.879 his own party voted alongside nearly all Democrats to reject 0:00:40.000 --> 0:00:40.919 the latest proposal. 0:00:41.520 --> 0:00:45.360 Very disappointing to us that all but two Democrats voted 0:00:45.400 --> 0:00:49.159 against aid to farmers and ranchers, against disaster relief, against 0:00:49.400 --> 0:00:53.080 all these bipartisan measures that had already been negotiated and 0:00:53.080 --> 0:00:56.920 decided upon. Again, the only difference on this legislation was 0:00:57.080 --> 0:01:00.400 that we would push the dead ceiling to Anyuary of 0:01:00.440 --> 0:01:01.240 twenty twenty seven. 0:01:01.400 --> 0:01:04.280 Well that House Speaker Mike Johnson says Republicans will regroup 0:01:04.319 --> 0:01:06.640 and come up with another solution ahead of the vote. 0:01:06.640 --> 0:01:10.640 House Democratic Leader Hakim Jeffries called the plan laughable. 0:01:10.360 --> 0:01:13.559 One or two puppet masters weigh in, and the extreme 0:01:13.640 --> 0:01:17.440 maga Republicans decide to do the bidding of the wealthy, 0:01:17.520 --> 0:01:21.039 the well off, the well connected millionaires and billionaires, not 0:01:21.200 --> 0:01:22.279 working class people. 0:01:22.440 --> 0:01:25.920 House Democratic Leader Hakim Jeffrey says Republicans are driving the 0:01:25.959 --> 0:01:27.399 government to a shutdown. 0:01:28.120 --> 0:01:28.559 Well Nathan. 0:01:28.600 --> 0:01:32.119 President elect Trump weighed in on truth Social after the vote, 0:01:32.160 --> 0:01:35.360 saying there should be no government funding deal without removing 0:01:35.400 --> 0:01:38.080 the debt ceiling. As he put it, the pressure is 0:01:38.120 --> 0:01:41.400 on whoever is president. Vice President elect JD. Van says 0:01:41.440 --> 0:01:43.840 Democrats are just trying to make things harder for each 0:01:43.920 --> 0:01:45.200 second Trump administration. 0:01:45.600 --> 0:01:49.600 They would rather shut down the government and fight for 0:01:49.840 --> 0:01:51.400 global censorship boards. 0:01:52.040 --> 0:01:54.080 They've asked for a shutdown, and I think that's exactly 0:01:54.080 --> 0:01:54.640 what they're going to be. 0:01:55.240 --> 0:01:56.360 Vice President elect JD. 0:01:56.440 --> 0:01:59.560 Van says Democrats don't want to give Trump negotiating leverage. 0:01:59.600 --> 0:02:03.160 During his first year, A Democratic Congressman Jamie Raskin says 0:02:03.440 --> 0:02:06.160 his party mostly voted against the new plan after the 0:02:06.200 --> 0:02:07.640 original agreement blew up. 0:02:07.960 --> 0:02:10.320 I had one Republican colleague say, now it's President Musk 0:02:10.400 --> 0:02:10.760 and JD. 0:02:10.880 --> 0:02:12.000 Vance as vice president. 0:02:12.320 --> 0:02:14.160 But where does that leave Donald Trump? 0:02:14.280 --> 0:02:14.960 The president of. 0:02:14.919 --> 0:02:18.360 The lect Democrat Jamie Raskin, rejected the DAL that would 0:02:18.360 --> 0:02:21.160 have set March fourteenth as the new funding deadline. 0:02:21.200 --> 0:02:23.640 Well Karen, President, like Trump, is also taking the truth 0:02:23.720 --> 0:02:26.560 social to issue a new trade threat. He is warning 0:02:26.560 --> 0:02:29.160 the European Union that he'll hit the block with tariffs 0:02:29.440 --> 0:02:32.960 unless it increases purchases of American oil and gas. 0:02:33.240 --> 0:02:34.120 The US is the. 0:02:34.040 --> 0:02:37.280 World's biggest exporter of liquefied natural gas. More than half 0:02:37.360 --> 0:02:40.000 of American l and GX sports went to the EU 0:02:40.160 --> 0:02:43.120 last year in the wake of Russia's invasion of Ukraine. 0:02:43.320 --> 0:02:44.880 Well Nathan elsewhere overseas. 0:02:44.919 --> 0:02:47.880 A delegation of American diplomats has arrived in Syria this 0:02:48.000 --> 0:02:51.600 morning to meet with representatives of several Syrian factions. One 0:02:51.600 --> 0:02:54.760 of them is the rebel group HTS, which has designated 0:02:54.800 --> 0:02:59.560 a terrorist group and overthrow the country's longtime dictator, Bashar 0:02:59.639 --> 0:03:00.799 Ellis Well Karen. 0:03:00.840 --> 0:03:03.680 Secretary of State Anthony Blincoln says the US has received 0:03:03.760 --> 0:03:07.720 positive signs from HTS. He spoke to Bloomberg about plans 0:03:07.720 --> 0:03:08.840 for engaging with Syria. 0:03:09.280 --> 0:03:11.000 I think it's important to have direct communication. 0:03:11.000 --> 0:03:13.799 It's important to speak as clearly as possible to listen 0:03:14.200 --> 0:03:16.680 to make sure that we understand as best we can 0:03:17.360 --> 0:03:18.760 where they're going and where they want to go. 0:03:19.600 --> 0:03:22.160 Secretary of State Blinkin ads he's been in close contact 0:03:22.160 --> 0:03:24.560 with the incoming Trump administration. He says he wants to 0:03:24.560 --> 0:03:27.560 give them the best possible hand to play in geopolitical 0:03:27.600 --> 0:03:29.000 conflicts around the globe. 0:03:29.080 --> 0:03:31.520 Well, Nathan, we turned now to the markets, and trader's 0:03:31.520 --> 0:03:34.720 attention turns today to the last major data point of 0:03:34.760 --> 0:03:39.240 twenty twenty four, the Personal Consumption Expenditures Index for November. 0:03:39.600 --> 0:03:42.720 It comes after yesterday's figure showed faster than expected economic 0:03:42.760 --> 0:03:47.120 growth and robust consumer spending. Those numbers weaken the case 0:03:47.200 --> 0:03:50.000 for imminent rate cuts. After FED Chair J Powell sing 0:03:50.000 --> 0:03:53.680 on a hawkish pivot earlier this week, RBC chief economist 0:03:53.720 --> 0:03:57.280 Francis Donald says economic data are likely not the only 0:03:57.480 --> 0:03:59.520 factor influencing the FED strategy. 0:04:00.320 --> 0:04:02.680 This is really a federal reserve that, even though they 0:04:02.760 --> 0:04:06.400 say they're not incorporating the effect of Trump policies, or 0:04:06.440 --> 0:04:07.760 some of them are, but some of them are not, 0:04:08.280 --> 0:04:12.440 is absolutely internalizing what they expect to come next. It 0:04:12.520 --> 0:04:15.720 is in their psyche, in their biases. They are afraid 0:04:15.720 --> 0:04:18.680 of inflation and Powell, while trying to speak out of 0:04:18.720 --> 0:04:21.400 both sides of his mouth, really gave the impression that 0:04:21.440 --> 0:04:24.640 the Fed is focused on what those CPI PC numbers 0:04:24.680 --> 0:04:26.240 are going to look like, and therefore that's what the 0:04:26.240 --> 0:04:27.320 market will be focused on. 0:04:27.720 --> 0:04:31.600 RBC Chief economist Francis Donald says, while sectors like manufacturing 0:04:31.640 --> 0:04:34.960 and housing face real price pressures, the AI and productivity 0:04:35.040 --> 0:04:37.960 boom may help sustain growth into next year. 0:04:38.560 --> 0:04:42.400 Turning now to Bitcoin, the world's biggest crypto currency, hit 0:04:42.440 --> 0:04:44.680 a record high this week above one hundred eight thousand 0:04:44.760 --> 0:04:47.800 dollars on hopes of crypto friendly policies in a new 0:04:47.839 --> 0:04:51.160 Trump administration. The Fed's pivot, though, has sent the token 0:04:51.240 --> 0:04:54.560 down more than ten percent since then, and checking bitcoin 0:04:54.640 --> 0:04:58.040 prices right now, they're down another three percent, just below 0:04:58.200 --> 0:05:02.000 ninety five thousand dollars. But many are still bullish on Bitcoin, 0:05:02.160 --> 0:05:04.839 including ARC Investment Management CEO Kathy Would. 0:05:05.200 --> 0:05:10.400 If institutional investors are looking at this new asset class 0:05:10.400 --> 0:05:15.000 more seriously, and bitcoin is really the first of its 0:05:15.080 --> 0:05:17.840 kind in a new asset class and will be, we believe, 0:05:18.360 --> 0:05:23.280 the biggest opportunity of them all, they must consider an allocation. 0:05:24.320 --> 0:05:27.720 ARC CEO Kathy Wood tells Bloomberg she thinks bitcoin could 0:05:27.760 --> 0:05:30.160 top a million dollars by twenty thirty. 0:05:30.640 --> 0:05:32.520 Hey, Moe, Nathan, we have a fresh headline and the 0:05:32.520 --> 0:05:35.839 potential merger of Nissan and Honda. Bloomberg News has learned 0:05:35.880 --> 0:05:38.760 fox Con is putting its interest in pursuing Nissan on 0:05:38.880 --> 0:05:42.240 hold after the Taiwanese smartphone makers send a delegation to 0:05:42.279 --> 0:05:44.919 meet with Renault, which owns thirty six percent of Nissan. 0:05:45.200 --> 0:05:47.159 Sources tell as fox Con is waiting to see if 0:05:47.240 --> 0:05:50.159 Nissan and Honda make real progress on a deal before 0:05:50.200 --> 0:05:51.320 designing its next move. 0:05:51.480 --> 0:05:54.720 Another company News, Karen Alphabet CEO soon Dar Pishai, told 0:05:54.800 --> 0:05:58.120 employees this week that Google cut its manager, director and 0:05:58.200 --> 0:06:02.160 vice president roles by ten percent in a push for efficiency. 0:06:02.160 --> 0:06:04.920 That is, according to a report from Business Insider. Back 0:06:04.920 --> 0:06:07.479 in twenty twenty two, Pitchai said he wanted Google to 0:06:07.520 --> 0:06:11.239 be twenty percent more efficient. He eliminated twelve thousand rolls 0:06:11.320 --> 0:06:12.360 the following year. 0:06:12.600 --> 0:06:13.400 And finally, Nathan. 0:06:13.480 --> 0:06:18.640 Starbucks baristas are going on strike for five days starting today, 0:06:19.120 --> 0:06:22.320 and stores across Los Angeles, Chicago, and Seattle. The strike 0:06:22.320 --> 0:06:24.960 as a result of an impasse in bargaining sessions. The 0:06:25.000 --> 0:06:29.599 Starbucks workers United Union is seeking better pay, schedules and hours. 0:06:29.720 --> 0:06:32.000 The union expects the strike to spread to hundreds of 0:06:32.080 --> 0:06:39.920 stores by Christmas Eve. Starbucks says the union prematurely ended negotiations. 0:06:40.520 --> 0:06:41.680 Time now for a look at some of the other 0:06:41.760 --> 0:06:43.719 stories making news in New York and around the world, 0:06:43.800 --> 0:06:46.120 and for that we're joined by Bloomberg's John Tucker, John 0:06:46.160 --> 0:06:47.040 good Morning, and. 0:06:46.960 --> 0:06:51.200 Good morning, Karen Hillage CEO killer Luigi Mangioni is back 0:06:51.200 --> 0:06:54.479 in New York and could now face the federal death penalty, 0:06:54.720 --> 0:06:57.440 and Bloomberg's Lisa Matteo joining US Live this morning with 0:06:57.480 --> 0:06:58.280 the very latest. 0:06:58.320 --> 0:06:59.520 Lisa, good Morning, Good morning. 0:06:59.560 --> 0:07:02.800 John y Joni was charged with murder by federal prosecutors 0:07:02.800 --> 0:07:06.280 for killing of United Health Group executive Brian Thompson. Well Now, 0:07:06.360 --> 0:07:08.800 lawyer for the alleged killer, told a US judge in 0:07:08.800 --> 0:07:11.200 New York that one of those federal charges was quote 0:07:11.240 --> 0:07:12.200 death eligible. 0:07:12.840 --> 0:07:13.600 Karen Freeman. 0:07:13.680 --> 0:07:16.520 In a niphilo, she complained that the theories between separate 0:07:16.600 --> 0:07:19.680 cases followed by the Satan federal prosecutors seem different and 0:07:19.720 --> 0:07:22.720 that she's quote never seen anything like what is happening 0:07:22.760 --> 0:07:27.360 here in over three decades of practicing law. Now What's interesting, John, 0:07:27.440 --> 0:07:30.360 is that in New York State, while they haven't executed 0:07:30.360 --> 0:07:32.960 a convicted felon in more than sixty years. 0:07:33.120 --> 0:07:34.360 Bloombergs Lisa Matteo. 0:07:34.440 --> 0:07:37.440 Lisa thanks the Pentagon, a ship anti drone technology to 0:07:37.520 --> 0:07:40.960 an area of New Jersey located where signings some mysterious 0:07:40.960 --> 0:07:44.520 aircraft has set residence on edge and drone accusations that 0:07:44.560 --> 0:07:48.040 the federal government isn't taking the incident seriously. The Defense 0:07:48.080 --> 0:07:52.400 Department provided equipment capable both of detecting drones and also 0:07:52.600 --> 0:07:56.080 disabling them, whether it could put the freeze on some 0:07:56.200 --> 0:08:01.080 holiday travel plans At Bloomberg, Meteorologist Rob Carolyn gives the update. 0:08:01.240 --> 0:08:01.720 John Arnik. 0:08:01.800 --> 0:08:03.840 High pressure building out of the Dakodas this morning will 0:08:03.840 --> 0:08:06.320 continue to affect the central planes and eventually move through 0:08:06.360 --> 0:08:08.840 the mid Atlantic States, the Great Lakes, the Ohio River 0:08:08.920 --> 0:08:11.120 Valley in the Northeast with some of the coldest air 0:08:11.160 --> 0:08:13.240 we've seen so far this season, and looks like that 0:08:13.320 --> 0:08:15.600 area is going to remain in place right through Christmas 0:08:15.600 --> 0:08:16.040 Eve Day. 0:08:16.360 --> 0:08:18.360 Bloomberg Meteorlogist Rob Carolyn. 0:08:18.760 --> 0:08:23.120 Thousands of Amazon workers striking for better pay and working conditions. 0:08:23.320 --> 0:08:27.640 Hey WHOA The estimated numbers believed he will be around 0:08:27.680 --> 0:08:31.880 ten thousand strikers. That's out of approximately eight hundred thousand 0:08:31.920 --> 0:08:35.319 Amazon employees. The meantime, Amazon will pay one hundred and 0:08:35.320 --> 0:08:38.120 forty five thousand dollars in penalties. That's part of a 0:08:38.200 --> 0:08:43.360 settlement with the federal workplace regulators regarding allegedly unsafe conditions 0:08:43.720 --> 0:08:47.760 at several of its US warehouse and logistics facilities. Global 0:08:47.800 --> 0:08:49.760 News twenty four hours a day, whenever you want it 0:08:49.800 --> 0:08:52.560 with Bloomberg News Now. Hi, John Tucker, and this is 0:08:52.559 --> 0:08:53.480 Bloomberg Karen. 0:08:53.720 --> 0:09:00.719 All right, John Tucker, thank you time now for the 0:09:00.760 --> 0:09:04.160 Bloomberg Sports Update. Bronti you by Tri State Ody. Here's 0:09:04.200 --> 0:09:06.080 John Stanshower, John, good morning, Good. 0:09:06.000 --> 0:09:06.560 Morning, Karon. 0:09:06.600 --> 0:09:09.680 Carl Anthony Town spent nine years in Minnesota. He's the 0:09:09.679 --> 0:09:12.120 second leading scorer in Timberwolves history. He didn't leave as 0:09:12.160 --> 0:09:13.920 a free agent. He got traded to the next though. 0:09:13.960 --> 0:09:16.480 He got a big ovation in his return and then 0:09:16.559 --> 0:09:20.000 put on a show. Thirty two points twenty rebounds. Town 0:09:20.080 --> 0:09:23.120 shot ten of twelve, made all five of as three pointers. 0:09:23.160 --> 0:09:26.079 The Knicks outscored the t Wolves forty one to eighteen 0:09:26.160 --> 0:09:28.000 in the second quarter, went on to win going away 0:09:28.040 --> 0:09:30.560 one thirty three to one oh seven. Mchal Bridges added 0:09:30.800 --> 0:09:34.000 twenty nine points. Julius Randall, also playing his former team, 0:09:34.360 --> 0:09:37.160 scored twenty four. The Nets got thirty three from Cam 0:09:37.280 --> 0:09:40.080 Johnson and won one on one ninety four in Toronto, 0:09:40.160 --> 0:09:42.800 the Celtics outscored by thirteen in the fourth quarter. Upset 0:09:42.800 --> 0:09:45.560 at home by Chicago rare win for the Wizards, just 0:09:45.600 --> 0:09:47.719 their fourth of the season. They beat Charlotte and the 0:09:47.800 --> 0:09:52.080 Lakers win at Sacramento. Lebron James past Kareem Abdul Jabbar. 0:09:52.200 --> 0:09:55.800 Lebron has now played the most minutes in NBA history. 0:09:55.800 --> 0:09:58.080 Devils lost four too at Columbus. The Bruins lost in 0:09:58.120 --> 0:10:01.720 overtime at Edmonton. Quick sixteen began in the AFC West, 0:10:01.720 --> 0:10:04.079 where Kansas City has clinted the division. The Broncos and 0:10:04.160 --> 0:10:07.720 Chargers looking very much like they'll be AFC wild Cards. 0:10:07.720 --> 0:10:10.040 They met in La Denver, going for a fifth straight win, 0:10:10.080 --> 0:10:12.680 had an eleven point lead with three minutes left in 0:10:12.679 --> 0:10:15.480 the third quarter. The Chargers rallied two fourth quarter touchdown 0:10:15.520 --> 0:10:18.880 passes by Justin Herbert. LA won thirty four to twenty seven. 0:10:18.920 --> 0:10:22.160 Both teams now nine and six. Indiana and Notre Dame 0:10:22.200 --> 0:10:24.640 both win eleven and one. They played tonight an in 0:10:24.840 --> 0:10:27.959 state battle in South Bend to start the now twelve 0:10:28.040 --> 0:10:30.240 team eleven game college football. 0:10:29.840 --> 0:10:31.400 Playoff, with three more games tomorrow. 0:10:31.720 --> 0:10:34.280 The newest Yankee, Cody Bellinger, has already played in two 0:10:34.400 --> 0:10:37.760 large markets with the Dodgers and Cubs, was asked about 0:10:37.800 --> 0:10:39.240 now playing in New York. 0:10:39.520 --> 0:10:41.240 I have an opportunity here to play for one of 0:10:41.320 --> 0:10:43.400 the best franchises in all the sports. 0:10:44.480 --> 0:10:47.959 I knew there was interest, and you know, like. 0:10:47.960 --> 0:10:50.800 I said, I wanted to take advantage of the opportunity, 0:10:51.320 --> 0:10:53.839 and I'm just glad that it was all able to 0:10:53.880 --> 0:10:54.240 work out. 0:10:54.280 --> 0:10:57.200 Bellinger admitted his father very happy with the trade. Clay 0:10:57.280 --> 0:11:00.000 Bellinger was a Yankee for three seasons, won two championships. 0:11:00.280 --> 0:11:02.760 John Stanshewer Bloomberg Sports, Karen Navian. 0:11:04.880 --> 0:11:08.920 Coast to Coast on Bloomberg Radio, nationwide on Sirius XM, 0:11:09.120 --> 0:11:12.040 and around the world on Bloomberg dot Com and the 0:11:12.040 --> 0:11:16.240 Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm 0:11:16.320 --> 0:11:19.720 Nathan Hager. Will the third time be the charm in Washington, 0:11:19.800 --> 0:11:20.040 d C. 0:11:20.320 --> 0:11:23.000 Well, the pressure is really on lawmakers now with less 0:11:23.000 --> 0:11:24.120 than twenty four hours till a. 0:11:24.160 --> 0:11:25.800 Government shut down deadline. 0:11:25.840 --> 0:11:29.240 The House has voted down the latest proposal that was 0:11:29.360 --> 0:11:32.280 backed by President like Donald Trump to keep the government 0:11:32.320 --> 0:11:35.320 open into March and to keep the debt ceiling from 0:11:35.400 --> 0:11:38.800 existing for another two years. Chip Roy of Texas is 0:11:38.800 --> 0:11:41.400 one of the thirty eight Republicans who voted no. 0:11:42.000 --> 0:11:45.160 Not going to go vote for another debt sealing increase without. 0:11:45.080 --> 0:11:48.280 Actual specifics on what the cups will be. That's another non. 0:11:48.160 --> 0:11:51.000 Starter for me, Republican Chip Roy of Texas. After the 0:11:51.080 --> 0:11:53.440 latest stopgap went down and defeat last night. From More 0:11:53.520 --> 0:11:56.640 this morning, we are joined by Terry Haynes, founder of 0:11:56.720 --> 0:11:57.720 Pangaea Policy. 0:11:58.280 --> 0:12:01.160 Is your countdown clock setup? Harry, what's the risk of 0:12:01.200 --> 0:12:02.200 a prolonged shutdown? 0:12:02.200 --> 0:12:02.320 Now? 0:12:02.440 --> 0:12:06.520 Good morning, Good morning data. Uh, you know these things 0:12:06.559 --> 0:12:10.360 never really last very long, you know it. The politics, 0:12:10.640 --> 0:12:13.400 the you know two things. One, you know that you've 0:12:13.400 --> 0:12:16.640 got a bunch of politicians here that are showing on 0:12:16.679 --> 0:12:18.960 this issue that they're not really very good at politics, 0:12:18.960 --> 0:12:21.959 which is sort of weird, but there it is. You know, 0:12:22.040 --> 0:12:25.040 good politicians talk to each other. Good politicians, you know, 0:12:25.120 --> 0:12:29.640 even from particularly from on the other side. You know, 0:12:29.640 --> 0:12:32.720 know what's going to happen and kind of what the 0:12:32.800 --> 0:12:36.520 room for maneuver is. None of that's happening here. Secondly, 0:12:36.679 --> 0:12:42.240 on Trump and Musk and Ramaswami and those folks, you know, 0:12:42.400 --> 0:12:46.400 turning it up to eleven like spinal tap, you know, 0:12:46.440 --> 0:12:49.680 at the very last minute shows a lot of things. 0:12:49.679 --> 0:12:52.160 But one of the things that shows markets is that 0:12:52.559 --> 0:12:55.400 Trump's much less likely to actually achieve the things that 0:12:55.440 --> 0:12:59.240 they think he's until recently that he was very likely 0:12:59.320 --> 0:13:01.760 to achieve. That's a very bad look for Trump, and 0:13:02.559 --> 0:13:04.360 I think what he needs to do is stand down, 0:13:04.400 --> 0:13:07.560 stand back from this and cool the temperature off. But 0:13:07.679 --> 0:13:11.200 you know, I think I think what the politicians will 0:13:11.240 --> 0:13:15.320 do over the weekend is figure out the minimum they 0:13:15.360 --> 0:13:17.920 need to do and actually do it and be done. 0:13:18.400 --> 0:13:20.720 Why have this debt ceiling fight? 0:13:21.120 --> 0:13:21.480 Now? 0:13:21.880 --> 0:13:24.520 What is Trump wanting out of this? 0:13:26.000 --> 0:13:28.240 You know, what he wants and what he's getting are 0:13:28.280 --> 0:13:32.679 really two different things. What he wants is he doesn't 0:13:32.760 --> 0:13:37.120 want the debt ceiling fight, which has to happen in 0:13:37.160 --> 0:13:40.920 the late winter early spring, excuse me, in the late 0:13:40.960 --> 0:13:45.199 winter early spring, to overshadow the tax the tax bill 0:13:45.480 --> 0:13:48.800 and revenue raising and the other things that he wants 0:13:48.840 --> 0:13:52.960 to do. But he's what he's showing is that he 0:13:53.000 --> 0:13:56.080 doesn't understand how dug in a lot of Republicans are 0:13:56.160 --> 0:13:58.360 not just the thirty eight or so that voted against 0:13:59.240 --> 0:14:02.560 voted against last night, but how much of an article 0:14:02.559 --> 0:14:05.280 of faith keeping the debt ceiling and keeping some sort 0:14:05.280 --> 0:14:08.560 of restraint on federal spending is and has been the 0:14:08.600 --> 0:14:11.720 Republicans for a lot of years. So what it shows 0:14:11.800 --> 0:14:13.959 is that he's out of touch with his own his 0:14:14.000 --> 0:14:17.520 own political base in Congress. That's that's a very bad 0:14:17.559 --> 0:14:18.120 look for him. 0:14:18.400 --> 0:14:23.160 Well, he was threatening to primary Republicans who voted against this, 0:14:23.320 --> 0:14:25.400 and as we heard Chip Roy there, he's one of 0:14:25.440 --> 0:14:29.440 the hardliners on Capitol Hill. How serious is that primary 0:14:29.480 --> 0:14:30.760 threat from President like Trump? 0:14:31.400 --> 0:14:33.560 Well, I think that's one of the things that my 0:14:33.640 --> 0:14:35.600 guess is that that's one of the things that kind 0:14:35.640 --> 0:14:37.920 of gets said in the heat of the moment, probably 0:14:37.960 --> 0:14:42.040 goes away after after all this is over, there's going 0:14:42.080 --> 0:14:44.280 to be a lot of patching up that's going to 0:14:44.360 --> 0:14:46.640 have to be done on the Trump side as well 0:14:46.680 --> 0:14:51.240 as from the Republican side. But you know, Trump thought 0:14:51.240 --> 0:14:53.120 he was just going to seam roll these guys into 0:14:53.480 --> 0:14:56.680 into voting for something that that they wouldn't vote for 0:14:57.680 --> 0:14:59.960 you know, he's got another thing coming. Frankly, this is 0:15:00.120 --> 0:15:04.880 so it's difficult to impossible to steamroll, you know, the 0:15:05.360 --> 0:15:08.400 coequal branch of government. And that's exactly what Congress is 0:15:08.520 --> 0:15:13.000 and more importantly, what they consider themselves to be. And 0:15:13.000 --> 0:15:17.320 and you know you can't your first your first goal 0:15:17.360 --> 0:15:20.840 here can't be to unman these folks, particularly when you 0:15:20.880 --> 0:15:23.800 need all of them just to accomplish anything that you 0:15:23.840 --> 0:15:27.760 want to accomplish. He can't accomplish without them. So therefore, 0:15:28.040 --> 0:15:29.640 therefore he's going to have to make it up to them, 0:15:29.640 --> 0:15:30.560 not the other way around. 0:15:30.680 --> 0:15:33.080 We have just thirty seconds left, Terry. But where's President 0:15:33.120 --> 0:15:35.280 Biden and all this? Does he need to speak up more? 0:15:37.200 --> 0:15:41.440 He well, I think it's passed the time in which anybody, 0:15:41.760 --> 0:15:43.800 even in Biden's own party is going to be able, 0:15:44.280 --> 0:15:47.000 is going to listen to him or much care that. 0:15:47.040 --> 0:15:49.400 They think they've been carrying water for him for way 0:15:49.400 --> 0:15:51.960 too long. They need to forge their own path forward, 0:15:51.960 --> 0:15:52.840 and they're trying to do that. 0:15:53.280 --> 0:15:56.720 This is Bloomberg Daybreak, your morning podcast on the stories 0:15:56.800 --> 0:15:59.800 making news from Wall Street to Washington and beyond. 0:16:00.120 --> 0:16:02.480 Look for us on your podcast feed by six am 0:16:02.520 --> 0:16:05.920 Eastern each morning on Apple, Spotify, or anywhere else you listen. 0:16:06.120 --> 0:16:08.960 You can also listen live each morning starting at five 0:16:09.000 --> 0:16:11.720 am Wall Street Time on Bloomberg eleven three to zero 0:16:11.720 --> 0:16:14.640 in New York, Bloomberg in ninety nine to one in Washington, 0:16:14.720 --> 0:16:18.640 Bloomberg ninety two nine in Boston, and nationwide on serious 0:16:18.840 --> 0:16:20.400 XM Channel one twenty one. 0:16:20.800 --> 0:16:23.520 Plus listen coast to coast on the Bloomberg Business app 0:16:23.560 --> 0:16:26.359 now with Apple CarPlay and Android auto interfaces. 0:16:26.600 --> 0:16:29.640 And don't forget to subscribe to Bloomberg News Now. It's 0:16:29.640 --> 0:16:32.400 the latest news whenever you want it in five minutes 0:16:32.480 --> 0:16:35.600 or less. Search Bloomberg News Now on your favorite podcast 0:16:35.640 --> 0:16:37.800 platform to stay informed all day long. 0:16:38.160 --> 0:16:39.800 I'm Karen Moscow. 0:16:39.600 --> 0:16:40.560 And I'm Nathan Hager. 0:16:40.720 --> 0:16:42.760 Join us again tomorrow morning for all the news you 0:16:42.800 --> 0:16:45.560 need to start your day right here on Bloomberg Daybreak