Balance of Power Podcast – Episode Summary

Episode: Record Government Shutdown Ends as Trump Signs Spending Bill
Date: November 13, 2025
Hosts: Joe Matthew, Tyler Kendall (Bloomberg)
Guests: Laura Davison (Bloomberg), Congressman Brad Sherman (D-CA), Stephen Dennis (Bloomberg), Dan Flatley (Bloomberg), Rick Davis (Republican Strategist), Arshi Siddiqui (Democratic Strategist)

Overview:

This episode centers on the end of the longest U.S. government shutdown in history, following President Trump’s signing of a stopgap spending bill. The discussion explores political winners and losers, lingering fallout for federal workers and key services, unresolved health care battles, and the political struggle over release of the “Epstein files.” The panel also dives into the historical phasing out of the penny and its broader implications.

Key Discussion Points & Insights

1. End of the Government Shutdown: What Happened and What’s Next?

• Stopgap Funding Details

  • The government reopened after a record-length shutdown via a spending package funding some agencies through January 30 and others, like the USDA, through the full fiscal year.
  • “Some key agencies will be funded through the fiscal year like the USDA. So theoretically the question of SNAP benefits should be off the table for the next negotiation.” — Tyler Kendall [01:07]

• Political Narratives

  • President Trump framed the deal as a win, blaming Democrats:
    • “With my signature, the federal government will now resume normal operations… The Democrats, they look very bad.” — Joe Matthew, quoting President Trump and Congressman Sherman [01:53-02:09]
  • Laura Davison called it a hollow victory for both sides:
    • “No one actually won. In fact, a lot of people lost in terms of federal workers who went without pay…” — Laura Davison [02:42]
  • Republicans gained by standing firm with no major concessions, while moderate Senate Democrats pushed for a deal to end immediate pain.

• Immediate Impacts

  • Air travel: Delays and cancellations expected to ease over about a week, just before the busy Thanksgiving season.
  • Benefit delays: Only two processors handle SNAP payments nationally, creating potential backlogs.
  • Federal worker pay: Paychecks to resume soon, though with withholding quirks leading to possible shortfalls.
  • “There's not… this is not a no one is held completely harmless here. There are, you know, some latent effects that will continue.” — Laura Davison [03:26]

2. Unresolved Conflict: Health Care, ACA Subsidies, and Looming Fights

• ACA Subsidies in Limbo

  • Democrats wanted extension of Affordable Care Act (ACA) premium subsidies; the stopgap does not address this.
  • Republicans argue ACA makes health care less affordable, favoring direct cash to consumers rather than insurers.
  • “You even heard Trump in the Oval Office last night saying, you know, he doesn't want to have these insurance subsidies go to insurance companies. He wants them to go to people directly…” — Laura Davison [04:32]

• Political Mess Ahead

  • Both parties lack consensus even within their own ranks.
  • “This is really going to be a political mess. You have Democrats who don’t even know exactly what their ask is.” — Laura Davison [04:32]

• Future Shutdown and Spending Fights

  • The stopgap only buys time to January 30; major unresolved funding bills remain.
  • Congressional schedule (Thanksgiving, Christmas) will compress time and increase tensions.
  • “There will probably be some tension over this health care fight… People should definitely keep their calendars open.” — Laura Davison [05:34]

3. Congressman Brad Sherman Interview: Democratic Perspective

• Democrats’ Achievements and Failures

  • Focus on raising awareness about looming premium “doubling” affecting 24 million Americans.
    • “Well, at very least, we raised the awareness that we're about to see a doubling of these premiums for 24 million Americans.” — Rep. Brad Sherman [07:44]

• Obamacare and Medicare for All

  • Sherman advocates restoring subsidies immediately and longer-term Medicare for All.
  • Criticizes administration’s lack of concrete proposal for an ACA alternative.
    • “His objective is to destroy Obamacare and replace it with nothing.” — Rep. Brad Sherman [07:44]
    • “The promise of a vote is illusory…” — Rep. Brad Sherman [08:57]
    • “Medicare for all is the way to make it sane.” [08:57]
  • Pledges to introduce a bill to regulate pharmaceutical prices.

• GOP Position

  • Small Senate Republican group may support ACA subsidies, but leadership is focused elsewhere.
  • “But Republican leadership, I think is going to try to do either nothing or do just a little bit so they can say they did something.” — Rep. Brad Sherman [11:44]

4. Epstein Files: Political Pressure and Procedure

• Discharge Petition

  • Congresswoman Adelita Grijalva’s swearing-in provided a crucial vote for releasing the Epstein files.
  • Sherman: “The best venue is the floor of the House, and we will be voting on that next month… The Senate, it would take a lot of pressure.” [12:45]
  • Both parties anticipate the issue will not disappear: “This is the issue that will not die and that eventually the public will demand the release of the files.” — Rep. Brad Sherman [13:25]

• Partisan Maneuvering

  • Speaker Mike Johnson opposed the process for “reckless disregard” over victim privacy:
    • “We have been for maximum transparency... but the discharge petition is not only reckless, it is also a totally moot point.” — Mike Johnson (via Joe Matthew) [35:24]

• Political Motivations & Risks

  • Rick Davis: Discharge petitions become traps for Republicans, but also distract Democrats from key issues like affordability and health care.
  • “The Epstein files will not succeed as being an electoral issue. It's just a distraction and frankly, one probably welcomed by some Republicans at this point.” — Rick Davis [37:07]

5. A Moment in American Change: The End of the Penny

• Background

  • US Treasury, at Trump’s order, ends production of the penny. President called penny a symbol of waste.
  • Panel explores economic, regulatory, and cultural aspects.

• Industry and Retail Concerns

  • “There are 300 billion pennies in circulation… if you actually were using them, they wouldn’t be in circulation. People would be spending them, not putting them in jars in their basements.” — Stephen Dennis [19:19]
  • Retailers want clear Congressional guidance on rounding and SNAP benefit rules.

• Government Caution

  • “One thing the government really does not want you to do. They don’t want people to panic and give them back their pennies.” — Stephen Dennis [24:13]

• Nostalgia vs. Utility

  • “A penny saved is a penny earned. A penny for your thoughts. And we are losing something, except there are 300 billion out there.” — Stephen Dennis [24:23]
  • Dan Flatley: “I come to the penny, but to bury it… we're probably better off without the penny. It makes sense, but all right, I will miss it.” [26:21]

Notable Quotes & Memorable Moments (with Timestamps)

• On Shutdown’s Cost
  "No one actually won. In fact, a lot of people lost in terms of federal workers who went without pay and SNAP benefit recipients."
  — Laura Davison [02:42]

• On ACA Subsidies & Trump
  "His objective is to destroy Obamacare and replace it with nothing."
  — Rep. Brad Sherman [07:44]

• On Political Malaise
  "This country is more divided than it’s been since the 1860s… I wish I had a solution to that. But hopefully people are getting more of a reasonable and centrist view here on Bloomberg.”
  — Rep. Brad Sherman [14:22]

• On Ending Use of Pennies
  “There are 300 billion pennies in circulation… if you actually were using them, they wouldn’t be in circulation. People would be spending them, not putting them in jars in their basements.”
  — Stephen Dennis [19:19]

• On the Epstein Discharge Petition
  "Discharge petitions...are not the ideal preferred way to make policy. They are a procedural tool for the minority. They really push the envelope..."
  — Arshi Siddiqui [36:17]

Timestamps for Important Segments

• 01:04: Episode Begins – Shutdown ends, stopgap signed
• 02:42: No one “won” the shutdown – Laura Davison
• 03:26: Fallout for workers, SNAP, travelers
• 04:32: Unresolved ACA subsidy fight
• 07:44: Rep. Brad Sherman on Democrats’ strategy
• 12:45: The Epstein Files/Discharge Petition explained
• 14:22: Political climate: “more divided since the 1860s”
• 17:45: The end of the penny—panel discussion begins
• 31:53: Symbolism of new Democrat Adelita Grijalva’s swearing-in
• 35:24: Speaker Johnson outlines opposition re: Epstein files
• 37:07: Rick Davis on political traps of discharge petition

Tone and Style

The conversation oscillates between exhausted realism and biting wit—panelists display skepticism toward any claims of “victory,” highlight the ongoing uncertainty, and inject moments of levity (especially around the penny’s demise). Both guest strategists (Rick Davis and Arshi Siddiqui) cut through the spin, offering frank assessment of each party’s weaknesses and strategies.

Summary Takeaway:
Despite the high-profile end to the shutdown, the issues behind it—health care, government funding, and partisan dysfunction—remain wide open. The upcoming months promise new confrontations, with little optimism for consensus. As the government and public move forward, even small change (like phasing out the penny) becomes a symbol of larger institutional challenges and stubborn resistance to reform.