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- [00:00]
Joe Matthew
At CES. Michael McDermott, EVP of Samsung, spoke with Bloomberg Media Studios about what the company calls its next AI chapter, your companion to AI Living. It's a shift from AI as a feature to AI as a trusted partner in everyday life. Bloomberg 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. Thanks for being with us on the Thursday edition. They just wrapped a Cabinet meeting at the White House. One hour and 20 minutes. Not the two hour plus or even the three hour plus romp that we've seen in meetings past. There were some differences, beginning with no questions. The press pool was brought in. We heard from a number of Cabinet officials, with one big exception. But no questions were taken by the president or any of the other officials in the room. Tyler Kendall, Bloomberg Washington correspondent, joins us now ahead of our conversation with Congressman Gregory Meeks, who's going to be with us in just a moment here. With a lot to talk about, a potential government shutdown on the menu for tomorrow and big questions about the future of Homeland Security Funding. Tyler's with us in our Washington bureau. An hour and 20 minutes. No questions. Also no gnome. Yeah, Kristi Noem was never called on, right?
- [01:31]
Tyler Kendall
That seems to be pretty shocking or maybe not shocking at all considering she seems to be the cabinet member who has been most in the news recently. After we saw this recent reshuffling on the ground in Minneapolis, we saw the border czar sent in Tom Homan replacing the chief of of Border Border Patrol, Bovino. And even though that's not directly Kristi Noam. Instead, what was sort of the underlying here is that Homan is going to report to Trump, not to the DHS secretary. So it appears to be have been pulling her back after what happened in Minnesota. Still, the president has maintained that he has full confidence in her. He's been asked directly whether or not she's going to leave her post, even as we've heard what's been an increased outcry on Capitol Hill, including some Senate Republicans like Thom Tillis, Lisa Murkowski saying that she ultimately should vacate that position. But as of now he's standing firm. But perhaps that was by design. I don't, I think that probably would have been one of the questions if reporters had been afforded that opportunity.
- [02:36]
Joe Matthew
Yeah, well, that's for sure. And I'm sure they would have Asked about the potential for a shutdown tomorrow as well, the president did say, though, that nobody wants to shut down and he's working with Democrats. That was about all we got there. As we look at the guidance today from the White House, there's one big event at the end of the day, Tyler, and that's the premiere of the Melania documentary. This is going to take place, I believe, at what we used to call the Kennedy Center. The president first lady. But the list, the guest list is remarkable. Beyond those who were in the Cabinet Room, Jordan Belfort, the Wolf of Wall street, reportedly, Eric Adams will be there. Gianna Infantino's got to be there. Dr. Phil, who else do we expect?
- [03:14]
Tyler Kendall
I also saw the rapper walk. A Flock of Flame is going to be there as well. We know that this is something that the president has been looking forward to. He's talking about it a lot. He himself is going to appear at the Kennedy Cent. They try to promote this movie and perhaps Melania's position in the administration as we haven't heard as much from her perhaps this year, but she has taken on some initiatives. Of course, we know her the best campaign when it comes to cyberbullying and also her efforts when it comes to the Russian Ukraine war and helping those Ukrainian children that were taken from her home. So it'll be interesting to see what her comments are focused on ahead of this release of this movie.
- [03:53]
Joe Matthew
I guess the after parties are going to be quite the story tomorrow with the latest on Waka Flocka flame. That is Tyler Kendall, Bloomberg Washington correspondent, because, well, it's 2026. I'm Joe Matthew in Washington and thank you for being with us here. On Balance OF Power Thursday edition as we count down to what will probably be a partial shutdown, but maybe not a very long one, there is a deal reportedly in the works between Chuck Schumer and Donald Trump that would help to avoid this from being longer than a couple of days. If DHS is stripped out of the 6 bill package, put in place a CR and follow up next week when the House comes back with a new bill that would put restrictions on ice beginning with body cameras and new training. That's at least where we are now. That may not come to fruition, but the president seemed pretty optimistic about it and reports would suggest the same. Gregory Meeks, the congressman from New York, joins us right now. The top Democrat on the House Foreign Affairs Committee who is in the throes of this debate right now with a unique perspective as the top Democrat on foreign affairs. Congressman welcome. It's great to have you back on Bloomberg TV and radio. Did I just describe a likely scenario? When you come back next week with your colleagues, will you have a new bill to vote on for dhs?
- [05:06]
Congressman Gregory Meeks
Well, I surely hope so. I think nobody really wants to shut down, but we cannot continue with the bill that was sent over to the Senate from the House. So I hope that the Senate Republicans and the president works with Senator Schumer so that we have a new bill. Number one, that the DHS funding is out of the other six bills of which we had basically some bipartisan agreements so we can make sure that there are changes in the DH bill. What you said is right. We want to end roving patrols and have some enforce and accountability. We want to make sure that there's an increased transparency. We get rid of no judicial warrants, no mask. We can't wear masks. So I think that if that kind of dialogue and conversation is taking place, and I hope that Senator Thune works with Senator Schumer to pass a bill with those kinds of things in them, then we will be able to vote on a new bill when we get back on Monday.
- [06:14]
Joe Matthew
I guess the question is, will it pass the House? Because you know, well, that there are some strong objections in the Freedom Caucus and other quarters of the Republican Conference. But Congressman Meeks, today we saw Ron Johnson, Tommy Tuberville, Mike Lee, Ted Budd and Rand Paul all vote against the bill that was brought to the floor. This procedural vote. What does that tell you about a likely passage in the House?
- [06:39]
Congressman Gregory Meeks
Well, I think that it should pass. All we really need in the House is three to four Republicans to vote with us. And if they see that some of the Republican senators, you know, will stand and do the right thing, that should give them the coverage to do the same thing. Also, look, the situation, as we see with reference to ICE, is completely out of control. You know, you know, accountability is not an option. It's a requirement. And Congress has that requirement of making sure that we are holding individuals accountable. And so I think that's what is at stake. That's not even a Democrat or a Republican issue. It is basically standing for doing the right thing when we see American citizens being gunned down in the streets by ICE agents.
- [07:34]
Joe Matthew
We talked with Robin Kelly a couple of days ago, Congressman, who has drafted articles of impeachment for Kristi Noem that I believe you have co sponsored, you have signed on to. Where does that effort stand? And is her removal one of your demands for a deal?
- [07:49]
Congressman Gregory Meeks
Well, absolutely. I mean, it's critical. You see an individual who is not ready. You know, she's never been ready for the job that she has. When you make the kind of statements that she made immediately after both the shootings of Renee Good as well as Alex Preddy, without any evidence other than what your actual eyes have seen that took place, it just shows that she needs to be gone. And so, you know, Donald Trump used to talk about, you know, in his reality TV days, et cetera, you're fired. So either he says you're fired or we should continue to move forward with a motion to impeach her because she clearly is not the right person for that job.
- [08:42]
Joe Matthew
Well, you've been around Washington for a minute, Congressman. What did you make of the fact that the president didn't call on her just now? It was an hour and 20 minute long cabinet meeting, no questions. And of all the cabinet officials he asked to speak, she was not one of them. Does that tell us anything about her standing?
- [08:57]
Congressman Gregory Meeks
Well, I think that it does. It also tells us though that the president is not being transparent either. We need to have transparency from the president of the United States of America. You know, some of this that's taking place, he doesn't have clean hands in this. You know, when you look at how and what he has said about people in Minnesota, why he sent 3,4000 troops there to call this surge, he and the language that he uses in regards to many of the citizens there, how he's attacked its governor and its mayor, he is the one that set the stage for what took place and to my mind is similar to how he set the stage to what took place on January 6th. They're one and the same. So her standing should be, you know, in jeopardy. But we've seen unfortunately this White House, those that have attacked law enforcement officers, you know, in January 6th, he's pardoned them and in this case those who are killing innocent American citizens and how, you know, even if you look at how they are going after, for example, five year old Lamb Ramos, that's not what the American people want. That's not what we stand for. You know, we want to make sure if you going after criminals, those who've been convicted of felons, we want them gone. That's what we the people want it. And I want to be quite frank. I think that's there's no partisanship therein. But to do what he has done, set the stage that he has and then try to hide behind it is not what we need from a president of the United States, but we do need him to stand up. If he really means something, want to really show something, fire Christine. Fire her now.
- [10:48]
Joe Matthew
Wow. Congressman, there are a couple things I want to get to you with our remaining time here as ranking member on House Foreign Affairs. What are you hearing? What do you want to see happen with Iran? The President, as he says, has put a massive flotilla, another massive armada he's characterized larger than what was put off the coast of Venezuela. Are we about to strike Iran again?
- [11:11]
Congressman Gregory Meeks
Look, if the president feels that there's an imminent threat to the people of the United States and or there's a real need to have a military strike on Iran, he should come to Congress first, give us that information so that we can make authorization on the utilization of military force and or a War Powers Act. So if in fact that's the case, and as well as I think it is tremendously important to make sure that we're talking to all of our allies in the region because they are ones that are in direct danger, any other kind of activity that Iran may do in retaliation. So I would also make sure that we're in close dialogue and conversation and I would want to hear that with the Saudi Arabians, with Israel, with the Jordanians, that they all are affected by that and making sure also that we're not undermining the people that we want to help because very clearly we stand with those brave Iranians who are fighting for freedom within their own country. This did not happen because of the United States or the United States urging. This happened by an organic group of of Iranians who are proud and strong and tired of their authoritarian type government that's been ripping off the people for a long period of time. And so what does this mean to them and how that apparates all that has to be looked at and considered before there's a strike.
- [12:49]
Joe Matthew
Well, that's a lot to consider. And if it takes place in the coming days, Congressman, we'd like to talk with you about it. Let's go local before you leave us. You've got a new mayor in New York City and he's calling for higher taxes on the rich to address what he describes as a fiscal crisis for his city. Do you support that effort?
- [13:09]
Congressman Gregory Meeks
What I support is let's try to figure out how do we make things more affordable. There's got to be ways of which we are talking about this. I think that there's some areas of where individuals be ready to step up and do their fair share. So I'm not talking about broad taxes that would be placed on everyone or certain individuals. The Governor of New York has clearly stated that she does not want to raise taxes. I understand that. We don't want to run people out of the city of New York. That's not what this is about. We would need some of the resources that the federal government had been sending to New York that the President of the United States started to say, punish New York and not have delivered those resources. So there's a number of ways I think that we can cut into that deficit and not have to raise taxes.
- [14:02]
Joe Matthew
Okay, well that. So 2%. Another 2% on people making more than $1 million a year as a nonstarter.
- [14:10]
Congressman Gregory Meeks
Yeah. I think that right now I'm with the governor who says that we're not going to raise taxes, we're not going to chase people out of the city of New York. We're going to figure out how we can work together to collectively make things more affordable. And the first way to do that is the President to stop these tariffs that he is continuing to implement around the world that's driving these prices up.
- [14:33]
Joe Matthew
Yeah. I'm going to mention an important stop on the road today on Bloomberg TV and radio. We're going to be hearing from Mayor Mamdani in the late edition of balance of power, 5:00pm Wall street time. His sit down conversation with Bloomberg's Miles Miller will loom large in our coverage this evening. And I hope that you will be here for us when that takes place later on. Fed independence is also on the menu in Washington right now. Congressman Meeks, the President just said in the Cabinet meeting that he will announce his pick for a Fed chair next week. What are you anticipating?
- [15:10]
Congressman Gregory Meeks
Well, look, this President seems to be wanting, wants to be a king. He wants to be able to control the Fed and not have it as an independent board to make its decisions based upon the economy and what it believes is the appropriate way to move. To move. So I would hope the President is free to choose whoever he wants to be on the board. But you know, the kinds of acts, you know, I would hope that we don't have someone who just wants to rub a stamp. Whatever the President says and does for political purposes, one of the things that has been most important by the Fed is their independence so that they can make a decision based upon the economic totality of which they have to deal with. And so that is what sustained us and why others would have invested in the United States because of that kind of sustainability and independence. And I would hope that the President will continue or the Fed will continue in that manner.
- [16:11]
Joe Matthew
Well, I know that that's important to you as a member of the Financial Services Committee, and as long as Thom Tillis is stopping things down in the Senate, this could be a longer conversation. Congressman, it's great to see you and thank you for joining us as always on Bloomberg. That's Gregory Meeks, Democrat from New York's 5th and ranking member on the House Foreign Affairs Committee. We'll assemble our panel next for their take on all of this as we count down to what likely will be another short and partial shutdown. Stay with us on Balance of Power. We'll have much more coming up after this. How do you shift AI from being a flashy feature to a trusted partner in consumers everyday lives on the ground at CES Bloomberg Media Studios, asked Michael McDermott, EVP of Samsung. Our 2026 vision is built around an AI companion. It understands you and responds intuitively. This intelligence works quietly in the background across TVs, home appliances and mobile devices. By putting AI at the center of everything we do, we're simply improving everyday life for everyone everywhere. 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. Thanks for coming along. Today, Thursday Edition, we have news. The bills failed, which should come as no surprise if you listen to this program. This was the combined six bill minibus, as we call it, including the Department of Homeland Security. Right. Each agency gets its own bill. This is how we keep the government from closing. This six bill package, though, failed because of that one bill. And there's a deal in the works, supposedly, reportedly, and the president acknowledged it today, says he is working with Democrats, that's between Chuck Schumer and Donald Trump to craft another other bill that would be voted on presumably next week when the House gets back, that would put restrictions on ICE enforcement, body cameras, training and the rest. We've been talking about this now for days. So if they put a CR on dhs, let's get to the Alphabet soup. We avoid a shutdown. Actually. The other agencies will be made whole and then next week the restrictions would follow. That's the perfect case scenario. And when we heard from John Thune, of course, the Republican leader, the majority leader in the U.S. senate yesterday, he gave us his take on these possible negotiations. Listen, a government shutdown is not in anybody's interest. If there are things that the Democrats want that the administration can agree, you know, with them about, then let's do that.
- [18:52]
Congressman Gregory Meeks
This is not border security. This is not law and order. This is chaos. Senate Democrats are united on a set of common sense and necessary policy goals that we need to rein in ICE and end the violence.
- [19:09]
Joe Matthew
Thune and Schumer, we already heard from Trump in an hour and 20 minute long cabinet meeting. So let's assemble our panel for their take. Republican strategist Maura Gillespie is with us from Bluestack Strategies. And Democratic strategist Arshi Siddiqui is with us as well. With me here in studio, founder CEO of Bellwether Government Affairs. It's great to see you both. Both of you, I should note, worked for former speakers. Arshi worked for Nancy Pelosi and Maura worked for John Boehner. So we're going to get the view from the speaker's office, which will be the center of the political universe next week. Maura, what does Mike Johnson need to prepare for knowing that some members of his Republican conference beginning in the Freedom Caucus do not want to see a rewrite of DHS and they're already a no.
- [19:57]
Maura Gillespie
Well, right now he's also got to deal with logistic challenge, right? I mean, members are not there in the House. He is, but members are not in D.C. and so he's going to have to sort of sort out how many people he can get back by Monday. People are on Codell. I believe he mentioned to some reporters today that it is a numbers game and trying to get people back on the Hill to do this vote Monday. So that's part of the challenge. I think the other challenge is, you know, how long the CR goes. There are conversations being had right now in the Senate between Republicans and Democrats who are disagreeing on the length of a CR for DHS funding because they they are concerned about giving too much time to negotiate. And so I do think that that will to your point about for new caucus members that will dictate sort of how they land on the issue. But by and large, I think Republicans recognize that taking the DHS funding out of this and making that a CR is the best case scenario and the best path forward right now.
- [20:52]
Joe Matthew
Is that the best case scenario for you? Arshi, knowing that there'll be some time to negotiate in that world, what would be an appropriate duration? Obviously nobody's coming back from the House this weekend. They're all encased in ice somewhere. In fact, Mike Johnson told Bloomberg government we typically have 72 hour notice. We're waiting for the Senate to Take action to determine the course. So we're already into next week funding lapses? Well, I guess in that one agency or all, I guess it would be all six. If the House didn't get a chance to follow up on that vote. Is it weak enough? Is it weeks?
- [21:24]
Arshi Siddiqui
Well, I think two points. One is, I mean, there could be an exploration of a UC in the House. I mean, as you know, the speaker has, has quite a bit of latitude on how he deals with the floor.
- [21:34]
Joe Matthew
That would take a Christmas miracle though, would it not?
- [21:36]
Arshi Siddiqui
I mean, I think anything unanimous in.
- [21:38]
Joe Matthew
The House right now?
- [21:39]
Arshi Siddiqui
Well, if the members aren't back, that's one piece. And another piece is like all roads lead back to Donald Trump. Right. And this deal is fairly straightforward in terms of these, these protections, in terms of training, background checks, etc. So it is something that can be put together quickly. I do think time is of the essence. So a short term CR makes sense, but too much time I don't think helps move this process forward.
- [22:03]
Joe Matthew
Are you encouraged by the Republicans who voted no today?
- [22:06]
Arshi Siddiqui
I think it was, I think it.
- [22:07]
Joe Matthew
Was a. Mike Lee, Tommy Tuberville. It's not just Rand Paul is the point.
- [22:12]
Arshi Siddiqui
Absolutely. And this all goes back to civil liberties and an assault on constitutional protections, which is what we've seen on the ground in Minnesota and actually in other instances across the country.
- [22:22]
Joe Matthew
Yeah. Maura, how should Mike Johnson read that when you see the names of the Rs who voted no. Ron Johnson. Right. Not a moderate. Tommy Tuberville, Mike Lee, Ted Budd, and yes, Rand Paul. How does that help set your focus on what might come from the Republican conference next door?
- [22:41]
Maura Gillespie
Well, it reminds him that the crux of the issues are those, are those constitutional issues. And I do think that you're also seeing a bit of the fraying of having given so much authority to the president and to the White House in terms of things that should normally be, you know, decided by Congress and involving Congress in conversations that require votes from congressional input. And so you're seeing that frustration and really the drawing of a line in the sand here by some senators who feel as though this is going too far and they are going to clamor back some of what they believe their constituents are asking them to do. I think it does give him some room to convince maybe some of his hardline members in the House to point to those members and say, here's what Senate Temporell did, here's what Senator Lee did, you know, kind of look to them and try and convince them to go with him on this minibus journey that they're now going on. And I think that'll help him steer the ship back to where it needs to go. I do also think that President Trump not taking questions at the end of that Cabinet meeting today signals to me that he is really serious about having these conversations and negotiations. And that's a positive because otherwise, you know, he would be lamenting more or less to the press or trying to get, you know, Senate Democrats to bend to his will. But here it shows that he is actually making the good faith effort to get a solution. And that's a positive not only for Congress, but for the American people.
- [24:04]
Joe Matthew
That's a really smart observation, Maura. We can look at this a couple different ways. He did not call on Kristi Noem, and I'm sure there were multiple reasons for that. But in an hour and 20 minutes to not go to questions means something. I mean, look, this could have been a three hour long cabinet meeting like we had a couple of months ago with endless questioning. He clearly doesn't want to stop spoil what's in the works here, huh?
- [24:26]
Arshi Siddiqui
I mean, I think the stakes are really high. And we've seen two US Citizens, I mean, they're, that's, I mean, we saw that over and over. It's playing on cable TV constantly. So I think that that kind of goes back to the issues and then we go back to the constitutional protections. I mean, I think those Senate votes do really indicate, I mean, we're talking about freedom of speech, the right to actually protest peaceably, right to bear arms. All of these issues are coming out in full force on the street. And then we haven't even talked about the economic impacts of, in terms of across the country, what these indiscriminate rates are doing to folks who are actually staying back at home, not working in hotels, restaurants, all of that. That's also a drag on the economy.
- [25:09]
Joe Matthew
Well, I'll tell you what, this all brings us back to the state of Minnesota. We probably would not be having this conversation if it were not for the shootings, the fatal shootings in Minneapolis. And we've got pretty big news on the governor's race there. First, it was a shocker when Tim Wall says he was not running for reelection. Now, as some saw coming in the last couple of days, Amy Klobuchar is going for it, the senator announcing she is running for governor of Minnesota, where of course, this entire story has been swirling. And she's up with a video. That's the way you do it now to announce her candidacy. Watch and listen.
- [25:44]
Arshi Siddiqui
I am running for this job for every person who wants their work recognized and rewarded, for every Minnesotan who wants to buy their first home, for every parent who wants a better world for their kids. I'm running for everyone who wants more affordable health care, for every student, farmer, dreamer and builder. And I'm running for every Minnesotan who wants ICE and its abusive tactics out of the state we love.
- [26:14]
Joe Matthew
What do you think of the presentation Arshi going right for if you're listening on the radio, she's showing the streets of Minneapolis at this difficult time going right for the issue that's driving this whole debate.
- [26:24]
Arshi Siddiqui
Well, I actually also think she meets the moment, you know, you notice she's used the word every multiple times. So it's not that she's going to represent Republicans or Democrats or, you know, just really focus on one group. She's going to represent everybody in the state. And I think that really reflects who she is as a legislator. She, you know, she is a fighter, but she's also a pragmatist and she's experienced. So I think there are a lot of good synergies and we need that kind of spirit in Minnesota to bring people together rather than tearing them apart.
- [26:50]
Joe Matthew
So you like this idea? Minnesota backed Kamala Harris over President Trump by 4 percentage points in the presidential election. More. What's this race going to be like?
- [27:00]
Maura Gillespie
Well, it's interesting. I don't know that it will make a big impact, but something of note, just as a congressional former congressional staffer myself, she struggled in years past with a poor reputation from staff members who, both on staff side and on the campaign who accused her of being a bit abusive as a boss and as a leader. So it's going to be interesting because I imagine Republicans are ready to gear that up and to put out some campaign ads highlighting that. I don't know that it will impact voters given the fact of what's going on in Minnesota right now. But I do think that that's going to be a, you know, attack ad against her. But, you know, like I said, I don't know that it will necessarily sway, you know, or derail her campaign in any way, but it'll come to light.
- [27:44]
Joe Matthew
Remember the snowy announcement for the presidential campaign? Did this go better? I mean, she could have done it a couple days ago while it was really snowing outside. She didn't go for the ICE topics, I guess.
- [27:54]
Arshi Siddiqui
No, I mean, I think she picked the right moment and she also, she recognized the gravity of what was going on, on the ground. Right. So I think she waited and I think the time was, timing was appropriate, but I also think that she, she is going to be able to bridge divides that are so critical this, at this, at this particular time.
- [28:10]
Joe Matthew
Yeah. Well, we'll be following it very closely with the help of our great panel, Arshi Siddiqui, Bellwether, Maura Gillespie, bluestack thank you so much for your insights and a great conversation today. 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 podcasts. And you can find us live every weekday from Washington D.C. at Noontime eastern@bloomberg.com Janice Torres here and I'm Austin Hankiewicz. We host the podcast Mind the Business Small Business Success Stories produced by Ruby Studio in partnership with Intuit QuickBooks.
- [28:48]
Arshi Siddiqui
We're back for season four to talk.
- [28:49]
Joe Matthew
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- [29:11]
Congressman Gregory Meeks
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- [29:13]
Joe Matthew
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