House to Return for Shutdown Vote; Trump to Host Finance CEOs at White House

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 American history is close to
coming to an end at the forty three day mark.
The House is coming back into session this afternoon for
the first time since before the shutdown began to vote
on a measure that would reopen most of the government
through late January. House Minardi Leader Hakim Jeffrey says it's
the end of a taxpayer funded vacation for Republicans.
These people have been missing in action, absent without official leave,
running scared, but they can no longer hide.
Minority Leader Hakim Jeffrey says House Democrats will oppose the bill,
but Bloomberg Zeric Wasson reports it is likely to.
Pass, and it'll be a tight margin for a House
Speaker of Mike Johnson as the two vote margin. Democrats
are lining up against it. You know, the Minority Leader
Hakim Jeffries has said he will vote against that. He's
whipping his members to vote against it because it does
not contain an actual extension of the ACA premium text. Credits.
But there are some Democratic members I'm looking at Henry Quaar,
Jared Golden and others who are likely to cross party
lines and vote for this, And so I'm expecting the
government to be reopened by Thursday morning.
And Bloomberg Zeric Wasson reports President Trump has said he
will sign the.
Bill until the government reopens, Nathan. Millions of Americans are
likely to keep missing out on food assistance. The Supreme
Court has extended a pause on four billion dollars in
snap benefits, signing with the Trump administration with the block
on lower court orders that required immediate full payment for
about forty two million recipients. The administration told the High
Court that resuming the benefits could upend the deal that
Republicans made with eight Senate Democrats to end the shutdown.
Think Karen.
Some House lawmakers could be contending with airport delays as
they make their way back to Washington to vote on
the deal. Airlines are still being told to thin their
flight schedules. Transportation Secretary Sean Duffy says the cutbacks will
get worse if the shutdown continues.
I've had questions about what happens for Thanksgiving.
There's a lot of Thanksgiving trouble.
What's going to happen during that timeframe.
I'm going to tell you we are not going to
get to Thanksgiving.
Transportation Secretary Sean Duffy spoke from Chicago Hare, one of
the airport's hit hardest by the FAA mandate to cut
flight schedules by ten percent by the end of the week. Today,
there could be some relief. As of early this morning,
flight Aware showed fewer than nine hundred domestic and international
flights canceled. That number could rise through the day, but
Wednesdays tend to be slow travel days.
Nathan My lawmakers get ready to vote on the shutdown deal.
President Trump is getting ready to host top financial executives
for dinner at the White House and begin more with
The Bloomberg's John Tucker.
The move is aimed at solidifying support of America's business elite.
Were told JP Boring and Chase CEO Jamie Diamond will attend,
along with Golvin Sachs, David Solomon, nastac's Dina Friedman, Black Rocks,
Larry Fink, and Morgan Stanley's ten Pick. The dinner comes
as Trump faces rising political pressure on the economy and affordability.
Those issues anchored Democratic elector wins last week in New Jersey.
In Virginia, Trump boosted his support among Wall Street's e
lead in the twenty twenty four campaign with promises to
lower taxes in an act sweeping deregulation that spurred optimism
over his economic agenda. I'm John Tucker, Bloomberg Radio.
John.
Thanks, turning to market's optimism over and end of the
shutdown has stocks moving higher once again this morning. The
down Jones Industrial average closed at a record high yesterday,
and John Stoltzfitz, chief investment strategist at Oppenheimer, is bullish
going forward.
When we look at it, If anything, we think the
rally has broadened, but it's still driven by technology because
technology drive technology like credit makes the world go around.
When it comes to finance and the market, I really
believe no matter what the turbulences in Washington or Beijing
or Moscow, the ultimately what they're really carrying about is
revenue growth and profit growth.
We've got a Oppenheimer Chief investment strategist, John Soltzwas has
a seventy one hundred price target for the S and
P five hundred by the end of the year. That's
about a four percent gain from current levels, well.
Helping to lift stocks. This morning, Nathan Advanced micro Devices
that stock is up more than five percent in video's
nearest rival, and AI Ships is predicting accelerating sales growth
over the next five years, driven by strong demand for
its data center products. At a company event in New York,
CEO Lisa Sue said annual revenue growth will average more
than thirty five percent over the next three to five years.
And when it comes to AI adoption Karen Federal Reserve
Governor Michael Barr says there needs to be clear guardrails
as the financial sector looks to adopt artificial intelligence in
its core functions. Speaking at the Singapore Fintech Festival, if
Our said regulators need to get the balance right between
innovation and stability to ensure that AI boosts growth and
productivity over the long term.
And I do worry that in the current environment, speaking
only for the United States, being only about the United States,
but not for the United States being only about the
United States, I worry that we're going to let that
pendulum swing too far and lower our guardrails. In a
way that opens us up to too much risk.
And some of the risks FED Governor Michael Barr is
flagging include market manipulation and collusion.
Well Nathan Visa is testing the ability for businesses to
send stable coins directly to consumer's cryptocurrency wallts for global payouts.
The stable coin payout option targets growing demand for FIAT
backed digital tokens among gig workers and digital creators, and
emerging markets where local currencies may be volatile.
Karen, The International Energy Agency is further tempering its stance
on an imminent peak in oil demand, reinstated a scenario
in which global consumption keeps growing to the middle of
the century. Bloomberg's Will Kennedy has more from London.
One of the reasons that oil demand is still rising
in the short and medium term is that it's relatively
plentiful and relatively cheap, and that that means that the
shift to electric vehicles, and the IA was explicit about this,
may not be as quite as quick as people expected.
Some years ago, Bloomberg's Will Kennedy says. In its latest report,
the IA reintroduced a scenario in which consumption rises thirteen
percent by twenty fifty. This morning, oil is moving lower
nine X crudes down one percent, rating its sixty dollars
forty three cents a barrel. Brent is down nine tenths
percent at sixty four fifty six.
It's time now for a look at some of the
other stories making news in New York and around the world,
and for that we're joined by Bloomberg's and Michael Barr. Michael,
Good Morning.
Good morning, Karen Age. The President Trump are reviewing potentially
suspending or can slung federal funds that benefit New York
City after Zoron Mumdani's victory in the mayoral race. The
White House is waiting on the President to approve any
funding freeze, with the administration not detailing specific programs that
could be affected. Mmdonnie said he will reach out to
the White House as he prepares to take office, stating
he is ready to work together, but will fight for
New Yorkers if necessary. A baby formula maker is pulling
all of its products off shelves after rising cases of
botulism and children. At least fifteen babies have been hospitalized
across twelve states, including New York and New Jersey with
infant botulism after consuming by heart formula. Stephen Abrams with
the University of Texas at Austin has some advice for parents.
If your baby has recently received that they should watch
the baby friendly signs of like a droopy faith or
the muscles aren't working.
Normally, Doctor Stephen Abrams. No deaths have been reported. A
human rights watch group has released its report on the
treatment of more than two hundred and fifty Venezuelan deporties
sent to a notorious prison in El Salvador. The director
of America's Division Juanita Golbertis Estrata, says what they found
was devastating.
They were denied basic hygiene or sanitation. They had inadequate
food provision. The water tanks that were both for baiting
and for drinking a detainees reported that it was yellow
and had worms on it.
America's Divisions Juanita Golberta's Estrata says the detainees were beaten
and tortured repeatedly. The southeastern US plunged into record low temperatures,
affecting eighteen million people under a freeze warning across Alabama, Florida,
and Georgia. The Northeast got an early visit from old
Man Winter as well. North of Syracuse, New York, about
a foot of snow fell in Central Square. Wind gusts
of up to forty miles an hour made it feel
even colder. From New York City to Philly, Global News
twenty four hours a day and whenever you want it
with the Bloomberg News Now, Michael Barne, this is Bloomberg Herron.
Thanks Michael, time now for our Bloomberg Sports Update, and
for that we bring in John stash Hour.
Thanks Darreonan Allis Mavericks are three at eight and nine
months after their gentle manager Nico Harrison made the surprising
move trading luc At Donzis to the Lakers, Harrison has
been fired on the court. Oklahoma City beat Golden State
the thunder eleven and one Managers of the Year Milwaukee's
Pat Murphy in the nationally for the second year in
a row. The Brewers had the best record in baseball
in the regular season. The Cleveland Guardians came from fifteen
down to win their division. Their manager, Stephen Vote one
honors in the AL. That's the Bloomberg Sports Update.
Stay with us.
More from Bloomberg day Break coming up after this.
Coast to coast on Bloomberg Radio, nationwide on Serious Exam
and around the world on Bloomberg dot Com and the
Bloomberg Business Appum. This is Bloomberg Daybreak.
Good morning, I'm Nathan Hager. By this time tomorrow, more
than six week government shutdown could be over. The House
is set to vote this evening on a bill that
would reopen most of the government through the end of January,
but without the Affordable Care Act subsidies that are set
to expire at the end of this year. Democratic Congressman
Jake Auchenclaus says that issue needs to be resolved before
premiums go up.
Democrats do need to use this moment of leverage to
get a win for the middle class. I've always agreed
with that, but we've got to be flexible and get
that push and pull of negotiation to actually secure the win.
Democrat Jake Auchencloss of Massachusetts was a guest on Bloomberg's
Balance of Power. This morning. We're joined by doctor Lindsay Newman,
geopolitical risk expert and columnists for G zero Media. Doctor Newman,
it's good to have you with us. This morning, forty
three days into the government shutdown, what's been gained? Good morning, Well, nay.
Nathan, that is the critical question. What was it all for?
And who has won as a result of this longest
government shutdown in US history. Spoken recently in recent days
with some other additional Democratic senior representatives, the sense some
of the Democrats is that this is a win. In
their telling, they've managed to shut down the government for
a period of time that was beyond their expectations over
this issue of healthcare subsidies, which they think resonates deeply
with American voters twenty million affected by the potential subsidies
running out and the premium increases. They also feel as
though the shutdown has revealed something about the current administration,
about its real commitment to these issues of affordability and
cost of living crisis, which will, as we know, be
the central issues of the twenty six mid term election.
But on the flip side of this view that the
Democrats have, what did they really gain? Well, we know
that there has been agreement by the Republicans to reverse
certain firings that took place during the government shutdown. We
know that there has been a commitment to make payments
on back outstanding ODE benefits under the Supplemental Nutrition Assistance
program that SNAP program, which were all very riveted about.
There was a moratorium on future firings, and then there
was this verbal promise that the Senate Majority Leader John
Thune made to hold a vote on the ACA subsidies,
and that seems to have pulled those senators across that
who did cross party across the aisle to vote for
this end of this of the government shutdown. But we
have to be wary because we've seen this story before,
and this is exactly the story that happened around the
twenty eighteen government shutdown, which was then about immigration, and
promises that were made by then Senate Majority Leader Mitch
McConnell to hold a vote on the DHAKA, those immigrants
who were brought into the into the US as children
and were undocumented, and that vote never happened. And the DOCA,
you know, the DOCA class of individuals, remains very much unresolved.
So if the issue isn't resolved after that vote, who
pays a political price here will be the Republicans. So
that many Democrats have said, will own rising healthcare costs
or will it be Democrats who didn't hold out for
a solution before reopening the government.
Yeah, it's really the question. I mean, the Democrats have
revealed their hand on this one, right, which is to say,
this is the issue that we think is going to
take us through to the midterms in twenty twenty six,
healthcare subsidies. And so it's really up to the Republicans
now they know the hand and they can very much
address the healthcare subody issue in coming months, whether it's
in that December vote or not, and take it off
the table for the Democrats as and that would be
a blow to Democrats. So I would say that if
the Republicans do not actually make some sort of overture,
do not extend those subsidies before they are set to lap,
then it would provide momentum for the Democrats and would
be detrimental to the Republicans. I think that's the story
that we'll have a lasting impact and legs more so
than the fact that those eight Democratic senators caved and
and did this end of the government shutdown. I don't
think that anybody really ever thought in the Democratic Party
leadership that they were going to whip up a sort
of scenario where these subsidies were going to be dressed
head on in this exact government, with this funding bill.
This is Bloomberg day Break, your morning podcast on the
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