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- [00:00]
Congressman Nick LaLota
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- [00:33]
Maura Gillespie
Bloomberg.
- [00:33]
Podcast Host
Audio Studios podcasts Radio News. You're listening to the Bloomberg Balance of Power podcast. Catch us live weekdays at noon and 5pm Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app. Listen on demand wherever you get your podcasts or watch us live on YouTube.
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Joe
We start at the Supreme Court this hour and Bloomberg Washington correspondent Tyler Kendall. It's been a pretty active there, Tyler, as the court hears arguments against Donald Trump's tariff regime. What's happening in that building behind you?
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Tyler Kendall
Hey Joe. Well, the case just wrapped up moments ago and we did see the justices draw some perhaps skepticism when it comes to the administration's legal arguments here. Now, there are two big questions that were in front of the court today. One, does President Trump have the legal authority to impose tariffs through ipa, the International Emergency Economic Powers Act? Because this is an authority that has never been used to impose tariffs before. The second question is, if he does have the legal authority to impose tariffs through ipa, can he do so without congressional approval? And that really was the point that we saw justices drill in on when it came to their questioning of the Solicitor General. It was interesting to hear and this is going to come up a lot as we follow this case. The Solicitor General tried to pull the administration's argument back from the fact that tariffs are a revenue raiser, because when you think about revenue raising, that sounds like power of the purse, which would be a power given to Congress. Instead, the administration is trying to make this all about navigating foreign affairs and being able to give the President broad authority when it comes to national emergencies. Now, we did hear some of the justices raise questions about whether or not the national emergencies that have been declared. Just to jog your memory, Fentanyl and the border for those tariffs against China, Mexico and Canada. And then so the so called reciprocal tariffs, that national emergency is tied to persistent trade imbalances. We did hear the justices raise some questions here about whether or not that meets that legal standard, known as an unusual and extraordinary threat. At the same time, of course, the justices also oppressed the plaintiffs in this case, many of the justices, including the conservative justices, in particular, raising questions about how this could potentially curb a president's authority to deal with foreign affairs. Now, no matter what happens here, this is going to have some broad impacts. Just for context, about 60% of the tariffs implemented so far this term are tied directly to ipa. And Joe, our analysts at Bloomberg Economics say if there is a sweeping decision against the administration that could drop the average effective US tariff rate from 14 and a half to 6 and a half percent and could amount in more than $140 billion in tariff refunds.
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Joe
Well, pretty remarkable to consider the scale of a refund program if we get to that point. Tyler, I'm just curious who we're hearing in the background there. It's not uncommon to see large masses of humanity around the Supreme Court when they're dealing with social issues. But who's coming out to the court to yell about tariffs?
- [03:41]
Tyler Kendall
Well, right now it appears that there is a smaller group of protesters now that the argument has ended. But keep in mind, the Supreme Court agreed to hear this case on an unusually aggressive schedule, which means and indicates to us that they're likely going to decide this quickly. So perhaps people felt that they needed to get out their voice. Now, it's also important context here that while the Supreme Court has weighed in on this administration before, it's always been on an emergency basis. They've always weighed in that the administration's policies can persist while the broader question of the legality of the policies plays out in court. This is the first time the court is going to deal with that specific matter of the legality around the policy. I will say, beyond protesters, we saw other notable people in Washington here. We know that some key members of President Trump's Cabinet, including the Commerce Secretary, Howard Lutnick, Treasury Secretary Scott Besant, ustr, Jameson Greer were all in the room there, as well as some key Democratic senators. I had the chance to catch up with Senator Maria Cantwell, a Democrat from Washington who sponsored a bill on a bipartisan basis in Congress that would curb the president's power when it comes to tariffs. She was there in the room today telling me today is an important day for her particular bill. So really bringing both sides of the aisle, both sides of the issue, to the Supreme Court here in Washington.
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Joe
This sure sounds like an active day in the Capitol. Bloomberg's Tyler Kendall @ the Supreme Court. We thank you, Tyler, as we consider what's happening on this day after the elections and picking up the pieces from results in races across the country. We talked about gubernatorial races in New York or rather New Jersey and Virginia, the mayoral race in New York, not to mention Prop 50 in California, all as the government shutdown reaches an historic milestone here. 36 days, the longest we have ever known. And the president blaming the shutdown in part for the results last evening. Taking to Truth Social to say as much Trump wasn't on the ballot and shut down were the two reasons that Republicans lost elections tonight. That may or may not have been the case in New York City, of course, where self described Democratic socialist Zoran Mamdani cruised to an easy win to become the next mayor of New York. He addressed his supporters in a late rally here in New York City.
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Miles Miller
The conventional wisdom would tell you that I am far from the perfect candidate. I am young despite my best efforts to grow older. I am Muslim. I am a democratic socialist. And most damning of all, I refuse to apologize for any of this.
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Joe
Joining us now from New York City hall is Bloomberg News senior reporter Miles Miller. What's the vibe there today, Miles?
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Miles Miller
Yeah, in two months time, Zahra Mamdani will occupy the office on the other side of City Hall. From where I'm standing right now, what we know is that affordability is the mandate. That's what he said today when he spoke before.
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Podcast Host
You're listening to the Listening Balance of Power podcast. Catch us live weekdays at noon and 5pm Eastern.
- [06:56]
Miles Miller
Live on Amazon Alexa from our flagship.
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Podcast Host
Just say Alexa out of the city.
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Miles Miller
Let's see how he can get that done.
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Joe
Well, he's not sworn in until the 1st of January, Miles. How will he spend his time assembling an administration and trying to appeal to the New Yorkers who did not vote for him?
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Miles Miller
He is surrounding himself now with people who understand city government, which to folks who were on the fence about him, who worried about how a 34 year old with no true government running experience could run City hall should give them some pause, right? They are going to have on the transition folks who worked in city government, folks who worked at big nonprofits as well. All of it in an effort to bring the best people into city government. What we call the Bloomberg method. What Mike Bloomberg did when he was here at City hall talking about the corporate leadership in this city, he said he would speak with Jamie Dimon. At a later date, he said he was happy to hear from Bill Ackman saying that he wants him to succeed. But he talked about a pro worker and pro growth agenda. He said that he wanted to do much more to cut small business fines by 50% and said he wanted to eliminate regulations in the city that are no longer needed. But what he really said was he wanted to Trump proof city agencies. So he wants to act quickly to figure out who his city lawyer, corporation counsel will be so that he can be on the front lines of suing the Trump administration when he feels they overstep on, say, taking away federal funds.
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Joe
Miles, thank you. Miles Miller at City Hall. BLOOMBERG News Senior Reporter we should note Michael Bloomberg is the founder, majority owner of Bloomberg lp, the parent company of Bloomberg Television and Radio. We've got a great panel for you here as we try to delve a bit deeper into these results and draw some insights with the help of Mark Short, former chief of staff to Vice President Mike Pence, Republican strategist in our studios in Washington, D.C. as well as Or Fear Haskell, director of external affairs at the Democratic Governors Association. Great to see both of you and thanks for spending some time with us today on Bloomberg. Mark, you have a very good sense of the mindset of Donald Trump having spent time in the first administration. What is New York in for? We talk about Trump proofing New York City. Do you think he sends troops in? Does he cut funding? What's the next lever he pulls?
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Mark Short
No, I don't think. I think that's more Mamdani play into this space. I don't think there needs to be Trump proof. I think Trump invested in New York because he has so much personal investments here and personal properties that he wanted. You know, that's why he was weighing in for Cuomo. But you know, I think that there is a danger for Republicans to kind of dismiss this and say this is about the shutdown or to say that because Democrats elect a socialist mayor of New York City or even somebody in Virginia who called for assassination of a political opponent, his family, that this is just a foil for us moving forward. I think that is true. Some of these more radical candidates are a foil. But I think the common thread throughout this was the issue of affordability. And I think a lot of people like that Donald Trump because they were concerned about the inflation they experienced under Biden and they wanted it solved. And I think that, you know, to your first segment here, this trade policy has continued to make life unaffordable. And I think There has to be a change in policy from the administration on that.
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Joe
Well, it is pretty remarkable that the same issue involving costs and inflation of Fira, the same issue that brought Donald Trump back into the White House, in fact, the same issue that put Zoran Mamdani in to City hall here in New York, is that a statement on the way President Trump has handled tariffs and the economy? Because the polling shows that he's underwater with the American people on that issue.
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Maura Gillespie
I think that that lane was totally open to both Abigail and Mikey Sheryl last night in their landslide victories that are going to be a lot of momentum for Democrats cuts because Trump has created this opening on the economy and affordability. He simply has not lived up to his day one promise to lower costs for the American people. And I think last night the American people in Virginia, New Jersey sent a really big message about how they feel about that and who they pin the blame on. And I think it's pretty clear that they feel that Republicans own own the pain on this.
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Joe
Well, you know, there were a lot of questions today, this day after Ophira, as to what would be the unifying message for Democrats. And maybe it's just as simple as that. Bring costs lower the the same issue that dogged Democrats in the last administration. But when you have a Zoran Mamdani who in many cases has an approach that's being rejected by moderate Democrats who won last night, how do you rationalize this landscape for your party?
- [11:29]
Maura Gillespie
Well, I think costs carried the day. And even before Donald Trump was reelected, Abigail Spinberger launched her campaign for governor and was talking about costs in the economy and affordability. And I think that's the roadmap for Democrats in the midterms in 2026. And clearly there's a lot of momentum here. We at the DGA certainly are going to ride this wave into really putting our campaigns on offense. And I think that'll mean that we're able to run competitively in places that maybe we weren't thinking about before, expanding the map in places like Georgia, like Iowa, maybe even Alaska. I think because we did see last night that that the American people are hungry for leaders who are going to take action to deliver for them on the economy and Democratic governors in particular. I'm biased, as you know, Joe, I think have a real record of delivering for that on the and I think the American people recognized that last night resoundingly.
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Joe
It's been said even on this program since we came to air, Mark, that the midterm campaign cycle starts now. So what is the Republican answer to what happened last night?
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Mark Short
Well, look, I think America's like I say, Republicans have the White House, the House and the Senate. And so it's less the message on the Democrats, that's more of saying if you're not fixing this affordability issue, then we're going to make a change, I mean, you know, to the Democrats campaign message. These same governors were in Congress supporting Biden's massive spending that causes inflation. So it's not like they're really pure on helping to control costs here. But I think that and actually the American people are going to say, well, which party is in control? And they're going to meet expectations.
- [12:55]
Podcast Host
You're listening to the Bloomberg Balance of Power podcast. Catch us live weekdays at noon and 5pm Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app. Listen on demand wherever you get your podcast or watch us live on YouTub.
- [13:10]
Mark Short
On Trade Policy and begin to assert some of that control back in their hands.
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Joe
A Fewer President Trump says it was the shutdown, the fact that he was not on the ballot and the shutdown that caused Republicans to lose last evening. Is there any truth to that?
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Maura Gillespie
I think the American people were very clear it was cost. It was really was cost and that they wanted to see leaders who had plans on affordability. Mikey Sherrill had a day one state of emergency plan to do something about utility prices, which talking to voters in New Jersey, that's really on their minds. I talked to somebody who had a utility bill last month of over 1000 dol billion dollars. Abigail had plans on health care, lowering health care costs, energy costs, housing costs. I know that's on the minds of people every single day. And these kitchen table issues have really been a roadmap for success for, for folks running statewide. And I think that's something replicable for folks in our party who are looking ahead to the midterms next year and are looking for a message. I think that will really be salient. And I'll just point out yesterday we saw Democratic shifts in almost every county in New Jersey and Virginia. I think that's a really big message about how, how powerful the message that both Abigail and Mike ran on was. And we also overcame historical precedent in New Jersey. I don't want to let that point go unmet. We, we had Republicans who invested big in those states. They were supposed to be competitive races and we had landslide victories in both of those states. I think that sends a really big message about how people feel and what kind of leaders are looking For I think Democratic governors in particular have been really able to meet the moment on that.
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Joe
Well, if the shutdown had an impact anywhere, it had to be Virginia with the thousands of federal workers who live there and have been furloughed or laid off, depending on the case. But there was also a candidate quality issue. If you ask people and you live in the Washington area, Mark, you know Virginia residents pretty well. You get that, and so am I. Look no further than the president's former political adviser, Chris La Civita. A bad candidate and a bad campaign have consequences. The Virginia governor's race is example number one. Is that true?
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Mark Short
Well, look, Chris was formerly the executive director, director of the Republican Party of Virginia. He knows Virginia well. But I think this is more of a cast blaming that the administration doesn't want to have responsibilities. They want to push the blame down on some real.
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Joe
Sears really never connected though, did she?
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Mark Short
No, I don't. I don't think she did. But I think that there are other candidates in the ballot. Like, to me, the more shocking one is to see Jay Jones overcome. I think a great candidate in Jason Yara is, despite his text change, about.
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Joe
Killing a political result yields.
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Mark Short
So, so I think that this, this was less about, you know, how far left or how moderate were you. This was again, about an issue of people still feeling like there's an affordability issue. And that I think was. Was driving the message. I think Republicans need to address that.
- [15:44]
Joe
Yeah, I'm really glad that Mark mentioned Jay Jones of fear. What do you make of this? Does it say more about the strength of Abigail Spanberger, that everybody rolled the coattails to victory, or was that the check on Trump as his ads promised, that Virginia wanted?
- [15:59]
Maura Gillespie
Well, I think Abigail Spinberger sent a really big message last night and clearly had coattails up and down the ballot. Last night we saw huge gains in the House of Delegates. I think that's going to mean a lot of progress for folks in, in Virginia. But I would be remiss if I did not point out to Mark's point on wins and Sears, the RGA spent just as much money on electing her as they did Glenn Youngkin. And I think that really does go to show that they thought she was a candidate who could maybe make the difference. And so I think it really is a question of what her focus was. It was not the economy. Time and time again, Abigail was filling that lane, talking about how she was going to lower costs for Virginians. And I think that's why she carried the day pretty, pretty resoundingly last night.
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Joe
Wow. We haven't talked about California yet and Prop 50. You were the legislative affairs director in the first Trump administration. You know what it's like to deal with this season that just opened in Congress. When you start rewriting maps all over the country, how difficult will it be for Republicans to get their arms around new districts and know where to invest?
- [16:57]
Mark Short
I've always been a skeptic on this strategy because they're based on the 24 map and what happened in 24. And when the Democrats put forward an incredibly weak candidate after four bad years, there was a lot of people who crossed over and supported Trump wanting to secure the border and wanting to restore the economy that he had in the first administration. That doesn't mean they're reliable Republicans, Republican voters. So when you're drawing a map, like in Texas, because many Hispanics, I think, were really concerned about what was happening at the border, they then are not necessarily going to say, hey, I'm a reliable Republican voter, necessarily in 26. And if you're drawing maps based on that, I think there's, there's a lot of concern. I think you have the other irritation that for other Americans, look and say, hey, wait, this is supposed to be done every 10 years. And so, so I think that maybe you'll see some backing off of the redistricting in other states.
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Joe
States, interesting fear. We've got less than a minute left. 30 seconds. It was said on this program more than once that if Gavin Newsom got Prop 50 across the finish line, he'd be the Democratic nominee for president in 28. What do you think?
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Maura Gillespie
I think the elections I'm focused on, Joe, are the ones coming up. But we're obviously really proud of the leadership of Governor Newsom in California. And I would zoom out and say that I think Republicans brought us on this path of redistricting because they know that they've taken on a really deeply unpopular, toxic agenda. And the American people last night sent a really big message about what they think about it.
- [18:19]
Joe
So you have it from both sides of the aisle this day after well done, market to see you both, as always, here on Balance of Power on Bloomberg. Coming up, New York City Mayor Elect Zoran Mandani continuing his victory lap after last evening's results. We'll have more from our political panel next. On Balance of Power.
- [18:36]
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- [19:36]
Podcast Host
The Bloomberg Balance of Power podcast. Catch us live weekdays at noon and 5pm Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app. You can also listen live on Amazon Alexa from our flagship New York station. Just say Alexa play Bloomberg 11:30 New.
- [19:55]
Joe
York is where we start with our political panel. And by New York, I mean Manhattan. The mayoral race that brought Zoran Mamdani, the Democratic Socialist, to a resounding victory last evening, calling into question what will be the unifying message for Democrats as we now begin the race to the midterms today. Is it the Democratic Socialist approach here in New York City that won the day? Clearly, Mamdani promising lower costs, as did Mikey Sherrill, the moderate Democrat who won the governor's race last evening in New Jersey, but with a very different approach to handling prices. Let's go back to last evening in both races.
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Miles Miller
For as long as we can remember, the working people of New York have been told by the wealthy and the well connected that power does not belong in their hands.
- [20:45]
Jeannie Shan Zaino
Here in New Jersey. We know that this nation has not.
- [20:50]
Tyler Kendall
Ever been, nor will it ever be ruled by kings.
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Jeannie Shan Zaino
We take oaths to a Constitution, not a king.
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Joe
Joining us now, our political panel, Bloomberg Politics contributor Jeannie Shan Zaino, visiting Democracy Fellow at Harvard Kennedy School's Ashe center, our Democratic Democratic analyst alongside Republican strategist Mauricilles Be the founder of Bluestack Strategies. Great to see you both here. Jeannie. We could have gone on and continued to play Abigail Spanberger from last evening as well. And I would ask you which of these messages wins the midterms for Democrats nationally?
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Jeannie Shan Zaino
I think we're going to have to wait and see because the reality is now is they have to deliver. And so if Mandani can deliver on these promises, that may be a pathway forward for some Democrats. But I think his message is a very specific message to New York City. And I think the contrast between the two women, Sheryl and Spanberger, they're sort of centrist, national security approach. That is probably the pathway where the Democratic Party will go. But again, we're going to have to wait and see. I think the beauty of this is they have these divergent pathways. It is a big tent party and they are all focused on the same thing, which is costs, affordability, cost of living. You know, one of the shocking statistics I heard recently, Joe, was if you are a young person, you will on average not buy your first house until you are 40 years old. And that for many young people, sounds like you're not buying it until you're middle aged, I'm very sorry to say. But I think it speaks to why, particularly in a very expensive area, Mamdani is resonating. But they're all focused on these issues of making life more affordable. And so I think whoever can get there will be a pathway forward.
- [22:46]
Joe
The fact of the matter is, though, Zoran Mamdani did not have a significant Republican challenger in New York. Do you think that would have changed the outcome of this race or meant a more narrow gap? Because we, what we saw in Virginia and New Jersey, certainly New Jersey with a significant Republican challenger. It was, it was the moderate Democratic message that worked.
- [23:07]
Jeannie Shan Zaino
Yeah. You know, we don't know what would have happened had they had a stronger Republican candidate or had the establishment wing of the Democratic Party put up a stronger candidate. But the reality is the margins, as you mentioned in New Jersey and in Virginia suggest that people are frustrated with the status quo and the Republicans. And this was a very strong message to Donald Trump and what has happened in the last 10 months, particularly as it pertains to the economy. But again, now Mandani is going to have to put up, he is going to have to show up and he is going to have to show that he can deliver. This is all about delivery. And also I think in all areas, they can't do what Donald Trump has done, overread a mandate they won by big margins, but they've got to focus narrowly on what they promised to do for their constituents.
- [23:59]
Joe
So, Mara, let's bring you in here with the Republican answer. What would you rather run against? A socialist who has great energy and momentum or a moderate who can appeal to independence easily?
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Maura Gillespie
Mamdani I mean, I think that we look at his campaign, it's also going to be something to watch out for, is which version of him will we get as mayor of New York City? You know, the person who has been running tried to tone down his rhetoric and try to, you know, almost caveat some of the things that he has said in the past to make sure he get through. You know, people voted for Andrew Cuomo not because they liked Andrew Cuomo. They voted for him because they were scared of Mandami. And that's really what happened last night. And I think, you know, Curtis Lewis, you know, I won't even go there. But that's the reflection that Democrats have to look at is what does that say for them as a party. Yes, Jeannie's right. And that they are trying to appeal as a big tent because there's this opportunity to take dissatisfied Republicans and bring them into the fold if they can. But they can't do that with a mom dummy as like their center point. So I do think you're going to see campaigns on the Republican side really hoping to be able to capitalize on the New York City's newest mayor.
- [25:05]
Joe
What did you make of Mamdani's speech? Talking about the fact that Andrew Cuomo, his public life is over. He went so far as to say that that'll be the last time he ever says his name again. People in the room loved it. How did it echo across Manhattan?
- [25:22]
Jeannie Shan Zaino
It's one of the things that is concerning to me. I described it as bold, audacious. Anybody who thought he was going to moderate that speech, starting with Eugene V. Debs, the socialist. Yeah, twice quoting Mario Cuomo. He spoke directly to Donald Trump. Turn up the volume. He said, I know you're watching. I mean, it was bold. I think he is responding to this push from Democrats, his constituents, who have been wanting for the last 10 to 12 months somebody to take on Donald Trump. But I think as you talk about appealing to Democrats more broadly across the country, which obviously he doesn't have to do right now, but the question is, can you deliver? But I don't think we should at all cast aside what is an absolutely meteoric rise on behalf of Zoran Mandani. A year ago, nobody knew who he was and he organized and he put together a coalition and he delivered. Now, in fact, people are talking about the Donald Trump, Zoran Mandani voter. Joe, that tells you how far we have come in the last four months.
- [26:25]
Joe
He did pick up a couple of them.
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Jeannie Shan Zaino
He did.
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Joe
This is a real thing. Was it a missed opportunity? Opportunity, though, in that speech, more to not reach across the aisle?
- [26:33]
Maura Gillespie
I don't think that's his focus. Right. He's not necessarily focused on that. It also shows that his inexperience and the fact that this is the emotions clearly got to him last night, and he felt compelled to be, which we saw a little bit in the debate, where his presence on stage was pretty smug at times, I'd say most of the time. But my opinion. But I think that was what came through in his speech last night. And so, no, I don't think he's seeking out a way to be part of the Democratic Party. I think he has his own agenda and Democrats. And that's why you saw people really hesitant to give him endorsements. They really were apprehensive at best. I mean, even Hakeem Jeffries, the minority leader, you know, he gave a tepid endorsement. Chuck Schumer refused to. Barack Obama also struggled in that department. So I think that the Democrats are still feeling it out, but they have a bigger issue, looking ahead to the 2026 midterms of how to galvanize people the way that he did. And I think it starts by going and meeting people where they are, talking to them, doing the grassroots approach and really getting into the weeds of the issues, but with people directly. And that's what they need to be focused on. And if so, do Republicans. I mean, again, I'm a Republican, and I think that our messaging has struggled to focus on the affordability. And it's where I'm hoping that Democrats like Senator or like Senator John Thune will direct his colleagues to say, let's talk to our constituents and maybe distance ourselves a little bit from the president's agenda has been.
- [27:55]
Joe
Well, it's interesting what Jeannie just said. What is the Trump Mamdani voter we saw him pick up, realizing it in the single digits pick up Trump voters here in New York. Does that have to do with a certain style not being a typical politician out of central casting, or does it actually involve issues? Issues?
- [28:16]
Maura Gillespie
I think it involves the fact that you're reaching someone. You're being polarizing again. They have so much similarities. They've been able to tap into what people's fears are. They've been able to tap into their concerns. And when you talked about, when you mentioned that people aren't going to be able to buy a home until they're 40, millennials are. There's been polls that show that they are the highest educated population, but yet the lowest paid. That's just a problem. And so a lot of the people who voted for for Mom Dummy also probably voted for Trump in the sense that they are looking for somebody who's promising them affordability, promising them a brighter future that they currently have as far as the financial stability that they're seeking to get and currently can't find it attainable. So really that's what's been tapped into. Unfortunately, I think that we're being misled by both Trump and Mom Dummy because they have big promises that sound great, but when it comes down to how will this actually happen, it's not there.
- [29:07]
Joe
Well, it sounds like maybe they have a lot in common then.
- [29:09]
Jeannie Shan Zaino
They do. And another thing that struck me, and I don't know if this struck you and more last night when you looked at that party they were having, there was a deejay on stage. We're hearing a lot of talk today that about the 100,000 volunteers for the campaign, which is astonishing. That was a campaign in which people gen zers in particular, it was an anecdote to their loneliness. That's how it's being described. And we hear similar things on the other side with Donald Trump and with formerly Charlie Kirk and the ability to reach people and really speak to them, as Maura was just talking about. So I think that that is something that truly does get out people who otherwise tend to stay home. I mean, we had over 2 million people turn out in New York City. That goes back to the nineteen nineteen sixties. A million of them voted for Zoran Mandani, who becomes this first Muslim, first, you know, youngest in a century leader, but really appealing to people where they sit and including those young male, Latino and people of color who have been disenfranchised from a world that they think doesn't speak to them and that they don't recognize.
- [30:23]
Joe
We're learning a lot and raising new questions, questions just 24 hours later. And I appreciate both of you. Jenny, Shan Zaino, Maura Gillespie for a great conversation. We appreciate your insights here. Stay with us on Balance of Power. We'll have much more coming up after this.
- [30:40]
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- [31:40]
Podcast Host
Listening to the Bloomberg Balance of Power Podcast. Catch us live weekdays at noon and 5pm Eastern on Apple, CarPlay Play and Android Auto with the Bloomberg Business app. You can also listen live on Amazon Alexa from our flagship New York station. Just say Alexa play Bloomberg 11:30 picking.
- [31:59]
Joe
Up the pieces here from quite an election night. And we've been talking a lot about what happened here in New York last evening. The mayoral race as well as the gubernatorial contests in New Jersey and Virginia, Prop 50 in California. We put them all together now in a conversation we've been looking looking forward to with Republican Congressman Nick Lalota of New York. He's with us live on Bloomberg. And Congressman, we welcome you back. I know that you're probably questioning what took place last evening in Manhattan. Have you made plans to move out of the state yet?
- [32:29]
Congressman Nick LaLota
Now hunker down here on Long Island. My constituents and I are quite anxious as to what socialist Zoran Mondami will do in New York City. Of course he campaigned on a lot of wacky ideas. He's an anti Semite. He wants to raise taxes by $9 billion. He called the NYPD a racist institution. He has this idea that's failed everywhere else about government run grocery stores. We here on Long island and elsewhere in New York State are anxious about what that what will be caused by those policy initiatives. We fear that too many people will leave New York City, especially wealthy folks will flee to red or low tax states like Florida, like the Carolinas, like Texas now. And when they leave and the government doesn't stop spending, the rest of us are going to be held holding the bag. And that's an unfortunate occurrence that I hope that Kathy Hochul, despite endorsing Zoran Mandami, puts a stop to. She has the ability to stop a lot of these crazy ideas at the state level. A lot of them require state enabling legislation. I hope that Kathy Hochul, who endorsed Zoram Bandabi comes to her senses and puts a stop to the socialism.
- [33:37]
Joe
Well, you're clearly not a fan and I know that Zoran Mamdani, I don't want to get too far into this, has said repeatedly that he is not an anti Semite. He has been very critical of the Israeli government. I'm just wondering what you think the response from President Trump will be. His promise to pull federal funding from Manhattan and as a New Yorker, I guess. And that's going to be a problem for you. Was that a threat or something you're worried about?
- [34:01]
Congressman Nick LaLota
Well, I want to fight for every dollar to come to New York State. We were pleased to help increase the state local tax deduction by fourfold yield, increasing it to $40,000. It's going to help a lot of hardworking middle class families, especially here on Long Island. I want to fight for more investments to come to New York, but there has to be accountability. On the dollars that we send to the five boroughs. Their policies in the past about shielding illegal immigrants with their sanctuary city policies is problematic. We need a fix to that. I hope that we can live in some sort of equilibrium where folks who run New York City can have good policies and the federal government can send money to New York City and New York State. But I hope that we can live at a better equilibrium and not send good dollars after bad policies.
- [34:46]
Joe
Like to ask you about the shutdown, Congressman, and I'll take this opportunity to tell our listeners and viewers about a headline that just crossed the terminal. The FAA has issued a ground stop notice at LaGuardia Airport. And of course that's something we've been hearing a lot about. I it took quite a few hours to get into LaGuardia from Washington, D.C. a couple of days ago and this has become par for the course. We're on day 36 of the shutdown, which means it's record length. And the president today brought Senate Republicans into the White House for a meeting, having already said on Truth Social that the shutdown was partly due to blame for Republican losses last evening. I don't know if you agree with him on that, but there does seem to be a sense that this could end now that we're through the elections, maybe even within days, by the end of this week. What's your thought?
- [35:31]
Congressman Nick LaLota
For decades, Clean CRS were the resolution that Republicans, Democrats agreed on when they couldn't agree on policies elsewhere. And you have to look at Senate Democrats to why they won't adopt that philosophy that's been adopted in Washington. Like I said, for decades. They're the ones who shut the government down. They're the ones that are causing these ground stops in places like LaGuardia, long lines elsewhere throughout the country. You know, not having federal employees paid. I have the Brookhaven National Lab here in my district. 3,000 scientists and engineers. Some are getting furloughed. Many aren't being paid. Our national security is at risk. Other things are just grinded to a halt. This shutdown needs to end. Others will profess the political implications of it. But there's a real human implication of federal employees not getting paid. There's a national security implication of us not being able to deploy our troops in the right manner, gather intelligence in the right manner, and then programs like SNAP, and let's be clear, 99% of House Republicans, 99% of Senate Republicans voted yes every time to fund those programs and to pay those troops and pay those employees. It's the Senate Democrats are holding up. And I'm pleased that the President is meeting with Senate Republicans. But it's time for Chuck Schumer to have some courage and meet with Senate Democrats and release his stranglehold that he has on the American people.
- [36:52]
Joe
Well, we understand that was a pretty chippy meeting at the White House. The president was on truth social, saying, republicans, terminate the filibuster, get back to passing legislation and voter reform. Does it make you nervous, the idea of a Democratic leader in the Senate pursuing an agenda with no filibuster?
- [37:09]
Congressman Nick LaLota
Well, here's the ultimate question. The President is right to test this issue. The ultimate question is, if and when Democrats have the trife, the White House, the Senate and House, will they too, honor this tradition of 60 votes to do policy and budgets in the Senate? If they will, then we probably shouldn't get rid of this filibuster. But the president's point is that they'll get rid of it the moment they have the trifecta. I think that is a pending question that needs to be probed by constituents, by the press. These senators need to be on record that either they like the filibuster or they don't. Because we Republicans, we want to get our good policies through. We got the big bill through that. Lowered taxes that strengthen our border, strengthen our national security. We're able to do that with just 51 votes in the Senate. A lot of other things that are good for the nation, we can't do if we hold ourselves to the 60 vote standard. The President is right to be questioning whether or not Democrats, if they had the trifecta would hold that same standard. And I hope that we come to a good answer here in the next couple of days or weeks.
- [38:09]
Joe
Well, they had the trifecta just in 2020, right? And they didn't do it. Is the is the lack of trust that bad on Capitol Hill that you still don't know?
- [38:17]
Congressman Nick LaLota
Yes, right now it is because of this CR issue. The lack of trust exists right now because Senate Democrats won't do the mere minimum and agree to a status quo clean, no cuts, no gimmicks, no tricks, clean cr, which is by the way mostly Biden's policies. So the trust level is at a new all time low and that lack of trust is now making this 60 vote standard a little skeptical about. Can we actually rely on the 60 vote seder in contemplation of Senate Democrats.
- [38:48]
Joe
Breaking tradition with where we are Republican Congressman Nick Lalota, Great to see you from New York. Thank you. Let's meet back in D.C. this is Bloomberg. Thanks for listening to the Balance of Power podcast. Make sure to subscribe if you haven't already at Apple, Spotify or wherever you get your podcast. And you can find us live every weekday from Washington D.C. at Noontime eastern@bloomberg.com.
- [39:14]
Tyler Kendall
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- [39:44]
Maura Gillespie
Thursday.
- [39:44]
Joe
Night Football is on and it's only on Prime.
- [39:47]
Miles Miller
Video flips it to the touchdown this.
- [39:49]
Joe
Week it's an old school rivalry as the Las Vegas Raiders collide with the Denver Broncos.
- [39:54]
Congressman Nick LaLota
This is a matchup everybody wants to see.
- [39:56]
Joe
Coverage begins at 7pm Eastern with Football's Best Party TNF tonight presented by Verizon.
- [40:02]
Miles Miller
Not a Prime member?
- [40:03]
Joe
Not a problem. Simply sign up for a 30 day free trial. It's the Raiders and Broncos Thursday at 7pm Eastern only on Prime Video. Restrictions apply. See Amazon.com amazonprime for details.