Bloomberg, Congress, Army Corps Of Engineers discussed on Fox News Sunday

Automatic TRANSCRIPT

Cates. And I'm Susanna Palmer from Bloomberg world headquarters, Bloomberg has learned PG and E Corp have a California utility giant facing billions of dollars in wildfire liabilities may notify employees as soon as tomorrow, it's preparing potential bankruptcy. Filing misplaced bets on treasuries caused a losses in Bill Gross as bond fund. Bloomberg estimates show the Janice Henderson global unconstrained bond fund suffered about sixty million dollars worth of redemptions in December that along with ten months worth of redemptions has cut assets to nine hundred fifty point four million dollars down from last February's all time high of two point twenty four billion Greece's government has unraveled prompting prime minister, Alexis Cipro's to call a confidence vote that could trigger an early election and end his for years in power Greek defense minister Panos cheminots withdrew his party from the governing Greek coalition today over name dispute. With neighboring Macedonia. The name Republic of north Macedonia doesn't hit cheminots and many like minded Greeks, very, well, they say Macedonia should only refer to their own countries northern region. We're heading into a busy week for earnings with some of the biggest banks reporting. Bloomberg's Karen Moskow has more Citigroup's starts things off on Monday. Investors will also be digesting earnings from J P Morgan Bank of America Wells Fargo, Morgan Stanley and Goldman Sachs throughout the week. Among the economic reports we'll be watching for the producer price index and empire manufacturing are out on Tuesday. The Federal Reserve releases its beige book Wednesday and industrial production and consumer sentiment around Friday. This newscast was brought to you by sector spider ATF's, why single stock when you can invest in the entire sector, visit sector SPD's dot com or call one eight six six sector ETF global news twenty four hours a day on air and picked up on Twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty. Countries. I'm Susanna Palmer. This is Bloomberg politics. Pretty interesting fight within the Republican party itself policy. Currently there aren't really federal regulations in place. Power has an issue of saving on the Bill just yet. Beltway news, insight and analysis does seem like an unconventional reality from Bloomberg politics. A kind of radical agenda that breaks with democratic tradition and Bloomberg government to heated rhetoric in Washington and nationwide. Bruschi is politics policy and power on Bloomberg radio. I'm Amy Morris with Peter Barnes coming up in this hour. President Trump wants to increase his unilateral tariff power setting himself up for a fight with congressional Republicans. Plus, the US and China wrapped up trade talks this week on a somewhat optimistic note. But I the Trump administration has directed. The army corps of engineers to examine whether the wall could be funded using money from February two thousand eighteen emergency funding package that included disaster relief for. Rico and other areas, according to a congressional source familiar. Nancy? None of it is senior congressional correspondent at Bloomberg government. He joins us now for more on this by phone, and Nancy how big is this pot of money. Tell us about it. Well, it's billions of dollars, and it would have ended up and spread all over the country and the and Puerto Rico for projects overseen by the army corps of engineers. And it includes projects that were designated in California Kentucky, a lot of places. But when money hasn't been obligated, and it's sitting there, then it becomes attractive to people who are either looking to shift money elsewhere or to cut the budget. You know, that was my question about this. I thought that this was already specifically earmarked for disaster relief. But no, well until it's actually spent is still there and the army corps of engineers has a pot and it takes time to get these projects underway as you can imagine. Takes a lot of work just to get them off the drawing board. And while the money's there, you know, it's vulnerable in some cases, usually congress can count on certain things that they have approved an ago, she with an administration to be honored. But in this case this administration is looking at a lot of different things. And you don't know where it where it will end up. So nancy. I assume that this pot of money would cover the five point seven billion that the president is looking for. Yes. Although the administration is also looking for more money than for a wall or a barrier in recent days, they've been talking about the things that congress has been talking about this year, the the security upgrades, the non physical barriers different personnel different elements of border security, and you don't know how big something could get if a national disaster emergency rather was you know, was declared and the administration thought that it could go into an obligated funny. It's very interesting because this is definitely something that a lot of members of congress in in times gone by not that long ago would have screamed about do you? Remember the line item veto? Struggles and struggles over line items. There's the whole issue of the power of the purse and under the constitution. Congress is supposed to have that authority over spending. And so people who care about the institution would often be very concerned about these types of most let's talk about the institution for a second. I wonder if congress would for for this to happen for the funds that are there for disaster relief to be diverted to build the wall would congress have to support that. And would they? I don't imagine that a lot of members out in the leadership would be supportive of this just when you look down the list, obviously, there's money in there for California that probably wouldn't be very popular with the new speaker or with a Republican leader Kevin McCarthy, but there's also money in there are Kentucky and Mitch McConnell. The Senate later could be enthusiastic about that. I believe that there is a project money in there for Texas, and the Texas senators, I doubt what support a move to take away those funds so going into that pot of money really opens up some troubles. But it's something that is there that could be looked at. So how would all of this work with the administration? Just, you know, make an announcement and say and then by Fiat just say, hey, here's this pot of money. And we've decided to spend it this way. And notify congress. How would it work? Oh, we're all wondering how it would how it would work. It's come out very quickly. And Senator Grassley said that the White House was threatening this emergency action. But he said that even if they were able to go ahead with it at the White House on its own. He said, it's a terrible precedent. That would go to the courts almost immediately. I suppose someone would look to try to block it in court while it was being considered Grassley is one of the people who said that it's a bad precedent because it's a threat to the purview of the legislative branch, and he really advises against it. And there are other members who would also be very opposed and today in the Senate and probably also the house, we're seeing more and more people Republicans here in the Senate coming forward with different. Proposals to try to a show ways that Trump could get border money without going after appropriated funds and one of the other things that's been mentioned besides money under the control of the army corps of engineers is money in the budget for military construction. That's the annual Bill military construction and veterans affairs legislation. That's the money that congress applets aside for construction projects on military bases for housing for military families and other things annually, and there's some attention looking at that pot of money as well by the administration something to watch. Senior congressional correspondent Ed Bloomberg government. Thanks.

Coming up next