State of the Union Preview | Balance of Power 03/07/24
Bloomberg Television2024-03-08
2024 Elections#Donald Trump#Jay Timmons#Jeanne Zaino#Joe Mathieu#Kailey Leinz#President Biden#Rick Davis#Shelley Moore Capito
626 views|4 months ago
💫 Short Summary
President Biden's State of the Union address covers higher taxes on the wealthy, aid to Gaza, and economic policies. Discussions include energy policies, climate disclosure rules, and potential executive actions on immigration. Bipartisan support for banning TikTok due to security concerns is highlighted. The address is seen as a campaign speech emphasizing economic populism and contrast with Republicans. Concerns about a potential third-party impact on American politics are raised, with a focus on Biden's leadership and policy announcements. Trump's fact-checking and upcoming guests are also mentioned.
✨ Highlights
📊 Transcript
✦
President Biden to propose higher taxes on wealthy and corporations in State of the Union address.
00:33Speech will also address increasing aid to Gaza, Inflation Reduction Act, bipartisan infrastructure bill, and economic policies.
Audience includes Congress, the Supreme Court, and viewers at home.
Republican Senator Shelley Moore Capito of West Virginia discusses expectations for the speech.
Senate voting on spending packages to prevent a government shutdown will be a key focus.
✦
Discussion on Senate approval of spending bills and concerns within the Homeland Security and Department of Defense bill.
04:39Focus on energy policies and the impact of administration decisions on energy resources and global allies.
Highlight on utilizing resources for international safety and consequences of regulations hindering energy production.
Critique of the administration's approach to energy regulation and the need for planning for future energy needs to support the green agenda.
✦
Recent SEC climate disclosure rule approved despite lawsuit from nine states.
07:35Senator criticizes the rule for economic impact and potential job losses.
Importance of funding for Ukraine emphasized to counter Putin's aggression.
House passes bill requiring TikTok divestment from Chinese owner or face US ban, Senator supports measure.
Senator expresses concerns about Chinese influence on TikTok and anticipates strong Senate support for the bill.
✦
Anticipation for President Joe Biden's State of the Union address.
11:41Speculation surrounding Biden's energy, fitness, and potential policy announcements, including expediting humanitarian aid to Gaza.
Opportunity for Biden to address political weaknesses and appeal to young progressive and Arab-Muslim voters.
Growing frustration with Prime Minister Benjamin Netanyahu's handling of the war and its potential impact on U.S.-Israel relations.
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Katie Barrett, youngest woman elected to Senate at 42, focuses on bipartisanship and relationship-building.
15:06She tackles IVF issues in Alabama and works to appeal to the Republican base.
Campaign issues include reproductive rights and democracy, highlighting the contrast between her youth and experience.
Top voter concerns are immigration and the economy, with Democrats prioritizing democracy.
Independence and swing state voters focus on kitchen table issues like the economy over democracy.
✦
President Biden considering executive action on border following Republican killing of bipartisan immigration deal.
17:47White House studying the option, with Biden open to taking the case nationwide.
Fed Chair Jerome Powell hints at potential interest rate cuts to monitor inflation levels closely.
Powell faces criticism from both political sides regarding living costs and borrowing expenses.
Powell emphasizes importance of addressing issues and Fed's commitment to normalizing policy as economy stabilizes.
✦
Testimony on inflation management and concerns about commercial real estate for smaller banks.
21:01Chairman expresses confidence in managing inflation, stating it is under control and not a systemic issue for larger banks.
Concerns raised about commercial real estate, particularly for smaller and medium-sized banks.
Policymakers urged to maintain confidence despite potential bank failures.
Discussion shifts to Joe Biden's handling of inflation concerns and military funding for Ukraine, emphasizing economic benefits to American manufacturing.
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Discussion on the need for investments in the U.S., defense industrial base, and border security.
24:21Confidence in defense manufacturers' capacity but concerns about supply chain issues.
Importance of addressing tax-related matters for manufacturers to maintain capability.
Urgency in replenishing weapon stocks and proper funding for upcoming challenges.
Emphasis on stability in the appropriations process for defense.
✦
Impact of Joe Biden's Administration on Manufacturing Economy
27:44Biden's efforts in the manufacturing economy are praised, but future challenges are highlighted.
Importance of a working immigration system in addressing labor shortages and filling open jobs in manufacturing and the broader economy.
Emphasis on the benefits of legal immigration and its positive impact on the quality of life for all Americans.
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House committee passes a bill to potentially ban TikTok in the US if Bytedance does not divest.
31:57Bipartisan agreement due to concerns about China's influence over data and privacy.
Some express skepticism about restricting free markets and effectiveness of the ban.
Lobbyist influence is highlighted as a factor in the discussion.
Debate focuses on national security, privacy laws, and impact on social media companies.
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Tensions around TikTok Ban and National Security Concerns.
34:55ByteDance given ultimatum to divest due to Chinese spying concerns.
Bipartisan support in Congress for banning TikTok.
No Labels group unlikely to succeed in running candidate against Biden and Trump.
Congressman Scalise to introduce TikTok bill in the House.
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Concerns about the potential impact of a third party system on American politics.
39:26Lack of a confirmed candidate and questions about the nomination process.
Polling results showing a Nikki Haley Dean Phillips ticket wouldn't be competitive.
Worries about the spoiler effect on the Democratic side.
Importance of clarity, vision, and drawing contrasts with the opposition in President Biden's upcoming State of the Union address.
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Key Highlights of State of the Union Address Analysis
42:16The State of the Union address is a crucial opportunity for Joe Biden to concentrate on economic populism, freedom domestically and internationally, and differentiate from the Republicans.
It is noted that this address is more of a campaign speech rather than a traditional State of the Union, requiring Biden to inspire the nation and showcase his future plans for re-election.
The strategic decision to avoid mentioning Donald Trump is seen as a deliberate move to redirect attention to the future and emphasize the positive aspects of the country in the current political climate.
✦
Highlights of the Segment:
44:27Donald Trump goes live to fact check, upcoming guests Jaenisch, Zaino, and Rick Davis.
Promotion of the Washington Edition newsletter.
Plans for the State of the Union address at 8:30 PM Eastern on Bloomberg.
00:03From the world of politics to the world
of business.
00:07This is balance of power.
00:19Live from Washington, D.C..
From Bloomberg's Washington, D.C.
00:25studios to our TV and radio audiences
worldwide.
00:28Welcome to Balance of Power alongside
Kailey Leinz.
00:31I'm Joe Matthew.
It's State of the Union night.
00:33President Biden set to deliver the
annual address just hours from now, one
00:37of his biggest opportunities to pitch
for re-election in November and draw a
00:40contrast between himself and former
President Trump.
00:43President planning to propose higher
taxes on the wealthy and corporations
00:47and announce action to ramp up delivery
of aid to Gaza.
00:51This hour, we'll preview the speech with
Republican Senator Shelley Moore Capito
00:54of West Virginia and Jay Timmons, CEO of
the National Association of
00:59Manufacturers.
And, of course, the administration's
01:01attempts to revive the American
manufacturing industry, make investments
01:05into the economy through things like the
Inflation Reduction Act, the bipartisan
01:08infrastructure bill, as well as a slew
of other economic policies, I'm sure are
01:12going to work their way into the speech
tonight.
01:14But he has a lot of issues he's going to
try to run through in an hour to an hour
01:18and a half of time.
Yeah, we'll see how that goes on the
01:20clock.
So I've suggested that he might want to
01:22actually speak for it longer and to
reach for more in an effort to appear
01:27vigorous and young and energetic.
So much of this, Kelly, will have to do
01:31with tone and presentation as it does
with policy.
01:35We spoke earlier today on Bloomberg with
Democratic Representative Abigail
01:38Spanberger of Virginia about the speech
tonight.
01:41Here she is.
The way that the president speaks to all
01:45voters, all Americans, is by talking
about what our vision or shared goals
01:49are.
I want to hear the president talk about
01:52the issues that are front of mind for so
many Americans.
01:55And certainly that begins with our
fundamental freedoms, specifically
02:00abortion rights and reproductive rights.
After what we saw the Supreme Court in
02:05Alabama do, that's front of mind for so
many voters.
02:09Clearly, a big list of issues here,
Carly.
02:12Then there's the question of the
audience.
02:14He is going to have, obviously a joint
session of Congress.
02:16The Supreme Court will be sitting right
in front of him when he addresses the
02:20issue of abortion.
The cabinet, of course, will be there,
02:23the chairman of the Joint Chiefs, top
brass at the military and so on.
02:27The real audience that we could argue is
at home as he looks to that camera in
02:31the back of the chamber to speak to
people in their living rooms.
02:34Absolutely.
It is about reaching the American voter
02:36just as much as it is about reaching
each and every individual member of
02:40Congress who will be in that room
tonight.
02:43And of course, one of those is joining
us now.
02:45Republican Senator Shelley Moore Capito
of West Virginia is joining us live from
02:48Capitol Hill.
Senator, thank you so much for being
02:51with us on this State of the Union
evening.
02:54We do want to get to what you expect to
hear from the president's speech, but we
02:57also do have a question of this hour as
to what exactly the Senate may be voting
03:01to advance the Senate.
The package six package six bill package
03:08for spending to keep the government open
past midnight tomorrow.
03:11Senator, do you know when you will be
voting?
03:13Will you do so after the speech tonight?
Well, we very possibly could vote after
03:17the speech tonight.
I mean, we realize that the House sent
03:19us overwhelmingly a large vote on the
six spending packages, which sets our
03:25priorities, cut spending.
So we will be considering that either
03:29late tonight or tomorrow afternoon.
I have a feeling it might be tonight.
03:33I'm going to be voting on that.
I don't want a government shutdown.
03:36And so I think it's it's time for us to
move on on our spending bills.
03:40And I'm glad that we're going to be
doing this.
03:43So it will pass the Senate.
Senator, whether it's tonight or
03:47tomorrow, I ask you that knowing that
the second portion of this could be a
03:50lot more difficult than the first.
The second portion could very well be it
03:55has Homeland Security and their
Department of Defense.
03:58My bill is the health, education and
labor bill.
04:01I believe the bill tonight with the six
bills will pass.
04:04Many of them have already passed in,
three have passed in the Senate.
04:08Several have passed in the House.
We are going to have some amendment
04:11votes.
So they may be changed ever slightly,
04:13but I feel very confident that the
Senate will will pass these bills.
04:19But of course, we have a pretty big
speech to get through first that you
04:23will be listening to.
Senator, I know you spoke earlier on the
04:26Senate floor and ahead of the
president's speech talking about a
04:29number of issues, including what you
described as an assault on American
04:33energy.
This at a time when in 2023, the U.S.
04:36pumped a record amount of oil.
What exactly is wrong with this
04:39administration's energy policy?
The administration has closed in our
04:43energy resources.
Just three weeks ago, they decided to
04:46shut down new construction on our LNG
facilities.
04:50To me, that hampers not only our
domestic energy production, but it also
04:54will certainly hurt in our ability to
help our allies in Europe.
04:58We know they were relying on Russia for
natural gas.
05:01So I think that this is exceedingly
important that we use all of our
05:05resources not just for ourself, but also
for the international safety aspects of
05:09it.
I can tell you, I sit on the Environment
05:12and Public Works Committee.
It is regulation after regulation after
05:15regulation of this enforced green
agenda, which we see now is beginning to
05:20crumble While electric vehicles are not
being sold as they were promised, the
05:24liquid vehicle stations aren't being
built.
05:26So I really do think we've squandered
our opportunity here to use our own
05:30energy for our own safety.
We spoke earlier about the export of
05:35LNG, this moratorium that you referred
to with almost HOCHSTEIN, of course, one
05:40of the president's advisers as senior
adviser when it comes to energy.
05:44Senator, here's what he told us will
have he responded.
05:47Okay.
What is on pause is to say beyond that,
05:50beyond 20, 23, 2023.
Do we need to look for a minute and say
05:56with such exponential growth that we've
seen?
06:00Do we need to look at the economic
impact on the market impact?
06:04And we have to look at what the
environmental and climate impacts are on
06:09the communities that live along our Gulf
Coast before we say we're going to give
06:14more permits.
Senator, is it not worth answering those
06:20questions before moving on, or do you,
like some believe the administration
06:23will make that moratorium permanent?
Oh, I believe their goal is to make the
06:29moratorium permanent.
I think we have to look at not just
06:33where we are now, but if we look at the
electrification of our country, how are
06:38we going to power generators to be able
to do that?
06:41You have to use your basic fuels.
Natural gas is one of those nuclear.
06:46This administration's very, very, very
tough to permit anything.
06:50And they keep piling on all kinds of
different regulations that really
06:54hampers our ability to do the baseload
energy that we so that we're going to
06:58need not just now, but in the future.
So if you're asking me to look into the
07:01future, tell me how you're going to
power America and power this green
07:06agenda without more energy, it can't be
done.
07:09I think.
Well, as we talk about regulation and
07:13this does relate to the question of
energy composition and climate impact in
07:18the US.
The Securities and Exchange Commission
07:20yesterday finalized and approved a
climate disclosure rule that may have
07:24been watered down from what was
initially proposed, but already has
07:27drawn a lawsuit from the attorney
General of your state leading a group of
07:31nine states against that rule.
Senator, what do you think about the
07:35move the SEC has made?
Well, the problem I see with this is
07:39this goes all through the administration
and they want to have climate and
07:44carbon.
And are you using it in the beginning?
07:47What who uses it in the end?
I think they make the metrics impossible
07:51for people to meet and for people to
measure.
07:53And so, you know, we all want cleaner
air, cleaner water, and we're getting
07:57there.
We need the technology, innovation and
07:58resources to go in that direction.
You know, whether it's a hydrogen
08:03economy, whether it's carbon capture,
all of these things are in our future.
08:08But to to make our our companies be
accountable for every single flow, I
08:15think it slows the economy.
And then what happens?
08:18Things get more expensive.
People lose their jobs.
08:20I mean, it has a compounding effect.
And I am fearful that that's what we can
08:25see with all of these regulations that
are piling on top.
08:30Senator Capital, we've had a look at the
guest list for the president tonight at
08:34the State of the Union.
When you look up into the gallery and to
08:37where the first lady is sitting, you
will see the prime minister of Sweden.
08:41I know that you might want to turn to
the border with an answer to this
08:45question, but I wonder if you have a
message for the prime Minister when it
08:49comes to the request for funding for
Ukraine?
08:53Well, I think obviously Sweden has just
been admitted into Natal.
08:57That is a huge alliance, our allies, and
we need to help Ukraine, our allies.
09:04NAITO obviously us being the largest
contributor here, we need to push Putin
09:10back because if we don't push him back
in Ukraine, we don't use the funding for
09:14Ukraine.
When we walk away from this, we're going
09:17to empower Putin And where is he going
to go next?
09:19He's going to go to NATO allies country.
We know that he doesn't he's not going
09:24to stop there.
So a weakened Putin is in our
09:28self-interest.
That's why I believe that funding for
09:32Ukraine is exceedingly important.
And that's why I think, you know, the
09:36ambassador from Sweden would would
probably agree with that.
09:38They're right there.
They're next door neighbors.
09:42Of course, funding for Ukraine remains
an open question as to how it will be
09:45dealt with in the House, whether there
is a legislative solution to be found in
09:49that body.
Meantime, though, a committee in the
09:52House is moving forward on a separate
issue.
09:54And this pertains to a relevant
committee you are on in the Senate.
09:57The House Energy and Commerce Committee
just today passed unanimously a bill
10:01that would require tick tock to be
divested from its Chinese owner,
10:04Bytedance, or be banned in the United
States.
10:07Would you support that measure in the
Senate?
10:10Do you think it would pass both
chambers?
10:12Absolutely.
I would support that.
10:14I do think the influence of China on
tick tock on our use and what we see is
10:19just I mean, a commercial act,
commercial for tick tock, in my view,
10:23trying to convince us that all the best
things happen here when we know the
10:27Chinese are behind this.
Yes, they must have a tick tock and I
10:31fully support that.
Whether it would pass the Senate or not.
10:34I think it would have a pretty good
vote.
10:36I'm not sure we'd get all the way, but I
would certainly hope so.
10:39Senator, who's your guest tonight, if
you have one for the State of the Union?
10:43Well, I have a special guest, and that's
my husband's coming actually to the
10:47State of the Union tonight to view the
State of the Union.
10:50And I'll get his perspectives when we
finish.
10:54How about that?
Well, you'll have to let us know what
10:56you thought of it.
What a refreshing, non-political answer.
10:58Senator Shelley Moore Capito, thanks for
joining us tonight from Capitol Hill.
11:02Coming up, more on the budget battle in
Congress as we continue to count down to
11:05the State of the Union.
We'll have more on that speech as well.
11:08This is balance of power on Bloomberg TV
and radio.
11:31This is balance of power on bloomberg tv
and radio.
11:34I'm Joe Matthew alongside Kailey Leinz
in Washington.
11:37In just over 3 hours from now, President
Joe Biden set to deliver his State of
11:41the Union address before a joint session
of congress.
11:44You will, of course, see and hear the
speech here on Bloomberg TV and radio.
11:47And joining us for more on what to
watch, Bloomberg's Jordan, Fabian and
11:51Laura Davison.
Great to have both of you with us.
11:53Happy State of the Union.
It's a big deal.
11:55Jordan at the White House, which you
cover for Bloomberg.
11:59Jeff Zients, the chief of staff, raising
the bar in a series of interviews,
12:05predicting an energized Joe Biden, a man
who meets the moment.
12:11This is, of course, coming off criticism
and concern about his age.
12:15What's the deal with this?
Are they not making things more
12:17difficult?
Does he need to come in and do push ups
12:19in the rostrum, or how are they going to
manage to capture this?
12:23Right.
Exactly.
12:24This is one of these weird speeches that
it might matter less what Joe Biden says
12:29and how he looks and sounds just given
the month that he had coming off that
12:34special counsel report that called him a
well-meaning elderly man who forgets
12:39things.
He needs to show the American people he
12:42can beat Donald Trump in November and
that he has the energy and fitness to
12:46serve another four years.
So I think a lot of people are going to
12:49be closely watching.
You know, can he do the push ups
12:51proverbially?
Can he get through an hour long speech,
12:55tick off all these issues in a way with
no major stumbles and really command all
13:00these issues authoritatively, have him
run down the aisle?
13:03Kelly, I'm not sure what would meet the
grave.
13:05Well, what we know is that this is a
lot.
13:07To a large degree, this is going to be
about presentation.
13:10Yes, just as much, if not more as it is
about policy.
13:12But that isn't to say this is going to
be entirely absent of policy.
13:15And in fact, we've already gotten some
reporting out today here at Bloomberg
13:18about what exactly might be contained in
this speech, including Jordan, a
13:22directive for the military to
essentially expedite humanitarian aid
13:27coming into Gaza by building a port on
the Gaza coast.
13:30Where is Israel in this?
Are we circumventing an ally?
13:34It sure seems that way between this
announcement and the announcement last
13:38week that we're now airdropping in
that's in partnership with the Jordanian
13:42government, not the Israeli government.
And so it definitely belies a level of
13:46frustration within the White House that
is growing with Prime Minister Benjamin
13:50Netanyahu and how he's prosecuted this
war.
13:53And if you look at this issue also in
tandem with the Egyptian, you might say,
13:57well, they're not related.
They are related.
13:59This speech is about neutralizing Joe
Biden's political weaknesses.
14:03One of his big blind spots right now is
with young progressive voters, Arab and
14:08Muslim voters in key swing states that
do not approve of his handling of this
14:11war.
And so that's why you're hearing about
14:14this in the State of the Union, that he
is trying to assuage those concerns and
14:17really reassemble that coalition that he
needs to win in November.
14:20The age issue could be exacerbated when
we get to the official Republican
14:24response.
They've tapped the youngest woman to
14:27ever be elected to the Senate, a 42 year
old named Katie Barrett, Republican
14:31senator from Alabama, who we spoke with
a couple of weeks back on the importance
14:36of bipartisanship.
This is on the heels of Senator Dianne
14:40Feinstein's death.
She is.
14:42Ways that she not just built
relationships, but true true friendships
14:47across the aisle with people that she
may not have agreed with when it came to
14:51politics.
But she knew that the best way to get
14:53things done in this institution and
therefore to get things done for this
14:58nation was to build those relationships,
to be able to have tough conversations
15:02and then to be able to move things
forward.
15:06So talk about a contrast here.
Laura I don't know what the venue is
15:10going to be, but she's obviously going
to have a lot of folks watching her this
15:14evening and it's going to remind us of
how young she is and how old he is right
15:19now.
Part of the choice here.
15:20Yes.
And, you know, she's she's young.
15:22She's in her 40.
She has that very sweet, soft voice and
15:25looks like, you know, the mom next door
as Republicans are really trying to
15:28court suburban women with Trump at the
top of the ticket, knowing that that is
15:32going to be a weakness for them.
Of course, an additional sort of wrinkle
15:36in this is Katie.
Brett, of course, is from Alabama, the
15:38state that just made the ruling that,
you know, complicated a bunch of IVF
15:42procedures, effectively shutting them
down in the state.
15:45So that's going to kind of be also
swirling around.
15:47She has to address that.
You know, we'll see.
15:49You know, Republicans have really run
away from this issue.
15:52You know, the Alabama legislature just
yesterday passed a temporary measure to
15:55make sure that fertility treatments were
available.
15:58But this is a really complicated thing
for her to thread, particularly with the
16:02Republican base, where, you know, kind
of how do you define when life begins
16:05and how do you do that in a way that,
you know, gets moderates but doesn't
16:08alienate some of the very pro-life
factions?
16:11Well, in reproductive rights, together
with essentially the future of
16:15democracy, is what keeps coming up in
our conversations, previewing this as
16:18the way that the president is likely to
try to draw a contrast between his
16:23predecessor and likely opponent in
November and him, Donald Trump.
16:27Of course, I'm speaking of here.
This is the State of the Union.
16:31But obviously what it also is, is a
campaign speech.
16:35But when you have so much about the
border and in fact, Donald Trump's
16:39prebuttal that he put out to the State
of the Union was pretty much all about
16:42immigration and border policy.
How much does the future of democracy
16:46stack up against real migrants crossing
in real time when we see what people
16:51care about?
Immigration and economy are basically
16:53neck and neck for the top spot of issues
we need?
16:56Particularly Democrats care more about
democracy.
16:58That's something that they say they care
more about Republicans.
17:01That's not really registering.
That's in sort of the single digits in
17:03terms of top issues for voters.
So this is really, you know, kind of
17:07people satirically, you know, are
interested in democracy.
17:09That's something they care about when
when it comes to making decisions,
17:12particularly that small group of people
that will really end up mattering this
17:15cycle.
Independents, moderates in these swing
17:18states, it really comes down to kitchen
table issues, looking particularly at
17:21the economy and also because of all of
the issues surrounding migration and how
17:25particularly among older groups, that
that that matters a lot more.
17:28There've been loud calls for executive
action on the border.
17:31He made her trip to the border last
week.
17:34Well, we hear about anything new
tonight.
17:36I think what you're going to hear is him
using the bully pulpit to batter
17:40Republicans for killing that bipartisan
immigration deal that emerged in the
17:44Senate.
The White House has not signaled they're
17:47ready to do executive action as of yet.
They're studying it.
17:50But Biden said right after that
happened, I'm going to take this case
17:54around the country.
He thinks this is a way to reverse all
17:57of those poor feelings about immigration
that voters have about him and reverse
18:02it and put it on the blame on
Republicans for killing that bill that
18:05included really a lot of strict policies
and say, you know, they couldn't take a
18:10good deal when they saw one.
All right.
18:11Bloomberg's Jordan Fabian and Laura
Davison, thank you for joining us at
18:15this hour and looking forward to the
many hours to come of your coverage this
18:19evening.
Now coming up, Fed Chair Jerome Powell
18:21faced the Senate Banking Committee today
as if it wasn't a busy enough day here
18:25in Washington, suggesting the central
bank, maybe even closer to the
18:29confidence it needs to start cutting
interest rates.
18:32That's next.
On balance of power on Bloomberg TV and
18:35radio.
18:57I think we're in the right place, which
is we're waiting to see.
18:59We're waiting to become more confident
that inflation is moving sustainably at
19:022%.
And when we do get that confidence and
19:05we're not far from it, it'll be
appropriate to begin to dial back the
19:08level of restriction so that we don't,
you know, drive the economy into
19:11recession rather than normalizing policy
as the economy gets back to normal.
19:18Fed Chair Jay Powell wrapping up a
second day of testimony on Capitol Hill
19:22and suggesting that the central bank
could be getting close to the point at
19:25which they might cut interest rates.
Joining us now is Bloomberg's and a
19:29Current who was covering this for us.
So and when you're the Fed chair and you
19:33have to appear for this congressional
testimony, you try not to make any news
19:37at all.
You especially try to avoid signaling to
19:39financial markets what direction you're
going to go, do anything that's going to
19:42be market moving by saying he's not far.
Does he accidentally make a little news?
19:48Well, accidentally or deliberately?
Hard to say, but no doubt about it, not
19:51far is a very important signal from the
Fed governor that he says you're not
19:56there yet.
But once inflation does get there,
19:58they're going to move.
And that does imply, you know, at least
20:00in the months ahead.
He's certainly not putting off the idea
20:02that there will be any rate cuts until
maybe the end of this year or later.
20:05So it was an important statement.
And by the way, the conduct which it
20:09came was he was getting withering
criticism from both sides of the
20:13political divide, those hearings about
not the rate of inflation, but living
20:18costs.
He was getting in the neck from senators
20:20from all sides about cost of living,
about borrowing costs, about the price
20:23of goods.
So he was he was feeling the pressure,
20:26saying that this is a real issue on the
ground.
20:28And this was the note he gave that
inflation's heading in the right
20:30direction and acknowledged that his
posture seemed relaxed.
20:33Today.
He seemed to be a somewhat different Jay
20:35Powell, maybe because it was day two,
maybe because it was the Senate.
20:39I wonder as well if it's maybe because
they're getting closer to the target.
20:42They spent more time on fiscal policy
than that sort of throw down on
20:45regulations that we saw in the House
yesterday.
20:47Yeah, the real fireworks was yesterday
when he came out and gave that big nod
20:50up.
They're hearing what's going on with the
20:52banks and going to work on the
regulations.
20:53So that was that today, as you say.
Yes, much more cruise control.
20:56He sounded quite comfortable.
As I mentioned, they were really
20:59throwing it at him from all angles that
they're getting in the next and their
21:01constituents with inflation.
But he kept repeating, look, this is
21:04going where we want it.
Inflation is coming off.
21:06He seems comfortable with it.
Not completely confident.
21:09The of course, he wasn't declaring
victory, but by all accounts, he's in
21:11control.
Of course, he was doing this testimony
21:15against a backdrop of some concern out
there about commercial real estate in
21:18light of what we're seeing happen
happening with New York Community Bank.
21:21And he was asked about this.
Just take a listen to the chair's
21:23response.
This is a problem that we'll be working
21:26on for
years more.
21:29I'm sure there will be bank failures,
but this is not the big banks.
21:32If you look at the very big banks, it's
not a first order issue for any of the
21:36very large banks.
It's more, you know, smaller and medium
21:39sized banks that have these issues.
How would you describe his degree of
21:44concern?
And he sounds maybe sanguine is the
21:48wrong word, but he's saying nothing.
See here for big banks and not even big
21:51cities.
By the way, he was making the point that
21:53this is maybe more regional and regional
issue in America for small and medium
21:56sized banks downtown.
The structural change, people not
21:59working from home, etc., that's where
there's going to be pain.
22:02There will be some bank failures, will
be some loans going bad.
22:04But he was not suggesting this is a
systemic issue at all.
22:07And of course, policymakers need to talk
up confidence.
22:10But nonetheless, he nonetheless, he was
saying that they've got this as well.
22:13They're keeping an eye on it.
There will be problems, but nothing,
22:15nothing broadly systemic for the wider
economy and the current.
22:18We thank you, as always, Kelly.
On the State of the Union, you wonder
22:21how Joe Biden is going to manage the
issue of inflation.
22:25Can he tell the American people tonight
that this problem will be solved by the
22:30time we end the year, by the time we get
to the next election?
22:33I wonder if he goes there.
Well, and how much do you want to take a
22:35victory lap when polling shows voters
are still really down on the economy and
22:39may not be feeling it?
As we extend the data shows, we'll get
22:41into this, among other issues.
Coming up next with Jay Timmons,
22:44president, CEO of the National
Association of Manufacturers.
22:48That's next.
On balance of power on Bloomberg TV and
22:50Radio.
23:08I want to be clear about something
because I know it's important to the
23:11American people.
All this bill sends military equipment
23:14to Ukraine.
It spends the money right here in the
23:17United States of America.
Places like Arizona, where the Patriot
23:21missiles are built and Alabama where the
Javelin missiles are broken in
23:26Pennsylvania, Ohio and Texas, where
artillery shells are made.
23:31That was President Biden just last
month.
23:33Of course, that legislation passed the
Senate but did not ever make it to the
23:36floor of the House and will be in the
air tonight when the president addresses
23:40a joint session of Congress, the matter
of Ukraine, the matter of funding our
23:43allies, and, of course, that money going
to our manufacturing chain, the defense
23:48industrial base, is something we will
hear about.
23:51And it's a matter of concern to Jay
Timmons, the president and CEO of the
23:54National Association of Manufacturers,
who joins Kelly and I now in Washington.
23:59It's great to see you.
Welcome back to Bloomberg.
24:01This is a matter that doesn't seem to be
selling to certain conservative
24:06Republicans in the House.
As we hear the refrain we must secure
24:10our borders before we help someone else
protect theirs.
24:12But this is about investments here in
the U.S.
24:15How come that message doesn't resonate?
You know, I don't really know, Joe,
24:17because I will tell you this.
We're America and we can walk and chew
24:21gum at the same time.
We have the defense industrial base that
24:25that needs our attention.
Ukraine certainly needs our attention as
24:29they fight to preserve democracy in a
very key part of the world.
24:33And at the same time, we can secure our
borders.
24:36We were very supportive of the effort
that Senator Lankford was pushing in the
24:41Senate and others.
It doesn't it really doesn't compute to
24:46say that we simply can't do both of
those things at the same time and a
24:49whole lot more, by the way.
Well, when we think about
24:53specifically weapons manufacturing and
the defense industrial base here in the
24:56U.S., it also is just a question of
whether the capacity exists to ramp this
25:00up, because this isn't a new issue
necessarily that we've been running low
25:05on a few things.
Are there issues that manufacturers
25:07could face and if they're trying to to
produce this very quickly so that we can
25:11provide it not only to Ukraine, but
other conflicts we may be facing abroad?
25:15Well, look, I have total confidence in
our defense manufacturers, and I know
25:19that they can handle whatever needs that
we have, whether it is specifically for
25:23Ukraine or for other hotspots in the
world or it's for our own domestic
25:29supply.
I don't have any issues with that.
25:30I do think, though, there are some
concerns with the supply chain and some
25:35of those can be addressed.
I hope the president addresses that
25:38tonight in his State of the Union
address, things like the the tax
25:43trifecta that we've heard so much about
that has a lot to do with investing in
25:48research and development, as well as
immediate expensing and interest
25:52deductibility.
All of those things matter to all
25:55manufacturers, but certainly defense
manufacturers as well.
25:58We got into this recently with retired
Army Brigadier General Mark Kimmitt, who
26:02spoke to the availability or lack
thereof of weapons in the U.S.
26:06Take a listen.
We are seeing our arsenal of democracy,
26:10our capability to build the weapons that
we need to defend this country against
26:15all enemies, foreign and domestic, is
drying up.
26:18We have been whistling past the
graveyard of the military industrial
26:22base for so long, and perhaps Ukraine,
as tragic as that may be, is the canary
26:29in the coal mine,
the canary in the coal mine.
26:32That sounds pretty dire.
This is not just about providing weapons
26:36to Ukraine.
This is also about replenishing our own
26:39stocks.
Well, I think I think both of those
26:41things are necessary.
And I'll say it again.
26:43We can walk and chew gum at the same
time.
26:45Right.
But we have to have action in order to
26:48do that, has to have the proper funding
for the war that's going to come to a
26:52head next week.
And then, of course, tranche of bills.
26:54Exactly.
And of course, you try to influence the
26:56outcome of that legislation.
Of course, we we feel very strongly.
27:00Well, first of all, you want stability
in terms of the appropriations process.
27:05We don't have that right now.
We're hopeful that we can we can move
27:08this ball forward,
you know, in a in a in a fulsome way to
27:12get us through the end of the fiscal
year.
27:14And then hopefully we can really focus
on the needs not only of of our of our
27:19allies overseas, but as you point out
here at home.
27:22Well, and when we think about what this
president has tried to do here at home,
27:26and you mentioned some of the things you
would like to hear out of the State of
27:28the Union this evening if he were to
come out there and say, my
27:30administration has brought on a
manufacturing renaissance or the
27:34Inflation Reduction Act, bipartisan
infrastructure bill, pick your policy.
27:38To what extent chips in science as well.
Ships, too.
27:40All right.
Is it is it true?
27:42So look.
Or is there more work to do?
27:44I think Joe Biden deserves a lot of
credit right now for where we are in the
27:47manufacturing economy.
He's also got to be looking to the
27:51future.
So this is really this answer is not an
27:54easy yes or no answer, Kelly, to be
quite honest.
27:57If you look at those three pieces of
legislation that that you just
28:00mentioned, I think this president
deserves a ton of credit.
28:04But then you have to think about, well,
what is next and what does the future
28:09look like?
The future is being written right now by
28:14either action or inaction of the
Congress and the administration.
28:18I brought up the tax trifecta.
If we don't see that, that can lead to
28:22literally billions of dollars of of a
bad numbers for manufacturers.
28:29That means less investment, that means
less less job creation, less wage
28:34growth.
Those are three things that this
28:35president has said.
He wants the regulatory agenda, the
28:38onslaught that is coming out of the
agencies.
28:41Think of the PM 2.5 regulation that came
out a few weeks ago, which by the way,
28:45we just sued the agency on that could
cost jobs everywhere in this country and
28:51caused some very difficult choices.
30 40% of our country will be a
28:55non-issue right now.
Is it because of that regulation?
28:59Is it a non attainment area?
What does that mean?
29:02That means that mayors and governors are
going to have to make choices between
29:05building those bridges that are
available with the infrastructure
29:08dollars and allowing private sector
investment to put a shovel in the ground
29:12and build a new factory or facility,
perhaps new chips facility.
29:18That doesn't make sense.
It doesn't compute.
29:21Jay, we're going to hear about the
border tonight one way or the other from
29:24this president, whether there is
executive action or maybe an opportunity
29:27to blame Republicans for not getting
this bill passed.
29:32Are you more concerned right now with
border security or a working immigration
29:37system, a legal immigration system that
can help us with labor shortages that
29:41surely your members are talking to you
about?
29:42Well, I would say that if you have a
working immigration system, you have
29:45border security.
I think that those two things go hand in
29:49hand.
And we have a we have a proposal that
29:53we've shared with Congress and with the
administration and the previous
29:55administration.
We call it a way forward, because we do
29:58believe that we can fix the system.
The Congress can fix the system.
30:03Border security is an absolute
necessity.
30:05There's no question about that.
But to your point, we have to have a
30:08system that allows us to focus on the
employment needs of this country.
30:14The latest figures that came out today,
as a matter of fact, 662,000 open jobs
30:19in manufacturing.
The immigration reforms that we've heard
30:23about aren't going to solve all those
issues, but it's going to help and it's
30:27going to help us fill those jobs.
And by the way, there's something like
30:29nine or 10 million open jobs throughout
the entire economy.
30:33We need workers in this country.
So immigration, legal immigration,
30:38people who want to come here and work,
we ought to be welcoming them.
30:42It only helps.
It only helps build quality of life for
30:45everyone in America.
All right.
30:47Jay Timmons, great to see you here.
Good to see you.
30:49Thank you so much.
Thank you so much for coming in.
30:51He, of course, is the president and CEO
of the National Association of
30:55Manufacturers.
Now, still ahead, a House committee
30:58passes through a bill 52 zero
unanimously that could see tick tock
31:03banned in the US if Bytedance doesn't
divest it.
31:06We'll have more details with our
political panel next.
31:08This is balance of power on bloomberg TV
and radio.
31:31This bill is not a ban and it's really
not about tick tock.
31:36This bill is a choice and it's a choice
for Bytedance as well as any other
31:43social media app controlled by a foreign
adversary.
31:48That was Democratic Congressman Raja
Krishna murphy from Illinois, speaking
31:52today after the House Energy and
Commerce Committee passed unanimously 52
31:57zero, a bill that could see TikTok
banned if bytedance, its Chinese owner,
32:02does not divest it.
And I thought that we couldn't agree on
32:05anything in Washington these days.
Joining us now, our political panel,
32:08Rick Davis, partner at Stone Gordon
Capital, and Jenny Shan Zaino, political
32:11science professor at Iona University.
And guys, we have to talk about tick
32:14tock for a second because there's been a
lot of buzz around a ban for a very long
32:18time.
Feels like it died down and all of a
32:21sudden you get a unanimous vote to
advance it out of committee.
32:24If you can get 50 votes for anything
with no dissent genie in this Congress,
32:29does that mean it's guaranteed this
thing is happening?
32:32Is this the one thing we can all agree
on?
32:34Yeah.
I mean, the idea that we would get here
32:36is stunning in this Congress, But it is
the one thing that people in Washington
32:40seem to be able to agree on is going
against China.
32:44So that's why it's popular.
I would like to know, though, and you
32:48know, I'm just going to step back and
say how many of those 50 people are
32:52campaigning on Tik Tok right now?
I mean, like the Biden like the Biden
32:57campaign.
Thank you.
32:58So I do think there is that portion.
And I also am a little bit apprehensive
33:04about the idea that if a company is
owned and operated somewhere else, even
33:09an adversary like China, if they don't
divest in the United States to the
33:12United States, they can't operate here.
I'm not sure how much that is in keeping
33:16with the notion of free markets.
So I understand the security concerns.
33:20And also, by the way, could they also
pass privacy laws concerning our own
33:24social media companies as well?
So there's a lot about this I have
33:28questions about and I will stop now very
skeptical, skeptical of it.
33:32What about all the lobbyist money that
fell on Washington like a snowstorm and
33:36shut everybody up for a year on this?
I don't know how it came back to life,
33:39Rick.
BLOCK the talk.
33:40Does it move?
BLOCK The talk moved.
33:42I mean, you were just talking about it.
50 votes is hard to get in that chamber.
33:45And I think that it is a lobbyist
explain phenomena.
33:49You know, we had all these hearings.
Everybody was upset about it.
33:52And then everybody who could walk got
paid by pickpocketing by by chance to
33:57lobby against it.
And what happened?
33:58A shroud fell over this issue.
Nobody was talking about it.
34:02But it didn't change the attitude that
members in Congress have about China
34:06coming in here and stealing our data and
manipulating our use.
34:10And I just think for my purposes, maybe
the only thing that they should be
34:15allowed to do on tech talk is campaign
commercials, because the Chinese deserve
34:19to have to see all that.
There you go.
34:21And nothing at all.
So my view is ban the talk.
34:24Let's get it done.
Now.
34:25If it walks like a duck and sounds like
a duck, it's a duck.
34:28It's a ban.
It's not a not a ban.
34:30Well, that's true, right?
This is a ban.
34:32Come on, Bytedance.
But it's it's a ban with a choice,
34:36perhaps because they are giving the
choice of divestiture.
34:39Fair enough to bytedance versus just.
There is no alternative option?
34:43No, that's what he meant.
But it's a bet.
34:45But what does it say?
That this is where we are?
34:48Well, we are all amazed that there was
agreement on an issue in the middle of a
34:52spending battle.
Questions around supplemental funding to
34:55allies like Ukraine and Congress is
going to move forward on banning TikTok.
34:58Is this really our most urgent priority,
Right?
35:01Well, I think it is an urgent priority.
I think we saw a lot of people coming
35:05together on both sides of the aisle to
go after Weiwei.
35:08That was a successful endeavor to keep
our allies from using a platform built
35:13by the Chinese to spy.
And now they've found ways around it by
35:17creating their own capacity to to to
build ships in China.
35:20But we still did the right thing.
This is another example of that.
35:24And so I think people have to wake up
and it'll be interesting to see if Joe
35:28Biden says this tonight.
China is not anything other than an
35:32adversary.
And so their companies, their
35:34activities, we now hear it about even
the administration got tough with them.
35:38We have to start putting China and their
business interests in the United States
35:42into a category of adversarial
relationship.
35:45So we're going to be seeing the
president talking soon.
35:49Maybe he'll bring up TikTok.
This will be a campaign issue.
35:52Like you said, we're seeing campaign ads
on the whole thing.
35:54And I wonder if the Chinese will have to
endure No Labels ads as part of this
36:00punishment because the group today says
they're going to they're going to do
36:04this, I guess, making good on a promise,
Judy, at Super Tuesday, they said if it
36:07was Joe Biden and Donald Trump, they
would run a candidate.
36:10Well, guess what?
They don't have one.
36:11But apparently the launching a campaign
anyway.
36:13How does that work?
Yeah, well, I guess we'll know for
36:15certain tomorrow when they have this top
secret not so secret meeting with the
36:19delegates that we don't know who they
are.
36:21We don't know who is funding these folks
or the process.
36:24We're going to learn all of that
apparently tomorrow and then maybe a
36:27candidate going forward.
But the reality is they have very little
36:30shot.
Of getting a candidate that can win
36:34electoral votes.
So really what they're going to do is
36:36they are going to rob probably Joe
Biden, but maybe Donald Trump of some of
36:40those electoral votes.
And my fear is this thing gets thrown
36:44into the House.
And while they can have 50 votes for a
36:47ban on tick tock, imagine where our
House of Representatives is if they have
36:53to choose the president.
I mean, that is just stunning to me.
36:56I think this is spoiling to the extent
that we know anything about it at this
37:00point today.
Just one final fit on Tick Tock, because
37:03the headline just crossed the Bloomberg
terminal.
37:05Congressman Steve Scalise, the number
two House leadership, says, I will bring
37:09a tick tock bill to the House floor next
week so we all know what we'll be
37:13talking about then.
First, though, we got to get Rick Davis
37:16to weigh in on No Labels.
Who is the candidate?
37:20So let me just say, number one, No
Labels has their heart in the right
37:24place, like 70% of America.
They're disappointed that Donald Trump
37:28and Joe Biden are going to be the
nominees.
37:30So they come with all the purest intent.
But the bottom line is we are a two
37:34party system.
We have operated successfully as a two
37:37party system.
That's what creates reforms within the
37:40parties when they fail.
They reform or they're out.
37:43And so adding a third element to this in
an organized party fashion, like what
37:47they're trying to do, I think Balkanized
is American politics.
37:50And underneath all of that is a
dangerous move for our elected system.
37:54That being said, they don't have a
candidate yet.
37:56Maybe they have a candidate and they're
just having to go through the charade of
37:59talking to, I guess, people who are
interested in this because they're not
38:04delegates and they're not members.
So I don't know who's going to be on the
38:07Zoom call when they actually say, hey,
should we actually post up a candidate?
38:12And yet I still it's confusing to me
whether they will then use the same
38:17process to nominate a candidate with the
same sort of pseudo delegates, or are
38:21they just going to do the old fashioned
way that I used to love backroom, cigar
38:26chomping palls.
They get together and say, You're it,
38:29you're our candidate.
Yeah.
38:30And I can only hope that that's part of
the narrative for a new politics.
38:34You know, I have to mention the concerns
about this having a spoiler effect may
38:40have been answered in new polling, new
research done today, by Third Way, which
38:44has been working overtime to try to stop
this.
38:46It finds a theoretical Nikki Haley Dean
Phillips ticket, if that's your unity
38:51ticket, wouldn't come close to being
able to win.
38:55Haley Phillips gets 9%.
Fourth place damaging Biden Kaylee more
39:00than Trump.
But both Haley and Dean Phillips have
39:03suggested they wouldn't want to be on
the ticket anyway.
39:05So you do have to consider that.
But to your point, this is the concern
39:08of a lot on the Democratic side that
ultimately this is just going to serve
39:11as the ultimate spoiler and send Trump
back to the White House.
39:14Absolutely.
And it could happen.
39:15I guess we'll find out tomorrow.
As Jenny said, the big meeting and the
39:19vote Coming up, we take a look at what
to watch in the State of the Union
39:22tonight as President Biden faces
concerns about his age, his handling of
39:26the economy, the border.
We'll have that with our panel next.
39:29On balance of power, the Bloomberg TV
and radio.
39:54The first is lay out a very clear vision
of where he's going to take this
39:58country, and that is incredibly
important.
40:01The second thing they've got to do is
start to draw the contrast between them
40:05and Donald Trump and the Republicans.
He has to paint the picture of what four
40:10more years of Joe Biden will be and what
the hell that four more years of Donald
40:14Trump could be.
I think he's going to probably lay out a
40:16contrast of if you want democracy and
you want freedom for your make a choice
40:21on reproduction or reproductive rights,
like I'm your person against someone
40:25who's not.
I want to hear the president talk about
40:27the issues that are front of mind for so
many Americans.
40:30And certainly that begins with our
fundamental freedoms, the immigration
40:35challenges, the need for border security
and immigration reforms.
40:39American people are looking for his
message on immigration and they're
40:42looking to see if his age really does
matter.
40:46He's got to be vigorous.
He's got to be strong.
40:50He's got to be clear in what he wants to
achieve over the next year or over the
40:54next five years.
This is one of the only things he's
40:57going to have with the whole country,
watching to go straight at it and
41:01convince those people that he's up to
that job.
41:05Some suggestions about what Joe Biden
should address tonight in his State of
41:09the Union speech.
Back with us now, our political panel,
41:12Rick Davis, partner at Stone Cort
Capital, and Jeannie Zaino, political
41:15science professor at Iona University.
They will be with Carly and I for the
41:19duration here as we bring you special
coverage of the State of the Union
41:23address this evening.
It's a big day in Washington, a big
41:25night, of course.
And I every year say the same thing.
41:29Jeannie, what would be the power of a
mike drop moment?
41:33The president goes up there and does a
15 minute speech and leaves the
41:38building.
It would be the most refreshing thing of
41:40all time.
But now we're hearing he has to go
41:42longer than ever and to sort of appear
to have stamina.
41:45Is that what we're in for?
Yeah, I mean, I think we all hope not.
41:49You know, Chuck Schumer used to give a
graduation address where he would come
41:54up, rip up his notes and say
congratulations and leave.
41:57And that would, of course, get the
students all excited.
41:58Brilliant.
So maybe they'll take you up on that.
42:01I thought you're going to say he's going
to do push ups on the floor for that,
42:04prove his vigor.
Yes.
42:06You know, I think my view is what Joe
Biden really needs to focus on.
42:10Topic wise.
We do know he needs to look energetic
42:13and vigorous and all those things.
But I think topic wise, it's got to be
42:16economic populism, number one in freedom
and at home and abroad.
42:20Number two, the contrast word some of
the folks are saying in the piece you
42:25played.
That's the way you draw the contrast
42:27between what he describes as the MAGA
Republicans and the Democrats, economic
42:32populism and freedom at home and abroad.
That includes reproductive rights,
42:36defending us against Naito.
All of those things fit under that
42:39umbrella, and it's Joe Biden's comfort
zone.
42:42But if this is about contrast, Rick,
this is a campaign speech.
42:45This isn't a State of the Union.
Well, if he gives a State of the Union
42:49speech, he's making a critical error.
Right.
42:51And as Mr.
Messina said, this is his one chance
42:55between now and the convention speech to
have the entire country galvanized in
43:00watching him tell the American public
why he ought to get a second term.
43:04And that is a campaign speech.
If he goes for a recitation of issues to
43:09make Congress happy and pay off the, you
know, lobbying organizations all around
43:14town, he's going to shoot himself in the
foot.
43:17Although I do like the idea.
About 4 hours into the speech, the
43:20chamber is quiet, he says, and God bless
America.
43:23There's nobody there.
That's a different night drop moment.
43:27And the only thing people will say is,
Wow, look at the stamina.
43:30What he said.
Oh, my God, that would actually be
43:33spectacular.
But they're not.
43:35Number one is last year, he said, you
know, the theme of the speech was less
43:39finish the job.
I mean, what's the report card on that?
43:43Is the job finished?
No, of course not.
43:44It's going to be you know, we have more
to do.
43:47Yes.
And so he's got to lay out that future,
43:50you know, because he's running against a
former president who's all about the
43:54past, the grievances, the retribution.
Yeah, It's all about, you know, January
43:59six and and what Joe Biden's got to do
in order to get back those young people
44:04who are looking for a future to talk
about the future and how great the
44:08country is and how well-positioned he is
to be the president another four years
44:13we got.
And if he doesn't do that, then you
44:16squander a perfect moment.
And he's apparently not going to mention
44:18Donald Trump tonight.
Staying true to form States of the Union
44:21past.
Is that smart in the politics of today?
44:24I do think it's smart.
I think we will hear about Donald Trump,
44:27but it won't he won't be named.
Well, although we understand Donald
44:29Trump is going to be live, what do you
call it?
44:32Choosing, I guess, rebutting and some.
He's a fact checker now, KELLY So that's
44:37that's what we'll be hearing.
All right.
44:39And we'll be hearing a lot more from
Jaenisch and Zaino and Rick Davis.
44:41They'll be joining us later this
evening.
44:43And of course, in the meantime, you can
check out the Washington Edition
44:45newsletter on the terminal and online.
I'm going to make my way to Capitol
44:49Hill, Kelly, I'll meet you from up
there.
44:51Rick and Jeannie with us for a great.
Program later will be back with the
44:54State of the Union address, 830 Eastern.
This is Bloomberg.
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