Balance of Power – GOP Unveils Bill to Avert Shutdown

Podcast: Balance of Power (Bloomberg)
Date: September 16, 2025
Host(s): Joe Mathieu, Kailey Leinz
Key Guests: Lizzie Burton, Rep. Mike Heridopoulos, Miles Miller, Ashley Davis, Kitty Richards

Episode Overview

The episode centers on two major stories:

1. Political and Economic Dynamics of President Trump's UK State Visit – With Trump en route to London, the podcast examines the visit’s agenda, UK-US trade, and political risks for UK Prime Minister Keir Starmer.
2. GOP's Bill to Avert a Government Shutdown – The show details the House Republicans' new continuing resolution and the legislative strategy to prevent a shutdown, with insights from Rep. Mike Heridopoulos. The episode also covers breaking security news (FBI testimony, Charlie Kirk murder case), Fed policy expectations, and the ongoing political polarization in the US.

Key Discussion Points & Insights

1. President Trump’s UK Trip – Trade, Tech, and Political Risk

(00:55–05:37)

• Trump’s Agenda: Trump and the First Lady head to the UK for a high-profile state visit, blending royal ceremony with business, including trade talks and economic partnerships.
• Lizzie Burton (London Correspondent):
  • “It’s an unprecedented second state visit to the UK… much on the agenda here, as you allude to, this economic partnership seeking to be built upon after that trade deal for which Britain really was at the front of the queue.” (02:31)
  • $10 billion in new economic deals expected, including defense, nuclear, finance, and Google’s £5bn AI investment.
  • Skepticism about UK’s stance on crypto, with tougher regulations compared to US.
  • “But I have to say, this could not be coming at a worse time for Keir Starmer. So it's fraught with political risk.” (02:54)
  • Multiple sensitive issues for Starmer: ambassador’s Epstein links, Palestine recognition, and fears of appearing too close to Trump (“deeply unpopular here in Britain”).
• Political Undercurrent:
  • Unlikely timing for Starmer, amid resignations and controversy.
  • Potential for awkward press moments and policy divergence.

2. GOP’s Government Shutdown Bill & Legislative Tensions

(05:37–12:40)

• Joe Mathieu reports: House Republicans advance a continuing resolution (CR) to keep federal funding stable until November 21, 2025, aiming to avert a threatened shutdown without caving to Democrats or the administration’s push for a longer-term deal.
• Rep. Mike Heridopoulos (FL-8):
  • On the GOP’s unity and goals:
    “Republicans are 100% committed to keeping the government open. We know vital it is as we move forward.” (06:52)
  • Downplays internal dissent (Massie, Greene, etc.), instead focusing on “Democrats simply want to shut the government down.”
  • Recaps previous legislative achievements: budget bill on July 4, claimed border security, tax stability, and spending cuts.
  • Will the ACA subsidy credits be a bargaining point?
    “We want to have a discussion with the American public about what this bill is and what it isn’t… But let’s be clear here. The Democrats want to shut the government down… We’re not.” (08:57)
  • On rescissions and spending cuts:
    • “When you look at what we cut out of there, we’re talking about NPR and PBS. That is not a vital government function.” (11:15)
    • USAID is also a top target for spending cuts.
    • Pushing for more transparency: “We want to make the government more transparent so we don’t have these bogus expenditures like we saw with usaid.” (12:15)
  • Criticism of Democratic calls for more spending/taxes.
• Affordability & Interest Rates:
  • Heridopoulos points to high interest rates as hurting middle-class families—“the difference between a 7% interest rate and a 3% interest rate on an average home… $15,000 a year, and people can’t afford it.” (13:30)

3. Federal Reserve & Political Tensions

(12:40–15:52)

• Trump’s Comments on Rates: Trump blames the Fed for slow rate cuts, calls for lower rates, and asserts: “I think I have a better instinct than him. If you look, all the economists got it wrong. I got it right.” (13:04)
• Heridopoulos on Fed Policy:
  • Criticizes Democrats and previous Fed inaction, recounting questioning of Jerome Powell admitting policy missteps during the Biden years.
  • Sees hope for a rate cut “at least a quarter point, hopefully a little bit more to help people who've been so hard hit the last four years with higher rent prices and gas prices.” (14:49)
  • Calls for Federal Reserve transparency and for action based on “facts.”
• Controversy Over Appointments: Debate about Lisa Cook’s future on the Fed board, due process, and qualifications (“the facts speak for themselves…” (14:49)).

4. Congressional Security & The Charlie Kirk Murder Case

(17:07–28:21)

• Miles Miller (Bloomberg National Security Correspondent):
  • Suspect in Charlie Kirk’s murder faces charges of murder/obstruction; definitive weapon link via DNA.
  • Discord app played a key role in identifying the suspect’s confession.
  • State trial will be public; possible federal case and discussion of the death penalty.
• Ashley Davis (GOP Strategist, Ex-Homeland Security):
  • "Listen, Joe, I think the whole situation is heart wrenching... people are trying to come around and be nice to one another... but then everyone went back to their corners and started fighting again. I just hope... next week we just don't go back to our old ways." (22:08)
  • Reflects on political and emotional impact, the fleeting national unity post-tragedy, and the lasting challenge of polarization.
  • Security concerns for lawmakers and at public events: “I just think that it's almost impossible to do,” regarding universal security details for Congress. (25:49)
  • Faith in Secret Service but highlights stretched resources, especially during United Nations week.
  • Real-world perils for members of Congress and public figures remain.

5. The Federal Reserve’s Decision, Market Reactions, and Tariff Policy

(29:27–38:19)

• Kitty Richards (Groundwork Collaborative, ex-Treasury):
  • The Fed is expected to cut rates by 25 basis points—“the Fed has been signaling for quite some time... all point to a quarter point rate cut.” (30:34)
  • Softer labor market, spike in Black unemployment, and fewer job openings now support a rate cut.
  • Critique of Trump’s “vicious targeting of Lisa Cook” at the Fed and warnings about politicizing Fed independence.
  • Trump’s tariffs create inflationary pressures and uncertainty, complicating the Fed’s ability to lower rates.
  • Longer-term rates remain elevated due to market skepticism about Fed independence.
  • “If what the President is trying to do is bring down mortgage interest rates, it's—we're going to start to see whether the Fed is losing its ability to drive down those longer term interest rates.” (33:02)
  • Argues that many Americans, especially working families, are being squeezed despite some households’ rising wealth—“That is not the majority of Americans. Working people are really being squeezed now…” (37:19)
  • Criticizes delayed normalization of rates post-pandemic; highlights tariffs’ disruptive impact.

Notable Quotes & Defining Moments

• Lizzie Burton (on UK State Visit):

  “I have to say, this could not be coming at a worse time for Keir Starmer. So it’s fraught with political risk.” (02:54)

• Rep. Mike Heridopoulos (on CR and Democratic strategy):

  “We’re under the assumption that Democrats simply want to shut the government down. ... We choose to keep the government open.” (07:37)

• Donald Trump (on Federal Reserve):

  “It should be [independent]. But I think they should listen to smart people like me. I think I have a better instinct than him. If you look, all the economists got it wrong. I got it right.” (13:04)

• Ashley Davis (on unity after tragedy):

  “I just hope that after Sunday, when the president does his memorial service...next week we just don't go back to our old ways.” (22:08)

• Kitty Richards (on economic stress):

  “Working people are really being squeezed now. ... Those consumer goods prices and things like groceries and housing costs, those are a big, big part of the typical family's budget.” (37:19)

Important Timestamps

• 00:55 – President Trump’s UK trip preview
• 02:31 – Lizzie Burton details UK economic partnership discussions
• 03:55 – UK/US differences on crypto regulation
• 05:37 – Breaking update: GOP shutdown-averting bill
• 06:52–12:40 – Rep. Heridopoulos on the CR, party unity, deficit/tax bills
• 13:04 – Trump on the Fed and personal instincts for rate policy
• 14:49 – Fed appointments and internal Republican pressure
• 17:07–23:09 – FBI testimony, Charlie Kirk murder suspect case, and political/social reactions
• 25:49 – Ashley Davis discusses Congressional security and logistic challenges
• 29:27–38:19 – Kitty Richards on the Fed, inflation, and working-class squeeze

Conclusion & Tone

The episode navigates fast-moving US political and economic developments, blending on-the-ground reporting, legislative analysis, and informed commentary. The tone is urgent, pragmatic, and (in the guests’ case) candid—grounded in the realities of a complex election year, global diplomacy, and rising domestic tensions. The hosts and correspondents keep the conversation balanced but don’t shy away from controversy or sharp critiques.

Summary prepared for listeners wanting a comprehensive yet engaging account of the episode’s key themes and soundbites, with clarity on the most newsworthy moments and their broader significance.