US Shutdown Nears End as Senate Passes Deal; Trump Teases India Trade Pact

Bloomberg Audio Studios, Podcasts, radio news.
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Karen, the longest government shutdown in US history could end
as soon as tomorrow. The Senate has passed a temporary
funding measure that would reopen most of the government through
January thirtieth and the rest through the end of September.
It's a sigh of relief for Senate Majority Leader John Thune.
This has been a very long road, quite literally the
longest shutdown in history. I am very very happy to
be able to say that we are coming to the end.
Majority Leader John Thune spoke on the Senate floor after
the bill passed sixty to forty. Now it heads to
the House, where lawmakers are expected to take it up tomorrow.
The measure does not include the health insurance subsidy extension
that Democrats had demanded for more than a month. Bloomberg's
John Hirskovitz reports that it's led to a split within the.
The concession that Republicans gave was allowing a vote on
the extension of these subsidies in December. Whether the subsidies
pass or not is another matter. For a lot of
the members of the Democratic Party, especially on the progressive wing,
they see this as a betrayal. This was the root
cause of their confrontation with the Republicans, and they just
don't like the way that it has been settled.
Bloomberg's John hirsk It says Republicans are floating alternate plans
for the expiring subsidies. President Trump has proposed sending direct
payments to affordable character recipients. Other Republicans are suggesting an
income cap for the subsidies.
Well, Nathan, the shutdown is certainly leaving a mark on
the airline industry. A fourth day of flight restrictions saw
airlines scrap more than twenty three hundred flights yesterday, and
after going unpaid for more than a month, some air
traffic controllers have been calling out of work in opposed
on truth social President Trump's threatened to withhold pay for
those who do not show up. The President promised it
ten one thousand dollars bonus for workers who did not
take time off. Nick Daniels is president of the Air
Traffic Controllers Union.
So I'll take anything that recognizes these hard working men
and women, but will work with the administration on any
issues that are out there. Air traffic controllers have continued
to show up during this shutdown. They've endured the longest
shutdown in American history, and every single day they absolutely
not only deserve their pay, they deserve to be recognized.
Nick Daniels with the National Association of Air Traffic Controllers
says his members have worked without pay since the shutdown
began on October first.
And Karen the freezing weather across the country is adding
to the flight disruptions. Bloomberg meteorologist Craig Gallen is tracking
a storm that's affecting now the majority of the country.
It's the coldest air of the season so far, and
it has dipped down from border to border across the
eastern half of the United States. And as we've been
mentioning the core of this unseasonably cold out break, it
took a nose dive south first, and now it has
invaded the east.
This morning.
Sub freezing peratures are covering about three dozen states, Numerous
record lows being set all the way down through Texas
over to Louisiana, Mississippi, Alabama, even south of Orlando in
Florida and Lake of Hexno has been a big problem.
Treacherous traveled downwind of all the Great Lakes. It has
shifted more to the east, so the heaviest accumulations now
are occurring from Erie to Buffalo to Syracuse, and that
includes Interstates eighty, ninety, seventy nine, and eighty six.
Bloomberg Meteorologist Craig Gallon says this taste of winter will
be short lived. Temperatures are expected to begin to return
to average by midweek.
Well Nathan. President Trump is hinting at a thaw in
trade relations with India. The President says, the US is
pretty close to a deal with India and at some
point tariff rates will go down.
Well, right now, the tariffs are very high on India
because of the Russian oil, and they've stopped doing the
Russian oil. It's been reduced for substantially. Yeah, we're going
to be bringing the tariffs down.
President Trump spoke at the Oval Office swearing in a
new ambassador to India, Sergio Gore. The US raised tariffs
on many Indian goods to fifty percent earlier this year,
in part to pressure new Daily to stop buying Russian oil.
Indian refiners have a gun scaling back purchases from Moscow
after President Trump's sanctioned rushes to largest producers last month.
I Meanwhile, Karin, the President is downplaying criticism of the
potential creation of a fifty year mortgage product. He tells
Fox News it would help more Americans of ford monthly
payments on homes.
It's not even a big deal. I mean, you know,
you go from forty to fifty years, and what everages
you pay, you pay something less from thirty. That some
people had a forty and then now they have a fifty.
All it means is you pay less for monty paid
over a longer period of time.
President Trump spoke with Fox News as Laura Ingram now.
Critics say extending the length of a mortgage to fifty
years from the standard thirty would mean buyer's build equity
much more slowly and pay far more interest over the
lifetime of a loan.
And staying with the markets, Nathan futures are lower after
yesterday's rally on Wall Street, and shares of Nvidia are
down more than one percent. Japan SoftBank said it has
sold its entire stake in the ship maker It's pocketing
five point eight billion dollars ahead of a rash of
planned investments by founder Masayoshi's son to build his own
sphere of influence supporting artificial intelligence. SoftBank also announced a
four for one stock split.
Paramount sky Dance reported financial results for the first time
care and since a new investor group took over the
media company in August. It reported revenue below analyst forecast.
Paramount says it plans an additional sixteen hundred person workforce
reduction and a goal to achieve at least three billion
dollars in cost savings. Chris Paul Mary covers Paramount Skydance
for Bloomberg.
Clearly they're uppering their cost cutting. Is an interesting time because,
as everyone has reported, they're interested in buying Warner Brothers.
And one of the concerns is, you know how many
more jobs the industry would lose if they bought it.
Bloomberg's Chris Palm Mary says, the parent of CBS and
the Paramount Film and TV Studios forecast thirty bills million
dollars in revenue next year. That's slightly more than analyst estaments,
and the shares are at more than four percent This morning.
On the flip side, Nathan Shares of core Weaver down
eight and a half percent. The data center operator lowering
his annual revenue forecast due to a delay fulfilling a
customer contract. Core Weave shares it more than doubled this year.
Karen, it is the end of an era for one
of the business's most watched icons. Ninety five year old
Warren Buffett says he intends to step up the pace
of his donations while he's still alive and will be
going quiet. That means he will no longer write Berkshire
Hathaway's annual report or speak at its annual shareholder meeting.
Here's Bloomberg News senior editor Eric Weiner.
He also was sort of a voice of reason on
Wall Street. He would be one who would point out
that things had gotten a little bit far out over
their skis. He would be the one to say that
it was time to step back in. They called him
the oracle, and there was a good reason for that.
We're not going to see something like that again for
a very long time, if ever.
Bloomberg's ericer says, Warren Buffett is donating more than one
point three billion dollars to four family foundations. He plans
to step down as CEO of Berkshire Hathaway at the
end of this year.
Time now for a look at some of the o
their stories making news in New York and around the world,
and for that we're joined by Bloomberg's Michael Barr. Michael Barr,
welcome back, Thank you.
Very much, Karen. The Supreme Court has rejected a call
to overturn its landmark decision that legalized same sex marriage nationwide.
The Justices turned away an appeal from former Kentucky Court
clerk Kim Davis, who refused to issue marriage licenses the
same sex couples after the Supreme Court's twenty fifteen ruling.
The decision brought a sense of relief to many same
sex couples and LGBTQ advocates. Chris Hartman is with the
Kentucky Fairness Campaign.
It's over.
Kim Davis's case was not going to be the one
that challenged marriage equality.
The Supreme Court degrees.
Can we all agree to never talk talk about Kim
Davis again.
Davis had been trying to get the justices to overturn
a lower court order that she paid three hundred and
sixty thousand dollars in damages and attorneys fees. The Food
and Drug Administration says it will remove a long standing
warning from hormone based drugs used to treat menopause symptoms
in women. The change is a break from FDA policy
in which the drugs carried the agency's most severe warning
label after two studies in the early two thousands claim
that there were major risks associated with HRT, including breast cancer.
Gecologist doctor Jessica Sheppard, chief medical officer of the Telehealth
Company HERS, says, according to federal officials, almost a third
of women did not use HRT due to the warning.
This moment has been coming for decades, and when we
think of how women have been suffering four years since
that WHI study, we really have reached a pinnacle of
allowing women's health to pervade it.
Doctor Shepherd says women should talk to their provider about
hormone therapy. Today, the US owners hit service members on
this Veteran's Day. Greg Dartin is a Wisconsin veteran.
I'm seventy one.
The WW two vets are dying every day. Korea is
the next Center's just sir, Vietnam vets, and we're disappearing.
We're disappearing very quickly.
This morning, President Trump is scheduled to lay a wreath
at the tomb of the Unknown Soldier at Arlington National Cemetery.
Global News twenty four hours a day and whenever you
want it with the Bloomberg News. Now, I'm Michael Barr,
and this is Bloomberg Herren.
Well, thanks Michael. A time now for our Bloomberg Sports update,
and for that we bring in John stash Hour.
Thanks Garren brother By football in Green Bay, Packers and
Eagles scoreless for thirty six minutes. Philadelphia kicked the field goal,
got a jail and heard touchdown pass to Devontae Smith
in the fourth quarter and beat Green Bay ten to seven.
The Eagles were seven to two. The Giants are two
and eighth. They fired coach Brian Dayball. He was in
his fourth season overall record of twenty wins and forty losses.
Mike Kafka, the assistant, takes over as the interim head coach.
Rookies of the Year A's first baseman Nick Kurtz, won
unanimously in the American League. Braves catcher Drake Baldwin in
the NL that's to Bloomberg Sports fifty.
Stay with us more from Bloomberg day Break coming up
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Bloomberg Business app. This is Bloomberg Daybreak.
Good morning.
I'm Nathan Hager, and it is now six full weeks
into the federal government shut down. Now it may be
just one day away from coming to an end.
We are going to reopen government. We're going to ensure
that federal employees, whether they were furloughed or laid off
or purses to work without pay, will now receive compensation.
That was Republican Senator Susan Collins after the Senate voted
sixty forty on a bill to reopen most of the
government for another two and a half months. The House
is expected to vote on it tomorrow and for more.
We are joined by Bloomberg Breaking News Editor Alexander Pearson.
Alex it's great to speak with you this morning. I
think it's worth talking about what got us to this
point and what should we expect now that this new
stop gap is headed to the House. Good morning, and.
Thank you for having me. That's right. So yesterday the Senate
passed a stopgap bill that will, as you say, fund
most of the government until January thirtieth, and then also
includes three full budget bills that will fund the rest
of the government actually for the next year. So it's
a lot of progress considering where how long it took
to get here. The House today is expected to vote
on the measure and it will have to pass that
bill for it to eventually land on President Trump's desk
to be signed into law so that the government can reopen.
But the bill does not include what the Democrats had
been holding out for for more than a month, this
solution to expiring health insurance subsidies. Where is that issue
left now?
Yeah, that's right. So the Democrats initially were reticent to
pass any kind of stopgap measure without extending these healthcare subsidies,
and a group of centrist moderate Democrats yesterday they broke
with most of the party to actually pass this bill
in the Senate. That caused a lot of consternation with
progressive Democrats, including the leadership. And so now what happens
with that is that they got an extent essentially an
exchange for voting for this bill. The Republicans in the
Senate agreed to hold a vote on extending those subsidies
in mid December. But the thing is is that it's
not assured if that will actually pass, which is exactly what,
of course, the most Democrats wanted to ensure by including
it in any kind of stopgap measure, and.
We've heard from House Speaker Mike Johnson that he wouldn't
even promise of vote on the subsidy issue. Could this
potentially tee up a campaign issue for Democrats setting into
next year's midterms.
Absolutely, if there's no extension, then a lot of millions
of Americans actually who get the healthcare through the Affordable
Care Act could see the premium skyrocket. And so the
Democrats definitely will make this into an electoral issue going
into the midterms next year if there is no deal
that they see as sufficient as at the end of
this year, so these are subject is actually supposed to
expire by the end of the year. So if there's
no agreement, then this could really become a hot potato
issue in the elections next year.
And in the meantime, Alex of course, we've seen thousands
of flight cancelations, uncertainty around federal food aid as well.
In our last minute, where does this leave things politically
for Republicans and Democrats.
Yeah, I mean, in terms of the polling, it's shown
that actually the Republicans have been blamed a little bit
more by you know, the average vota for the shutdown
then Democrats. That said, you know, the Democrats now are
a little bit lost because they didn't get essentially what
they wanted from the shutdown fight, even though they scored
some pretty good electronal wins last week in New York,
New Jersey and Virginia. And so for them, you know,
they're going to be looking at this as maybe a
lost opportunity and we'll try to make an electoral issue
next year if they can't get the subsidies extended. For
the Republicans, they now have to decide what they want
to do in terms of these subsidies and how they
want to manage that issue to ensure that it doesn't
become a liability going into the midterms next year.
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