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Bloomberg Audio Studios, podcasts, radio news. You're listening to the Bloomberg Balance of Power podcast. Catch us live weekdays at noon and five pm Eastern on Apple Coarclay and Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts, or watch us live on YouTube.

The Fix up fifteen percent today, That's how we're feeling. Look at bitcoin, even bitcoin is getting crushed down. We're below eighty thousand dollars here. Look at this five percent loss for bitcoin. As I mentioned, what is up the vix And of course all of this has to do.

The Fix up fifteen percent today, That's how we're feeling. Look at bitcoin, even bitcoin is getting crushed down. We're below eighty thousand dollars here. Look at this five percent loss for bitcoin. As I mentioned, what is up the vix And of course all of this has to do.

With tariffs and rhetoric.

With tariffs and rhetoric.

Go back to Saturday and Scott Bessen talking about the detoxing the economy. We heard about short term pain right at the the not State of the Union address last week, the address to a joint Session of Congress. But then there was the big one, the Big Doozy with Maria Barbiromo. President Trump is asked straight out, because we've traded our animal spirits here for talk of recession. What do you think, mister President, are you expecting a recession this year?

Go back to Saturday and Scott Bessen talking about the detoxing the economy. We heard about short term pain right at the the not State of the Union address last week, the address to a joint Session of Congress. But then there was the big one, the Big Doozy with Maria Barbiromo. President Trump is asked straight out, because we've traded our animal spirits here for talk of recession. What do you think, mister President, are you expecting a recession this year?

Here's what he said.

Here's what he said.

I hate to predict things like that. There is a period of transition because what we're doing is very big. We're bringing wealth back to America. That's a big thing, and there are always periods of it takes a little time. It takes a little time.

I hate to predict things like that. There is a period of transition because what we're doing is very big. We're bringing wealth back to America. That's a big thing, and there are always periods of it takes a little time. It takes a little time.

You couldn't say no.

You couldn't say no.

We assemble our panel now, our signature panel with us on this Monday. Genie Shanzano is here, our Democratic analyst, Bloomberg Politics contributor of course, senior democracy fellow with the Center for the Study of the Presidency in Congress. And there's Republican strategist Rick Davis, Bloomberg Politics contributor and partner at Stone Court Capital. Rick was that Donald Trump being off brand there. Howard Luttnik had to go on TV later on and say, absolutely not. We're not going to have a recession. What happened to talking up the economy, which Donald Trump.

We assemble our panel now, our signature panel with us on this Monday. Genie Shanzano is here, our Democratic analyst, Bloomberg Politics contributor of course, senior democracy fellow with the Center for the Study of the Presidency in Congress. And there's Republican strategist Rick Davis, Bloomberg Politics contributor and partner at Stone Court Capital. Rick was that Donald Trump being off brand there. Howard Luttnik had to go on TV later on and say, absolutely not. We're not going to have a recession. What happened to talking up the economy, which Donald Trump.

Was that, Yeah, that was the dark Donald Trump. You remember Dark Brandon. Well, we're gonna have to have a new nickname for Dark Trump. You know, his eyes turned a little bit red and glowed when he said that, And I thought, Wow, here's an administration it doesn't mind leaning into a recession. I mean, Joe Biden was excoriated for denying that there could be a recession or that there was inflation, And here we had an administration, you know, is kind of predicting a downfall in the economy.

Was that, Yeah, that was the dark Donald Trump. You remember Dark Brandon. Well, we're gonna have to have a new nickname for Dark Trump. You know, his eyes turned a little bit red and glowed when he said that, And I thought, Wow, here's an administration it doesn't mind leaning into a recession. I mean, Joe Biden was excoriated for denying that there could be a recession or that there was inflation, And here we had an administration, you know, is kind of predicting a downfall in the economy.

Uh.

Uh.

And I must admit I didn't hear it from Kevin Hassett, chief Economic Advisor. I didn't hear it from Howard Lutnick. I didn't hear it from Scott Bestnett. So maybe Donald Trump is on the wrong page. I hope so, because certainly a recession is not what we bought into when we elected Donald Trump president.

And I must admit I didn't hear it from Kevin Hassett, chief Economic Advisor. I didn't hear it from Howard Lutnick. I didn't hear it from Scott Bestnett. So maybe Donald Trump is on the wrong page. I hope so, because certainly a recession is not what we bought into when we elected Donald Trump president.

Well no, boy, things have changed awfully quick here, Genie. The market is back to where it was before the election. We're talking about whether we're going to have a recession or not. There's something called talking down the economy, right, Is Donald.

Well no, boy, things have changed awfully quick here, Genie. The market is back to where it was before the election. We're talking about whether we're going to have a recession or not. There's something called talking down the economy, right, Is Donald.

Trump going to make it worse with rhetoric like that.

Trump going to make it worse with rhetoric like that.

Today? Is probably suggests that he is making it a little worse, but it's hard to tell, you know. I think my read of this is is Donald Trump is doing something we've seen all modern presidents do, is they try to walk back the inflated expectations that got them into office. And so with Donald Trump, it was make America affordable again. Now all of a sudden, as the numbers it's just been seven weeks have shown that may not be coming quite as quickly as he promised. He wants to lower those expectations, and so when he talks to Maria Bartoloma or anybody else, he says, to your point, at the state of the Union, even there might be some pain here, you might experience pain, but there is something great waiting in the after. We don't quite know what that is. We hope it's a good economy. It's strong economy, jobs, manufacturing. But this is I think and person of the way we have laid out the modern presidency. To win, you have to overpromise, and when you get into office, delivering on those promises is difficult. You let supporters down. And of course many of his supporters are in the stock market. They want it a lot more from this president, and he promised it quickly, and that is not something that Washington can deliver even under Donald Trump.

Today? Is probably suggests that he is making it a little worse, but it's hard to tell, you know. I think my read of this is is Donald Trump is doing something we've seen all modern presidents do, is they try to walk back the inflated expectations that got them into office. And so with Donald Trump, it was make America affordable again. Now all of a sudden, as the numbers it's just been seven weeks have shown that may not be coming quite as quickly as he promised. He wants to lower those expectations, and so when he talks to Maria Bartoloma or anybody else, he says, to your point, at the state of the Union, even there might be some pain here, you might experience pain, but there is something great waiting in the after. We don't quite know what that is. We hope it's a good economy. It's strong economy, jobs, manufacturing. But this is I think and person of the way we have laid out the modern presidency. To win, you have to overpromise, and when you get into office, delivering on those promises is difficult. You let supporters down. And of course many of his supporters are in the stock market. They want it a lot more from this president, and he promised it quickly, and that is not something that Washington can deliver even under Donald Trump.

Well, as we mentioned grabbing the fire hose running towards the smoke, Commerce Secretary Howard Lutnek on meet the press yesterday morning. Are we going to have a recession?

Well, as we mentioned grabbing the fire hose running towards the smoke, Commerce Secretary Howard Lutnek on meet the press yesterday morning. Are we going to have a recession?

Mister secretary, there's going to be no recession in America. What there's going to be is global tariffs are going to come down because President Trump has said, you want to charge us one hundred percent, We're going to charge you one hundred percent. And you know what they say. They say, no, no, no, no, no, don't charge us one hundred percent. We'll bring ours down. So Donald Trump is bringing growth to America. I would never bet our recession, no chance.

Mister secretary, there's going to be no recession in America. What there's going to be is global tariffs are going to come down because President Trump has said, you want to charge us one hundred percent, We're going to charge you one hundred percent. And you know what they say. They say, no, no, no, no, no, don't charge us one hundred percent. We'll bring ours down. So Donald Trump is bringing growth to America. I would never bet our recession, no chance.

Well, Rick Davis, it looks like Wall Street kind of is. I don't know if we can go that far, but we're looking at a pronounced sell off here again. Today the NASDAC, even as tech CEOs arrive at the White House, is down over three percent, over three and a half percent. You've got Mike Wilson at Morgan Stanley calling the bottom fifty five hundred. He says for the S and P five hundred. How do we rationalize all of this?

Well, Rick Davis, it looks like Wall Street kind of is. I don't know if we can go that far, but we're looking at a pronounced sell off here again. Today the NASDAC, even as tech CEOs arrive at the White House, is down over three percent, over three and a half percent. You've got Mike Wilson at Morgan Stanley calling the bottom fifty five hundred. He says for the S and P five hundred. How do we rationalize all of this?

Yeah, well, I hope how Lutnik is right. But like, maybe what he's missing is while ourcon our stock markets are going down the floorboards in giving back every game that we had prior to Donald Trump being president, the w rest of the world seems to be enjoying an uplift in the economy. I mean Donald Trump should be the savior of Europe. I mean you mentioned the Vics being up today. I mean, like all of a sudden, Europe's a place to invest, not because they're doing that much better, it's because we're doing that much worse. We do have to remember, Donald Trump inherited a robust economy. I heard some of his people on the weekend shows talking about what a horrible economy they got. They didn't get a horrible economy, they got a great economy. We had people on this show saying this might be the best economy we've had in our current lifetime, and I would agree. No economists, but from what I could tell, every indicator in the economy was up at the end of this last year, and now they're looking at a totally different scenario. Donald Trump was kind of, you know, talking about that in his own comments, but nobody else in his administration will echo that, so I don't know. I mean, I think the rest of the world has a autosnic gift to the White House, thanking Donald Trump for starting a tear far that is actually helping them, not hurting the rest of the world.

Yeah, well, I hope how Lutnik is right. But like, maybe what he's missing is while ourcon our stock markets are going down the floorboards in giving back every game that we had prior to Donald Trump being president, the w rest of the world seems to be enjoying an uplift in the economy. I mean Donald Trump should be the savior of Europe. I mean you mentioned the Vics being up today. I mean, like all of a sudden, Europe's a place to invest, not because they're doing that much better, it's because we're doing that much worse. We do have to remember, Donald Trump inherited a robust economy. I heard some of his people on the weekend shows talking about what a horrible economy they got. They didn't get a horrible economy, they got a great economy. We had people on this show saying this might be the best economy we've had in our current lifetime, and I would agree. No economists, but from what I could tell, every indicator in the economy was up at the end of this last year, and now they're looking at a totally different scenario. Donald Trump was kind of, you know, talking about that in his own comments, but nobody else in his administration will echo that, so I don't know. I mean, I think the rest of the world has a autosnic gift to the White House, thanking Donald Trump for starting a tear far that is actually helping them, not hurting the rest of the world.

Like Leutnik is saying.

Like Leutnik is saying.

He also helped to save Justin Trudeau's party and may well in the coming elections. Here with our new prime minister over the weekend, Genie, I'll get hit for saying this, but I've got to ask it. How long until we see the first billboard with Joe Biden's face on it saying miss me Yet?

He also helped to save Justin Trudeau's party and may well in the coming elections. Here with our new prime minister over the weekend, Genie, I'll get hit for saying this, but I've got to ask it. How long until we see the first billboard with Joe Biden's face on it saying miss me Yet?

I'm thinking that may be a little while, but we'll have to wait and see. You know, if we don't see the if we don't get out of the red pretty soon, it might come sooner than I think. But you know, another really interesting thing that Donald Trump said over the weekend was he compared how China operates to how the US operates in terms of planning, and he is right on this. They work on one hundred year cycles. We go quarter to quarter. This speaks to an enormous structural problem in the way we plan and the way Washington d C. Operates. So when somebody like Donald Trump is elected to do something very revolutionary and to do it in a way that most economists see as not being particularly friendly by way of inflation in terms of using traffs, that's a long investment that you have to make and he knows that, which is why he is now saying what he needs is time. Unfortunately for Donald Trump, he can't get it in the way our political and economic system works in the US, and that is a source of real frustration, not just for him, but for all presidents. So in a lot of ways, this story is much much bigger than anything about Donald Trump or Joe Biden. He simply does not have the time and he is a lame duck president to do the big things he wants to do. So now it is a waiting game to see when he decides he's going to cut and run from his promises and try to just make sure he can hand over an economy in good condition. And that is a sad reality that his fervent supporters are going to have to accept all of those big promises. Very difficult for a president to deliver on and he knows that, and that's why he's trying to ask for time.

I'm thinking that may be a little while, but we'll have to wait and see. You know, if we don't see the if we don't get out of the red pretty soon, it might come sooner than I think. But you know, another really interesting thing that Donald Trump said over the weekend was he compared how China operates to how the US operates in terms of planning, and he is right on this. They work on one hundred year cycles. We go quarter to quarter. This speaks to an enormous structural problem in the way we plan and the way Washington d C. Operates. So when somebody like Donald Trump is elected to do something very revolutionary and to do it in a way that most economists see as not being particularly friendly by way of inflation in terms of using traffs, that's a long investment that you have to make and he knows that, which is why he is now saying what he needs is time. Unfortunately for Donald Trump, he can't get it in the way our political and economic system works in the US, and that is a source of real frustration, not just for him, but for all presidents. So in a lot of ways, this story is much much bigger than anything about Donald Trump or Joe Biden. He simply does not have the time and he is a lame duck president to do the big things he wants to do. So now it is a waiting game to see when he decides he's going to cut and run from his promises and try to just make sure he can hand over an economy in good condition. And that is a sad reality that his fervent supporters are going to have to accept all of those big promises. Very difficult for a president to deliver on and he knows that, and that's why he's trying to ask for time.

Well, it's another down day for the markets here. It's another sharply lower day. Rick for Goldman Sacks down five percent right now again round tripping to where we were before the election. Goldman Sachs is at five hundred and thirty two dollars. It topped out above six hundred and seventy dollars. Following the election and the inauguration, Rick, we talked about animal spirits. It was going to be m and a time the party was back on. Now that we're seeing the market reaction that we are seeing into the extent that you're involved in the private equity space, what are you hearing and could this maybe actually help private equity at some point when so many people are trying to get out of the public markets.

Well, it's another down day for the markets here. It's another sharply lower day. Rick for Goldman Sacks down five percent right now again round tripping to where we were before the election. Goldman Sachs is at five hundred and thirty two dollars. It topped out above six hundred and seventy dollars. Following the election and the inauguration, Rick, we talked about animal spirits. It was going to be m and a time the party was back on. Now that we're seeing the market reaction that we are seeing into the extent that you're involved in the private equity space, what are you hearing and could this maybe actually help private equity at some point when so many people are trying to get out of the public markets.

Yeah, look, I mean it's too soon to tell.

Yeah, look, I mean it's too soon to tell.

You're right.

You're right.

I think everybody was excited about this idea that we're going to reduce the regulation coming out of the Justice Department and out of the SEC, and it would unleash deal making to the scale that we haven't seen in a long time. You know, public issuances would be way up. And I would say part of what is being informed in in investment right now is just the lack of certainty. You know, when you deploy capital, you want some certainty in the economics situation both here and abroad, depending upon what kind of investment you make. And we have anything but that. The on again, off again tariff regimes. You know, the tax code that is going to be redone, and you know, are we going to get just the tax cuts that Donald Trump put into effect in seventeen or are there going to be a slew of these new things? What's that going to do with the budget? Are we going to increase the debt? I'd say that that it's been headspinning in this administration if they had come out and just said, here's what we're going to do, here's the regime, we're gonna We're gonna do these reciprocal tariffs, and as they come down, everybody will, you know, create some growth. But it's been anything but that. It's been tariffs on today, we're going to give exemptions. Who knows what's going to happen today in the tech meeting, you know, you'd love to be able to invest with the knowledge that tech's going to be supported by the government like it wasn't a previous administration. But now we're going to get rid of the Chips Act. Half that fifty billion dollars has already deployed. So what are we really talking about cutting? I mean, the conflicting messages in this administration puts a pall on investment.

I think everybody was excited about this idea that we're going to reduce the regulation coming out of the Justice Department and out of the SEC, and it would unleash deal making to the scale that we haven't seen in a long time. You know, public issuances would be way up. And I would say part of what is being informed in in investment right now is just the lack of certainty. You know, when you deploy capital, you want some certainty in the economics situation both here and abroad, depending upon what kind of investment you make. And we have anything but that. The on again, off again tariff regimes. You know, the tax code that is going to be redone, and you know, are we going to get just the tax cuts that Donald Trump put into effect in seventeen or are there going to be a slew of these new things? What's that going to do with the budget? Are we going to increase the debt? I'd say that that it's been headspinning in this administration if they had come out and just said, here's what we're going to do, here's the regime, we're gonna We're gonna do these reciprocal tariffs, and as they come down, everybody will, you know, create some growth. But it's been anything but that. It's been tariffs on today, we're going to give exemptions. Who knows what's going to happen today in the tech meeting, you know, you'd love to be able to invest with the knowledge that tech's going to be supported by the government like it wasn't a previous administration. But now we're going to get rid of the Chips Act. Half that fifty billion dollars has already deployed. So what are we really talking about cutting? I mean, the conflicting messages in this administration puts a pall on investment.

Boy Rick just said a lot gie to Democrats need to start talking about the stock market more after Joe Biden distanced himself from it for four years.

Boy Rick just said a lot gie to Democrats need to start talking about the stock market more after Joe Biden distanced himself from it for four years.

I think they absolutely should, and I think that that is something that has been missing from the Democrats messaging and from their ability to speak to people where they live. You know, there is a sort of positive way to look at what's happening. And I would just raise this when we saw Goldman Sachs talk about the recession chances raised what from fifteen to twenty percent the other day. That's not a huge jump. And part of the reason is probably that this is a self inflicted wound. That the president could abort this mission, if you will, and he could change the policy. It is his policy that is driving this concern in the whiplash that Rick was just rightly discussing. So if the White House could pull that back to a certain extent, if Donald Trump was willing to, you know, maybe consider or reconsider, if you will, his commitment to tariffs and the whiplash tariff policies we've been feeling, then that may allow people to feel that certainty and that may have a positive impact. So that's both the positive aspect and the frustrating aspect of this. It is a self inflicted wound based on the seven weeks we have experienced that may change.

I think they absolutely should, and I think that that is something that has been missing from the Democrats messaging and from their ability to speak to people where they live. You know, there is a sort of positive way to look at what's happening. And I would just raise this when we saw Goldman Sachs talk about the recession chances raised what from fifteen to twenty percent the other day. That's not a huge jump. And part of the reason is probably that this is a self inflicted wound. That the president could abort this mission, if you will, and he could change the policy. It is his policy that is driving this concern in the whiplash that Rick was just rightly discussing. So if the White House could pull that back to a certain extent, if Donald Trump was willing to, you know, maybe consider or reconsider, if you will, his commitment to tariffs and the whiplash tariff policies we've been feeling, then that may allow people to feel that certainty and that may have a positive impact. So that's both the positive aspect and the frustrating aspect of this. It is a self inflicted wound based on the seven weeks we have experienced that may change.

Jenny Shanzino and Rick Davis looking at politics through the prism of Wall Street Today on the fastest show in Politics. They'll be with us an hour two. As we welcome our global television audience, we'll also welcome Congressman Chuck Fleischman, the Republican from Tennessee, will join alongside Don Byer, the Democrat from Virginia. It's all coming up right here on Balance of Power on Bloomberg.

Jenny Shanzino and Rick Davis looking at politics through the prism of Wall Street Today on the fastest show in Politics. They'll be with us an hour two. As we welcome our global television audience, we'll also welcome Congressman Chuck Fleischman, the Republican from Tennessee, will join alongside Don Byer, the Democrat from Virginia. It's all coming up right here on Balance of Power on Bloomberg.

You're listening to the Bloomberg Balance of Power Podcast. Catch us live weekdays at noon and five pm Eastern on Apple, Cocklay and Android Auto with the Bloomberg Business app. You can also listen live on Amazon Alexa from our flagship New York station Just Say Alexa played Bloomberg eleven thirty.

You're listening to the Bloomberg Balance of Power Podcast. Catch us live weekdays at noon and five pm Eastern on Apple, Cocklay and Android Auto with the Bloomberg Business app. You can also listen live on Amazon Alexa from our flagship New York station Just Say Alexa played Bloomberg eleven thirty.

Two, Capitol Hill. That we go next, and please to say. Joining us here on Balance of Power is Republican Congressman Chuck Fleischman of Tennessee, representing the third District. Welcome back to Bloomberg TV and Radio. Congressman, appreciate your patients today. Obviously a big week for you and your colleagues. As President Trump is saying no descent on this package, do you expect we will see some descent in the Republican conference?

Two, Capitol Hill. That we go next, and please to say. Joining us here on Balance of Power is Republican Congressman Chuck Fleischman of Tennessee, representing the third District. Welcome back to Bloomberg TV and Radio. Congressman, appreciate your patients today. Obviously a big week for you and your colleagues. As President Trump is saying no descent on this package, do you expect we will see some descent in the Republican conference?

Very little, maybe one. I'm an appropriator, I'm very very pleased with the final work product. Obviously I would have preferred a budget. I've worked on a budget on the Energy and Water bill now for months. We've had two continuing resolutions. But I think we'll see very little descent. There's no appetite out there, and there should never be appetite to shut the federal government down. It costs more money to reopen, it hurts people, it puts our nation at risk. So I sincerely believe that we will pass this CR and that the Senate will take it up and pass it as well.

Very little, maybe one. I'm an appropriator, I'm very very pleased with the final work product. Obviously I would have preferred a budget. I've worked on a budget on the Energy and Water bill now for months. We've had two continuing resolutions. But I think we'll see very little descent. There's no appetite out there, and there should never be appetite to shut the federal government down. It costs more money to reopen, it hurts people, it puts our nation at risk. So I sincerely believe that we will pass this CR and that the Senate will take it up and pass it as well.

Congress.

Congress.

But it's good to see and welcome back to Bloomberg. I know your sensitive to financial markets, and we're watching Wall Street tumble here once again today. Following the President's remarks over the weekend, you would not rule out a recession. He also would not rule out a government shut down when asked about that on Air Force One and there are great concerns about what the administration's tariff policy is going to mean for financial markets. The losses cannot be ignored. We're back to where we were before the election. Congressman, does Wall Street have this wrong or does the President need to say something to stabilize markets.

But it's good to see and welcome back to Bloomberg. I know your sensitive to financial markets, and we're watching Wall Street tumble here once again today. Following the President's remarks over the weekend, you would not rule out a recession. He also would not rule out a government shut down when asked about that on Air Force One and there are great concerns about what the administration's tariff policy is going to mean for financial markets. The losses cannot be ignored. We're back to where we were before the election. Congressman, does Wall Street have this wrong or does the President need to say something to stabilize markets.

The President is stabilizing the country, and as part of that, we do need to stabilize markets. But let's face it, wall Street reacts and I'm very cognizant of what Wall Street looks at every day. But the financial health, short term and long term of this country will be infinitely better with Donald Trump at the helm. I think Wall Street gets that, but there are daily daily ups and downs, and we're sensitive to that. We want to make sure that we keep inflation low, that we keep unemployment low, that we keep the country moving forward. But the reality is there are so many things that have a cumulated over the years, bad trade deals, other things that are just baked in that we have got to ferret out and fix for the long term health. Donald Trump's the best person to do that. I think he's one of a kind. Ultimately, the country will do well and Wall Street will respond.

The President is stabilizing the country, and as part of that, we do need to stabilize markets. But let's face it, wall Street reacts and I'm very cognizant of what Wall Street looks at every day. But the financial health, short term and long term of this country will be infinitely better with Donald Trump at the helm. I think Wall Street gets that, but there are daily daily ups and downs, and we're sensitive to that. We want to make sure that we keep inflation low, that we keep unemployment low, that we keep the country moving forward. But the reality is there are so many things that have a cumulated over the years, bad trade deals, other things that are just baked in that we have got to ferret out and fix for the long term health. Donald Trump's the best person to do that. I think he's one of a kind. Ultimately, the country will do well and Wall Street will respond.

And if recession is the price to pay for a reset of the economy. Congressman, is that justified?

And if recession is the price to pay for a reset of the economy. Congressman, is that justified?

Well, I don't necessarily concede that we're going to have a recession. There are always ebbs and flows. The administration has a role, Congress has a role, the Federal Reserve has a role. And let's face it, it's an international global economy. No one factor would would predominate in causing a recession or curing a recession. I do think strong fiscal policies, keeping tax rates low, keeping regulations low, are going to and of course what I do keeping energy abundant in America, I'm the Energy congress person, share energy and water in the House. Once we put all these pieces together, I think we're going to see an unprecedented growth in America like we've never seen before. So sit tight, hold tight for the midterm and the long run, and we're going to be in great shape.

Well, I don't necessarily concede that we're going to have a recession. There are always ebbs and flows. The administration has a role, Congress has a role, the Federal Reserve has a role. And let's face it, it's an international global economy. No one factor would would predominate in causing a recession or curing a recession. I do think strong fiscal policies, keeping tax rates low, keeping regulations low, are going to and of course what I do keeping energy abundant in America, I'm the Energy congress person, share energy and water in the House. Once we put all these pieces together, I think we're going to see an unprecedented growth in America like we've never seen before. So sit tight, hold tight for the midterm and the long run, and we're going to be in great shape.

Crude oil prices are lower today as well, Congressman West Texas crewed is traded around sixty six dollars of barrel. Here you start talking about recession and you know that energy prices are going to start dropping. Not to be confused with drill, baby drill, How does this administration compel energy producers to continue producing in the face of lower prices.

Crude oil prices are lower today as well, Congressman West Texas crewed is traded around sixty six dollars of barrel. Here you start talking about recession and you know that energy prices are going to start dropping. Not to be confused with drill, baby drill, How does this administration compel energy producers to continue producing in the face of lower prices.

Well, the best part about it is the United States under President Trump, the first time I actually voted for it, became an exporter of oil for the first time in decades. We can export natural gas. Biden's artificial constraints on that that he really didn't realize that he did when asked by the Speaker of the House. What we've got to do in this country is realize we have abundant natural resources, oil, natural gas, rules and the like. We take that abundance, that wealth, that resource, use it internally and exploit it as well. It will help create better trade relations and the like. Let's face it, it's supply and demand. You're right if there is a recession slider otherwise demand for energy will go down, but ultimately it always bounces back. What I look at is the big picture. I know this America's demand and the world's demand for energy is booming. We cannot stay static, so we need our fossil fuels, oil and gas. I occupy the nuclear sector. I'm so glad that our new Secretary of Energy is pro nuclear. We're going to work on that. But I want to see abundant American energy. I share the American Dominance and Energy Caucus, So let's get supply out there and demand will take care of itself.

Well, the best part about it is the United States under President Trump, the first time I actually voted for it, became an exporter of oil for the first time in decades. We can export natural gas. Biden's artificial constraints on that that he really didn't realize that he did when asked by the Speaker of the House. What we've got to do in this country is realize we have abundant natural resources, oil, natural gas, rules and the like. We take that abundance, that wealth, that resource, use it internally and exploit it as well. It will help create better trade relations and the like. Let's face it, it's supply and demand. You're right if there is a recession slider otherwise demand for energy will go down, but ultimately it always bounces back. What I look at is the big picture. I know this America's demand and the world's demand for energy is booming. We cannot stay static, so we need our fossil fuels, oil and gas. I occupy the nuclear sector. I'm so glad that our new Secretary of Energy is pro nuclear. We're going to work on that. But I want to see abundant American energy. I share the American Dominance and Energy Caucus, So let's get supply out there and demand will take care of itself.

On the subject of energy, Congressman, effective today, Ontario, the province in Canada, has announced a twenty five percent surcharge on electric city exports to three US states. This is part of retaliation for the tariffs on Canada that President Trump has of course put into place and pulled back a few times. Now, should energy be exempt from whatever trade or tariff oriented negotiations over fence and al in the border this administration is having with what will be the Mark Carney government now that he's been tapped as the next Prime minister. Do you worry about the role energy is playing in this fight? Not just when it comes to US and Canada, but you could look at retaliatory tariffs China has placed on US LNG as well.

On the subject of energy, Congressman, effective today, Ontario, the province in Canada, has announced a twenty five percent surcharge on electric city exports to three US states. This is part of retaliation for the tariffs on Canada that President Trump has of course put into place and pulled back a few times. Now, should energy be exempt from whatever trade or tariff oriented negotiations over fence and al in the border this administration is having with what will be the Mark Carney government now that he's been tapped as the next Prime minister. Do you worry about the role energy is playing in this fight? Not just when it comes to US and Canada, but you could look at retaliatory tariffs China has placed on US LNG as well.

Well. I'm going to leave that to the administration to decide, and I trust them as they implement tariffs, they will use them. Many countries have backed off already. Other countries want to negotiate. Canada is our friend, but we've had disadvantageous trade agreements with them for quite some time. That needs to be resolved, just like it does in Mexico. The arrangement with Mexico is maybe not as amicable amicable as it is with our friends in the North. But we have got to make sure, whether it's Canada, Mexico, or any other country including China, that we don't continue to get beat at the table, because when we continue to lose, lose, lose, we have to have an equalizer. Donald Trump is not only an equalizer, he's a winner at this game. So it's a process that has started. It's a process that's long overdue, and I think it's a process that ultimately Donald Trump and the American people will win.

Well. I'm going to leave that to the administration to decide, and I trust them as they implement tariffs, they will use them. Many countries have backed off already. Other countries want to negotiate. Canada is our friend, but we've had disadvantageous trade agreements with them for quite some time. That needs to be resolved, just like it does in Mexico. The arrangement with Mexico is maybe not as amicable amicable as it is with our friends in the North. But we have got to make sure, whether it's Canada, Mexico, or any other country including China, that we don't continue to get beat at the table, because when we continue to lose, lose, lose, we have to have an equalizer. Donald Trump is not only an equalizer, he's a winner at this game. So it's a process that has started. It's a process that's long overdue, and I think it's a process that ultimately Donald Trump and the American people will win.

Looking at the stock market and specifically the S and P five hundred in real time as we speak, Congressman, we're going back to October. We may be back in September by the time the day is done here. I know that you're deferring to the administration when it comes to tariff policy and a number of other issues, including energy that we're talking about. But is there a line in which we need to reconsider the way this is being communicated to the markets. Is there a point at which the S and P. Five hundred will fall, and the Communications Department at the White House, and maybe lawmakers on Capitol Hill.

Looking at the stock market and specifically the S and P five hundred in real time as we speak, Congressman, we're going back to October. We may be back in September by the time the day is done here. I know that you're deferring to the administration when it comes to tariff policy and a number of other issues, including energy that we're talking about. But is there a line in which we need to reconsider the way this is being communicated to the markets. Is there a point at which the S and P. Five hundred will fall, and the Communications Department at the White House, and maybe lawmakers on Capitol Hill.

He just started dressing this in a different way.

He just started dressing this in a different way.

Well, I hark him back to the wonderful days of Ronald Reagan, and I remember voting for Reagan in nineteen eighty. In nineteen eighty two, naysayers were saying, oh my gosh, the sky is falling. They called it the Reagan recession. But he said, hold fast and hold tight. Better days will come. And we literally had decades of great growth in this country. Inner economy, the middle class boon, people came out of poverty. It was a great time for America.

Well, I hark him back to the wonderful days of Ronald Reagan, and I remember voting for Reagan in nineteen eighty. In nineteen eighty two, naysayers were saying, oh my gosh, the sky is falling. They called it the Reagan recession. But he said, hold fast and hold tight. Better days will come. And we literally had decades of great growth in this country. Inner economy, the middle class boon, people came out of poverty. It was a great time for America.

I think we're going to see something very Ronald Reagan also had a real allergy to tariffs.

I think we're going to see something very Ronald Reagan also had a real allergy to tariffs.

Congressman, Yes he did, but he was not one who would shy away from the fight when the fight had to happen. When we had a situation that we do now. Donald Trump had to look at the entire world taking advantage of the United States, where some people in the United States, including some in my party, said well, we prefer the cheap goods. The cheap goods were the benefit of the American nation, and right now we've got to equalize that. I fervently believe that Donald Trump will see this through. He will not only macro manage this, he will micromanage this, and he will use that to gain other benefits fentanyl and better international relations with our good trade partners. I think the day of taking advantage of the United States is over, and I think Donald Trump is in the best position to preside over that. To answer your question, ultimately, Wall Street will be fine because Main Street America will be fine, and we're going to see abundant growth, lower regulations, We're going to see less deficits. We're going to see a situation where we get those tax cuts back in place. The things that are going to drive our great economy will be done better under this administration and with Republicans in control.

Congressman, Yes he did, but he was not one who would shy away from the fight when the fight had to happen. When we had a situation that we do now. Donald Trump had to look at the entire world taking advantage of the United States, where some people in the United States, including some in my party, said well, we prefer the cheap goods. The cheap goods were the benefit of the American nation, and right now we've got to equalize that. I fervently believe that Donald Trump will see this through. He will not only macro manage this, he will micromanage this, and he will use that to gain other benefits fentanyl and better international relations with our good trade partners. I think the day of taking advantage of the United States is over, and I think Donald Trump is in the best position to preside over that. To answer your question, ultimately, Wall Street will be fine because Main Street America will be fine, and we're going to see abundant growth, lower regulations, We're going to see less deficits. We're going to see a situation where we get those tax cuts back in place. The things that are going to drive our great economy will be done better under this administration and with Republicans in control.

Congressman Chuck Fleischman, the Republican from Tennessee's third district. Congressman, thank you for the insights as we watch Wall Street today with our eyes on politics here at Washington. He's back in town for a vote as soon as tomorrow on the cr we've been talking about.

Congressman Chuck Fleischman, the Republican from Tennessee's third district. Congressman, thank you for the insights as we watch Wall Street today with our eyes on politics here at Washington. He's back in town for a vote as soon as tomorrow on the cr we've been talking about.

You're listening to the Bloomberg Balance of Power podcast. Catch us live weekdays at noon and five pm Eastern on Apple, Cocklay, and Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts, or watch us live on YouTube.

You're listening to the Bloomberg Balance of Power podcast. Catch us live weekdays at noon and five pm Eastern on Apple, Cocklay, and Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts, or watch us live on YouTube.

I'm Kaylie Lyones alongside Joe Matthew in Washington, where there is no sign that President Trump is starting to approach tariffs any differently than before. Still threatening to put reciprocal tariffs on US trading partners on April second, threatening of course, tariffs of reciprocal specifically on things like Canadian lumber and darry although didn't he say that that could come, Joe as soon as it's a couple of days from now, not waiting until April second. We're trying to keep track of all the different narratives here. What we do know though, is that leading the trade fight on Canada's part is going to be a different character after yesterday's overwhelming version. Mark Carney, who happens to be the former chair of the board of Directors of Bloomberg and better known to our audience as the former head of the Bank of Canada and then the Bank of England, is set to be the next Prime Minister's right, and he came out with some fighting words yesterday.

I'm Kaylie Lyones alongside Joe Matthew in Washington, where there is no sign that President Trump is starting to approach tariffs any differently than before. Still threatening to put reciprocal tariffs on US trading partners on April second, threatening of course, tariffs of reciprocal specifically on things like Canadian lumber and darry although didn't he say that that could come, Joe as soon as it's a couple of days from now, not waiting until April second. We're trying to keep track of all the different narratives here. What we do know though, is that leading the trade fight on Canada's part is going to be a different character after yesterday's overwhelming version. Mark Carney, who happens to be the former chair of the board of Directors of Bloomberg and better known to our audience as the former head of the Bank of Canada and then the Bank of England, is set to be the next Prime Minister's right, and he came out with some fighting words yesterday.

We didn't ask for this fight. We didn't ask for this fight. But Canadians are always ready when someone else drops the gloves. So i'm the Americans they should make no mistake. In trade, as in hockey, Canada will win.

We didn't ask for this fight. We didn't ask for this fight. But Canadians are always ready when someone else drops the gloves. So i'm the Americans they should make no mistake. In trade, as in hockey, Canada will win.

Ironic that it is because of Donald Trump and the tariff policies that we've seen Canada's Liberal Party vaulting into a position that it is now in very different than where we were even a couple of weeks ago. And we want to talk about with Brian Platt, his Bloomberg News Canada government reporter, with us live here on Balance of Power. Brian, it's great to see you, Thanks for joining the program today. Is Donald Trump the best thing actually that ever happened to the Liberal Party of Canada.

Ironic that it is because of Donald Trump and the tariff policies that we've seen Canada's Liberal Party vaulting into a position that it is now in very different than where we were even a couple of weeks ago. And we want to talk about with Brian Platt, his Bloomberg News Canada government reporter, with us live here on Balance of Power. Brian, it's great to see you, Thanks for joining the program today. Is Donald Trump the best thing actually that ever happened to the Liberal Party of Canada.

It's completely changed the political environment in Canada. I really think you can't overstate it. And you know what Americans need to understand is is Canadians. I don't think as an overstatement at this at this point to say Canadians view themselves as is in a state of economic war right now. There's a huge backlash across the country. Canadians are furious, especially about the fifty first state talk and the increasingly menacing tone it's taken on. And I would say, if anything, you know, Canada has counter tariffs in place right now. I think, if anything, Canadians want their politicians to go even further in retaliating. And that is the environment that Mark Carney will step into in a few days, most likely as Prime Minister.

It's completely changed the political environment in Canada. I really think you can't overstate it. And you know what Americans need to understand is is Canadians. I don't think as an overstatement at this at this point to say Canadians view themselves as is in a state of economic war right now. There's a huge backlash across the country. Canadians are furious, especially about the fifty first state talk and the increasingly menacing tone it's taken on. And I would say, if anything, you know, Canada has counter tariffs in place right now. I think, if anything, Canadians want their politicians to go even further in retaliating. And that is the environment that Mark Carney will step into in a few days, most likely as Prime Minister.

Well so, Brian. If this is economic war, how significant is it that the leader of that will be someone who was in some ways a steward of the Canadian economy, leading the Bank of Canada during the financial crisis, then the Bank of England during Brexit. This is not an ordinary politician we're talking about.

Well so, Brian. If this is economic war, how significant is it that the leader of that will be someone who was in some ways a steward of the Canadian economy, leading the Bank of Canada during the financial crisis, then the Bank of England during Brexit. This is not an ordinary politician we're talking about.

Yeah, and you know, like I was in the room last night when he made that speech. He's not an electrofine speaker, right, has a finance kind of technocratic way of speaking. He doesn't even the tone of his voice doesn't tend to change that much when he's giving an applause line. But his experience in steering the UK through Brexit, and he was Bank of Canada governor during the global financial crisis in two thousand and eight, this is the kind of expertise that the country seems to be wanting right now if you look at the public opinion polling and his sort of like more technocratic and geopolitical expertise style of speaking, I think is really at least if you look at the polls, that's what Canadians are looking for right now.

Yeah, and you know, like I was in the room last night when he made that speech. He's not an electrofine speaker, right, has a finance kind of technocratic way of speaking. He doesn't even the tone of his voice doesn't tend to change that much when he's giving an applause line. But his experience in steering the UK through Brexit, and he was Bank of Canada governor during the global financial crisis in two thousand and eight, this is the kind of expertise that the country seems to be wanting right now if you look at the public opinion polling and his sort of like more technocratic and geopolitical expertise style of speaking, I think is really at least if you look at the polls, that's what Canadians are looking for right now.

All right, Bloomberg's Canada Government reporter Brian Platt, thank you so much, and I would note on the late edition of Balance of Power, we'll be talking about not just the ascension of Mark Karney, but also the implementation today of retalitatory twenty five percent hikes on energy exports to the US from the province of Ontario. Ontario's Premier Doug Ford will be joining.

All right, Bloomberg's Canada Government reporter Brian Platt, thank you so much, and I would note on the late edition of Balance of Power, we'll be talking about not just the ascension of Mark Karney, but also the implementation today of retalitatory twenty five percent hikes on energy exports to the US from the province of Ontario. Ontario's Premier Doug Ford will be joining.

I'm looking for this.

I'm looking for this.

He's not been mincing words and said he would do it with a smile if it meant cutting off energy to the US. So that's five pm Eastern time. Please join us for Doug Ford. That'll be something to behold.

He's not been mincing words and said he would do it with a smile if it meant cutting off energy to the US. So that's five pm Eastern time. Please join us for Doug Ford. That'll be something to behold.

Indeed it will. But we also have an important conversation here as we've closed out the early edition of Balance of Power. Joining us in our Washington, d C. Studio as Democratic Congressman Don Bayer of Virginia, thank you for being here on Bloomberg TV and Radio. We have obviously spent a lot of time today talking about tariffs in particular, and that's actually something you are looking for. A legislative answer for you. Together with your colleague Congress Will and Susan Delbenet, have reintroduced the Congressional Trade Authority Act, trying to take some of this power away from the executive. Is there any appetite with your Republican colleagues for this legislation to go.

Indeed it will. But we also have an important conversation here as we've closed out the early edition of Balance of Power. Joining us in our Washington, d C. Studio as Democratic Congressman Don Bayer of Virginia, thank you for being here on Bloomberg TV and Radio. We have obviously spent a lot of time today talking about tariffs in particular, and that's actually something you are looking for. A legislative answer for you. Together with your colleague Congress Will and Susan Delbenet, have reintroduced the Congressional Trade Authority Act, trying to take some of this power away from the executive. Is there any appetite with your Republican colleagues for this legislation to go.

Through Kinlei in the short run.

Through Kinlei in the short run.

No.

No.

Right now, all of them are still very cowed by Donald Trump as his numbers fall, and we think they will because he's doing nothing to help the area can people in terms of their costs, which is the reason I believe you got elected. Hopefully some will move over. Certainly, if it were a democratic president, there'd be a lot of appetite to rein in the president's terrorf authority. That's not with the Constitution that it gives the power to the members of Congress, not to the president.

Right now, all of them are still very cowed by Donald Trump as his numbers fall, and we think they will because he's doing nothing to help the area can people in terms of their costs, which is the reason I believe you got elected. Hopefully some will move over. Certainly, if it were a democratic president, there'd be a lot of appetite to rein in the president's terrorf authority. That's not with the Constitution that it gives the power to the members of Congress, not to the president.

You have a real unique view on all of this stuff from your years in the auto business.

You have a real unique view on all of this stuff from your years in the auto business.

We hear about these.

We hear about these.

Arrangements in which a vehicle crosses the border seven eight times over the course of its assembly. Is it time to start rethinking that. Why is that going on? To begin with Congress?

Arrangements in which a vehicle crosses the border seven eight times over the course of its assembly. Is it time to start rethinking that. Why is that going on? To begin with Congress?

Well, a lot of it, Joe, is they're trying to build parts and where they had the factories, where they have the people with the skill sets, and that's sort of the genius of free trade. I'd love to point out that since nineteen forty eight and the liberalization of international trade has been the greatest period of growth by far in human history. We've lifted billions and billions of people out of poverty because of trade. And so this notion of recklessly throwing twenty five percent tariffs on our two closest friends and neighbors is crazy.

Well, a lot of it, Joe, is they're trying to build parts and where they had the factories, where they have the people with the skill sets, and that's sort of the genius of free trade. I'd love to point out that since nineteen forty eight and the liberalization of international trade has been the greatest period of growth by far in human history. We've lifted billions and billions of people out of poverty because of trade. And so this notion of recklessly throwing twenty five percent tariffs on our two closest friends and neighbors is crazy.

Well, and we've seen them threatened and then pulled back, threatened and pulled back. But if you're an auto business, or any other kind of business for that matter, are you concerned about what it's going to do to investment decisions that businesses are making, hiring decisions businesses are making, even if we don't see the full implementation of these levees for an elongated period of time.

Well, and we've seen them threatened and then pulled back, threatened and pulled back. But if you're an auto business, or any other kind of business for that matter, are you concerned about what it's going to do to investment decisions that businesses are making, hiring decisions businesses are making, even if we don't see the full implementation of these levees for an elongated period of time.

Oh, absolutely yes. So I was a retail car dealer for forty six years and the whole notion of that. They always want investment, new facilities and hiring new people. But if you don't know whether the products can be available or sellable in a year or two, Yeah, I mean business depends on predictability, on a certain sense of a certainty, and optimism about the future. When it's a different every week, it's pretty crazy.

Oh, absolutely yes. So I was a retail car dealer for forty six years and the whole notion of that. They always want investment, new facilities and hiring new people. But if you don't know whether the products can be available or sellable in a year or two, Yeah, I mean business depends on predictability, on a certain sense of a certainty, and optimism about the future. When it's a different every week, it's pretty crazy.

What's going to happen to the used car market if these tariffs are implemented? We all remember what happened during COVID. Used cars are selling more for more than new cars in some cases. Are we going to see a phenomenon like that because the cost of a new vehicle will be prohibitively high.

What's going to happen to the used car market if these tariffs are implemented? We all remember what happened during COVID. Used cars are selling more for more than new cars in some cases. Are we going to see a phenomenon like that because the cost of a new vehicle will be prohibitively high.

I think you're absolutely right, except for Tesla's which will be very cheap on the used car market. Right now, what does everybody I know with the top is trying to sell it?

I think you're absolutely right, except for Tesla's which will be very cheap on the used car market. Right now, what does everybody I know with the top is trying to sell it?

What do you make of that reaction? You know the power of a brand.

What do you make of that reaction? You know the power of a brand.

I drive down Route one, I see buyer Subaru, I see the dealerships that still carry your name, realizing that's not how you make a living any longer.

I drive down Route one, I see buyer Subaru, I see the dealerships that still carry your name, realizing that's not how you make a living any longer.

What if you've got Tesla on the board.

What if you've got Tesla on the board.

Well, one of the reasons car dealers don't like Musk is he is the first one to say he was going to sell directly to the public. And of course, as a car dealer, I think we take the best care of our customers. It's nice to have my name on the building, because if somebody doesn't like it, they're going to see me in church, or see me at the school, or see me at the same way and beat me up. What about that undercoad Yeah, yeah, on a national brand, it's very different. But yeah, I do think Joe that we will see a real surge and used car prices once new cars become too expensive to buy it. We're following what we've done with housing. But all those tariffs on steel, aluminum and lumber, especially, the cost to buy a house is just out of rates for so many people.

Well, one of the reasons car dealers don't like Musk is he is the first one to say he was going to sell directly to the public. And of course, as a car dealer, I think we take the best care of our customers. It's nice to have my name on the building, because if somebody doesn't like it, they're going to see me in church, or see me at the school, or see me at the same way and beat me up. What about that undercoad Yeah, yeah, on a national brand, it's very different. But yeah, I do think Joe that we will see a real surge and used car prices once new cars become too expensive to buy it. We're following what we've done with housing. But all those tariffs on steel, aluminum and lumber, especially, the cost to buy a house is just out of rates for so many people.

Well, if we're considering the cost of things, the cost of purchasing Tesla stock certainly is going down. As you're liing to that stocks down some thirteen percent today, the net worth of Elon Musk is going down with it. And on the subject of Elon Musk, obviously, Tesla itself has faced some backlash, in part because of the efforts he's making of the Department of Government Efficiency and concert with President Trump the cuts to federal workers, in particular, knowing that your district is literally just across the river in northern Virginia, what impact is it having at home and what are you hearing from your constituents about the manner with which these cuts have been implemented.

Well, if we're considering the cost of things, the cost of purchasing Tesla stock certainly is going down. As you're liing to that stocks down some thirteen percent today, the net worth of Elon Musk is going down with it. And on the subject of Elon Musk, obviously, Tesla itself has faced some backlash, in part because of the efforts he's making of the Department of Government Efficiency and concert with President Trump the cuts to federal workers, in particular, knowing that your district is literally just across the river in northern Virginia, what impact is it having at home and what are you hearing from your constituents about the manner with which these cuts have been implemented.

Kylie, We did a little economic compowerment fair at a local high school Saturday afternoon. Had a thousand people show up, and I stood in line for five hours just listening to their heartbreak. And it wasn't just people who'd been on the job for six months. Many of them been there fifteen, twenty, twenty five years. The biggest story I heard, though, is how many of them that are getting fired or veterans. Some of that's because we have a veterans' preference in federal hiring, but also that and this may be just two conspiratorial but a number of people with veterans with disabilities were being let go now because if they're come riffs later, the riffs won't they'll get preference under those riffs, so they're trying to get them out of the way in the short run. It's pretty very simple.

Kylie, We did a little economic compowerment fair at a local high school Saturday afternoon. Had a thousand people show up, and I stood in line for five hours just listening to their heartbreak. And it wasn't just people who'd been on the job for six months. Many of them been there fifteen, twenty, twenty five years. The biggest story I heard, though, is how many of them that are getting fired or veterans. Some of that's because we have a veterans' preference in federal hiring, but also that and this may be just two conspiratorial but a number of people with veterans with disabilities were being let go now because if they're come riffs later, the riffs won't they'll get preference under those riffs, so they're trying to get them out of the way in the short run. It's pretty very simple.

What's the impact that it's having on the local economy. Here you're dealing with laid off federal workers in Northern Virginia. The District of Columbia, based on the budget you may or may not want to sign off on the Continuing Resolution, has had its budget canceled a billion dollars in cuts. The DC mayor says it's time to start firing teachers and police. Is that going to be signed?

What's the impact that it's having on the local economy. Here you're dealing with laid off federal workers in Northern Virginia. The District of Columbia, based on the budget you may or may not want to sign off on the Continuing Resolution, has had its budget canceled a billion dollars in cuts. The DC mayor says it's time to start firing teachers and police. Is that going to be signed?

It's crazy, Joe, is amazing that this Continued Resolution, which I am going to vote against, you are actually cuts all cop programs. So it's defunding the police on a national basis, and of course in Washington, d C. Which I love. It basically takes us back to two thousand and four in terms of what the budget would be, a revision of twenty years ago. We're going to try to fix it next day or two, but hopefully that won't happens.

It's crazy, Joe, is amazing that this Continued Resolution, which I am going to vote against, you are actually cuts all cop programs. So it's defunding the police on a national basis, and of course in Washington, d C. Which I love. It basically takes us back to two thousand and four in terms of what the budget would be, a revision of twenty years ago. We're going to try to fix it next day or two, but hopefully that won't happens.

Yeah.

Yeah.

Wow, Well, as you are going to be a no vote on this Continuing Resolution, your leader Hockey jeffries To suggested the entire Democratic Caucus should be voting now on this legislation that we saw as recently as last week. The guidance from leadership isn't always followed in terms of the conduct. During the joint address to Congress, President Trump gave Will that guidance be followed this time or do you think some of your colleagues, especially those who are in swing districts, might be compelled to actually vote to keep the government open.

Wow, Well, as you are going to be a no vote on this Continuing Resolution, your leader Hockey jeffries To suggested the entire Democratic Caucus should be voting now on this legislation that we saw as recently as last week. The guidance from leadership isn't always followed in terms of the conduct. During the joint address to Congress, President Trump gave Will that guidance be followed this time or do you think some of your colleagues, especially those who are in swing districts, might be compelled to actually vote to keep the government open.

It might be, and certainly, generally we try to give swing district members that the right to do what they think is right to get them reelected, we want them to come back. I think we'll have almost one hundred percent following Hakim's guidance this time, mostly because, first of all, it cuts veterans benefits, it cuts medical research, and most importantly, you pass a budget where Donald Trump has already said he doesn't have to spend it. This whole impoundment thing, which is unconstitutional, illegal. If we're passing a budget that he can just ignore.

It might be, and certainly, generally we try to give swing district members that the right to do what they think is right to get them reelected, we want them to come back. I think we'll have almost one hundred percent following Hakim's guidance this time, mostly because, first of all, it cuts veterans benefits, it cuts medical research, and most importantly, you pass a budget where Donald Trump has already said he doesn't have to spend it. This whole impoundment thing, which is unconstitutional, illegal. If we're passing a budget that he can just ignore.

Do we shut down or do we avoid a shutdown here?

Do we shut down or do we avoid a shutdown here?

I realize you don't like it, but even if you vote no, it looks like there might be enough Republicans to say yes.

I realize you don't like it, but even if you vote no, it looks like there might be enough Republicans to say yes.

Maybe I hate shutdowns. I mean, I'm a Democrat. I believe in good government. But on the other hand, we've got to stop the evil things that Trump and Musk are doing.

Maybe I hate shutdowns. I mean, I'm a Democrat. I believe in good government. But on the other hand, we've got to stop the evil things that Trump and Musk are doing.

So would you want to be in the other chamber right now, a Senator who's going to be faced with the decision of either allowing this bill to overcome the filibuster or not. What should they do? What would be the correct decision in your mind?

So would you want to be in the other chamber right now, a Senator who's going to be faced with the decision of either allowing this bill to overcome the filibuster or not. What should they do? What would be the correct decision in your mind?

I'm still very much hoping, unless there are meaningful guardrails to keep Trump from impounding it and keeping the eazy government going, that we should vote no in the Democrats in the Senate and hopefully some Republicans in the Senate.

I'm still very much hoping, unless there are meaningful guardrails to keep Trump from impounding it and keeping the eazy government going, that we should vote no in the Democrats in the Senate and hopefully some Republicans in the Senate.

As a local, if you will, to the Washington area member of Congress, give us a sense of what communication you're getting from the White House or doge directly when it comes to these cuts. Knowing how many federal workers live in your district, are you reading about it like the rest of them.

As a local, if you will, to the Washington area member of Congress, give us a sense of what communication you're getting from the White House or doge directly when it comes to these cuts. Knowing how many federal workers live in your district, are you reading about it like the rest of them.

No, I'm just reading about everything and talking to the people, hearing their personal stories. Fifteen minutes to clear out their desk. Yeah, yeah, and they are no communication whatsoever. You know, I've been in business a long time. This is the exact opposite way that you treat your people.

No, I'm just reading about everything and talking to the people, hearing their personal stories. Fifteen minutes to clear out their desk. Yeah, yeah, and they are no communication whatsoever. You know, I've been in business a long time. This is the exact opposite way that you treat your people.

Fire why voicemail? Fire by email?

Fire why voicemail? Fire by email?

Exactly, yeah, exactly that you know, I long ago figure out even selling cars all you're really selling are your people. You can buy the same car a bunch of different places, but you want to have the team that works together. The most important job of leadership is culture, and they're destroying the culture in the federal government right now.

Exactly, yeah, exactly that you know, I long ago figure out even selling cars all you're really selling are your people. You can buy the same car a bunch of different places, but you want to have the team that works together. The most important job of leadership is culture, and they're destroying the culture in the federal government right now.

All right, Congressman, thank you so much for being here with us in studio. Lovely to see you. Democratic Congressman Don Bayer of Virginia here with us on this Monday. Is the House is preparing as soon as tomorrow to vote on this continuing resolution. Meantime, Joe, on this Monday, it is quite a wild day in financial markets, off just off the session lows right now, but the Nasdaq one hundred briefly was looking at a loss of more than four percent with tech leading what is pretty heavy selling to.

All right, Congressman, thank you so much for being here with us in studio. Lovely to see you. Democratic Congressman Don Bayer of Virginia here with us on this Monday. Is the House is preparing as soon as tomorrow to vote on this continuing resolution. Meantime, Joe, on this Monday, it is quite a wild day in financial markets, off just off the session lows right now, but the Nasdaq one hundred briefly was looking at a loss of more than four percent with tech leading what is pretty heavy selling to.

Yeah, it looks like we're back down four percent of Nasdaq composite, the S and P five hundred down almost three percent, Kaylee. Also lower is bitcoin? Have you seen this for seventy eight thousand for a token? And the VIX just keeps cranking now up eighteen percent to approach twenty eight on the Vicks, things are not slowing down, they're accelerating, to your point, and we haven't heard much from the White House to change that yet.

Yeah, it looks like we're back down four percent of Nasdaq composite, the S and P five hundred down almost three percent, Kaylee. Also lower is bitcoin? Have you seen this for seventy eight thousand for a token? And the VIX just keeps cranking now up eighteen percent to approach twenty eight on the Vicks, things are not slowing down, they're accelerating, to your point, and we haven't heard much from the White House to change that yet.

No, of course, we are expecting President Trump just minutes from now will be convening at the White House with a series of tech executives. I would imagine this may be a topic of conversation in addition to tariffs, the chipsacked money, presuming there's a lot on the agenda, and we may very well hear from the President himself if he decides to take questions from the press.

No, of course, we are expecting President Trump just minutes from now will be convening at the White House with a series of tech executives. I would imagine this may be a topic of conversation in addition to tariffs, the chipsacked money, presuming there's a lot on the agenda, and we may very well hear from the President himself if he decides to take questions from the press.

Thanks for listening to the Balance of Power podcast.

Thanks for listening to the Balance of Power podcast.

Make sure to subscribe if you haven't already, at Apple, Spotify, or wherever you get your podcasts, and you can find us live every weekday from Washington, DC at noontime Eastern at Bloomberg dot com.

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