40 Burst results for "Majority Leader Chuck Schumer"
The Breakdown
A highlight from Could Oil and a Gov't Shutdown Screw Up Powell's Plans?
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Friday, September 22nd, and today we are talking oil, macro, everything that could throw the economy off. But before we get to that, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link at the show notes or go to bit .ly slash breakdown pod. All right, friends, well, we are sort of continuing the macro story today that we picked up around Powell and the FOMC this week. And one of the questions that Powell was asked was about risks that threatened to knock the economy off course. Two that he mentioned that we're going to spend a little time on today include oil prices and a potential government shutdown. Let's start with oil first. The price of crude oil has steadily increased over the past four months. From a low of around $70 in June, oil reached almost $90 a barrel for the US -based WTI benchmark contract and $95 per barrel and $95 per barrel for international Brent crude earlier this week. The price increase for crude has driven US gas prices back above $3 .80 per gallon, the highest level since last October. Overall, gas prices have ramped up by 20 % since the beginning of the year, according to AAA. Now, there are a number of factors all contributing to steadily increasing oil prices since the June lows. The first is OPEC+. The economic group of oil producing nations led by Saudi Arabia and Russia have recently curbed output. Production cuts, which were agreed to late last year, have been gradually implemented over the past six months. In July, Saudi Arabia voluntarily cut an additional 1 million barrels per day from its production quota, about 10 % of its previous output. Existing production cuts across OPEC have already been extended into next year and analysts expect Saudi Arabia to extend their voluntary cuts until March. On Thursday, Russia further constrained supply by banning the export of diesel and petrol. Russia is one of the world's largest suppliers of diesel alongside their status as producing around 12 % of the global supply of crude oil. The International Energy Agency said last year that Russian refineries produce, quote, roughly double the diesel needed to satisfy domestic demand and typically export half their annual production. Analyst opinions focused on the simplest explanation for the ban, retaliation for sanctions. Henning Gloestien of the Eurasia Group said, Russia wants to inflict pain on Europe and the U .S. and it looks like they're now repeating the playbook from gas and the oil market ahead of the winter months. They're showing that they're not finished using their power over energy markets. The Kremlin said the ban was temporary and aimed at addressing rising energy prices in domestic markets. However, they gave no timeline on when the ban might be lifted. U .S. and European policymakers have largely banned the importation of Russian refined fuel since February, which has required Russian supply to be routed through third party regions including Turkey, North Africa and Latin America. Now, OPEC cuts over the past year were predicated on a weakening demand profile heading into this year. At the time they were announced, recessions were expected across Europe and the U .S. China was an open question with the potential of reopening pushed back in the midst of additional pandemic waves. But since then, the European economy is sputtering along, albeit with dismal manufacturing data out of Germany. The sanctioning of Russian supply has caused European demand to be displaced to other regions with refining capacity, largely India and the Middle East. In the U .S., recession has been continuously pushed off into the future and oil demand is now back at all time highs with no signs of slowing. Although the Chinese economy has hit some turbulence recently, oil demand remains robust. Analysts expect China's oil demand to remain high as Beijing secures strategically important resources. What's more, analysts expect China's oil demand to remain high as Beijing secures strategically important resources in part to mitigate geopolitical risks as well as to shore up its manufacturing and transportation industries. So with oil prices spiking, many are wondering whether the White House will once again intervene in markets using the Strategic Petroleum Reserve. Between November 2021 and September of last year, the White House authorized a number of SPR releases. The final policy saw one million barrels per day provided into the market over six months. A small amount of oil was restocked earlier this year, but the SPR still sits at a little over half its pre -pandemic level. Earlier this week, a headline circulated proclaiming that quote, Biden says depleting SPR is on the table. This was later found to be a hoax with no legitimate source, but it demonstrates how difficult high oil prices could be for the U .S. economy heading into election season. To wit, many saw the SPR release as a political decision rather than an economic decision heading into the 2022 midterms. In the private sector, U .S. oil inventories have recently hit 40 -year lows of 46 -day supply, well below the longer -term average of 65 days. And while August's inflation reports already showed a small uptick due to oil -related prices, the effect is expected to be more profound across this month. Dario Perkins, an economist at T .S. Lombard said, That said, it is important to keep these recent inflationary developments in context. We are not yet in danger of undoing 12 months of solid disinflationary progress, not even close. Others suggested that high oil prices would have a greater impact on growth rather than inflation. Maya Bhandari, head of multi -asset at BNP Paribas Asset Management said, It really impacts the growth side of the Goldilocks equation rather than the inflation side of things over the long term. Theory is that sustained high oil prices begin to eat into disposable income for households alongside higher costs of production for manufacturing and logistics. These combine to reduce growth and potentially tip the economy into recession. Overall, this situation in the oil markets has, to some, many parallels to the liquid natural gas spike in the winter of 2022. Prices in some markets rose more than tenfold, European energy companies scrambled to secure supply at any cost, and multiple firms went bankrupt due to the volatility in markets. This week, Bloomberg reported that the trading arm of French supplier Total Energies has played a major role in bidding up the price of U .S.-based oil. Their source claimed that the firm is paying a premium for physical U .S. barrels, pushing the spread against futures to levels not seen since last November. With all of that said, there are some signs that the oil market is beginning to cool off. On Thursday, Brent crude futures fell to $92 per barrel, which represented the third straight day of price declines, which is the longest streak in almost a month. Warren Patterson, head of Commodity Strategy at ING, said the Fed's hawkish messaging has quote, put some pressure on risk assets, including oil. The dollar index has risen by 0 .8 % since Chair Powell left the podium, a large enough move to weigh on asset markets. Patterson said he still expects Brent crude to move above the $100 mark in the near term, but that he doesn't anticipate the move will be sustainable. So that is the view on oil overall. The thing that I am definitely going to be watching more than anything else is the political dimension of this. We are now entering the period where everything, even more than usual, is going to be completely wrapped up in what it means for the election season. If prices at the pump keep trending up, it seems very likely that the Biden administration will be willing to do what it takes, including SPR releases, to get those prices down. But that's just something we're going to have to keep an eye on. Now what about that other factor that Powell mentioned? Well yes, indeed, my friends, the US government is once again hurtling towards a shutdown after efforts to pass a short term spending bill were scuttled on the House floor on Thursday. House Speaker Kevin McCarthy attempted to marshal Republicans to vote through a package to keep the government funded past the end of September. Closed door negotiations continued late into Wednesday night, but were apparently unconvincing. The bill currently being considered is the $886 billion Defense Appropriations Act. The bill was stifled in the House after five GOP representatives refused to allow debate to begin by voting against a preliminary procedural rule. Democrats also voted against the measure and appeared to taunt Republicans apparently reveling in seeing the GOP's slim majority descend into chaos. Among the Republican dissenters was Marjorie Taylor Greene, who opposed the inclusion of $300 million in funding to the Ukrainian war effort. On Thursday, Politico reported that Pentagon sources have said Ukrainian operations have been exempted from any shutdown, making that part of the dispute rather moot. McCarthy sent House members home on Thursday night to return to Washington on Tuesday. He told reporters after the failed vote, quote, two people flipped, so I got to figure out how to fix that. That wasn't the impression they had given us. Now, this was McCarthy's third attempt at bringing the bill to the House floor. The current proposal on the table is a 31 -day stopgap funding mechanism to forestall a shutdown to begin next weekend. McCarthy remarked on the change in tone in Congress among that extreme element of the Republican Party, stating that, quote, this is a whole new concept of individuals that just want to burn the whole place down. Now, even if a 31 -day stopgap is passed in the House, it seems unlikely to make its way through the Democrat -controlled Senate. The bill includes a 30 percent temporary cut to domestic agencies and immigration law changes, neither of which are likely to get the seal of approval from Dems. Senate Majority Leader Chuck Schumer said instead of decreasing the chance of a shutdown, Speaker McCarthy is actually increasing it by wasting time on extremist proposals that cannot become law in the Senate. House Democrat leader Hakeem Jeffries remarked that the situation was playing out as a, quote, Republican civil war. Now, if it comes to pass, this would be the 11th government shutdown since 1980. The logic is that hard -line positions that don't enjoy support in the Congress can be put directly to the American people by shutting down the government and drawing attention to the impasse. Republican Ralph Norman said last week that, quote, we're going to have a shutdown. We believe in what we're doing. The jury will be the country. Still, the record on government shutdowns doesn't really support that strategy. Not one of the 10 previous shutdowns resulted in the dissenting group extracting concessions. Typically, the American people quickly turn on the party they view as blocking access to government services over a petty squabble. Alex Conant, a Republican strategist, said, This is such a dumb fight because there's no principle that we're standing on here. It's just bad tactics. While the dispute is nominally over excessive government spending, with Republican dissenters pushing for funding to be reduced back to 2022 levels, the underlying problem is, of course, the level of discord within the Republican Party. McCarthy was voted in as House Speaker after a record 15 attempts. The process took four days and frequently descended into a farce. This was only the second time in the post -Civil War era that a House Speaker had failed to be elected on the first attempt. Conant noted the terrible optics of a government shutdown of the Republicans' own making heading into election season, stating that, quote, Biden didn't win because of his political skills and soaring oratory. He won because Republicans blew themselves up with Trump. I'm afraid we're seeing history repeat itself, with the GOP once again helping Biden by shooting themselves in the foot. Of course, never one to shy away from controversy, Trump fanned the flames on Wednesday, posting that, quote, Republicans in Congress can and must defund all aspects of Crooked Joe Biden's weaponized government that refuses to close the border and treats half the country as enemies of the state. He added that, quote, This is also the last chance to defund these political prosecutions against me and other patriots. They failed on the debt limit they must not fail now. Use the power of the person to defend the country. Now, zooming out and trying to get away from the politics of the situation, which obviously is not the focus of this show. The reason that this was brought up at last week's FOMC press conference is that a government shutdown would halt the publication of government data. This would include employment, inflation and growth statistics, which are currently playing a key role in guiding Fed policy. Now, given how much the Fed has said over and over again, their policy is going to be driven by data, presumably not having access to that data would be a fairly big deal. Yet in spite of that, Powell tried to put on a brave face, saying, If there is a government shutdown and it lasts through the next meeting, then it's possible we wouldn't be getting some of the data that we would ordinarily get and we would just have to deal with that. Now, by way of some history, the longest ever government shutdown lasted 35 days. The dispute was around funding for the border wall and quickly turned public sentiment against the Trump administration. Republicans controlled both the House and the Senate, but the administration failed to convince their own party to fund the wall. At the time, Democrat Senator Jon Tester called it the most stupid shutdown I have ever seen in my life. However, if this week's display is anything to go by, that 2019 shutdown could soon have some competition for that title. Now, what does this all have to do with the crypto sphere? Well, I think in many ways these are just exemplary of the state of politics in general. And given that, perhaps it's not surprising that former Senator Pat Toomey is not optimistic about the chances of crypto legislation being passed during this Congress. Just prior to retiring from Congress at the beginning of the year, Toomey introduced his own crypto bill, which focused on stablecoin regulations. Now, the House currently has two major crypto bills eligible to be brought for a vote. One would establish a stablecoin framework while the other introduces more broad crypto regulations. While speaking at a Georgetown Law Seminar on Thursday, however, Toomey said, I don't see a path forward in the Senate regardless of how the vote goes in the House. He added that of the two, he sees the stablecoin legislation as having the best shot. The sticking point will likely be Senate Banking Committee Chairman Sherrod Brown. While Brown has been outspoken about the risks of crypto and the need to bring the industry to heel, he has so far remained extremely quiet on exactly what form of legislation would meet his approval. And of course, any crypto legislation would need the support of Democratic senators to pass a vote to become law. Still, during an interview on Thursday, Coinbase Chief Policy Officer Faryar Shirzad said that she thinks that Brown's lack of commitment to a legislative position might actually be a good thing. Shirzad said, Now, last week, Brown wrote a letter to head regulators at multiple agencies urging them to use their existing powers to crack down on non -compliant crypto firms. This of course seems to be the clear intention, at least at the SEC. On Tuesday, the head of that agency's crypto assets and cyber unit, David Hirsch, warned that more enforcement actions would be coming against crypto intermediaries, including DeFi protocols. Still, Toomey, who serves now as an advisor to Coinbase, views stablecoin legislation as the solvable problem. At the moment, Democrats are pushing for the Fed to serve a central role in regulating issuers rather than granting oversight power to state regulators. This preference is believed to be driven by the White House. Toomey said, He thinks that senior Democrats will get on board once the White House is satisfied with the stablecoin proposal. Although that proposal might have to wait until after the election, as Toomey said in the next Congress, I think it's quite possible to get something done.
Bloomberg Law
Fresh "Majority Leader Chuck Schumer" from Bloomberg Law
"Top at joining stories us bloomberg coming for up .com next. an hour and each. the Bloomberg This is Business Doug Krisner Act. in New York. I'm Brian courtesy in The Hong Broadcasting Kong. Writers 24 Guild We'll get hours you of America strike is done. After 148 days, the board of the WGA West and Council of the WGA East voted unanimously to lift strike the effective at 1201 Pacific time Wednesday. The Senate has voted to advance a short -term funding bill to avoid a government shutdown. The bipartisan measure released Tuesday would keep money flowing until mid -november to give Congress more time for a long -term package. Senate Majority Leader Chuck Schumer. This bipartisan cr is a temporary solution towards cooperation and away from extremism. A deal to fund the government must be passed by the end of the week. A new report claims President Biden has been using physical therapy and wearing tennis shoes. More to avoid slipping or f on camera. Biden has been meeting with Biden's campaign team is concerned the stumbles caught on camera will hurt the electability of the 80 year old. Target has announced it's closing nine stores in four states because of organized retail crime. Brad Ford reports in the Seattle stores area on University Way and in Ballard will close. Three stores are closing in Portland, three in San Francisco and one in East Harlem. Target says organized retail crime has put its employees and customers at risk. The company is offering affected workers opportunities to transfer to other stores. The closures will happen October 3rd. Target has taken several stamps to reduce organized theft and include protecting certain merchandise and increasing security. The Baltimore Orioles are mourning the loss of Hall of Fame third baseman Brooks Robinson. The club and family his issued a joint statement saying Robinson will continue to leave a lasting impact on our club. Robinson played his entire career with the Orioles and is regarded as the best defensive third baseman in MLB history. I'm Brian Shook. A man faces charges after police say he made threats against the Virginia Church and then showed up with a loaded gun. More from Rebecca Hughes. The Prince William County Police Department arrested 35 year old Rui Jiang inside church the in Haymarket Sunday. W USA 9 reports officers were tipped off by someone who saw suspicious and concerning postings on his Instagram involving the church. A search for his car led officers to church the where staff worked with off duty officers to stop the man. Officers found a loaded handgun and additional magazine, a folding knife and a folding credit card style knife. He is being held without bond. I'm Rebecca Hughes. Consumer Confidence is down for the second straight month. The Confidence Boards Consumer Confidence Index fell five points in September from its upwardly revised August reading. One of the most well known Democrats in Washington is now calling on fellow Democrat New Jersey Senator Bob Menendez to sign after he was hit with federal corruption charges. Scott Pringle reports. Congresswoman Nancy Pelosi MSNBC tells it would be a good idea for Menendez to resign because of the challenges that we face, because of skepticism that exists in our country about governance. Menendez refuses to step down and who will fight the bribery charges. He expressed confidence he'll be exonerated and criticized Democrats calling for his resignation, they're saying judging him before all the facts are out. The longtime senator is set to be arraigned in Manhattan Federal Court Wednesday morning. Scott Pringle reporting Travis Kelsey's football jerseys are in high demand in less than 24 hours after Taylor Swift was seen at the Kansas City Chiefs game against the Chicago Bears. Kelsey listed was as one of the top five selling NFL players and saw a 400 % increase in sales. On Sunday, Swift was seen watching the game from Kelsey Sweet with his mother. Rumors of a possible romance between the two have been flying over the last few weeks. I'm and I'm Doug Krisner at Bloomberg World Headquarters in New York. Let's check this hour's top business stories and the markets. The Federal Trade Commission has hit Amazon with an antitrust lawsuit. The tech giant is accused of monopolizing online marketplace services by degrading quality for shoppers and overcharging sellers. FTC chair Lina Khan is vowing to take action. However, did she stop short of calling for a breakup of Amazon. We believe that this lawsuit, we're if successful, will actually entirely restore the promise of free competition. Our free enterprise system is one where companies should be competing on the merits and not be able to protect their monopoly power or through illegal tactics. That is FTC chair Lina Khan. Now from the other side, Amazon is arguing that consumers will see prices go up and the product selection come down if the FTC were to get its way. We go next to artificial intelligence and Open AI, the creator of BBPT. The company is reportedly talking to investors about a potential share sale saying it would give the startup a valuation of between $80 billion to $90 billion and that would make Open AI one of the most highly valued startups in the world. Here's Bloomberg's Ed Ludlow. In April, the valuation was around $29 billion. So this is a significant jump, but part of what The Wall Street Journal is talking about is something Bloomberg's already reported, that Open AI is on track to around a billion dollars of revenue this year, a lot greater than that in 2024. So while it's a jump up in valuation, and this is based on an insider share sale, by the way, not issuing new shares or a new round of equity with agencies. They seem to be doing real business. That is Bloomberg's Ed Ludlow. We go to the days Fed speak next to Governor Michelle Bowman was saying increased rent burdens are putting a spotlight on why the Fed's fight against inflation is now so vital. These increased costs and these cost pressures underscore the importance of the Federal Reserve's efforts to fight inflation, which can can complement efforts to address other factors affecting rent prices, including increasing the supply of rental housing. That is Fed Governor Michelle Bowen speaking at a virtual event hosted by the Fed. In remarks she made last week, Bowman suggested she favors raising interest rates one more time. We check markets throughout the day here on Bloomberg right now in Hong Kong, the Hang Seng positive by eight -tenths of one percent. On the mainland the CSI 300 is higher by seven -tenths of one percent, but in Tokyo the Nikkei down four -tenths of one percent, in Seoul the KOSPI is off two -tenths of one percent and in Sydney the ASX 200 down two -tenths of one percent. US Treasury yields declining a ten -year now at 4 point five one percent, the two -year at five point zero five. Global news powered by more than 2 ,700 journalist and analyst this is Bloomberg. This is Bloomberg Law. What does a prosecutor have to prove in order to get a RICO conviction? Tell us why Solicitor the General is sometimes referred to as the tenth justice. Interviews with prominent attorneys and Bloomberg legal experts. That's Jennifer Kay for Bloomberg Law. Joining me is former federal prosecutor Robert Mintz. And analysis of important legal issues cases and headlines. Is the toughest hurdle for prosecutors proving Trump's intent? Alito took Congress on saying Congress has no power to regulate the Supreme Court. Bloomberg Law with from Bloomberg Radio. Welcome to the Bloomberg Law Show. I'm June Grosso. Ahead in this hour, the federal government sues Amazon in a landmark antitrust trust case. And well -known authors sue OpenAI for copyright infringement. case. I will be working alongside humans to provide assistance and support and will not be replacing any existing jobs. You sure about that, Grace? Yes,
Bloomberg Radio New York - Recording Feed
Monitor Show 15:00 09-09-2023 15:00
"Still a little bit above pre -pandemic levels, but getting closer around three and a half percent versus around three percent or so. And medium and longer term inflation expectations are basically where they were before the pandemic. That's John Williams, the president of the New York Fed, speaking exclusively to Bloomberg's Michael McKee. And that does it for this episode of Bloomberg Best. I'm Justin Milliner. Stay with us. Today's top stories and global business headlines are coming up right now. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act. This is Bloomberg Radio. World leaders at the G20 summit stopped short of condemning Russia for its invasion of Ukraine. Instead, they urged nations to respect each other's borders. In a closing statement issued Saturday, the leaders called for a just and durable peace in Ukraine. It added that any use or threat of use of nuclear weapons is inadmissible. The G20 declaration also called on Russia to reinstate the Black Sea Grain Initiative, which allowed Ukraine to export grain to help global food supplies. President Biden says the U .S. will provide assistance to Morocco following a deadly earthquake if requested. More than a thousand people were killed and hundreds more injured by Friday's magnitude six point eight earthquake. Biden issued a statement from the G20 summit in India today, saying he is deeply saddened by the loss of life and devastation. The Senate will start moving a package of government funding bills next week. Trey Thomas reports. This comes as Congress is racing to avoid a shutdown at the end of this month. The last thing Americans need right now is a pointless government shutdown. Senate Majority Leader Chuck Schumer said he expects the first votes on Monday. The top Democrat urged Republicans in the House to follow the Senate's lead.
Bloomberg Daybreak Asia
Fresh update on "majority leader chuck schumer" discussed on Bloomberg Daybreak Asia
"The States and we'll flesh things out for you momentarily. Let's begin right now with an update in a few of the hour's top business stories, Paul. Well the Federal Trade Commission is suing Amazon in a highly anticipated antitrust case, the FTC accusing the e -commerce giant of monopolising online marketplace services by degrading quality for shoppers and overcharging sellers. Bloomberg's Ed Ludlow has more. In the suit, the FTC is saying that Amazon takes punitive and coercive actions, putting its products above those of others. This is the fourth FTC case against Amazon specifically focused on Amazon .com, the e -commerce, the online portion of its business and this is a suit that the FTC has filed in federal court and now we go from here and ask what kind of risk does this really pose. That's Bloomberg's Ed Ludlow there. Amazon shares ending the day lower by 4%. We go next to artificial intelligence where U .S. intelligence agencies are now getting into the game. More from Bloomberg's Nathan Hager in Washington. The CIA is preparing its own chat GPT style to better sift through the mountains of public data. The agency's open source enterprise division plans to provide the tool to all 18 intelligence agencies soon. It's part of a broader government push to harness the power of AI and compete with China which is looking to become the global leader in the field before this decade is out. The CIA isn't saying what large language it's model using or how it will keep its data off the open internet. That's something the private AI industry is grappling with as well. In Washington I'm Nathan Hager Bloomberg Radio. Separately today OpenAI you know it as the creator of a chat GPT while the company is reportedly talking to investors about a potential share sale. The Wall Street Journal saying the sale would give the startup a valuation of between $80 billion $90 billion. JP Morgan Chase is looking to get past legal woes over its ties to Jeffrey Epstein. The US Bank has agreed to pay $75 million to the US Virgin Islands in a settlement. It's also reached a confidential agreement with former executive Jess Stanley to resolve the firm's claims against him. Bloomberg's Shonali Basak has more. There's certainly a price tag now that has been associated with it and a turning of the page It's not just really about the money here. I remember this has been going on for months and you had JP Morgan CEO himself, Jamie Dimon, deposed in the vein of these lawsuits as well. And so it was a pretty ugly dispute here. Bloomberg's Shonali Basak in New York. The settlements capped nearly a year of public battles over JP Morgan's ties to Epstein, which had become an occasional headache for the bank. JP Morgan shares also ending the day lower by 1%. The logistics arm of Alibaba, Tainao, has filed for an IPO in Hong Kong. The Hong Kong Stock Exchange confirming that Alibaba can proceed with a proposed spinoff of Tainao and this initial public offering. This could potentially make Tainao the first of Alibaba's units to go public. Sources telling us the IPO could raise at least a billion dollars. All right, 31 minutes past the hour, let's get a check of global news. And Senate negotiators have announced a partisan bid to avert a shutdown. Ed Baxter's got more. All right, thank you very much, Paul. Bill extends until November 17th provides some Ukraine aid. Now we'll have to overcome the deadlock on the house, which Senate Majority Leader Chuck Schumer says is not even working on trying to avert a shutdown. Instead of focusing on bipartisanship, catered to the hard right and has nothing, nothing to show for it. And now the speaker will put on the floor hard right appropriation bills that have nothing to do with avoiding a shutdown. Yeah, House Speaker Kevin McCarthy is saying today that his caucus will make progress tonight on funding the government and speaks against the right wing of his party. It'd be concerning to me that if there'd be people in the Republican Party, they would take a position of President Biden against what the rest of the Americans want. Now remember, the far right House Republicans have opposed Ukraine aid. Government shutdown is poised to delay billions of dollars in clean energy incentives from President Biden's signature climate law. And this is a pivotal time for investment.
Bloomberg Radio New York - Recording Feed
Monitor Show 23:00 09-07-2023 23:00
"Interactive brokers clients earn up to USD 4 .83 % on their uninvested instantly available cash balances rate subject to change. Visit ibkr .com slash interest rates to learn more kinds of cases, but he said that unfortunately that date law is like Swiss cheese. It's not very good. It's so porous. It doesn't have as much heft. Thanks so much, Patty. That's Bloomberg legal reporter Patricia Hurtado. I'm June Grosso and this is Bloomberg. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act. This is Bloomberg Radio. Federal prosecutors plan to indict Hunter Biden by September 29th on gun charges, according to a court filing. The president's son had agreed to a plea agreement that would have spared him jail time for allegedly purchasing a gun as a drug user. Tropical Storm Lee has now turned into a category one hurricane in the Atlantic Ocean. The storms expected to strengthen into an extremely dangerous major hurricane by early Saturday morning. Senate Majority Leader Chuck Schumer says the last thing Americans need is a pointless government shutdown. I implore my Republican colleagues in the House. Time is short to keep the government open. And the only way to avoid a shutdown is through bipartisanship. While speaking on the Senate floor today, Schumer urged House Republicans to work with Democrats to pass a measure to keep the government running beyond the September 30th deadline. The former U .S. Navy officers convicted of taking bribes from a foreign defense contractor called Fat Leonard are now free. Lucinda Kay has more. A judge vacated their convictions. Instead, the four officers pleaded guilty to one misdemeanor each. They'll each pay a hundred dollar fine. These new charges and decreased penalties come after the former.
WTOP 24 Hour News
Fresh update on "majority leader chuck schumer" discussed on WTOP 24 Hour News
"830 this is WTOP news everything you need every time you listen the WTOP producers desk is wired by IBEW local 26 where electrical contractors come to grow good evening I'm Demetri Juan Herrera is our producer top stories we're following for you tonight the race is avoid on to a federal government shutdown the Senate tonight has released a short -term spending plan to try to beat the weekend deadline while House Republicans are hoping to get behind a new effort to overcome their differences WTOP Mitchell Miller today Senate Majority Leader Chuck Schumer is hoping to move ahead on the short -term spending bill which includes money for Ukraine and has bipartisan support it will allow us to keep working to fully fund the federal government and spare American families the pain of a shutdown but House Speaker Kevin McCarthy makes no promises about taking up the Senate measure McCarthy is trying to placate hard -right Republicans through consideration of individual appropriations bills in the hope that will eventually lead to a vote on a Republican backed short -term spending measure but dealing with these measures takes up time time is running short on Capitol Hill Mitchell Miller breaking news on WTOP the strike by Hollywood writers he is now over leaders of the writers union declared their nearly five -month -old strike over tonight after board members approved a contract agreement with studios the governing boards of the eastern
WTOP
"majority leader chuck schumer" Discussed on WTOP
"Senate Majority Leader Chuck Schumer in an attempt to ensure the government keeps its lights on and that Ukraine gets the money that it requested Washington Post live anchor Leanne Caldwell on Skype co -author of the early 202 Bob Imler in the WTOP traffic check in Centerville 29 headed towards Centerville must turn right at Springfellow Road because of a serious crash involving the motorcycle and northbound Clifton Road has to make the right turn on Tule highway or I should say route 29 headed toward Fairfax and traffic on northbound 29 headed toward Fairfax gets by single file to the right around this serious crash but again if you're headed towards Centerville you must make the right turn on to Stringfellow Road still working on the crash on Prince William Parkway westbound after Old Bridge Road getting by single file to the left there 395 and 95 are doing all right and traffic on the Beltway in Montgomery County has been slowing down as they lay out the signs for the work zone that should start just after eight o 'clock and you'll be getting by in two lanes to the right once they set it up on the interloop between University Boulevard and a point just after New Hampshire Avenue 95 Baltimore Washington Parkway and 270 each running well as does 50 out to the Bay Bridge now leasing the Wellness Center at West Falls a new state -of -the -art 125 ,000 square foot medical office building in Falls Church leased today at 202 463 Bob 2100 Imler WTOP traffic 7 News first alert meteorologist Steve Rudin we tied high the record of 98 degrees at Reagan National Airport earlier today records were broken at Dulles and BWI
Bloomberg Daybreak Asia
Fresh "Majority Leader Chuck Schumer" from Bloomberg Daybreak Asia
"If it uses nukes, President Yoon Suk -yol saying Korea and the U .S. would end the regime in an overwhelming response. House Speaker Kevin McCarthy is saying today his caucus will make progress tonight on funding the government. Tonight we're back in session. We will vote on a room to bring up four more appropriation bills. That'll be a total of five more than the Senate has been able to pass. In that, if we get through these next four, that will be 72 percent of all the discretionary spending. Now the Senate also working on bills. Senate Majority Leader Chuck Schumer saying what McCarthy is doing is appropriations has nothing to do with avoiding a shutdown. So this week the Senate will move forward first. We are very close to finishing our work and hope to release text very soon. Yeah, we are told that the Senate version has aid for Ukraine and that's been projected by the far right of the Republican Party. In San Francisco, I'm Ed Baxter. This is Bloomberg. Ed, thank you. Let's get to our guest Carol Peppers with us. Carol is founder also the CEO of Pepper International and she joins us from just outside of New York City. Carol, thanks for making the time to chat with us. I begin want to with this breakdown in consumer confidence. I mean we drifted a bit lower for the month of September. Cracks may be emerging in one of the economy's main drivers, the American consumer. Does that you cause to be a little worried at this point? Well thanks for being with you guys. I'm not that worried. I mean it's natural that the consumers would be a bit gloomier. We have a potential government showdown. We have interest rates remaining high and gas prices recently went back up, which in food and gas are the two areas that really affect consumer confidence. But it wasn't a massive drop in consumer confidence and I think once you get into the holiday shopping season, you'll see that consumers, no matter what their sentiment, are still out there spending money and supporting the U .S. economy. I'm not really terribly worried about it. There was an interesting figure this week from one of the Fed surveys indicating the that bottom 80 % of income earners in the U .S. basically have depleted all of the savings that was stored up as a result of the pandemic. Now I'm looking at data from S &P Global Market Intelligence indicating that total bank deposits year over year, so that would be as of the fiscal year that ended June 30th. We are now seeing a decline for the first time in data going back to 1994, so it seems like the consumers really all out of dry powder at this point. Well, I mean in the United States as you well know, what do consumers Thank you. It's always dangerous when they start not having savings and going into their credit cards, but that is the pattern that we see in the United States when there's low times, but on the other hand you look at unemployment, it's still low at 3 .8%. Inflation has not really gone up much higher. It would be nice to have the rates just start to come down because this has definitely stalled the U .S. housing market and even in some cases the rental prices, but rents are softening bit. a So the consumer I think is muddling through this. They're not in grave distress at this moment. Would be they happier if interest rates were lower, if gas prices were lower, if food prices came down a bit? Absolutely they would, but they're still there. I believe they will continue spending on their credit cards for the holidays. They're not to going pull back on spending just yet. So if you look at the equity market action today, information tech took a hit and I think the overall index, and by index I'm referring to the S &P information tech tech index down more than 10 % from the high in July. So technically we've entered the correction territory here. How do you view that? Is it a buying opportunity for you? Is there more weakness when it comes to mega cap tech? I think it is a buying opportunity and I think we will get a bit more weakness if we don't see the government shutdown become avoided. It looks like they are getting very close to having bill a to avoid the shutdown, so it just depends on how much the hardliners hold the country hostage. But assuming even if we have a few days of a shutdown, the market will leg down again and that would be a great time get to into the tech names if you don't have them. Again, you want to hold technology stocks for the long haul. I have often said, put Amazon in your kid's college fund, put Nvidia in your kid's college fund. Look for stocks that are going to do well over five to ten years because it will go up, it will go down. Right now, stocks are up because interest rates are up and the market feels that the consumers will be more pinched. But the truth is the big leaders like Amazon are going to continue to go ahead. There is no other place that people shop online that will catch Amazon. I mean, it's going to continue to be the market leader, for example. And that company has a boatload of cash and it's up over 19 thousand percent over ten years. So if you have a long hold period, you want to hold these market leading names that everybody knows that do a great job and you will be safe over the long haul for your retirement or your kids' college planning. Now speaking of Amazon, we'll see where this FTC lawsuit filed today, where it goes from here. Let's talk about, you mentioned higher interest rates. What's happening to U .S. Treasury yields at the moment? I mean, yesterday, we addressed the fact that in the last press conference or news conference from Fed Chair Jay Powell, he was talking about the backup in yield really being more a function of strong growth rather than in its story on inflation. Yeah, and I think you have to include into that the additional supply of U .S. Treasuries. So if you look at the story the way that Powell seems to be understanding it right now, being a growth story,
WTOP
"majority leader chuck schumer" Discussed on WTOP
"Majority leader chuck schumer and south dakota republican senator mike rounds are sponsoring an amendment to a defense authorization bill calling for the release a famous test kitchen used to create good food and good times for black women in the 1970s has a new residents in dc it's the ultimate period room a twenty six by thirteen foot iconic seventies era kitchen complete with all electric compliances lots of storage and bold orange and green wallpaper it was ebony magazines test kitchen and produce more than seven hundred recipes and pages of entertainment ideas bullet has new digs now at the national museum of african -american history and culture in dc joanne hip elite is the curator it's the largest object we've ever collected the kitchen was the height culinary excellence in its heyday you're seeing sophisticated food rather than just the down home country food that black people are always associated with visitors could get an invitation to tour sometime after twenty twenty seven gg barnett utlp w news interest alba has become a fan favorite from hbo's the wire to the bbc's creator now he stars in the thriller hijack which dropped episode four on apple tv plus a corporate negotiator travels from dubai to london to reconcile with his estranged please don't come to my family let me make you an offer interest alba speaks slowly with purpose convincing the hijackers he's an asset while secretly strategizing in a game of mental chess the life or death chaos on the plane is intercut with parallel action on the ground at air traffic control and while it's not a true story like united ninety three it's still riveting vision tonight's episode
WTOP 24 Hour News
Fresh "Majority Leader Chuck Schumer" from WTOP 24 Hour News
"The congress now has just four days to approve legislation avoiding a federal government shut down can lawmakers do it there's a lot of skepticism right now some extreme right in the other chambers say they actually want a shutdown what insanity senate majority leader chuck schumer speaking just moments ago joining us live from capitol hill is w two p's mitchell miller mitch the house tonight plans to take a procedural vote to bring up for spending bills but none of them can ever to shut down explain what's going on here right it's an odd situation the house plans to take up this vote on the rule as it's called on these four or appropriations bills that would move them forward there among twelve spending bills that would need to be passed for the entire budget obviously that's not going to happen before saturday at midnight but house speaker kevin mccarthy agreed to take up these bills which include spending cuts to appease the hardliners in his conference if they pass mccarthy he'll says then offer up a short -term republican spending bill for a vote but while that would avoid a government shutdown even if it passes in the house it would have no chance of passing in the senate well mitch a senate majority leader chuck schumer just announced a short -term spending bill to avoid a shutdown what are its chances of getting through yes schumer says this continuing resolution has bipartisan support senate minority leader just mcconnell said he will back it and it's almost complete he says it could be a bridge toward cooperation it will achieve the most important immediate goal avoiding a shutdown one of the biggest questions though is whether this measure includes money for ukraine which is a non -starter in the house and would likely slow it down in the senate due to opposition from senator ran paul it could ultimately however be a lifeline toward avoiding a as schumer says but then spot speaker mccarthy would have to decide whether he accepts it with democratic port or does he rejected because he's concerned republicans will ask him from the speakership mental also and growing number of democrats on the hill calling for senator bob menendez of new jersey to step down resign that's right and the number has been rising all day and they're now at least eighteen democratic senators who who say senator menendez should step down after his indictment on bribery charges most notably they include fellow new jersey senator korey booker also a democrat notably he stood by menendez previous trial during a when he was indicted but support from menendez is waning and it looks like a lot of lawmakers will be dealing with him from a distance as he fights these charges against it all right miss thanks much you've and that's nobody t o p capital hill correspondent mitchell miller look at the top stories are working on a w t o p goes on is being sued by the federal government maryland and sixteen other states accusing it of being any legal online retail monopoly president by makes history by joining striking auto workers in the picket line in michigan and keep it here for full details in the minutes days well it's very slow near boston i sixty six eastbound delays lead past the crash beyond drive under glee brode the damaged car on the rollback one right lane gets by on sixty six until it's told g w parkway southbound slow near one twenty three and again on columbia island near back the bridge a crash reported usually they happen on the left side there beltway traffic getting heavier by the minute on the interloop on the brakes from one twenty three to the spur and on the outer loop from the dellis toll road past maryfield toward gallows road road and little river turnpike on that segment of the outer loop the team of the four ninety five express lanes wants you to know to time you can hop in the express lanes now local and through lanes farther around crowded from vandora eisenhower through alexandria toward the woodrow wilson bridge three ninety five slow both ways through southwest southbound from arlington ridge toward the alexandria exits ninety five southbound heavy between newington and woodbridge generally good through quanico and stafford county in maryland through howard county ninety five traffic is getting heavier slow and stretches on the bw parkway beltway to beltway and on two seventy northbound a few slowdowns out of rockville through gathersberg and again beyond germantown toward clarksburg and eighty urbana fifty between the beltway and the bay bridge no signs of trouble hides bill a reminder that with alternate u s one closed route one rhode island avenue picks up the detour and with a reduction in lanes for long -term road work uh... near credit industry and charles armantrout drive it'll be a detour on u s route one m c e d c has something to talk about listen to the new podcast lighting business leaders in montgomery county go to think moco dot com slash podcast to learn more date all -time w t l p traffic all right let's go to seven news first alert meteorologist mark pena with an eerie e ahead night of us with all this is a fog and mist and gray yeah you know it's not really
AP News Radio
House OKs debt ceiling bill to avoid default, sends Biden-McCarthy deal to Senate
"The house has passed a bill that veers the nation away from a debt default crisis. The compromise agreement between House speaker Kevin McCarthy and President Biden did not please most lawmakers, but still passed easily. Yeah, he's a three 14, the Nas are one 17. Tonight, we all made history. Immediately after the vote, McCarthy said it's the biggest spending cut Congress has ever approved. Still far right conservatives like chip Roy had vowed to block the bill. You cut a deal. That shouldn't have been cut. Saying the cuts were not nearly deep enough. Democrats said it was far better than the alternative, a potentially catastrophic first ever default on America's debt. The bill now goes to the Senate where majority leader Chuck Schumer said it would move quickly to the Oval Office. I can not stress enough that we have no margin, no margin for error. Sagar Meghani, Washington.
AP News Radio
Bells toll for Buffalo supermarket mass shooting victims 1 year after massacre
"The ten people killed in three injured in a racist attack at a buffalo supermarket a year ago were remembered at a memorial service Sunday. A bell told 13 times for them and their names were read outside top supermarket where victims families and others, including governor Kathy hochul, who noted the anniversary, fell on Mother's Day. The cruel irony behind the fact that it is a day we celebrate a life that comes into this world, making someone a mother is also a day we're here to think about those who are no longer with us. Buffalo mayor Byron Brown as well as Senate majority leader Chuck Schumer noted how the family's pushed through the pain to get gun laws passed. We couldn't do it until the families came down. And looked those legislators in the eye. Audio, courtesy, WK, BW, the gunman pleaded guilty and was sentenced to life in prison. Julie Walker, New York
AP News Radio
Debt limit deadline looms as Democrats, GOP spar on spending
"This standoff continues in Congress over raising the nation's debt ceiling with a possible default becoming more of a reality. The Treasury Department has warned the U.S. government could default on its debt as early as June 1st. But Senate majority leader Chuck Schumer says the house GOP can't use that to force Democrats to agree to sharp budget cuts. To sneak their radical proposals through the back door. Iowa Republican chuck grassley says the president will have to meet with a House speaker to work out a compromise. This is an opening bid. It's time for President Biden to stop playing politics. Economist Mark zandi with moody's analytics told lawmakers the political tension isn't helping the U.S. economic recovery. We need to end this drama as quickly as possible if we don't. We're going to go into recession. In recent years, the nation's debt has swelled past $31 trillion. I'm Jackie Quinn
AP News Radio
Speaker McCarthy faces big test as debt bill heads for vote
"Speaker Kevin McCarthy is vowing the new House Republican majority will approve a package this week that will raise the nation's debt limit and make steep budget cuts. I Norman hall. Speaker McCarthy says the vote will happen this week on a partisan package that would raise the debt limit by $1.5 trillion in exchange for steep cuts that summoned his own party opposed. McCarthy is trying to entice president Joe Biden to the negotiating table. Action is needed to lift the borrowing cab to keep the government fully paying its bills in a matter of weeks, Senate majority leader Chuck Schumer and House democratic leader Joaquin Jeffries say they are unwilling to negotiate over the debt ceiling. McCarthy also has challenges with Republicans, the heart right house freedom caucus has yet to bless McCarthy's proposal. Norman hall, Washington
AP News Radio
Speaker McCarthy vows to pass debt bill -- with a big 'if'
"House speaker Kevin McCarthy is pledging to pass legislation to raise the nation's debt ceiling, but speaking on Wall Street, McCarthy said it would pass only on condition of capping future federal spending increases at 1%. Let me be very clear. There's two things I will not do. I will not raise taxes and I will not pass a clean debt ceiling. They just won't pass. Senate majority leader Chuck Schumer wants to hear McCarthy's plan. He went all the way to Wall Street and gave us no more details, no more facts, no new information at all. McCarthy lashed out at President Biden for refusing to engage in budget cutting negotiations, saying the longer he waits to find an agreement, the more likely it becomes that this administration will bumble into the first default in our nation's history. The Treasury Department has said money could run short this summer. I'm Ed Donahue.
AP News Radio
GOP Leader McConnell remains in hospital after concussion
"The Senate's top Republican remains hospitalized after a fall at a Washington hotel. In spokesman says Mitch McConnell's being traded for a concussion. McConnell tripped during an event last night at the Waldorf Astoria Washington D.C., formerly the Trump international hotel. The 81 year old McConnell is expected to stay in the hospital a few days. On the Senate floor. My thoughts this morning are with my good friend. Senate majority leader Chuck Schumer. I joined every single one of my colleagues in wishing leader McConnell, a speedy and full recovery. President Biden echoed that in a tweet, saying he hopes to see his former Senate colleague back in the chamber soon. Sagar Meghani, Washington.
Bloomberg Radio New York
"majority leader chuck schumer" Discussed on Bloomberg Radio New York
"Up annexed regions. And those in particular that have been taken during this invasion head Baxter has global news in the 9 60 newsroom. Yeah, do you want to take a bet Brian on what Ukraine said, guess not? It's a non starter for sure. Ukraine's allies are considering what aid should continue. Former U.S. ambassador to NATO, K Bailey hutchison on Bloomberg balance of power says President Biden has done a good job to date, but he now does need to say. Going all the way to help Ukraine with what they say they need. And certainly air power as well as the longer range missiles. Says the bigger picture is a message to the world that autocrats China, Russia, Iran, North Korea can not invade other countries without being stood up to. U.S. Supreme Court is hearing arguments about President Biden's student loan forgiveness program conservatives and moderates on the court are asking questions leading analysts to believe they have major concerns about it. If the forgiveness goes down to defeat, Senate majority leader Chuck Schumer says he will begin an effort to resurrect it using legislation. Not just the chance to relieve the crushing weight of student debt for millions upon millions of people. But also to make the American Dream a little more accessible for millions more. Their families as well as themselves. And senator John tune says it is just flatly a bad idea. This isn't a government handout for the needy. This is a government handout that will disproportionately benefit American Americans who are better off. So we'll see where this comes down after the ruling. Emotional testimony today on the House Homeland Security hearing on immigration. Michigan attorney Rebecca keesling is blaming a lack security at the border for losing two sons who thought they were taking percocet, it ended up being laced with fentanyl. You talk about welcoming those crossing her border. Seeking protection, you're welcome, drug dealers across our border. You're giving them protection. You're not protecting our children. But David beer associate director of immigration studies at the Cato institute says the majority of narcotics has seized from U.S. citizens at legal ports of entry. The committee is right to investigate the scourge of fentanyl deaths. But immigrants are not the cause. The argument, though, is that being made is that they open borders and make it easier for narcotic narcotics dealers and cartels to cross. New Jersey is planning to end attack surcharge on New Jersey's highest earning businesses. This an effort to make the state more affordable and competitive for neighbors, governor Phil Murphy says it will return to 9% at the end of the year. Former FDX engineer chief in the shot Singh has pleaded guilty to fraud as part of his cooperation deal with prosecutors. Third member of the inner circle to flip on Sam bankman freed, Pfizer's vaccine for RSV has now been endorsed by a key panel for the FDA that will go to the full FDA and some McDonald's franchisees
AP News Radio
'Unidentified object' downed over Lake Huron, 3rd this week
"Authorities in Michigan are reporting another aerial device has been shot down over their state. The fourth in a series of suspicious objects. Michigan congresswoman elissa slotkin says an unidentified object was shot down over Lake Huron. After authorities restricted airspace and military jets were scrambled. It follows the shootdown of another flying object over Alaska on Friday. And another Saturday over the Yukon in Canada, which was described by prime minister Justin Trudeau on CTV. It represented a reasonable threat to civilian aircraft, so I gave the order to take it down. Both are believed to be balloons, according to Senate majority leader Chuck Schumer, who was briefed over the weekend. They believed they were, yes. He tells ABC's this week with George Stephanopoulos. Intelligence analysts are reviewing what was recovered from the Chinese surveillance balloon shot down the weekend before, off the coast of South Carolina. And piecing together what all this means. I'm Jackie Quinn
Bloomberg Radio New York
"majority leader chuck schumer" Discussed on Bloomberg Radio New York
"And the wide ranging inflation climate, health bill, has passed the Senate. It Baxter's got more Ed. The airport, this bill that waited for senators Joe Manchin and kyrsten sinema to sign off in the end, a lot of ground covered Senate majority leader Chuck Schumer says very significant piece of legislation. Our Bill reduces inflation. Lowers costs creates millions of good paying jobs and is the boldest climate package in U.S. history. A general overview is a changes will enable a fight against greenhouse gases to cut gas emissions by about 40% from 2005 levels by the end of the decade. Bloomberg's tax reporter Laura Davison earlier on Bloomberg daybreak Asia. Yes, it is several $100 billion of investments into all sorts of new incentives for green technology. So there's a greatly increased electric vehicle credit for American consumers as well as a bunch of different credits for different types of renewable energy. What's notable in this bill though is that there's also some incentives for fossil fuels as well. Again, it all goes back to Joe Manchin, who was one of the senators who helped cut this deal. He is from West Virginia, a state that is very dependent on coal and natural gas. And so you see that reflected in the overall Bill. Yeah, now that Evie incentive expands manufacturers but puts limits on car prices and income of the buyer. GM and Toyota have argued that it leaves out about 70% of potential buys. Now, meanwhile, the legislation also aims to prevent large corporations from exploiting tax breaks. There will be tax on stock buybacks, although the top 1% avoided the tax increases liberal Democrats had wanted at the beginning. Medicare will be allowed to negotiate drug prices. It does not address implementing the 15% global minimum tax deal. It goes to the house now, which is expected to pass it by Friday, and Nancy Pelosi has actually tweeted that the house will be back in voting. China has not officially announced whether its military drills near Taiwan have ended previous announcements had said end of noon yesterday, Taiwan remains on alert me while Taiwan says it will not bow to China's pressure. Meanwhile, China's hainan has started mass COVID testing and imposed more lockdowns as infections rise more than 182 local infections day to day over the weekend. And New York mayor Eric Adams says a Texas is forcing migrants onto buses and shipping them to so called sanctuary cities. Some of the families
Bloomberg Radio New York
"majority leader chuck schumer" Discussed on Bloomberg Radio New York
"The U.S. Senate has passed the so called inflation climate and healthcare bill. It Baxter has global news in the 9 60 newsroom. It yeah, right, Brian, on the narrowest of votes, 51 to 50 with the vice president breaking the tie. Majority leader Chuck Schumer says possibly the most significant bill of the 21st century. This bill will kickstart the era of affordable clean energy in America. It's a game changer. It's a turning point, and it's been a long time in coming. Now, Bloomberg's tax reported Laura Davison says whether it'll help inflation is still a question. But says wealthy Americans did very well. Initially when Biden first trotted this out, you know, over a year ago, there were a bunch of different rate increases on individuals both from income to capital gains, looking at inheritance taxes, all of those got cut at various stages in the process and really all the taxes are focused on corporations. There's two major pieces there. One, which is a minimum tax. A 15% minimum tax for all U.S. corporations, some have the corporate rate in U.S. is 21%, but a lot of companies pay a lot less than that because of different deductions and credits. The other is this buyback tax what they 1% excise tax on corporate buybacks. So curious to see how that plays out, that doesn't go into effect until the start of next year. So we could see a flurry of buybacks in the U.S. until that tax goes into effect. Now, on climate, it will enable the fight against greenhouse gases to cut gas emissions by about 40% from 2005 levels by the end of the decade. Medicare will be allowed to negotiate drug prices it does not address implementing the 15% global minimum tax deal. It says it will extend the 7500 tax credit in EVs to other manufacturers, but there are restrictions that U.S. electric carmakers say will exclude 70% of vehicles. It goes to the house which is expected to pass it by Friday, Nancy Pelosi has tweeted that the house will be back and ready to pass it on to the president. Taiwan has reiterated its vowel not to bow to China's pressure. The drills over the weekend focused on long-range air and ground strikes. The drills were supposed to be over yesterday, but there has not been as to date from Beijing about whether that's true. PLA flew some 66 swords yesterday, including 22 into the Taiwan ADI zone. Ukraine's president volodymyr zelensky is asking for help from the rest of the world to deter Russia from shelling its largest nuclear plant through a translator zelensky says shelling his damaged three radiation sensors. And this is the largest nuclear station on our continent and any shelling is an overt blatant crime. Says the situation is an emergency. China has shortened the length of suspensions for inbound flights that carry passengers infected with COVID-19. It cuts to one week the period that income flights will be suspended if they carry 5 COVID positive positive passengers or 4% of the total on the flight. In San Francisco, Ahmed Baxter, this is Bloomberg. All right, Brian. And thanks very much the time 8 minutes past the hour. Let's get to our guest Carlos Casanova senior Asia economist at ubp. Carlos, what's the stronger read through or take away for the Asian economy and investor? The strong U.S. economy or the more aggressive fit. Thanks for having me on the show. So we have seen Asia as a whole experiencing significant outflows and many central banks resorting to what is pro cyclical rate hiking cycles, meaning they are hiking rates even though employment data and fears about economic overheating are not as prevalent amongst U.S. economy. So the biggest factor in my opinion would be potentially a more hawkish fed as a result of that stronger than expected non payroll data last week. Data dependent. We context through the possibility of another 75 basis point rate hike. We have to see what happens with inflation. This week and also next month. But overall, I think the main drag for the region could be in case we don't see any change in stance or worse even a more hawkish stance by the fed after September 20th. Yeah, it's an interesting cocktail, isn't it really good jobs numbers and really strong inflation. So when you look ahead to those inflation numbers due out of the U.S. on Wednesday, what's your expectation? Do you think we're going to see it peak? So inevitably, if there is an upside pressure on wages in the U.S., that is going to lead to some structural pressures on inflation longer term. So we do think that inflation will peak. However, it will remain significantly above target for the remainder of this year and much of 2023 in fact. We think that the fed will only pivot in case we see a deterioration in labor market conditions. And not really pay attention to the economy, although it would be quite strange for the fed to continue to high grade in case we do see a decline in PMI numbers and an increase in unemployment. But currently, the congressional mandate is inflation and employment. And so those indicators are pointing towards overheating the U.S. economy. So we do think that they will have to implement additional rate hikes and inflation will only start to come down in 2023 and will remain above target the whole of next year effectively as a result of that upside pressure on wages. Basically, over the past 50 years, the fed has always gone too far. Every time it's raised rates until the U.S. economy slows and goes into recession, essentially that's been the story. Why not stop a little sooner than usual? Well, the issue this time around is that if they have had a poor track record in managing soft landings in the past, this year that this time round they don't even seem to be aiming for a soft landing. So there are cost push and demand both factors of inflation. They've admitted that they have very little control over demand pool
Bloomberg Radio New York
"majority leader chuck schumer" Discussed on Bloomberg Radio New York
"Markets every 15 minutes. All right, let's have a look at what Ed Baxter's got global news wise and Ed, I mean, we got this wide ranging inflation climate health bill passing the Senate. Yeah, exactly right, rich. This is a bill that waited for senators Joe Manchin and kyrsten sinema to sign off on as you well know. In the end, a lot of ground covered Senate majority leader Chuck Schumer says very significant piece of legislation. Our Bill reduces inflation. Lowers costs creates millions of good paying jobs and is the boldest climate package in U.S. history. Now, the general overview is the changes will enable the fight against greenhouse gases to cut gas emissions by about 40% from 2005 levels by the end of the decade. Bloomberg tax reporter, Laura Davison. Yes, it is a several $100 billion of investments into all sorts of new incentives for green technology. So there's a greatly increased electric vehicle credit for American consumers as well as a bunch of different credits for different types of renewable energy. What's notable in this bill though is that there's also some incentives for fossil fuels as well. Again, this all goes back to Joe Manchin, who was one of the senators who helped cut this deal. He is from West Virginia, a state that is very dependent on coal and natural gas. And so you see that reflected in the overall Bill. And now that Evie incentive the lower was talking about expands manufacturers, the number of them, but puts limits on car prices and income of the buyer, and GM and Toyota have argued it leaves out about 70% of potential buys. The legislation also aims to prevent large corporations from exploiting tax breaks. There will be a tax on stock buybacks, although the top 1% avoided the tax increases liberal Democrats had wanted the beginning. Medicare will be allowed to negotiate drug prices. It does not address implementing the 15% global minimum tax deal. It goes to the house. Now, which is expected to pass by Friday. China is not officially announced whether its military drills near Taiwan have ended previous announcements had said, noon yesterday, Taiwan remains on alert. Meanwhile, Taiwan says it will not bow to China pressure, maritime maps do show that shipping lanes did adjust to navigate around the pre announced Chinese so called danger zones, so shippers hope to get back to more of the norm soon. Meanwhile, China's hainan has started max mass COVID testing and imposed more lockdowns as infections rise more than 182 local infections day to day over the weekend. And New York mayor Eric Adams says Texas is forcing migrants on to buses and shipping them to so called sanctuary cities
Bloomberg Radio New York
"majority leader chuck schumer" Discussed on Bloomberg Radio New York
"Challenger to Democrat Mark Kelly and a race that could decide control of the Senate. Global news 24 hours a day, on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts and over 120 countries. I'm Mark crumpton. This is Bloomberg. David. Mark, a lot of talk these days about the inflation reduction act that was an agreement between the majority leader Chuck Schumer on the one hand and the senator from West Virginia, Joe Manchin on the other, which really tries to address two major issues we have. One is inflation and the deficit at the same time address a climate with some fairly profound I'm told provisions in there that could really make a change in our climate. If enacted. Welcome to somebody who knows this subject terribly well, she's Christine Todd Whitman, former EPA administrator before running the EPA miss Whitman served as for two terms, as governor of New Jersey. So thank you so much for being back with us. Give us your take on what this proposed legislation might mean for climate. Well, if it were to get through when I would hope that it would, because that's the best way to move forward to deal with the issue of climate. It is, as you point out, it is massive. And it would be a real game changer because it talks about all the different areas that we need to focus on in order to address this with a lot of tax credit programs for investing in cleaner technology. Acknowledging the transportation issue area, excuse me, is a huge issue as far as emissions go that affect the climate and they talk about the post office. Exclusively, going to electric vehicles. You know, there are two things to remember there. That's why it has to be a total package. Electric vehicles are great, but they're only as good as the power used to produce the electricity. So you have to deal with both ends of it. And of course, the biggest fleet in the country as school, school buses. Those are those are the biggest bigger than the post office. Bigger than Apple and any of the others who delivered to our doorsteps. So it is a very comprehensive bill because it does talk about a lot of those things. One of the things that I'm really pleased with is there is a focus on nuclear. To me, we have neglected one of our base power sources that releases no greenhouse gases or other pollutants while it's producing power. The only form of base power that does that. And it's been enormously safe in this country and new technologies such as small modular reactor, salt, fusion, to fusion, salt, reactors, they're all different technologies to bring us a nuclear power that's much safer than anything that we've seen in the past. So I wonder governor if you take us through the respective roles of the government on the one hand, the private sector and the other, because for example, solar power, let's talk about the grid. Moving to solar, the economics that are coming down now and there are private incentives. Why do we need the government to push us along? And the same sort of related question on electric vehicles. We seem to be moving that direction. Why do we need a little thumb on the scale from the government? Oh, I really need it because we've got to move fast. That's the thing. I mean, just look at what's happening to us this summer, not to mention all that went on in the winter, but with the fires with the floods. All of that is mother nature telling us we've really messed up. And we've got to do something and those things cost us billions of dollars in recovery. We had, I think, about, I think it was $7 billion impacts last year, various storms took about a $1 billion each from which to recover. And so we need to be moving faster than we are. Yes, I don't know a major utility that doesn't have an investment. And solar wind, hydro power, but we need more. And we need to do it faster because we are reaching that tipping point and that's going to make it even more difficult than at the from which to recover. And at the same time, we need to be dealing with the fact that we're not going to stop climate change. It's going to continue to happen. And we need to harden ourselves and change the way we build things, where we build, how we rebuild particularly, and how we plan to deal with the various things that are coming at us and fires and droughts. And there is the question, of course, how we do all this without really damaging the economy. I mean, we need to make a transition at the same time, we are going to need fossil fuels for some time to come as I understand it. And there are some provisions, at least some promises in this package as well that would ease some of the fossil fuel choke holds. Yeah, well, I mean, we're not going to do this overnight and fossil fuels are not going to go away overnight. That's why I like nuclear as a bridge to the all renewable. I'd love to be all renewable, but that's not right now. It's peak shaving, not base power, and we're 24/7 society. So it's going to take a while, but you know, we've seen this in the past. We hear the naysayers that say you can not have a clean and green environment and that's why the economy and yet we've shown every time that we've pushed the needle and moved it to more protective environment. We have sponsored actually a whole bunch of new technology, new jobs coming online. And the rest of the world is moving ahead with this. So we should be in the business of making some of these green technologies doing it smarter, doing better with a battery, understanding how we can store
Bloomberg Radio New York
"majority leader chuck schumer" Discussed on Bloomberg Radio New York
"And U.S. House speaker Nancy Pelosi's Asia trip itinerary doesn't include Taiwan at this point a Baxter's got more head. Yeah, not at this point, Paul, you're exactly right, but that well, it doesn't mean that she's not going to go on the possible schedule right now. Japan, Singapore, Indonesia, and a possible stop in Malaysia. And this comes at a time when tomorrow President Biden and the president Xi will hold a telephone call, Bloomberg's Peter says probably the top of mister Xi's agenda. Clearly she is going to put pressure on Biden during their phone call to try to get him to apply pressure to Nancy Pelosi. Sidestepping the fact that actually he doesn't have control over her actions. She gets to make this decision. They have both China and the U.S. say they are making preparations for whatever reactions there might be. Meanwhile, on another front Secretary of State Antony Blinken says the U.S. has formally made an offer for the return of Brittany griner and Paul Whelan. We put a substantial proposal on the table weeks ago to facilitate their release. Our governments have communicated repeatedly and directly on that proposal. And he says he plans on talking with foreign minister Sergei Lavrov this week, which is a total one 80 on his stance of not talking while Russia invasion of Ukraine continues. And the U.S. Senate has passed the so called $52 billion ship Bill, Senate majority leader Chuck Schumer says it had to be done. We could say let corporate America do it on its own, but it's a brand new world with nation states trying to overcome us. And many of them are authoritarian. And he says the free world does not want China or Russia dictating advancement in tech. UN human rights committee has said today that Hong Kong's national security law should be replaced Reuters reports as it is being used to crack down on free speech. The UK is facing an energy emergency, Bloomberg's will Mathis as gas is costing three times last year's prices and not all attributable to the Russian invasion of Ukraine. And the UK as the government will tell you gets very little of its gas directly from Russia. But we, in the UK, also have very little storage. So we're part of an integrated market. So and will says an integrated market is breaking down. In the summer right now, the UK is pumping tons of gas over to Europe to try to help them fill up those storage. And then in the winter, when we really need a lot of gas, we kind of rely on them as a de facto storage of our own. And he says, that's not really functioning very well now because everybody needs a gas. It's the same story, of course, in numerous European countries. In San Francisco, I met Baxter. This is Bloomberg, right? Thank you, Eddie. Let's get to Dan Schwartzman as we look at global sports barsa has
Mark Levin
Breaking: Schumer, Manchin Announce Deal on Energy Bill
"Well we have some breaking news and it's not pleasant Manchin and Schumer announced deal that includes energy and taxes This is breaking now This is their build back better Miniseries Joe Manchin and Senate majority leader Chuck Schumer writes Politico reached a deal on a bill that includes energy and tax policy Look out America A turnaround after the two deadlocked earlier this month and talks on Democrats marquee party line agenda In a joint statement the two Democrats said the legislation will be on the Senate floor next week Next week today's Wednesday next week it's going to affect your lives in a significant way and you don't have the foggiest idea what's in it in either do I And when the media interprets it for us it'll give it a biased interpretation and it will not include all the little stuff that's included in these bills This is how this government functions now It includes roughly $370 billion in energy and climate spending More spending on top of the other spending
Bloomberg Radio New York
"majority leader chuck schumer" Discussed on Bloomberg Radio New York
"I want to work with the legislature to change that I wanted to be 21 Yeah me well Senate majority leader Chuck Schumer says he sees slim prospects federally for stricter gun legislation legislation anytime soon Texas by the way has a law that shields firearm manufacturers from what it calls discrimination It says no company that discriminates against gun companies will be able to do business with the state of Texas UK prime minister Boris Johnson says it is time to move on from party gate He apologized again to the House of Commons but he said he wanted to explain I briefly attended such gatherings to thank them for their service Which I believe is one of the essential duties of leadership and particularly important And particularly important when people need to feel that their contributions have been appreciated Yeah he says he stayed briefly at that party and was appalled to find out about the treatment of the staff at the event the heavy drinking to the point of one person getting sick at one event He says it is humiliating Japan says her plans to allow foreign tourists from June 6th TV asahi reports it will begin with a range tourist tours first and the money she is saying that prime minister fumio Keisha will soon have an announcement on opening borders and China has announced what it calls the air and sea combat readiness patrol to be able to defend against Taiwan this it says is response to Biden comments about defense of Taiwan militarily He in San Francisco I'm Ed Baxter this is Bloomberg Juliet Thanks so much Ed 38 minutes Global sports.
WTOP 24 Hour News
Ukraine Mitchell Miller People Of
"The yeas are 86 the nays are 11 and the bill is passed The Senate approving the massive aid package on a largely bipartisan vote Senate majority leader Chuck Schumer The United States Senate will keep its promise to stand with the people of Ukraine The package includes military as well as economic assistance and funding to help with Ukrainians displaced by the war The aid had been delayed over the past week due to an objection by Kentucky Republican Rand Paul He and ten other Republicans voted against the bill The house earlier approved the legislation which now goes to President Biden for his signature On Capitol Hill Mitchell Miller WTO The war in Ukraine is approaching three
Bloomberg Radio New York
"majority leader chuck schumer" Discussed on Bloomberg Radio New York
"Let's check global news next at Baxter is in the Bloomberg newsroom in San Francisco Eddie Yeah it is it is Doug the draft said the issue of abortion should be decided by duly elected representatives of the people and not by a court So first thing today Senate majority leader Chuck Schumer did move It is our intention for the Senate to hold a vote on legislation to codify the right to an abortion in law Now it is a very very long shot They are very very short of votes President Biden says he will move to enshrine abortion rights into law The idea that we're going to make the judgment that is going to say that no one can make the judgment to choose to abort a child Based on the decision by the Supreme Court I think goes way overboard But Senate minority leader Mitch McConnell says stop it He says that's not the real issue today Concentrate on what the news is today Not a leaked draft but the fact that the draft was leaked Now another issue that is being talked about today is how this draft was written Radhika Rao clerked for justice blackman who wrote the majority opinion for the court on roe in 1973 It's really gratuitously insulting of the opinion in Rome that was authored by justice blackmun I was thinking that justice blackman my old boss must be turning in his grave The draft called the role ruling egregious and flawed And so it turns political Bloomberg's Anne Marie Horner and says inflation has been the key issue headed into the inter the midterms but now there is a serious likelihood that abortion and women's rights to choose which has been the law of the lands since 1973 is going to eclipse consumer prices rising over the past couple of months And says Democrats will talk to suburban women now who might have been inclined to vote Republican In a shift of agenda nearly ten weeks into the war with its troops only making marginal gains in Ukraine's east while Russia's focused on annexation of occupied Ukraine now The Kremlin is installing occupation governments ordering locals to use rubles for transactions and in some cases organizing referendums to open the way for full annexation Beijing is deploying an increasingly hardcore playbook to try and make it sure that it does not become another COVID Shanghai Beijing added 53 new cases for Tuesday It is mandating repeat testing of most residents barring access to public places without a negative result dining in at restaurants banned for the duration of the May Day holiday Jim's are shuttered residents urged not to leave the city as well as in person school classes suspended for the 5th through the 11th and Shanghai's reporting out its lattice report will expecting next hour or may possibly this hour to get new but Monday was the latest report and it was over 5600 cases In San Francisco I met Baxter This is Bloomberg All right Doug Thank you Ed Let's get to Victoria green She's with us for the half hour Victoria is the CIO and G squared private wealth She's on the line from Houston Texas Victoria thanks for being with us Everyone is expecting 50 basis point move in the fed funds rate tomorrow I don't think that's really the concern The question is I think for markets right now is that if we have an aggressive fed and we run the risk of recession then what I mean we run the risk of recession I think it's the fed has never dealt well with the condition like this If you look back at how they did in the 70s or 80s or even the 90s you remember we're all bringing back the 75 point hike that Alan Greenspan did and entitled the annis privilege sorry I'm from Texas so my Latin's not very good but if you think about how tough that year was in the bond market the fed is historically not done well navigating markets like this And they really are between a rock and a hard place They have to move up They have to move as much as possible to put as much distance between them and zero So when this economy flips around which it will we definitely think there's going to be a recession Then they can have a little bit room to ease But I think people in my opinion are more concerned about how fast they're going to do balance sheet runoff Don't forget they have that other lever they're planning on pulling and starting that at 95 billion That might go faster You know 75 basis points I think was already priced in 50 50 You know you're looking at ten hikes What's that terminal right going to be And you see that keep inching up you know and we'll see where the dot plot goes but I'm not sure we're going to get anything groundbreaking tomorrow I think we're really going to look at the inflation numbers on the 11th You know they're going to say their data driven data driven give themselves some wiggle room right But at the end of the day they have to move this inflation situation is not going away I think transitory is a bad word now in the Federal Reserve because it just turned out to be a horrible call Yeah well I'm getting a sense that you think a soft landing is pretty much out of the question but a markets braced for a potential hard landing I think you've seen that with the NASDAQ if you looked at some of the bubbly froth area parts of the market you have seen them from really come back down to earth Things that were editing at high multiples And I get you haven't really we're still at an elevated multiples versus history and we can get into a very granular debate about the discount rate and are we going to be higher for longer and is this going to be a massive shift But I always go back to two things that I feel like are groundwork for every investor Number one the foremost dangerous words and investor can ever utter is this time it's different Because it's never different It might feel different It might feel worse You can talk about technology and disruption and all these other things but the market is how it has been ever since the two up bubble in Holland Like none of this is any different than anything we've experienced across hundreds of years It may feel different because of the way information moves it may be a little speedier because of how interconnected we are but it's never different The labor market bottoming out will bring around a recession We've got inflationary pressures housing pressures You know profit margins potentially getting squeezed A lot of pressure on the consumer You have a war in Ukraine a commodity spike that does not seem like it's going to get better You know let's not even talk about potential huge shortages and God forbid that curveball comes back of COVID I mean that's the wild part Horrible Joker in the hole and the way that China is dealing with that just makes everything even worse Everything that you're describing points to kind of pessimism and negativity in the equity market I will call it a bearish stance So if your bearish on the U.S. I'm curious Victoria whether or not other markets across the globe represent value to you right now And that maybe where you're looking to put capital to work Talk.
Mark Levin
New York Post: Schumer’s Daughters Work for Amazon, Facebook as He Holds Power Over Antitrust Bill
"New York Post lady a moynahan Schumer's daughter's plural Work for Amazon Facebook As he holds power over antitrust Bill Senate majority leader Chuck Schumer is responsible for shepherding antitrust bills that aim to crack down on big tech And both his children are on the payroll of companies the proposal would seek to rein in On the money has learned in the New York Post Jessica Schumer is a registered lobbyist at Amazon According to New York State records Allison Schumer works at Facebook as a product marketing manager I mean so damn corrupt Advocates of the legislation fear that the tech companies ties to Schumer's children could create a conflict of interest people close to the matter told on the money And they say Schumer's familial connection to the tech companies is just the tip of the iceberg When it comes to the cozy relationship some members of Congress have with these firms When you put together the amount of money speaker Pelosi made off tech with the fact that leader Schumer's two kids work for giant tech companies Democrats are going to have a very hard time explaining of major legislation doesn't move forward this session One progressive operative told the post
Mark Levin
Mark Levin: Mitch McConnell Is a Conniving, Un-trusthworthy, Self-Serving, Power-Hungry Hack
"Mitch McConnell's deal on the debt selling is just the latest example the Senate GOP working with Democrats to the scorn of House Republicans So for Politico this is about a game a process That to me it's about a principle House Republicans are questioning Senate Republicans decision making at every turn a rift that's fueling an intra party fight over the debt ceiling First it was Biden's infrastructure Bill and look how again they protect their boy McConnell It's McConnell who led 18 other Republicans To support that infrastructure Bill folks And here's the thing A small percentage of that bill goes to actual physical infrastructure Very small percentage More for the teacher's unions more for these radical left groups more for phony degrowth movement so called climate change they're going to give birth they're going to spawn all kinds of left wing groups on left wing programs That's just this first half The 1.25 trillion Then it was last week stop at government funding deal that divided the two GOP conferences And after Senate minority leader Mitch McConnell cut a deal with Senate majority leader Chuck Schumer to ease Democrats ability to raise the debt ceiling tensions are boiling over between the wings of the party It's not the wings of the party Mitch McConnell is a conniving on trustworthy self survey serving power hungry hack
THE NEWS with Anthony Davis
Democratic disagreements imperil Biden agenda as shutdown looms
"I'm anthony davis. Joe biden's agenda of reform was at risk of being derailed by divisions among his own democrats as moderates voiced anger on wednesday the idea of delaying a one trillion dollar infrastructure bill ahead of a critical vote to avert a government shutdown. The white house said talks over twin bills that would revitalize the nation's roads and airports and fund social programs and climate change measures. Were too precarious. Point a senator. Joe manchin disagreed with the rest of the party over the scope of some four trillion dollars in spending congress which democrats control by a razor. Thin margin is due to vote on a bipartisan resolution to fund federal operations through early december. The house of representatives is expected to vote today on a one trillion dollar infrastructure. Bill already passed by the senate will though. Some party leaders warned that vote could be delayed again. Which would dismay moderates with house progressives warning they will vote against the infrastructure bill until a deal is reached on the separate multi trillion dollar plan focused on social spending and climate. The vote was not guaranteed house speaker. Nancy pelosi and senate majority leader chuck. Schumer went to the white house yesterday afternoon. To meet joe biden a former senator himself who cancelled a trip to chicago to lead with congress. A white house staffer met at the capitol with conservative democratic senator. Kirsten cinema who had expressed deep concern over
THE NEWS with Anthony Davis
Biden’s infrastructure bill in jeopardy as House prepares to vote
"Said on friday that talks over his three and a half trillion dollar rebuilding plan of hit a stalemate in congress as he made the case his expensive effort to recast the nation's tax and spending programs and make what he sees as sweeping overdue. Investments biden spoke at the white house. Democrats in the house and senate a laboring to finish drafts and overcome differences between the parties centrist and moderate factions despite efforts by the president and congressional leaders to show progress biden cost the road ahead as long and potentially cumbersome even with upcoming deadlines we getting down to the hard spot. Here biden told reporters at the white house. Were at the stalemate at the moment the president's acknowledgement of democrats disagreements and they have serious differences. I've taxes health climate change into the ultimate price tag contrasted it with congressional leaders more upbeat tone in recent days during carefully chosen words. Top democrats have seems to be trying to create a sense of momentum as house votes approach on friday house speaker. Nancy pelosi predicted passage of both pillars of biden's domestic agenda one is still evolving three and a half trillion dollar package of social safety net and climate programs the other a separate one trillion dollar measure financing highway internet and other infrastructure projects. That's already passed. The senate with bipartisan support. But she did not spell out how she and her senate counterpart majority leader. Chuck schumer would resolve disagreements and distrust between their parties moderate and progressive wings that stalled both measures and they remained confusion about the voting shedule which will be crucial but as lawmakers raised objections over the sweep and scope of the plan which is to be funded by higher taxes on corporations and the wealthy biden said he tried to get them focused on priorities. What they can and can't live with
The 11th Hour with Brian Williams
Schumer: U.S. Senate to Stage Voting Rights Reform Bill Vote
"While republican led states like texas are busy erecting. All the voting impediments they can think of senate majority leader. Chuck schumer is promising action to protect voting rights on the federal level. The republican led war on. Democracy has only worsened. In the last few weeks most notably the governor of texas recently signed into law vile new voter suppression bill that ranks one of the most draconian undemocratic in living memory. This is unacceptable so the senate must act. I intend to hold a vote in the senate as early as next week on voting rights legislation time time is of the essence. Still with us. Professor victoria di francesco. Soto and matthew dowd a professor. I want to circle back to voting rights and a hot minute but first considering texas leading the nation in voting restrictions and choice restrictions tell our audience. What's going to happen. When redistricting comes up. I believe we have about a week until that starts right so we from today. The second sean legislative session starts which is dedicated to redrawing the lines end. What we see in texas is a hard right. Turn something okay. It is gone too far to the right. it will snap back but what we're looking at with. The upcoming redistricting. Under a republican led legislature is a lot of the things that we've seen over the last year over the past couple of years are going to be institutionalized because republicans are squarely in the driver's seat. Outdrawing those maps and brian. This is the first time in recent history that we're going to be having matt strong without the protection of sexy five from the voting rights act that was repealed that was struck down by by the supreme court in two thousand
AP News Radio
Two Anchors of COVID Safety Net Ending, Affecting Millions
"Labor Day this year represents a perilous crossroads for millions of Americans his two anchors of the government's corona virus protection package end an estimated eight point nine million people are losing unemployment benefits with the three hundred dollar federal boost to weekly payments expiring a federal moratorium on evictions has already expired while other aspects of pandemic assistance including rental late and the expanded child tax credit are still widely available millions of Americans face Labor Day with the suddenly shrunken social safety net Senate Majority Leader Chuck Schumer says Congress should extend the added jobless benefits I believe in extending it they're a good number of congressmen and senators who do not we're going to fight to trying get it president Biden believes the U. S. economy is strong enough not to be rattled but on Friday he added states have the option to extend those benefits and the federal resources from the rest can plan to do so Ben Thomas Washington
KGO 810
"majority leader chuck schumer" Discussed on KGO 810
"President Trump knocked down this past hour in the Senate Senator Rand Paul introducing that motion, calling the impeachment trial on constitution is proceeding. Which would try a private citizen and not a president. A vice president or civil officer violates the Constitution and is not in order. Majority Leader Chuck Schumer says constitutional lawyers and prior cases do allow for a theory that the impeachment of a former official is unconstitutional is flat out wrong by every frame of analysis. Constitutional context, Historical practice president and basic common sense. The vote failed 55 to 45, which also signals the challenges House managers will face in trying to get a vote to convict Vice President Kamila Harris, receiving her second shot of the covert vaccine today at the National Institutes of Health. Earlier she performed a swearing in ceremony for Treasury Secretary Janet Yellen Yellen, now the first woman to lead the department and another key member of the president's Cabinet confirmed today. President Biden, Secretary of State nominee Tony Blinken, confirmed with the final vote of 78 to 22 several Republican leaders, including Mitch McConnell, Lindsey Graham and Jim Risch, the outgoing GOP chair of the Senate Foreign Relations Committee. Voting in favor. Rich writing quote. Mr Blinken has a long and distinguished history when it comes to statecraft and foreign relations matter. Certainly, he is very qualified for this job and quote rising stars in the Republican Party like Josh Holly and Tom Cotton voted against his nomination and.
AP News
"majority leader chuck schumer" Discussed on AP News
"C. Y. Points. The second ranked Baylor shook off the slow start to beat Oklahoma State 81 69. It's still water. Butler was six of seven from three point range, leaving them 13 of 16 in his last two games. Mark Vital scored a career high 19 points for the Bears, while Damien Mitchell added eight with nine assists. The Cowboys jumped out to a 21 17 lead and we're up by four at halftime before the bear scored 49 in the second half. Kayla Boone had a career high 21 points for Oklahoma State, which played with that big 12 scoring leader Kate Cunningham do to covet 19 protocols. I'm Dave Ferrie. AP News for Friday January 22nd I'm Tim McGuire. Timeline is set for former President Trump's second impeachment trial opening arguments on the eighth of next month. On Monday, the House will send to the Senate the article of impeachment charging Donald Trump with incitement of insurrection. The senators will be sworn in Tuesday with arguments beginning about two weeks later. Senate Majority Leader Chuck Schumer says there needs to be accountability for January 6th insurrection at the Capitol. Incited by Donald J. Trump. Was a day none of us will ever Forget. Not everyone agrees House Republican leader Kevin McCarthy. I don't believe you provoked if you listen to what he said at the rally. Meanwhile, a South Carolina elections lawyer Butch Bowers, will present the defense for Donald Trump, the first president to undergo an impeachment trial after leaving office. Jackie Quinn Washington President. Biden is also called on Congress to quickly begin work on his $1.9 trillion coronavirus relief and recovery package. He notes that the price tag is high. But the needs are great and the timeline is right and this moment of crisis. With this for the interest rates as low as they are historic lows. It is smart fiscal investment, including deficit spending. And they're more urgent than ever. Conservative Republicans in Congress called their proposal and expensive, unworkable. Liberal wish list. Hank Aaron is dead at 86, the Atlanta Braves home run legend who broke Babe Ruth's career home run mark in 1974 died in his sleep in Atlanta. Add Seymour tells WSB read every Hank Aaron Book of the kid..
AP News
"majority leader chuck schumer" Discussed on AP News
"A very cannot be combined with any other offer a combo meal, Vita, but Papa Gerry Butler pumped in 22 points and second ranked Baylor shook off the slow start to beat Oklahoma State 81 69. It's Stillwater. Butler was six of seven from three point range, leaving them 13 of 16 in his last two games. Mark Vital scored a career high 19 points for the Bears, while Damien Mitchell added eight with nine assists. The Cowboys jumped out to a 21 17 lead and we're up by four at halftime before the bear scored 49 in the second half. Kayla Boone had a career high 21 points for Oklahoma State, which played with that big 12 scoring leader, cake cutting and due to covet 19 protocols. I'm Dave Ferrie. AP News for Friday January 22nd I'm Tim McGuire. Timeline is set for former President Trump's second impeachment trial opening arguments on the eighth of next month. On Monday, the House will send to the Senate the article of impeachment charging Donald Trump with incitement of insurrection. The senators will be sworn in Tuesday with arguments beginning about two weeks later. Senate Majority Leader Chuck Schumer says there needs to be accountability for January 6th insurrection at the Capitol. Incited by Donald J. Trump. Was a day none of us will ever Forget. Not everyone agrees House Republican leader Kevin McCarthy. I don't believe you provoked if you listen to what he said at the rally, meanwhile, is South Carolina elections lawyer Butch Bowers will present the defense for Donald Trump, the first president to undergo an impeachment trial after leaving office. Jackie Quinn Washington President. Biden is also called on Congress to quickly begin work on his $1.9 trillion coronavirus relief and recovery package. He notes that the price tag is high. But the needs are great and the timeline is right and this moment of crisis. With this for the interest rates as low as they are historic lows. It is smart. Fiscal investment, including deficit spending. And they're more urgent than ever. Conservative Republicans in Congress called their proposal and expensive, unworkable. Liberal wish list. Hank Aaron is dead at 86, the Atlanta Braves home run legend who broke Babe Ruth's career home run mark in 1974 died in his sleep in Atlanta. Add Seymour tells WSB read every Hank Aaron Book of the kid..
AP News
"majority leader chuck schumer" Discussed on AP News
"Timeline is set for former President Trump second impeachment trial opening arguments on the eighth of next month. On Monday, the House will send to the Senate the article of impeachment charging Donald Trump with incitement of insurrection. The senators will be sworn in Tuesday with arguments beginning about two weeks later. Senate Majority Leader Chuck Schumer says there needs to be accountability for January 6th insurrection at the Capitol. Incited by Donald J. Trump. Was a day none of us will ever Forget. Not everyone agrees House Republican leader Kevin McCarthy. I don't believe you provoked if you listen to what he said at the rally. Meanwhile, a South Carolina elections lawyer Butch Bowers, will present the defense for Donald Trump, the first president to undergo an impeachment trial after leaving office. Jackie Quinn Washington President. Biden is also called on Congress to quickly begin work on his $1.9 trillion coronavirus relief and recovery package. He notes that the price tag is high. But the needs are great and the timeline is right and this moment of crisis. With this for the interest rates as low as they are historic lows. It is smart. Fiscal investment, including deficit spending. And they're more urgent than ever. Conservative Republicans in Congress called their proposal and expensive, unworkable. Liberal wish list. Hank Aaron is dead at 86, the Atlanta Braves home run legend who broke Babe Ruth's career home run mark in 1974 died in his sleep in Atlanta. Add Seymour tells WSB read every Hank Aaron Book of the kid. Try.
AP News
"majority leader chuck schumer" Discussed on AP News
"Russia's vast territory where some demonstrators took to the streets and temperatures as low as minus 58 F. Range shows how the Valley and his anti corruption campaign have built a network of support despite government repression developed. His wife, Julia, was among those arrested. Navalny was arrested this week after returning to Moscow from Germany, where he had spent five months recovering from a nerve agent poisoning that he blames on the Kremlin. Which Russian authorities denying the 44 year old activist is known for his reports on corruption within Russian President Vladimir Putin's government. I'm Sarah passes AP News For Friday, January 22nd I'd to Maguire. Timeline is set for former President Trump's second impeachment trial opening arguments on the eighth of next month. On Monday, the House will send to the Senate the article of impeachment charging Donald Trump with incitement of insurrection. The senators will be sworn in Tuesday with arguments beginning about two weeks later. Senate Majority Leader Chuck Schumer says there needs to be accountability for January 6th insurrection at the Capitol. Excited by Donald J. Trump. Was a day none of us will ever Forget. Not everyone agrees House Republican leader Kevin McCarthy. I don't believe you provoked if you listen to what he said at the rally, meanwhile, is South Carolina elections lawyer Butch Bowers will present the defense for Donald Trump, the first president to undergo an impeachment trial after leaving office. Jackie Quinn Washington President. Biden is also called on Congress to quickly begin work on his $1.9 trillion coronavirus relief and recovery package. He notes that the price tag is high. But the needs are great and the timeline is right and this moment of crisis. With this for the interest rates as low as they are historic lows. It is smart fiscal investment, including deficit spending. They're more urgent than ever. Conservative Republicans in Congress called their proposal and expensive, unworkable. Liberal wish list. Hank Aaron is dead at 86, the Atlanta Braves home run legend who broke Babe Ruth's career home run mark in 1974 died in his sleep in Atlanta. Add Seymour tells WSB read every Hank Aaron book as a kid. Try.
AP News
"majority leader chuck schumer" Discussed on AP News
"Jackie Quinn Washington AP News For Friday, January 22nd I'd to Maguire. Timeline is set for former President Trump's second impeachment trial opening arguments on the eighth of next month. On Monday, the House will send to the Senate the article of impeachment charging Donald Trump with incitement of insurrection. The senators will be sworn in Tuesday with arguments beginning about two weeks later. Senate Majority Leader Chuck Schumer says there needs to be accountability for January 6th insurrection at the Capitol. Incited by Donald J. Trump. Was a day none of us will ever Forget. Not everyone agrees House Republican leader Kevin McCarthy. I don't believe you provoked if you listen to what he said at the rally, meanwhile, is South Carolina elections lawyer Butch Bowers will present the defense for Donald Trump, the first president to undergo an impeachment trial after leaving office. Jackie Quinn Washington President. Biden is also called on Congress to quickly begin work on his $1.9 trillion coronavirus relief and recovery package. He notes that the price tag is high. But the needs are great and the timeline is right and this moment of crisis. With this for the interest rates as low as they are historic lows. It is smart. Fiscal investment, including deficit spending. And they're more urgent than ever. Conservative Republicans in Congress called their proposal and expensive, unworkable. Liberal wish list. Hank Aaron is dead at 86, the Atlanta Braves home run legend who broke Babe Ruth's career home run mark in 1974 died in his sleep in Atlanta. Add Seymour tells WSB read every Hank Aaron Book of the kid..
Newsradio 1200 WOAI
"majority leader chuck schumer" Discussed on Newsradio 1200 WOAI
"Impeachment against former President Trump Monday. Majority Leader Chuck Schumer says the trial will begin the week of February. 8th healing and unity will on Lee, Come. If there is truth and accountability, and that is what this trial Provide in the time before the trial, The Senate will work on Cabinet nominations and a covert relief bill. Nebraska's governor says President Biden's order revoking permits for the Keystone XL pipeline will hurt his state's economy is a horrible decision on the part of the new administration to do this. This is going to impact the brass and you know, we expected to get about 1000 good paying jobs here. In fact, the career is exactly right. These air Union jobs governor Pete Ricketts officials in Canada are also worried about losing jobs. America's listening to Fox News from the Fox Sports Studios in Los Angeles here. Steve Sager Baseball Hall of Famer Hank Aaron, died today at the age of 86. Aaron is number one all time and RB Ice and had a career batting average of 305. In addition to his 755 career homers. His college basketball on FS. One right now. Early, second half seventh Ring. Michigan leads 40 to 29 at Purdue 11 NBA games tonight Among those going half time the Bulls lead at the Hornet, 61 to 53 22 points for Devante gram of Charlotte, Though halftime rockets ahead of Detroit 55 47 half time it's the Pacers 60 to 60 over the magic. Kevin Durant and the Nets is out. He's being rested tonight. That's her trailing 34 33 at Cleveland early second quarter Kyrie Irving with 13 points in the 1st 13 minutes and late first quarter, it's Philadelphia. It's Boston 31 23 over Philly. Former Detroit Lions head coach Matt Patricia has returned to the Patriots. What I know about courage. I learned from my adoptive mom, she said. Sometimes you just gotta hold on. And no we'll get through this mama..