Government Shutdown Deadline; Fed Fueled Selloff on Wall Street

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. 0:00:14.840 --> 0:00:17.799 Karen, we begin with fast moving developments in Washington, DC 0:00:18.040 --> 0:00:20.360 that are threatening to shut down the government by the 0:00:20.440 --> 0:00:22.759 end of the week. The stopgap spending bill that a 0:00:22.800 --> 0:00:26.520 lawmakers agreed to just this week is dead. That's after 0:00:26.600 --> 0:00:29.520 President elect Donald Trump came out against it and threatened 0:00:29.560 --> 0:00:33.160 to oust fellow Republicans who don't meet his demands. House 0:00:33.200 --> 0:00:36.400 Majority Leader Steve Scalise says, now it's basically back to 0:00:36.520 --> 0:00:41.280 square one. There's still a lot of negotiations conversations going on, 0:00:41.520 --> 0:00:46.960 but there's no many agreement. Majority Leader Steve Scalie spoke 0:00:46.960 --> 0:00:49.640 after meeting last night with Vice President elect JD. 0:00:49.880 --> 0:00:50.240 Vance. 0:00:50.320 --> 0:00:53.240 Both Vance and Trump are asking for a streamlined bill 0:00:53.320 --> 0:00:56.160 that leaves out sweetener's like one hundred billion dollars for 0:00:56.240 --> 0:00:59.760 disaster relief and ten billion for farmers. House MINORITI leader 0:00:59.840 --> 0:01:02.360 high Kakim Jeffrey says they had a deal. 0:01:02.720 --> 0:01:08.360 An agreement is an agreement. It was bipartisan and there 0:01:08.400 --> 0:01:09.240 was nothing more to say. 0:01:09.480 --> 0:01:13.000 MINORITI Leader Hakim Jeffrey says Republicans will own any harm 0:01:13.040 --> 0:01:15.000 that results from a government shutdown. 0:01:15.520 --> 0:01:18.920 Well, Nathan, President elect Trump is demanding even more than 0:01:19.200 --> 0:01:21.680 just a clean spending bill, and we get more on 0:01:21.760 --> 0:01:23.720 that with the Bloomberg's Laura Davison. 0:01:24.000 --> 0:01:25.920 The thing that he's really asking that is probably going 0:01:25.959 --> 0:01:28.520 to be the most politically problematic is he also wants 0:01:28.560 --> 0:01:31.520 to vote on raising the debt ceiling. Now, Congress was 0:01:31.600 --> 0:01:35.120 originally slated to do this sometime this summer. Trump says 0:01:35.160 --> 0:01:37.319 he wants to do it under Biden's watch versus under his. 0:01:37.600 --> 0:01:40.400 This is always a tough vote. Usually there are weeks 0:01:40.440 --> 0:01:42.480 of negotiations heading up to this. To do it in 0:01:42.480 --> 0:01:44.200 forty eight hours is going to be a really, really 0:01:44.280 --> 0:01:46.520 tall ask and potentially means that we could be tipping 0:01:46.560 --> 0:01:47.640 towards shutdown territory. 0:01:47.840 --> 0:01:50.880 And Bloomberg's Laura Davison says, Congress has until the summer 0:01:50.920 --> 0:01:53.440 to raise the debt ceiling, but if lawmakers can't reach 0:01:53.480 --> 0:01:55.920 a new agreement on a funding plan, the government could 0:01:55.960 --> 0:01:58.080 shut down after midnight tomorrow night. 0:01:58.320 --> 0:02:01.040 Well, Karen, let's turn out to mark. It's where futures 0:02:01.040 --> 0:02:04.640 are moving higher following yesterday's FED fueled sell off on 0:02:04.720 --> 0:02:07.520 Wall Street. The Dow Jones Industrial average fell more than 0:02:07.520 --> 0:02:11.040 eleven hundred points, or two point six percent. The S 0:02:11.120 --> 0:02:13.880 and P five hundred fell three percent, while the Nasdaq 0:02:14.040 --> 0:02:17.080 was hardest hit, sliding more than three and a half percent. 0:02:17.400 --> 0:02:20.480 The turbulence came after the Fed scaled back the number 0:02:20.480 --> 0:02:23.640 of cuts at season twenty twenty five to two and 0:02:23.720 --> 0:02:26.519 chared your own. Pal said future easing would require fresh 0:02:26.560 --> 0:02:27.959 progress on inflation. 0:02:28.440 --> 0:02:31.440 Once again, we've you know, we've had a year on 0:02:31.560 --> 0:02:34.760 projection for inflation and it's kind of fallen apart as 0:02:34.760 --> 0:02:37.400 we've approached at the end of the year. So that 0:02:37.840 --> 0:02:40.520 is certainly a large factor in people's thinking. I can 0:02:40.560 --> 0:02:42.520 tell you that might be the single biggest factor is 0:02:42.960 --> 0:02:47.320 inflation has once again underperformed relative to expectations. It's still, 0:02:47.880 --> 0:02:50.000 you know, going to be between two and a half 0:02:50.080 --> 0:02:52.400 and three. It's wave below where it was, but you know, 0:02:52.440 --> 0:02:55.280 we really want to see progress on inflation. 0:02:56.080 --> 0:02:58.880 J Pal and Company did deliver a widely expected quarter 0:02:58.919 --> 0:03:02.720 percentage point rate cut yesterday. Cleveland FED President Beth Hammick 0:03:02.880 --> 0:03:05.639 was the loan dissenting vote. She preferred to hold Rate's 0:03:05.720 --> 0:03:06.840 study well. 0:03:06.919 --> 0:03:10.000 Nathan. Reaction is still pouring into the hawk ish tilled 0:03:10.000 --> 0:03:13.160 by the FED, and here's black rocks Jeffrey Rosenberg. 0:03:13.520 --> 0:03:17.200 This is a surprise to markets. And so one of 0:03:17.240 --> 0:03:20.400 the things the markets had hoped for was a FED 0:03:20.440 --> 0:03:25.280 that was very much leaning towards easy financial conditions, focusing 0:03:25.400 --> 0:03:28.040 more on the labor side than on the inflation side, 0:03:28.120 --> 0:03:32.080 and that was pretty supportive to financial conditions and taking risks. 0:03:32.120 --> 0:03:35.520 So you see the market reactions not what markets were expecting, 0:03:35.720 --> 0:03:39.200 and so certainly that's a little bit less favorable environment 0:03:39.280 --> 0:03:40.040 for risk taking. 0:03:40.400 --> 0:03:43.400 In addition to blackrocks Jeffrey Rosenberg, we also cut up 0:03:43.440 --> 0:03:48.000 with former Fed economist and Bloomberg opinion columnist Claudia sam We. 0:03:48.000 --> 0:03:50.080 Know this FED like we have watched this Fed. 0:03:50.120 --> 0:03:52.560 It is a one that understands the dual mandate and 0:03:52.600 --> 0:03:54.120 it's very data driven. 0:03:54.680 --> 0:03:57.120 Everything's going to hinge on what do we actually see 0:03:57.240 --> 0:03:57.760 next year. 0:03:58.360 --> 0:04:01.040 I mean, these projections are not that informative. 0:04:01.200 --> 0:04:02.600 Is what are we facing? 0:04:03.120 --> 0:04:06.560 And former Fed economist and Bloomberg opinion columnist Claudia Som 0:04:06.720 --> 0:04:10.400 fifteen of nineteen officials now see a higher risk inflation 0:04:10.480 --> 0:04:13.840 will exceed their expectations, as a massive shift from the 0:04:14.000 --> 0:04:17.040 three who felt the same back in September Well Karen. 0:04:17.040 --> 0:04:20.840 Monetary policy is also in focus around the world. This morning, 0:04:20.880 --> 0:04:24.320 the Bank of Japan kept its policy rate unchanged, with 0:04:24.360 --> 0:04:27.480 the benchmark remaining at around a quarter percent. However, the 0:04:27.560 --> 0:04:31.400 end is weakening after comments by BOJ Governor Coswell Awaita 0:04:31.480 --> 0:04:34.160 cast doubt on whether the bank could hike interest rates 0:04:34.160 --> 0:04:34.880 in January. 0:04:35.480 --> 0:04:38.119 Well, next Nathan, it is the Bank of England's turn. 0:04:38.240 --> 0:04:41.640 Economists expect the BOE to hold interest rates. Study today 0:04:41.960 --> 0:04:45.440 Bloomberry Chief UK economist Dan Hansen says there is still 0:04:45.560 --> 0:04:48.800 scope for policymakers to cut rates in twenty twenty five. 0:04:49.240 --> 0:04:51.680 I think there's probably more room for the Bank of 0:04:51.720 --> 0:04:56.000 England's cut interest rates next year, so we think they'll 0:04:56.000 --> 0:04:58.920 get down to three point seventy five percent, So that's 0:04:58.960 --> 0:05:01.560 one hundred basis points cuts, which is obviously a lot 0:05:01.560 --> 0:05:03.560 more than the market has at the moment. The market's 0:05:03.560 --> 0:05:05.839 got about sixty. I think what that comes down to 0:05:06.000 --> 0:05:09.240 really is your view about this idea of the neutral 0:05:09.320 --> 0:05:12.680 rate and how well the rate that neither speeds up 0:05:12.760 --> 0:05:14.240 nor slows down the economy. 0:05:14.760 --> 0:05:17.960 In Bloomberg, Dan Hansen says BOE Governor Andrew Bailey and 0:05:18.000 --> 0:05:20.640 his colleagues are likely to strike a conscious tone given 0:05:20.680 --> 0:05:23.200 the inflation threats brewing at home and abroad. 0:05:23.400 --> 0:05:27.560 And speaking of abroad, Karen, Sweden's central bank acted today, 0:05:27.560 --> 0:05:30.440 lowering its benchmark rate by twenty five basis points to 0:05:30.480 --> 0:05:32.960 a two year low of two and a half percent. 0:05:33.080 --> 0:05:35.640 It also signaled its easing campaign is likely to be 0:05:35.680 --> 0:05:39.599 wrapping up, with one cut left to deploy. Norway's Central 0:05:39.600 --> 0:05:43.080 Bank kept its benchmark interest rate unchanged well. 0:05:43.160 --> 0:05:45.440 Checking some stocks on the move here in the US, 0:05:45.600 --> 0:05:49.280 Nathan shares of Micron. They are plunging down fourteen and 0:05:49.279 --> 0:05:51.839 a half percent this morning. The largest US maker of 0:05:51.880 --> 0:05:56.360 computer memory chips. Second quarter revenue forecast missed projections by 0:05:56.400 --> 0:05:59.720 about one billion dollars. It was hurt by sluggish demand 0:05:59.760 --> 0:06:02.080 for smartphones and personal computers. 0:06:02.440 --> 0:06:05.360 Shares of Lenar carrying They're down more than five percent. 0:06:05.480 --> 0:06:08.239 The homebuilders forecast for new orders in the first quarter 0:06:08.360 --> 0:06:09.599 missed analysts. 0:06:09.240 --> 0:06:12.839 Estimates, and now Nathan, a Bloomberg exclusive, Apple is close 0:06:12.920 --> 0:06:16.360 to getting Indonesia to lift its ban on iPhone sixteen sales. 0:06:16.640 --> 0:06:19.400 The move comes after the country's president gave his approval 0:06:19.440 --> 0:06:22.120 for the government to accept a one billion dollar investment 0:06:22.160 --> 0:06:25.000 from the US tech giant. The country prohibited the sale 0:06:25.040 --> 0:06:28.279 of Apple's flagship device last month, saying Apple had failed 0:06:28.279 --> 0:06:32.520 to comply with domestic content requirements for smartphones and tablets. 0:06:35.760 --> 0:06:37.120 And it's time now for a look at some of 0:06:37.160 --> 0:06:39.559 the other stories making news in New York and around 0:06:39.600 --> 0:06:42.279 the world. And for that we're joined by Bloomberg's John Tucker. John, 0:06:42.279 --> 0:06:43.240 Good morning, Yeah, Good. 0:06:43.160 --> 0:06:45.480 Morning, Karen. Well. Just in time for the holiday rush, 0:06:45.600 --> 0:06:50.080 Amazon warehouse employees and contract drivers and four states planned 0:06:50.080 --> 0:06:53.120 to walk off the job this morning. Bloomberg' Jeff Bellinger's 0:06:53.160 --> 0:06:53.800 here with more. 0:06:54.400 --> 0:06:58.640 Groups of workers at seven locations in California, New York, Illinois, 0:06:58.640 --> 0:07:02.000 and Georgio will go on strike, and Teamster's local unions 0:07:02.000 --> 0:07:05.080 will put up picket lines at hundreds of Amazon fulfillment 0:07:05.200 --> 0:07:08.840 centers nationwide. The move comes after the Teamsters called on 0:07:08.880 --> 0:07:11.880 Amazon to recognize its units and come to the bargaining 0:07:11.880 --> 0:07:15.480 table to negotiate a contract. The union says the company 0:07:15.640 --> 0:07:20.400 ignored the demands. Amazon says the Teamsters have intentionally misled 0:07:20.400 --> 0:07:24.240 the public about union efforts at the company and threatened workers. 0:07:24.720 --> 0:07:26.600 Jeff Bellinger, Bloomberg Radio. 0:07:26.720 --> 0:07:29.280 The suspect charged with the shooting death of a health 0:07:29.280 --> 0:07:32.880 insurance company executive on Manhattan Street will be in courts today. 0:07:32.880 --> 0:07:37.960 In Pennsylvania, the AP reports Luigi Mangioni's expended wave extradition 0:07:38.120 --> 0:07:40.560 clearing the way for his return to New York. It 0:07:40.600 --> 0:07:43.280 could make the trip as soon as today. Mangioni faces 0:07:43.360 --> 0:07:46.600 charges of murder as an act of terrorism in New York. 0:07:47.080 --> 0:07:50.240 The Federal Aviation Administration it's warning the public against pointing 0:07:50.360 --> 0:07:54.160 lasers at aircraft. This comes after a significant uptick and 0:07:54.240 --> 0:07:57.720 reports amid the drone frenzy in the Northeast. Pilot reports 0:07:57.720 --> 0:08:00.160 of laser strikes in New Jersey have increased to two 0:08:00.240 --> 0:08:03.440 hundred and sixty nine percent. The FBI warns of an 0:08:03.480 --> 0:08:05.960 increase in pilots being hit in the eyes by lasers 0:08:05.960 --> 0:08:08.880 by people on the ground who've mistaken them for drones. 0:08:09.320 --> 0:08:12.360 Subwayfairs and bridge tolls going up in New York. The MTA, 0:08:12.480 --> 0:08:15.800 the largest mass transit provider in the US, approved a 0:08:15.840 --> 0:08:19.240 nearly twenty billion dollar operating budget for twenty twenty five. 0:08:19.600 --> 0:08:22.560 It includes a planned four percent fare and total increase. 0:08:22.880 --> 0:08:26.560 The spending plan also assumes that a congestion pricing program 0:08:26.680 --> 0:08:30.160 will begin on January fifth and San Francisco has lost 0:08:30.160 --> 0:08:33.640 its top tier credit rating from S and P Global Ratings, 0:08:33.679 --> 0:08:36.520 citing the city's projected eight hundred and seventy six million 0:08:36.600 --> 0:08:39.800 dollar deficit over the next two years and weekend business 0:08:39.800 --> 0:08:43.679 and property tax growth as reasons for the downgrade. Global 0:08:43.679 --> 0:08:45.600 News twenty four hovers a day and whatever you want 0:08:45.600 --> 0:08:48.760 it with Bloomberg News Now. I'm John Tucker. This is Bloomberg. Karen. 0:08:49.040 --> 0:08:56.120 All right, John, thank you time now for the Bloomberg 0:08:56.160 --> 0:08:58.880 Sports Update, brought to you by try Stan Outi. Here's 0:08:58.960 --> 0:09:00.560 John Stashauer learning. 0:09:00.600 --> 0:09:02.960 Good morning, Aaron. The next play tonight at Minnesota. It 0:09:03.040 --> 0:09:05.080 was back in early October that the two teams made 0:09:05.120 --> 0:09:07.480 the big trade, a swap of all star big men 0:09:07.559 --> 0:09:10.640 Karl Anthony Towns for Julius Randall. The Nicks also dealt 0:09:10.679 --> 0:09:14.400 Dante DiVincenzo. Nicks a pleased with the results, Town's averaging 0:09:14.440 --> 0:09:17.760 twenty five points fourteen rebounds, Randall with the Timberwolves averaging 0:09:17.840 --> 0:09:21.040 twenty a game. Before facing his former team, he looked 0:09:21.080 --> 0:09:22.640 back on his time with the Knicks. 0:09:23.000 --> 0:09:26.360 It's been a certain amount of time in the place, 0:09:27.040 --> 0:09:29.719 New York, you know, going there five years ago, and 0:09:31.160 --> 0:09:33.200 you know, having a goal in mind. You know, to 0:09:33.240 --> 0:09:35.679 accomplish a lot of great things and you know a 0:09:35.679 --> 0:09:38.760 lot of bluff sweatings. Here is putting into you know 0:09:39.200 --> 0:09:40.559 that organization in uniform. 0:09:40.640 --> 0:09:42.760 David Cenzone is one season with the Knicks at the 0:09:42.760 --> 0:09:45.400 club record for most three pointers made. The Devils are 0:09:45.440 --> 0:09:47.920 now sitting first place in the Metropolitan Division. Played tonight 0:09:47.920 --> 0:09:50.199 at Columbus Devil's on the Monster road game in a month. 0:09:50.600 --> 0:09:53.520 Rangers mean, while only three wins their last fourteen games, 0:09:53.559 --> 0:09:56.760 they just made a trade. They sent Capbocacko to Seattle 0:09:56.840 --> 0:09:59.599 for defenseman Will Borgan and two draft picks. Kaka was 0:09:59.600 --> 0:10:02.880 the second overall pick of the twenty nineteen draft. Did 0:10:02.920 --> 0:10:04.880 not live up to that. Moorgan could be a Ranger 0:10:04.880 --> 0:10:06.440 of rent, though he could be a free agent after 0:10:06.440 --> 0:10:08.920 the season. Max Freed was a free agent. The deally 0:10:08.960 --> 0:10:11.400 signed with the Yankees was eight years, two hundred and 0:10:11.440 --> 0:10:14.680 eighteen million dollars, most of it for a left handed pitcher. 0:10:14.720 --> 0:10:17.760 Freed was at the stadium yesterday. He took a virtual 0:10:17.800 --> 0:10:20.360 tour before signing and that included a visit to the 0:10:20.440 --> 0:10:21.280 Yankee clubhouse. 0:10:22.080 --> 0:10:24.960 Three words that were put on, you know, up on 0:10:25.000 --> 0:10:29.960 the wall and it's prepared, compete and win. And I 0:10:30.000 --> 0:10:36.280 thought a lot about that, and to me as a 0:10:36.320 --> 0:10:39.600 competitor and just to me as a corp as a player. Uh, 0:10:40.000 --> 0:10:41.240 they really resonated with me. 0:10:41.400 --> 0:10:44.040 Yankee GM Brian Cashman said, We've done some heavy lifting, 0:10:44.200 --> 0:10:45.760 got more to do. They scheduled to sit down with 0:10:45.840 --> 0:10:49.120 Japanese picture in Rokie Suzaki. NFL tonight at AFC West 0:10:49.160 --> 0:10:52.280 Broncos Chargers both looking like they'll be AFC wildcard teams 0:10:52.280 --> 0:10:56.000 they play in La John Stashawer, Bloomberg Sports, Karen Nathan. 0:10:58.040 --> 0:11:02.080 Coast to Coast on Bloomberg Radio nationwide on Syrias XM 0:11:02.240 --> 0:11:05.160 and around the world on Bloomberg dot Com and the 0:11:05.200 --> 0:11:09.520 Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm 0:11:09.600 --> 0:11:12.840 Nathan Hager. Where the holiday spirit maybe run a little 0:11:12.880 --> 0:11:16.400 cold In Washington, d C. President elect Donald Trump has 0:11:16.400 --> 0:11:19.240 come out against the funding bill that was just agreed 0:11:19.240 --> 0:11:21.920 to this week, and we'd keep the government from shutting 0:11:21.960 --> 0:11:25.000 down after tomorrow night. And that is prompting one key 0:11:25.080 --> 0:11:30.280 question for House Majority Leader Steve Scalise officially not right. 0:11:30.559 --> 0:11:30.760 Yes. 0:11:31.480 --> 0:11:35.280 Congressman Steve Scalie says the current continuing resolution on as 0:11:35.320 --> 0:11:39.920 the cr is dead. Joining us this morning, Bloomberg new 0:11:40.000 --> 0:11:44.680 senior editor Bill ferries the perennial question about Washington, DC, Bill, 0:11:45.200 --> 0:11:47.480 what is going on in the nation's capital. 0:11:47.559 --> 0:11:51.640 Good morning, Hey, good morning, Nathan. Well, it's a meltdown. 0:11:51.720 --> 0:11:54.480 I think that's still in progress. We're going to learn 0:11:54.520 --> 0:11:57.400 a lot more today. I'm sure it was not a 0:11:57.440 --> 0:12:01.120 pleasant night for Speaker John or at least not for 0:12:01.200 --> 0:12:04.520 his staff trying to figure out what the next plan 0:12:04.640 --> 0:12:07.640 is here you heard from you heard from a congressman's 0:12:07.720 --> 0:12:10.560 police right there. There did not appear to be a 0:12:10.600 --> 0:12:14.880 plan B in case Donald Trump stepped in and voiced 0:12:14.880 --> 0:12:17.720 his opposition as he did. So they're kind of be 0:12:17.720 --> 0:12:20.800 scrambling to come up with alternatives to prevent the government, 0:12:21.240 --> 0:12:24.120 or at least government part of the government, from shutting 0:12:24.160 --> 0:12:28.040 down as soon as this weekend. But certainly, you know, 0:12:28.840 --> 0:12:31.040 I think the Speaker and a lot of Republicans were 0:12:31.360 --> 0:12:34.200 celebrating to the fact that they got this deal done. 0:12:34.559 --> 0:12:36.320 Now it looks like they're going to have to figure 0:12:36.320 --> 0:12:38.000 out an alternative strategy here. 0:12:38.440 --> 0:12:41.680 What is it the President elect Trump is objecting to 0:12:41.960 --> 0:12:45.080 in Plan A. I mean, a lot of the sweeteners 0:12:45.080 --> 0:12:48.559 we've been talking about in this continuing resolution were things 0:12:48.559 --> 0:12:50.800 that Republicans wanted, weren't they? 0:12:51.720 --> 0:12:53.600 Yeah, I mean, you know, so on top of the 0:12:53.640 --> 0:12:57.600 continuing Resolution just to keep government agencies going at the 0:12:57.720 --> 0:13:00.280 levels they had been previously funded at, there was one 0:13:00.360 --> 0:13:04.120 hundred billion dollars in there for disaster relief in the 0:13:04.160 --> 0:13:07.080 aftermath of some of those the pair hurricanes we had 0:13:07.160 --> 0:13:10.200 last year. Some of that money was also destined to 0:13:10.240 --> 0:13:14.480 help rebuild the Baltimore Key bridge that collapsed. There's an 0:13:14.480 --> 0:13:17.160 extension of the farm bill, There's ten billion dollars in 0:13:17.200 --> 0:13:21.000 additional aid to farmers. There's five hundred million dollars for 0:13:21.120 --> 0:13:24.600 childcare funds. So there's a lot of other measures in 0:13:24.640 --> 0:13:30.480 there too, not necessarily all spending, but it sounds like, 0:13:30.559 --> 0:13:32.520 I mean, what we can figure out from what we've 0:13:32.520 --> 0:13:36.000 heard from the President elect, what we've heard from Vice 0:13:36.000 --> 0:13:38.720 President elect jd Vance, and frankly what we've heard from 0:13:38.760 --> 0:13:42.400 Elon Musk, is that Donald Trump would like to see 0:13:42.440 --> 0:13:46.640 a clean continuing resolution, so a lot of those sweeteners 0:13:46.800 --> 0:13:50.840 stripped out of there, and he really wants a deal 0:13:50.920 --> 0:13:55.440 to lift the debt ceiling under this Congress. So it's 0:13:55.480 --> 0:13:58.040 not something that he has to deal with, let's say, 0:13:58.120 --> 0:14:01.040 next summer, in the early months of his presidency. That 0:14:01.160 --> 0:14:03.000 to me, I think is one of the big things 0:14:03.440 --> 0:14:05.600 they'll have to figure out if they can do now. 0:14:06.040 --> 0:14:08.920 He wants he wants Joe Biden, he wants Democrats in 0:14:08.960 --> 0:14:11.920 Congress to have to h to support that kind of 0:14:11.960 --> 0:14:14.800 a measure. Lifting raising the debt ceiling all always a 0:14:14.800 --> 0:14:18.000 tough vote for Republicans. It's just not clear whether they'll 0:14:18.040 --> 0:14:20.080 be able to do that in the in the time remaining. 0:14:20.400 --> 0:14:23.040 Yeah, that debate over a debt ceiling. I mean, as 0:14:23.040 --> 0:14:27.280 you say, it's not supposed to be lifted potentially until 0:14:27.360 --> 0:14:30.160 later on this summer in our last minute bill. Is 0:14:30.200 --> 0:14:34.160 this a preview of fights to come between President elect 0:14:34.200 --> 0:14:38.160 Trump and not just Democrats but his own Republicans. 0:14:38.840 --> 0:14:40.720 Absolutely, I mean, I think this is going to be 0:14:40.800 --> 0:14:43.320 the roadmap for what's coming. I mean, you think about 0:14:43.320 --> 0:14:46.680 Speaker Johnson, He's already had to negotiate with the with 0:14:46.720 --> 0:14:49.120 the with the President elect. He's had to negotiate with 0:14:49.200 --> 0:14:53.240 Democrats and Congress and uh, and he's had noigate some 0:14:53.480 --> 0:14:56.080 at some level with the White House. Last night, he 0:14:56.120 --> 0:14:58.600 said he was also in the middle of texting Elon 0:14:58.720 --> 0:15:03.200 Musk and vivek Ramas Swami about this legislation. So he's 0:15:03.240 --> 0:15:06.440 got all these different people and parties he's got to 0:15:06.480 --> 0:15:08.920 work with, including his own caucus. It's going to be 0:15:08.960 --> 0:15:13.000 a very very bouncy, very tumultuous twenty twenty five in 0:15:13.040 --> 0:15:14.040 particular for him. 0:15:14.400 --> 0:15:17.840 This is Bloomberg Daybreak, your morning podcast on the stories 0:15:17.880 --> 0:15:20.920 making news from Wall Street to Washington and beyond. 0:15:21.200 --> 0:15:23.600 Look for us on your podcast feed by six am 0:15:23.600 --> 0:15:27.000 Eastern each morning, on Apple, Spotify, or anywhere else you listen. 0:15:27.240 --> 0:15:30.080 You can also listen live each morning starting at five 0:15:30.120 --> 0:15:32.840 am Wall Street time on Bloomberg eleven three to zero 0:15:32.840 --> 0:15:35.720 in New York, Bloomberg in ninety nine to one in Washington, 0:15:35.800 --> 0:15:39.760 Bloomberg ninety two nine in Boston, and nationwide on serious 0:15:39.960 --> 0:15:41.640 XM Channel one twenty one. 0:15:41.920 --> 0:15:44.640 Plus listen coast to coast on the Bloomberg Business app 0:15:44.680 --> 0:15:47.479 now with Apple CarPlay and Android Atto interfaces. 0:15:47.720 --> 0:15:50.720 And don't forget to subscribe to Bloomberg News Now. It's 0:15:50.760 --> 0:15:53.480 the latest news whenever you want it in five minutes 0:15:53.560 --> 0:15:56.680 or less. Search Bloomberg News Now and your favorite podcast 0:15:56.720 --> 0:15:58.920 platform to stay informed all day long. 0:15:59.240 --> 0:16:02.800 I'm Karen and I'm Nathan Hager. Join us again tomorrow 0:16:02.800 --> 0:16:04.640 morning for all the news you need to start your 0:16:04.720 --> 0:16:08.440 day right here on Bloomberg Da Bray