Senate Passes Ukraine Aid, Biden Loses Steam in Presidential Poll

Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan 0:00:10.720 --> 0:00:13.680 Hager and I'm Karen Moscow. Here are the stories we're 0:00:13.720 --> 0:00:14.520 following today. 0:00:14.680 --> 0:00:17.239 We begin with news out of the nation's capital. The 0:00:17.360 --> 0:00:21.400 Senate has passed the long awaited foreign aid bill. Bloomberg 0:00:21.440 --> 0:00:24.040 Steve Potis has the details from Washington. 0:00:24.400 --> 0:00:27.960 Ninety five billion dollars in foreign aid to Ukraine, Israel, 0:00:28.040 --> 0:00:31.360 in Taiwan. The package includes four bills that passed the 0:00:31.360 --> 0:00:35.080 House over the weekend with bipartisan votes. The Senate vote 0:00:35.159 --> 0:00:38.720 was seventy nine to eighteen. It does include the divest 0:00:38.760 --> 0:00:42.440 bill for TikTok, now not included as the border package 0:00:42.440 --> 0:00:46.520 that Republicans have demanded for months. Senator Lindsey Graham says 0:00:46.560 --> 0:00:47.720 this one had to go. 0:00:48.080 --> 0:00:51.040 In fact, we did not get provisions for our border, 0:00:51.520 --> 0:00:53.960 in my view, doesn't mean we can't deal with the 0:00:53.960 --> 0:00:56.800 other problems the world faces we actually have. 0:00:56.840 --> 0:01:00.000 To President Biden, in a statement shortly after the vote, 0:01:00.160 --> 0:01:03.640 said he planned to sign the legislation on Wednesday. Quote 0:01:03.760 --> 0:01:07.679 as soon as it reaches my desk in Washington. Steve Podisk, 0:01:07.680 --> 0:01:08.600 Bloomberg Radio. 0:01:08.840 --> 0:01:11.039 All right, Steve, thank you now to the latest on 0:01:11.080 --> 0:01:15.200 the race for president fresh polling just crossing the Bloomberg terminal, 0:01:15.440 --> 0:01:18.560 Swing state voters are simply not convinced that the economy 0:01:18.600 --> 0:01:22.200 is improving under President Biden. Bloomberg's Amy Morris brings us 0:01:22.240 --> 0:01:25.399 the results of the latest Bloomberg News Morning Console poll. 0:01:25.959 --> 0:01:29.120 The Real Clear Politics average of national polls shows Trump 0:01:29.200 --> 0:01:31.760 and Biden and a virtual tie in the popular vote, 0:01:31.920 --> 0:01:34.840 but across seven battleground states. In the Bloomberg News Morning 0:01:34.840 --> 0:01:38.440 Console poll, Trump holds a six point lead. A majority 0:01:38.480 --> 0:01:41.560 of poll respondents see the economy worsening by the end 0:01:41.560 --> 0:01:44.360 of the year, and despite a resilient job market, only 0:01:44.400 --> 0:01:47.240 twenty three percent said the employment rate would improve by 0:01:47.280 --> 0:01:50.200 year's end. More than three quarters of poll respondents say 0:01:50.240 --> 0:01:53.560 the president is responsible for the current performance of the economy. 0:01:53.880 --> 0:01:57.160 The Biden campaign is counting on social issues, especially abortion, 0:01:57.440 --> 0:02:00.400 to help energize Democrats, and for the first time in 0:02:00.440 --> 0:02:02.880 the tracking poll, more than half of swing state voters 0:02:03.160 --> 0:02:06.280 say abortion is very important to their vote in Washington. 0:02:06.320 --> 0:02:07.920 Amy Moore as Bloomberg Radio. 0:02:07.760 --> 0:02:09.519 All right, Amy, thank you now to the latest on 0:02:09.600 --> 0:02:12.360 the criminal Hushmuney trial of Donald Trump. There will be 0:02:12.400 --> 0:02:16.800 no testimony today. Yesterday a tabloid publisher testified that he 0:02:16.840 --> 0:02:19.760 pledged to be the former president's eyes and ears during 0:02:19.800 --> 0:02:23.679 his twenty sixteen campaign. Details on that from Bloomberg Lah 0:02:23.680 --> 0:02:25.200 host June Grosso in New York. 0:02:25.720 --> 0:02:29.480 The trial started with some heated arguments on Tuesday over 0:02:29.520 --> 0:02:33.280 whether Trump had violated the gag order preventing him from 0:02:33.320 --> 0:02:37.000 disparaging witnesses in the case. The judge called the defense 0:02:37.040 --> 0:02:41.760 attorney's arguments that it was political speech silly. Then David Pecker, 0:02:41.840 --> 0:02:45.560 the former publisher of The National Inquirer, retook the witness 0:02:45.600 --> 0:02:49.280 stand to testify about how he killed stories about Trump's 0:02:49.280 --> 0:02:54.440 extramarital affairs to boost his twenty sixteen presidential campaign. Pecker 0:02:54.480 --> 0:02:57.480 will be back on the witness stand tomorrow in New York. 0:02:57.560 --> 0:02:59.680 June Grosso, Bloomberg Radio, all. 0:02:59.639 --> 0:03:02.120 Right, thank you well. Turning to the markets now, we 0:03:02.160 --> 0:03:04.600 are in the middle of a barrage of high tech 0:03:04.680 --> 0:03:08.320 earnings and shares of Tesla surging ten percent this morning. 0:03:08.560 --> 0:03:11.600 The ev maker is accelerating the launch of less expensive 0:03:11.639 --> 0:03:14.240 cars and a bid to revive sagging to med The 0:03:14.320 --> 0:03:18.120 news overshadowed a big shortfall in Tesla's first quarter earning 0:03:18.240 --> 0:03:21.600 sales and margins CEO Elon Musk said, Tesla wants to 0:03:21.639 --> 0:03:24.360 start production of new cheaper models this year. 0:03:24.639 --> 0:03:27.400 We've updated our future vehicle lineup to accelerate the launch 0:03:27.400 --> 0:03:30.000 of new models. Head of previously mentioned start production in 0:03:30.040 --> 0:03:32.079 the second half of twenty twenty five, so we expect 0:03:32.120 --> 0:03:34.560 it to be more like the early twenty twenty five, if. 0:03:34.400 --> 0:03:35.160 Not late this year. 0:03:35.280 --> 0:03:38.480 These new vehicles, including more affordable models, will use aspects 0:03:38.480 --> 0:03:41.000 of the next generation platform as well as aspects of 0:03:41.000 --> 0:03:43.400 our current platforms, and we'll be able to produce on 0:03:43.440 --> 0:03:46.280 the same manufacturing lenes as our current vehicle lineup. 0:03:46.200 --> 0:03:49.400 And Tesla CEO Elon Musk on the company's conference called 0:03:49.520 --> 0:03:53.440 Tesla's automotive gross margin, a key measure of profitability, was 0:03:53.480 --> 0:03:56.640 sixteen point four percent in the first quarter. That's smaller 0:03:56.680 --> 0:03:59.320 and then expected, and far from the thirty percent peak 0:03:59.400 --> 0:04:01.920 margin abraorted at the start of twenty twenty two. 0:04:02.320 --> 0:04:05.320 We're also watching shares of Texas Instruments this morning, Karen. 0:04:05.360 --> 0:04:07.600 They are on the rise by more than seven percent. 0:04:07.760 --> 0:04:10.560 The chip maker delivered a bullish revenue forecast for the 0:04:10.560 --> 0:04:13.440 current quarter. More on that from Bloomberg's John Tucker. 0:04:14.480 --> 0:04:17.839 There are signs of a comeback Texas Instruments indicates that 0:04:17.880 --> 0:04:21.159 a slump in demand for industrial and automotive components may 0:04:21.200 --> 0:04:23.960 be easing. The company says sales will be as much 0:04:23.960 --> 0:04:27.640 as three point nine five billion dollars. Customers have begun 0:04:27.680 --> 0:04:31.080 to resume ordering chips after working through stockpiles of components, 0:04:31.320 --> 0:04:34.080 and that's a good sign for the broader industry. Texas 0:04:34.160 --> 0:04:37.919 Instruments has the broadest customer base among chip makers. It 0:04:38.040 --> 0:04:40.920 serves as a bell weather for confidence in the economy. 0:04:41.240 --> 0:04:42.799 John Tucker, Bloomberg. 0:04:42.440 --> 0:04:45.559 Radio, All right, John, thank you. Another company trending higher 0:04:45.640 --> 0:04:48.719 this morning, Visa Shares a Visa more than two and 0:04:48.720 --> 0:04:51.880 a half percent. The company reported a quarterly profit that 0:04:51.960 --> 0:04:55.920 beat Wall Street predictions as US credit card spending climbed. 0:04:55.600 --> 0:04:58.760 And Karen the earnings continue Today. Forty companies in the 0:04:58.839 --> 0:05:01.440 S and P five hundred war report, and heading today's 0:05:01.440 --> 0:05:05.120 list is meta platforms. We get a preview from Bloomberg's 0:05:05.120 --> 0:05:07.000 Tom Busby For investors. 0:05:07.000 --> 0:05:09.880 The big focus for the owner of Facebook, Instagram, WhatsApp, 0:05:09.960 --> 0:05:13.360 the Metaverse, and more is whether digital advertising revenue was 0:05:13.360 --> 0:05:17.880 strong enough to offset spending on its generative AI technology. Also, 0:05:18.240 --> 0:05:22.040 growth in Facebook's active daily users forecast to be two 0:05:22.040 --> 0:05:26.080 point eleven billion. Consensus calls for revenue of thirty six 0:05:26.120 --> 0:05:29.600 point twelve billion dollars, almost all of that on advertising, 0:05:29.680 --> 0:05:32.600 and adjustin earnings per share of four dollars thirty cents. 0:05:32.720 --> 0:05:34.919 Tom buzzby Bloomberg Radio. 0:05:34.920 --> 0:05:37.920 All right, Tom, Thanks. Turning to the economy now, JP Morgan, 0:05:38.040 --> 0:05:41.200 Chase share and CEO Jamie Diamond is speaking out about 0:05:41.200 --> 0:05:43.840 the economy, and Diamond says he's on the conscious side 0:05:43.839 --> 0:05:46.239 when it comes to whether there will be a soft landing. 0:05:46.720 --> 0:05:48.720 Even we've go over session and consumers in good shape, 0:05:48.720 --> 0:05:50.760 but that doesn't mean you can fight off the effects 0:05:50.800 --> 0:05:53.080 of stagflaci or something like that if it gets much worse. 0:05:53.120 --> 0:05:55.680 And so I worry that it looks more like to 0:05:55.760 --> 0:05:58.359 set these than we've seen before. If you go back 0:05:58.600 --> 0:06:00.680 to the seve these deficits were half with the art 0:06:00.680 --> 0:06:03.359 today the debt to GDP was thirty five percent, not 0:06:03.400 --> 0:06:06.479 one hundred percent. And so part of the reason I 0:06:06.480 --> 0:06:09.039 think we've had the strong growth is the fiscal spending. 0:06:09.520 --> 0:06:12.000 And JP Morgan and Jamie Diamond at the Economic Club 0:06:12.040 --> 0:06:14.680 in New York. He addited that the US economy was 0:06:14.800 --> 0:06:17.240 unbelievable and had been booming for. 0:06:17.160 --> 0:06:20.080 A while, and we're hearing from another banking boss this morning, 0:06:20.160 --> 0:06:24.320 Karen Overseas UBS chairman Colem Kelleher says the Swiss government's 0:06:24.320 --> 0:06:27.160 proposal to require the bank to hold substantially more capital 0:06:27.240 --> 0:06:30.120 is the quote wrong remedy to the failings that brought 0:06:30.160 --> 0:06:33.440 down Credit Sweee more than a year ago. Kelleker spoke 0:06:33.480 --> 0:06:36.160 at the bank's annual general meeting in Basel, Switzerland. 0:06:39.640 --> 0:06:41.080 Find it's time now for a look at some of 0:06:41.120 --> 0:06:43.640 the other stories making news in New York and around 0:06:43.640 --> 0:06:47.760 the world. We're joined by Bloomberg's Michael Barr. Michael, good Morning, Good. 0:06:47.560 --> 0:06:52.040 Morning, Karen. College demonstrations continue over the Israel Amas war. 0:06:52.520 --> 0:06:56.120 The president of Columbia University extended a midnight deadline for 0:06:56.279 --> 0:07:01.360 student protesters at an encampment. Earlier, university President Minot Shafique, 0:07:01.720 --> 0:07:05.599 citing a hostile environment, called for clearing the encampment occupying 0:07:05.680 --> 0:07:08.960 the west lawn of the school's Morning Side Heights campus. However, 0:07:09.080 --> 0:07:14.480 progress has been reported between the university and demonstrators. Columbia 0:07:14.600 --> 0:07:19.080 offers its students hybrid learning, either in person classes or 0:07:19.440 --> 0:07:23.600 in remote learning. It also calls for protesters who are 0:07:23.640 --> 0:07:27.440 not students to be denied entry on the campus. New 0:07:27.520 --> 0:07:31.280 York Mayor Eric Adams addressed that during his weekly media 0:07:31.320 --> 0:07:35.880 briefing involving earlier protests when objects were thrown at officers. 0:07:35.840 --> 0:07:38.880 They are people who come, have nothing to do with 0:07:38.920 --> 0:07:42.600 the issue and they want to aggravate. Now, if those 0:07:42.600 --> 0:07:45.680 police officers didn't show a high level of discipline, this 0:07:45.760 --> 0:07:47.640 could have been an ugly situation. 0:07:47.560 --> 0:07:51.400 At NYU Plywood. Barricades were put up by officials as 0:07:51.440 --> 0:07:55.200 demonstrators staged walkout. It comes a day after around one 0:07:55.280 --> 0:07:59.680 hundred and twenty people were arrested at a pro Palestindian rally. Yesterday. 0:08:00.000 --> 0:08:04.000 Administrators showed up at Washington Square Park in a peaceful 0:08:04.040 --> 0:08:07.679 protest against the arrests and NYU's president. 0:08:08.240 --> 0:08:09.400 The act of. 0:08:09.360 --> 0:08:12.280 Extreme police brutality and aggression that Linda Mills green lighted 0:08:12.360 --> 0:08:15.840 last night is furthers our movement strengthens. 0:08:15.360 --> 0:08:20.280 US audio courtesy of ABC seven. Pennsylvania's Tuesday primary is 0:08:20.320 --> 0:08:23.680 in the books. Democratic Senator Bob Casey and Republican challenger 0:08:24.000 --> 0:08:26.720 David McCormick will face each other in the state's high 0:08:26.800 --> 0:08:31.320 stakes US Senate contest this fall. Casey and McCormick a 0:08:31.480 --> 0:08:36.040 former Hedge Fund ceo, won their respective party primary contests 0:08:36.360 --> 0:08:40.200 after they were uncontested. Meanwhile, Congresswoman Summer Lee will be 0:08:40.320 --> 0:08:43.560 on the ballot in November. The Pennsylvania Democrat be Backer 0:08:43.600 --> 0:08:47.640 primary opponent Bavini Patel sixty one percent thirty nine percent. 0:08:48.000 --> 0:08:52.120 Patel campaign by linking Lee to the congressional squad that 0:08:52.200 --> 0:08:57.640 includes progressive Congresswoman Alexandria Ocassio Cortes, which Lee did not deny, 0:08:58.040 --> 0:09:02.480 we are paving victory victory over dark money in politics 0:09:02.720 --> 0:09:06.920 for Kane, our victory over the vice of politics. Lee, 0:09:07.000 --> 0:09:09.559 who gave her victory speech in downtown Pittsburgh, were run 0:09:09.559 --> 0:09:14.199 against Republican James Hayes, who ran uncontested. Global News twenty 0:09:14.280 --> 0:09:16.800 four hours a day and whenever you want it with 0:09:16.880 --> 0:09:20.360 the Bloomberg News Now, Michael Barr, This is Bloomberg Karen. 0:09:24.760 --> 0:09:27.760 Time now for the Bloomberg Scores update with John stash Hour. 0:09:27.880 --> 0:09:30.520 John, Good morning, Good morning, Karen. Madison Square Garden just 0:09:30.559 --> 0:09:33.720 hosted four straight nights of playoff games, shades of thirty 0:09:33.800 --> 0:09:36.280 years ago when both MSG teams reached the finals. The 0:09:36.320 --> 0:09:38.920 next one, then the Rangers, then the next. Last night, 0:09:39.280 --> 0:09:41.520 it was the Rangers Durn. They trailed to Washington early, 0:09:41.559 --> 0:09:43.920 but in the second period, led by a goal, the 0:09:44.040 --> 0:09:45.600 Capitals were on the power play. 0:09:45.920 --> 0:09:47.480 Savata chat Now takes the puck away. 0:09:47.520 --> 0:09:50.280 Paul Vetchki Pactor Crider Savata chat for the trailer. 0:09:50.320 --> 0:09:53.840 Miller shoots the Stars a short headed goal. 0:09:54.960 --> 0:09:57.880 After Chavata Chat strip Povetchka of the puck. 0:09:58.360 --> 0:10:00.000 Chantrey Beller capitalized. 0:10:00.640 --> 0:10:03.600 Wait Chers lead four to two a ninety eight point seven. 0:10:03.720 --> 0:10:05.880 Rangers held on, beat the Caps four to three, and 0:10:06.040 --> 0:10:07.760 like the Knicks, they're up to nothing in the series. 0:10:07.760 --> 0:10:11.600 Also wins in the NHL for Florida, Colorado and Nashville. 0:10:11.640 --> 0:10:15.200 That last Nick win was helped by that steal in 0:10:15.240 --> 0:10:18.080 the final minute. NBA looked at the tape admitted Philadelphia's 0:10:18.080 --> 0:10:21.719 Tyres Maxi was actually fouled twice. No call was made. 0:10:21.840 --> 0:10:24.920 Nixon Sixers play Game three in Philly tomorrow, first time 0:10:24.960 --> 0:10:27.120 in these NBA playoffs. Couple of wins by road teams. 0:10:27.160 --> 0:10:30.679 Indiana got thirty seven points in Pascal Siakam won one 0:10:30.760 --> 0:10:33.199 twenty five to one to eight at Milwaukee. Dallas got 0:10:33.200 --> 0:10:36.000 thirty two from Luka. Doncicic beat the Clippers in LA 0:10:36.120 --> 0:10:38.480 ninety six to ninety three. Minnesota's now up to nothing 0:10:38.520 --> 0:10:41.560 another home win over Phoenix. The Mets since that sixty 0:10:41.640 --> 0:10:44.679 and winnings streak had lost three straight outscored twenty to three. 0:10:45.200 --> 0:10:47.760 Giants won five to one behind Logan Webb. Hear Old 0:10:47.760 --> 0:10:50.880 eight scoreless innings. He's unscored upon in his last nineteen 0:10:50.880 --> 0:10:53.200 innings at the stadium. Yankee scored four times in the 0:10:53.200 --> 0:10:55.600 first inning Anthony Rizzo at two on Homer. That was enough. 0:10:55.880 --> 0:10:58.200 They beat Oakland four to three. Red Sox lost in 0:10:58.240 --> 0:11:00.920 Cleveland four to one. The Guardians are major League best 0:11:00.960 --> 0:11:04.199 seventeen and six. The Astros, who've reached the LCS the 0:11:04.320 --> 0:11:07.400 last seven years are seven and seventeen. Lost of the 0:11:07.440 --> 0:11:10.360 Cubs seven to two. Mike talkmin to Homers for Chicago show. 0:11:10.400 --> 0:11:13.520 Heyo Tanni Homer. In Washington, it went four hundred and 0:11:13.520 --> 0:11:16.839 fifty feet Dodgers one, four to one. John Stash Atw're 0:11:16.840 --> 0:11:17.680 Bloomberg Sports. 0:11:17.760 --> 0:11:19.680 Nathan tim all Right, John, thank you. 0:11:21.800 --> 0:11:25.840 Coast to coast on Bloomberg Radio, nationwide on Sirius XM, 0:11:26.040 --> 0:11:28.920 and around the world on Bloomberg dot Com and the 0:11:28.960 --> 0:11:33.400 Bloomberg Business app. This is Bloomberg Daybreak. Good morning. 0:11:33.440 --> 0:11:35.240 I'm Nathan Hager, and we are out now with the 0:11:35.280 --> 0:11:38.520 latest swing state poll results from Bloomberg News and Morning 0:11:38.559 --> 0:11:42.000 Consult on the seven battlegrounds they could decide the November 0:11:42.040 --> 0:11:45.720 election between President Biden and former President Donald Trump. It 0:11:45.760 --> 0:11:48.480 should suggests that any post State of the Union bounce 0:11:48.559 --> 0:11:51.400 that the president may have enjoyed last month is all 0:11:51.440 --> 0:11:53.400 but gone. Now for more, we are joined by the 0:11:53.440 --> 0:11:56.560 national politics reporter who wrote the story on this month survey, 0:11:56.600 --> 0:12:00.319 Bloomberg's Gregory Cordy. Greg Greek, Good morning, So we're back 0:12:00.320 --> 0:12:02.760 to where we started for President Biden. Is that what 0:12:02.800 --> 0:12:03.959 we're finding in this poll? 0:12:04.080 --> 0:12:06.400 Good morning, And yeah, I think that's pretty much where 0:12:06.400 --> 0:12:09.680 we are. President Biden is certainly no worse off than 0:12:09.720 --> 0:12:14.720 he was back in January February when he trailed foreign 0:12:14.720 --> 0:12:19.240 President Trump by about you know, six percent. Presigning points 0:12:19.240 --> 0:12:22.480 are so across these seven swing states that we're monitoring. 0:12:23.520 --> 0:12:26.000 But and as you say, he got a little bit 0:12:26.000 --> 0:12:28.240 of a bounce after saying that the Union address. People were 0:12:28.240 --> 0:12:31.440 feeling a little bit better about the economy last month. 0:12:31.480 --> 0:12:35.920 But we've had a couple of pieces of bad economic news, 0:12:35.920 --> 0:12:40.520 particularly around inflation, and we've seen that the president's numbers 0:12:40.600 --> 0:12:43.160 tend to move and lockstep with how people are feeling 0:12:43.160 --> 0:12:46.680 about the economy, and this is a pretty pessimistic electorate 0:12:46.720 --> 0:12:48.960 when it comes to the economy, and so we're seeing 0:12:49.960 --> 0:12:53.080 Biden falling back to that same place that he was 0:12:53.600 --> 0:12:56.599 a couple of months ago in trailing President Trump. In 0:12:56.720 --> 0:12:58.599 most of these states. 0:12:58.440 --> 0:13:00.720 As we found in polls in the past, the economy 0:13:00.760 --> 0:13:03.720 has been the overriding issue, though we have seen immigration 0:13:04.040 --> 0:13:07.839 bump up as well. What other issues are voters thinking 0:13:07.840 --> 0:13:09.480 about as far as we've found. 0:13:10.360 --> 0:13:12.800 Yeah, one thing that we saw in this lease this 0:13:12.840 --> 0:13:16.840 month's pole is abortion getting a little bit more attention. 0:13:17.000 --> 0:13:19.120 Of course, when we were in the field with this 0:13:19.240 --> 0:13:23.200 pole this month, we had that Arizona Supreme Court decision 0:13:23.280 --> 0:13:28.560 that reverted back to the pre Row versus Wade law 0:13:28.600 --> 0:13:32.560 that was in effect beginning in eighteen sixty four that 0:13:32.760 --> 0:13:36.920 prohibited pretty much all abortions in the state, regardless of circumstances. 0:13:37.400 --> 0:13:40.360 And that resonated particularly in Arizona, of course, which is 0:13:40.400 --> 0:13:42.760 a swing state in and of itself, but really across 0:13:42.840 --> 0:13:48.520 the country, it's a mobilizing issue for Democrats, but it 0:13:48.600 --> 0:13:51.080 remains to be seen whether it's something that can really 0:13:51.120 --> 0:13:54.559 move the needle in persuading independence, where the economy is 0:13:54.559 --> 0:13:55.720 still the number one issue. 0:13:55.840 --> 0:13:57.680 Now, I suppose it's probably a little too soon to 0:13:57.679 --> 0:14:00.480 tell whether abortion has a trajectory to over take some 0:14:00.520 --> 0:14:02.640 of those other issues, since it's about the first time 0:14:02.640 --> 0:14:05.240 we've asked about this. But when it comes to third 0:14:05.280 --> 0:14:08.240 parties like Robert F. Kennedy Junior, what are we seeing 0:14:08.240 --> 0:14:11.840 when it comes to where he could potentially draw support from. 0:14:12.880 --> 0:14:16.640 Yeah, that's been a quite persistent question throughout this cycle, 0:14:16.800 --> 0:14:19.640 is can third party candidates really make a difference here? 0:14:20.120 --> 0:14:24.440 And we continue to really kind of scrutinize the evidence, 0:14:24.880 --> 0:14:27.520 to go deep into the cross tabs to figure out 0:14:28.200 --> 0:14:32.640 whether he hurts Biden more or Trump more, and it's 0:14:32.640 --> 0:14:38.280 still kind of hard to say, although the feeling generally 0:14:38.480 --> 0:14:42.760 is that Democrats are more worried, and that's partly because 0:14:43.320 --> 0:14:47.760 even though RSK has some appeal on the Republican side, 0:14:48.560 --> 0:14:53.560 Trump's supporters are pretty loyal to Trump, and even though 0:14:53.600 --> 0:14:58.240 they like R. Fk Junior, they will stick with him. Kennedy, 0:14:58.280 --> 0:15:02.040 of course, comes from a very powerful Democratic family, has 0:15:02.080 --> 0:15:03.560 that name going for him, and has a lot of 0:15:03.560 --> 0:15:07.040 appeal to Democrats and of course, Biden supporters aren't quite 0:15:07.080 --> 0:15:13.040 as loyal, are looking for alternatives, and Kennedy could be won. 0:15:13.840 --> 0:15:13.920 Now. 0:15:13.960 --> 0:15:16.400 Of course, we've seen the president throughout this campaign of 0:15:16.640 --> 0:15:21.560 campaigning on the legislative initiatives that he's managed to get through. 0:15:21.640 --> 0:15:23.960 It hasn't really seemed to help him much in terms 0:15:24.040 --> 0:15:26.680 of getting voters out. But we did see a major 0:15:26.720 --> 0:15:30.640 initiative finally pass after a six month impass on Capitol Hill, 0:15:30.720 --> 0:15:33.560 in the form of billions of dollars in foreign aid 0:15:33.760 --> 0:15:37.720 and a potential forced sale of TikTok. Is there any 0:15:37.800 --> 0:15:41.440 indication from the polling that we're seeing, Gregory, on whether 0:15:41.640 --> 0:15:44.840 these sort of legislative victories are have a chance of 0:15:44.840 --> 0:15:46.240 cutting through for the president. 0:15:47.120 --> 0:15:50.120 We'll have to see whether this foreign aid package will 0:15:50.160 --> 0:15:54.840 break through the noise of this election cycle. But as 0:15:54.880 --> 0:15:59.280 you suggest, when we have pulled on specific items of legislation, 0:15:59.400 --> 0:16:05.560 the President's got accomplished things like infrastructure, the Inflation Reduction Act, 0:16:05.760 --> 0:16:11.040 the Chips Act to build more semiconductors and increase manufacturing 0:16:11.120 --> 0:16:14.680 in the US. None of us particularly resonate with voters, 0:16:15.000 --> 0:16:17.400 don't not a whole lot of awareness. Now, of course, 0:16:17.600 --> 0:16:19.280 this is what the President's campaign is going to be 0:16:19.320 --> 0:16:21.400 doing over the next six months, is to remind people 0:16:21.440 --> 0:16:25.240 of these accomplishments, to tell him what he's done on 0:16:25.280 --> 0:16:29.000 the economy, to give it time for those to take effect. 0:16:30.160 --> 0:16:33.600 You know, the foreign aid vote, there are some splits 0:16:33.800 --> 0:16:36.120 in the electorate of whether even people want to pay 0:16:36.160 --> 0:16:37.600 for it. One of the things we saw in this 0:16:37.680 --> 0:16:41.760 poll was that support for Ukraine remains pretty strong, but 0:16:41.800 --> 0:16:45.360 we saw a ten point decrease in support for aid 0:16:45.400 --> 0:16:48.880 to Israel. This time. People are tiring of the Israel 0:16:48.920 --> 0:16:51.800 Gaza war. They wanted to end, they want to cease fire, 0:16:52.880 --> 0:16:57.840 and so President Biden still has some difficulties naying aapigate 0:16:57.920 --> 0:17:00.280 on the Foreign afairs mount this. 0:17:00.360 --> 0:17:02.440 Gregory, thanks so much for being with us. S Bloomberg 0:17:02.680 --> 0:17:06.160 National Politics reporter Gregory Cordy. We want to get more 0:17:06.200 --> 0:17:09.639 now on the earning story of the morning from Tesla. 0:17:09.720 --> 0:17:12.320 The electric vehicle maker did come in well short of 0:17:12.359 --> 0:17:16.120 Wall Street estimates on earnings, sales and margins, but CEO 0:17:16.160 --> 0:17:19.120 Elon Musk's promise of a faster shift to lower priced 0:17:19.119 --> 0:17:22.280 cars seems to be giving investors quite a bit of assurance. 0:17:22.320 --> 0:17:24.840 And for more we are joined by Bloomberg News Global 0:17:24.920 --> 0:17:28.800 Cars are Craig Trudell. Craig, good morning. So this promise 0:17:28.920 --> 0:17:31.560 to speed up the timeline for newer models as soon 0:17:31.560 --> 0:17:33.600 as this year. This is something that a lot of 0:17:33.600 --> 0:17:36.400 investors had been concerned about when it comes to the 0:17:36.440 --> 0:17:39.000 staleness of the current Tesla lineup. 0:17:39.600 --> 0:17:42.040 Yeah, that's exactly right. I think, you know, the market 0:17:42.040 --> 0:17:44.800 got really excited about this prospect of a twenty five 0:17:44.840 --> 0:17:48.399 thousand dollars Tesla that you know, the company talked about 0:17:48.440 --> 0:17:51.600 maybe being ready in the second half of next year, 0:17:51.720 --> 0:17:55.160 late twenty twenty five. Somewhere around there. There was all 0:17:55.200 --> 0:17:57.879 sorts of doubts about whether or not that plan was 0:17:57.880 --> 0:18:00.480 something that Tesla was going to stick to, you know, 0:18:00.960 --> 0:18:02.960 even last night with with all of this sort of 0:18:03.000 --> 0:18:05.359 reassurance that came out of that call, I think, you know, 0:18:05.400 --> 0:18:08.800 it very much appears to be the case that that 0:18:08.840 --> 0:18:11.960 plan is no longer you know what Tesla is going 0:18:12.040 --> 0:18:14.440 to do. And if you'll allow me to just brag 0:18:14.440 --> 0:18:16.800 about our coverage a little bit, I mean, the big 0:18:16.840 --> 0:18:20.880 take early this week, I mean, we reported precisely what 0:18:20.960 --> 0:18:24.399 Musk said last night, this idea that you know, what 0:18:24.440 --> 0:18:26.320 they're going to do is take some of the work 0:18:26.320 --> 0:18:29.280 that they were doing on this next generation vehicle and 0:18:29.320 --> 0:18:31.840 apply it to their existing lineup. I don't think that he, 0:18:32.280 --> 0:18:34.000 you know, went so far as to say that we're 0:18:34.000 --> 0:18:36.760 going to make the model why cheaper, because if he 0:18:36.840 --> 0:18:40.359 does that, you know it you know, gives people reason 0:18:40.440 --> 0:18:43.920 to wait instead of buying now. But he gave every 0:18:43.920 --> 0:18:46.399 indication that that's precisely what they're going to do. As 0:18:46.680 --> 0:18:47.800 we reported earlier this. 0:18:47.800 --> 0:18:51.080 Week, that's kind of the trajectory they're on in some respect, right, 0:18:51.119 --> 0:18:54.080 I mean, Elon Musk has been slashing prices left and 0:18:54.160 --> 0:18:57.679 right on the existing models. Does it matter that he 0:18:57.880 --> 0:19:01.679 wasn't necessarily specific on whether this low cost idea is 0:19:01.720 --> 0:19:04.920 going to be the model to or lower priced versions 0:19:05.000 --> 0:19:06.120 of the existing lineup. 0:19:06.640 --> 0:19:08.520 It doesn't look like it'll matter for the day. I 0:19:08.560 --> 0:19:11.399 do wonder whether or not, you know, it will matter 0:19:11.800 --> 0:19:14.320 eventually because as you mentioned off the top, I mean, 0:19:14.320 --> 0:19:17.760 the earnings performance of this company really has deteriorated, and 0:19:18.560 --> 0:19:21.600 you know, revenue and earnings coming short of estimates. Also, 0:19:21.600 --> 0:19:24.000 I would just mention, I mean more than two point 0:19:24.000 --> 0:19:26.880 five billion dollars in negative free cash flow. That's the 0:19:26.880 --> 0:19:30.280 worst free cash flow reading that this company has had 0:19:30.320 --> 0:19:35.200 in its history. This is absolutely a company caught in 0:19:35.560 --> 0:19:40.320 a bind of you know, lower growth and actually in 0:19:40.359 --> 0:19:44.760 the first quarter you know, a decline in vehicle sales, 0:19:44.800 --> 0:19:48.800 and so they need to find a solution to this, 0:19:49.040 --> 0:19:51.320 you know, this spiral that they've been on of laid 0:19:51.320 --> 0:19:55.879 of cutting cutting, cutting price, and you know, not getting 0:19:55.960 --> 0:19:58.719 vehicle sales growth out of it. And there is a 0:19:58.760 --> 0:20:00.879 sort of open question as whether or not, you know, 0:20:00.960 --> 0:20:05.520 this approach of you know, getting cheaper vehicles to market faster, 0:20:05.720 --> 0:20:09.520 but seemingly doing so with the same lineup is going 0:20:09.560 --> 0:20:12.200 to be you know, the way, the right way forward, 0:20:12.240 --> 0:20:14.000 and whether or not this will work out as planned. 0:20:14.320 --> 0:20:17.240 This is Bloomberg day Break Today, your morning brief on 0:20:17.320 --> 0:20:20.880 the stories making news from Wall Street to Washington and beyond. 0:20:21.119 --> 0:20:23.919 Look for us on your podcast feed at six am 0:20:24.000 --> 0:20:27.639 Eastern each morning, on Apple, Spotify, and anywhere else you 0:20:27.720 --> 0:20:28.879 get your podcasts. 0:20:29.000 --> 0:20:31.720 You can also listen live each morning starting at five 0:20:31.760 --> 0:20:34.320 am Wall Street time on Bloomberg eleven three to zero 0:20:34.400 --> 0:20:37.280 in New York, Bloomberg ninety nine to one in Washington, 0:20:37.359 --> 0:20:40.200 Bloomberg one oh six to one in Boston, and Bloomberg 0:20:40.280 --> 0:20:41.959 nine sixty in San Francisco. 0:20:42.359 --> 0:20:45.520 Our flagship New York Station is also available on your 0:20:45.560 --> 0:20:51.000 Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus. 0:20:51.040 --> 0:20:54.480 Listen coast to coast on the Bloomberg Business app, SERIUSXM, 0:20:54.560 --> 0:20:58.160 the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan 0:20:58.160 --> 0:20:59.720 Hager and I'm Karen Moscow. 0:21:00.040 --> 0:21:02.720 Join us again tomorrow morning for all the news you 0:21:02.840 --> 0:21:06.920 need to start your day right here on Bloomberg Daybreak