Mitch Mcconnell, President Trump, Connor Lam Kevin discussed on Bloomberg Daybreak
From New York City this morning. Good morning alongside some keen at least rip rabbits on Jonathan Farrow is your Wednesday morning price action to as 12 minutes away from the upper and lower equity futures firmer, higher, heading north by 19 points, the S and P 500 up 6/10 of a 1% in the effects market euro dollar 1 18 39 Firmer euro weaker dollar across asset A story for most people that this morning gold getting comfortable north of 2020 54. Just explosive the chart over the last year or so up another 1.6 full percent. Yeah, Homework over in Europe has been really good John about in flipping the real yield and plotting gold against the real yield in there, they're in lockstep. There's no other way to put I like how you put a giant getting comfortable over 2000. Technically that I think that Sita John, it's a very good thanks for that so hard for that, you know, on the edge of Chris for own right now, and he is encyclopedic so we can go on this tack. Kevin Surreally, a chief Washington correspondent. Not on JetBlue, not on the fancy names that are out there, but the distance between Glen Thompson and Connor Lam Kevin, you know these air to congressman from Pennsylvania and I'm going to guess they're scared stiff. What is Glen Thompson, the moderate Republican, telling his Republicans What does Connor Land the moderate Democrat, telling Speaker Pelosi GT is saying essentially that he is going to be able to deliver toe Happy Valley and State College, the type of economic relief that many higher education institutions are needing. Right now. He is a moderate Republican, but he's also in the backyard of Penn State University. So he's one of those lawmakers who is heavily influenced by the battles of Higher education in rural communities become S O. I don't mean to interrupt, but this is absolutely critical. What is the urgency of Glen Thompson? Now to go over the leader McConnell and say, grow up and get this done. It's incredibly incredibly urgent because because for these rank and file members for Connor lab specifically who was going who at one point was hailed as the future of the Democratic Party, and by all accounts, according to sources I talked with has a bright political future ahead of him. He has to be able to go back to these battleground districts. That on DH say that they're providing economic relief. Not for big business is not for Wall Street but for the small businesses in their backyard. And that's why you're seeing the shift in tone coming from leadership yesterday, Tom a CZ president, Trump has suggested that he's going to have to use executive power in order to go around some of the stalemates coming from the halls of Congress. We can get into those executive powers in just a moment. Here's a line for you. If you look for total consensus among Senate Republicans, you're not Going to find it. Senate Majority Leader Mitch McConnell what and who the Senate majority leader, Mitch McConnell, turn his back on in the next few days. I think at this point from leader McConnell's perspective, he is dug in on liability protections. I feel like a broken record when I continue to say that, but from that standpoint, he's also has to form a coalition. There is another remark that he made in those remarks yesterday. Jonathan, where he noted that 15 to 20 by his count by the leaders count 15 to 20. Republicans are not on board with these types of with with the with the Republican caucus. He can't deliver an entire caucus right now. So that's why these negotiations are even more crucial because when 15 to 20 members of the Republican caucus are saying that they have an issue with this type of stimulus They're nowhere near the type of unison that typically leader McConnell wants to see you. Kevin, the president, speaking opening now about going it alone flying solo executive action Political reporting in the last 24 hours, three options on the table for him. Delaying the collection of payroll taxes. He's been very out, spoken publicly about that, but also doing something conviction protection and then going even further extending enhanced unemployment benefits by using the money that Congress has been assigned to spend, but has not used yet. Kevin on those three issues right now. Is this ready? Doable? Yes, Andi. There's this great. This is great tool in the Bloomberg terminal where you can actually track based upon public data, where the money from the last stimulus has actually gone all throughout the country, And the reason I bring this up is because it really illustrates that it's not just cities that have benefited from this economic stimulus, and that's why you're hearing This change in tone coming from 1600 Pennsylvania Avenue because they know that whether it's in it's in it's in Centre County, Pennsylvania, where Congressman Thompson and represents or in the Bronx that you're seeing individuals and constituents take advantage. Not I don't want to take advantage, but but but utilize The access to capital that has been made available to them. That's not a Republican or a democratic advantage. And that's why the president is trying to specifically say that if these blue collar workers can't get access to those funds that he's gonna have to use executive order, while leader McConnell and the Speaker Pelosi continue to work out a deal, $600 enhance unemployment benefit that President Trump is throwing his weight behind extending is really significant because it flies against Calls of some Republicans in particular that have become fiscal hawks. I'm wondering President Trump not known as being a fiscal hawk by any stretch of the imagination is he lining up in some ways more on the Democratic side. On this particular issue. You are absolutely correct. There are many Republicans, whether it's senator Ted Cruz, for example, who are incredibly, incredibly uncomfortable with getting on board with this type of spending on. In fact, leader McConnell has said that he believes those arguments are justified but in terms of where the president is going He has to go on the campaign trail and is fighting for a tough, tough reelection battle. And he's got to be able to go to many of these states. So workers who are unable to find work right now or unable to get back into the economy through no fault of their own, given the pandemic, and he's got to be able to look them in the eyes and say, vote for me again and so in order for him to do that. This is the type of economic relief that is needed. Kevin just quickly some clarity on an important thing for people outside the United States. Not following this. How many fiscal hawks in the Senate right now are actually standing for election this November. I would..