Trump Wraps Up UK Visit

Summary

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Balance of Power – "Trump Wraps Up UK Visit"

Podcast: Balance of Power
Host: Bloomberg
Date: September 18, 2025

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Episode Overview

This episode, hosted by Joe Mathieu and Kailey Leinz, delivers a detailed analysis of President Trump’s state visit to the UK, a major Nvidia-Intel investment announcement, escalating political divisions over violence and speech in America, budget negotiations threatening a government shutdown, the politicization of entertainment, and Las Vegas’s federal tax fight. Featuring on-the-ground reporting from Anne Marie Hordern, political contributors Rick Davis, Arshi Siddiqui, and a policy deep dive with former Speaker pro Tem Patrick McHenry and Congresswoman Dina Titus, the episode offers both timely headlines and broader context for ongoing U.S.-U.K. relations, tech sector maneuvering, and the dynamics on Capitol Hill.

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Key Discussion Points & Insights

1. Trump’s UK Visit: Ceremony, Business, and Geopolitics

State Visit Framed as a Success

• [02:25] Anne Marie Hordern (outside Windsor Castle): The White House considers the trip "a massive win for the U.S. administration," highlighting Trump's unprecedented second state visit invitation.
• Both Trump and Prime Minister Keir Starmer emphasized the enduring, close U.S.-U.K. relationship.
  • Trump: "It's really an inheritance, beautiful inheritance." ([01:44])
  • "I think it's an unbreakable bond we have. Regardless of what we're doing today." ([01:59])

Diplomacy with Disagreements—Recognition of Palestine

• Contentious issues handled diplomatically:
  • Starmer is set to recognize Palestinian statehood, marking a split: “We have a few disagreements, but then he stopped there. He didn’t go on to try to change the prime minister’s mind in front of the press." ([02:25])
  • Trump repeatedly pressed for all hostages to be released from Gaza, avoiding direct comment on Israel’s withdrawal or pressuring Netanyahu. ([05:04])
  • Anne Marie: "They both somehow got out of that press conference and a lot of questions from the press unscathed…there potentially could have been squabbles… but they left it as such." ([02:25]–[03:41])

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2. Breaking Tech News: Nvidia’s $5 Billion Investment in Intel

Deal Announcement & Political Timing

• [07:19] Joe Mathieu & Mike Shepard: Shocking headline during the UK trip: Nvidia invests $5B in Intel.
  • Shepard: "Deals like this don't happen overnight...there is coincidence and then there is politics."
  • The investment also includes plans for two new products and is seen as a “shot in the arm for Intel.”
  • Analyst view: “Nvidia’s investment less about money and more about influence.” ([08:16])

Political Capital and Tech Policy

• Intel-Nvidia deal entwined with Trump administration regulatory approval, especially Chinese sales:
  • Shepard: "When we're thinking of Nvidia, we also have to think about the permission that Trump's administration has granted...to sell its H20AI chips in China. That comes with a catch, the 15% cut that will go to Uncle Sam." ([09:33])
• Intel stock surged over 30% after the announcement.

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3. Political Violence, Partisan Blame, and ‘Cancel Culture’

Political Violence—Not Just ‘One Side’

• Recent Texas arrest (anti-Muslim threats to NY mayoral candidate Zoran Mamdani) and aftermath of the Charlie Kirk shooting prompt debate.
  • VP (clip): “That is not a both sides problem. My friend is dead because of left-wing political radicalization." ([11:32])
• Arshi Siddiqui urges lowering the political temperature: "We can only solve this if we’re in it together." ([13:25])
• Rick Davis notes House censure vote on Ilhan Omar is “performative,” tied to individual members’ ambitions. ([14:44])

Antifa, Proud Boys, and the Limits of Targeting

• Debate on designating Antifa a terrorist organization:
  • Siddiqui: "Not many people know what Antifa is but they have a negative connotation...easy poster child." ([15:51])
  • Rick Davis: “Nobody can tell you what an Antifa is...the greatest threat is not from terrorist organizations outside the country, but those that are resident inside this country.” ([16:38])

Legislative Dysfunction & Government Shutdown Prospects

• Corrosive partisanship jeopardizes budget deals, notably ACA (Obamacare) insurance subsidies:
  • Rick Davis: "The caustic environment...is taking its toll...the reality is, it’s a failure of the budget process as much as anything." ([19:25])
  • Arshi Siddiqui: "We're talking about up to 75% increase in ACA premiums coming in October...5 million Americans are going to lose their health care if these aren't extended." ([20:54])

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4. The Politics of Corporate Influence and State Capitalism

Patrick McHenry (Former Speaker pro Tem) Analysis

• Bloomberg’s Patrick McHenry ([24:34] onward):
  • The state of U.S. ‘state capitalism,’ especially as corporations like Nvidia align with Trump for regulatory advantages (e.g., chips export licenses):
    • “That's why one of the wealthiest men...is there at a state dinner to make sure that he is tight with this administration.” ([27:16])
  • Critiques direct government investment: "State-based capitalism is called socialism. Not in the interest of the American taxpayer...Politicians do an atrocious job traditionally of doing this.” ([28:36])
  • Points to “permitting” as the real bottleneck to onshoring chip manufacturing, not lack of capital.

Entertainment, Free Speech, and Cancel Culture

• Trump’s late-night social post celebrating Jimmy Kimmel’s firing:
  • "Great news for America. Congratulations to ABC for finally having the courage to do what had to be done. Kimmel has zero talents." ([24:34])
• McHenry: Culture wars over late night TV comedians have become “exhausting to watch” and out of touch; decries cancel culture from both left and right. ([34:07])
• On calls to revoke TV licenses for “bad publicity”: Rep. Dina Titus: “It’s astounding...these regulatory agencies that are supposed to be watchdogs have just become lap dogs...What has happened to the Constitution, the Bill of Rights?" ([39:25])

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5. Capitol Hill Showdown: Shutdown, Healthcare, and Las Vegas

Congresswoman Dina Titus on the Looming Shutdown

• Democrats united against CR lacking health care provisions:
  • "If you can't help people who need health care, what's the point? ... They just take advantage of that and use it to cut more programs." ([36:42])
• On ACA subsidies cost: “You’ve got very selective use of statistics...If this shuts down because they won't provide those subsidies, then they're going to have to do the explaining because it's going to all be on them.” ([37:32])

Las Vegas Issues—Tourism and Gambling Taxation

• Tourism in Las Vegas is hurt by tariffs and diplomatic rows, says Titus. Jimmy Kimmel might “perk up the Strip.” ([40:23])
• Titus champions restoring full federal tax deduction for gambling losses, arguing partial limits incentivize illegal betting. ([42:10])
  • “You don’t tax somebody on money they don’t have. It’s like ghost money, phantom money.” ([42:10])
• Las Vegas is likely to host the 2029 Super Bowl, boosting the city’s tourism and “sports town” credentials. ([44:00])

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Notable Quotes & Memorable Moments

• Trump, on U.S.–UK Relations: “It's really an inheritance, beautiful inheritance... I think it's an unbreakable bond we have. Regardless of what we're doing today.” ([01:44]–[02:03])
• Anne Marie Hordern: "They both somehow got out of that press conference and a lot of questions from the press unscathed." ([02:25])
• Mike Shepard: “Nvidia’s investment less about money and more about influence.” ([08:16])
• Rick Davis: “Nobody can tell you what an Antifa is...the greatest threat is not from terrorist organizations outside the country, but those that are resident inside this country.” ([16:38])
• Patrick McHenry: “State-based capitalism is called socialism. This is not exactly, in a very traditional economic sense, the right approach for that type of connectivity here.” ([28:36])
• Dina Titus: “It’s astounding to me that the President would say we’re going to take away freedom of speech... What has happened to the Constitution, the Bill of Rights?” ([39:25])
• On Gambling Tax: “You don’t tax somebody on money they don’t have. It’s like ghost money, phantom money.” (Dina Titus, [42:10])

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Timestamps for Key Segments

• 01:44 – Trump & Starmer: U.S.–UK “unbreakable bond”
• 02:25 – Anne Marie Hordern live from Windsor Castle: Press conference and differences over Palestinian recognition
• 07:19 – Nvidia’s $5B investment in Intel – Mike Shepard analysis
• 11:32 – Vice President addresses left-wing political violence (Charlie Kirk shooting)
• 14:44 – House censure vote on Ilhan Omar & partisan performance
• 16:38 – Antifa, Proud Boys, domestic terror, and political rhetoric
• 19:25–22:20 – Congressional dysfunction threatens shutdown; ACA subsidies debate
• 24:34–35:10 – Patrick McHenry on state capitalism, comedy, and cancel culture
• 36:42–44:00 – Rep. Dina Titus: government shutdown, ACA, and Las Vegas tourism/tax policy

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Summary Conclusion

This episode provided a tapestry of the current U.S. political climate—from diplomatic tightrope walks and massive business deals abroad to divisions, gridlock, and culture wars at home. A rare bipartisan echo on the need for cooler political discourse briefly shone through the polarization. Major corporate investment was shown as deeply tied to regulatory risk and political favor. Meanwhile, the fate of millions’ healthcare coverage and local economies like Las Vegas rests on high-stakes negotiations dragging on in a politically fraught Capitol, with Congress members and experts offering both inside knowledge and pointed critiques.

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Transcript

[A]

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[B]

What did they talk about at dinner last night? Don Donald Trump? Jensen Huang? All of a sudden there's $5 billion in the air for Intel. We're going to get to that in a moment with Bloomberg's Mike Shepard, who owns this story, of course. Welcome, as I mentioned, to the Thursday edition on Bloomberg Radio on satellite radio channel 121. We see you on Sirius XM and on YouTube. Search Bloomberg Business News Live. If you want to watch the program, we've got some great voices and a lot of breaking news lined up for you as President Trump wraps the big trip. Pretty good trip for the president. He seemed to enjoy himself. Yesterday was all about the ceremony, of course. The day was more about the business at hand, including meetings with business leaders who followed the president overseas. President sat down to talk geopolitics with Keir Starmer. They held a bilateral news conference as well. Here's a taste of what the president had to say. Ties between our countries are priceless and.

[C]

It'S really an inheritance, beautiful inheritance.

[B]

Today we're making those ties closer than ever before.

[C]

We've and some things that financially are.

[B]

Great for both countries and we work together and it keeps us together.

[C]

And I think it's an unbreakable bond we have. Regardless of what we're doing today.

[B]

I think it's unbreakable, an unbreakable bond, said the president, Keir Starmer. Also echoing that sentiment, Bloomberg's Anne Marie Hordern has been traveling with the president on this trip and joins us right now from outside Windsor Castle where she's been the last couple of days here. Anne Marie, how's the White House framing this journey?

[D]

Well, I think they think this journey and this state visit has been a massive win for the U.S. administration. The president continuously talks about how it's unprecedented that he got invited for a second state visit. And that really set the tone for this trip. The hardest part of this was going to be, of course, the bilateral press conference. And I think both of these leaders came out unscathed. There potentially could have been squabbles in front of the press on disagreements. They have given specific policy proposals. At the same time, they said that they had some disagreements on some issues, but then left it as such. Most notably, Joe, when it came to what we expect from the UK Government this weekend, Prime Minister Keir Starmer is set to recognize Palestine as a state formally. The president did say this is one of the areas. We have a few disagreements, but then he stopped there. He didn't go on to try to change the prime minister's mind in front of the press. So I would say they both somehow got out of that press conference and a lot of questions from the press unscathed. And they're really viewing this as a monumental trip. On the personal front, all the theater that took place with the royal family yesterday. But on the business front, of course, tens of billions of dollars of US Tech companies right here coming into the United Kingdom.

[B]

Well, Anne Maria, I will note that the president was very careful to pick certain individuals from the US Press corps who asked some pretty friendly questions.

[D]

Journalists, too, though.

[B]

Well, no, absolutely, that's true. He didn't get a question from Anne Marie Hordern, though, and that would have been an interesting moment. Anne Marie, I want to get to the point of disagreement on Palestine. This is the area in which these two could not find common ground. Listen to President Trump answering a question on this from earlier. If you feel so strongly about officially recognizing Palestine for statehood, why are you waiting for President Trump to leave the country? Well, let me be really clear about Hamas. They're a terrorist organization who can have no part in any future governance in Palestine. On the question of recognition, I made my position clear at the end of July as to the timing, which has got nothing to do with this state visit. And I've discussed it with the president. As you would expect, amongst two leaders who respect each other unlike each other, President Trump was asked repeatedly, they both were, about this and at what point he might tell Benjamin Netanyahu to pull out of Gaza. He wouldn't answer that question, Anne Marie, even in light of or as suggested, if all hostages were released. He was not definitive, was he?

[D]

No, but the president continuously said, and he repeated a lot during this press conference, simply he wants every single hostage being taken out of Gaza right now. We should know, Prime Minister Keir Starmer also said the same. Keir Starmer, though, put a lot of emphasis as well on what is going on in terms of the tragedy taking place in Gaza in terms of number of Palestinians due to humanitarian aid not getting there in place. And he also wanted to further frame his decisions this weekend as completely in isolation of the state visit with President Trump. He said, I said this over the summer, if there was no cease fire agreement between Israel and the Palestinian people and the conflict in Gaza, then he was going to formally recognize a Palestinian state. So he was framing this as this has already been out in the forefront a discussion that they have had with a number of their partners. Partners because he has been saying this publicly. The United States, for their part, for the past few weeks have been talking about the fact that they do not want to see anyone recognize a Palestinian state because they think that gives leverage to Hamas in the negotiating table as well as continues to give leverage to them to continue running Gaza. So this was one area where definitely the two, as the president said, disagree. He says one of the few areas they disagreed, but they didn't debate it in front of the press. Potentially, though, there's a bit more of a frank conversation. Keir Starmer said that the two spoke for at least for an hour, one on one on a number of issues. And of course, this was one of them.

[B]

Fascinating stuff. Emery, we're glad you're there. And Emory, we'll have another update for us an hour from now, live from the UK as the president heads for Air Force One. Really interesting headline that broke in this trip knowing that Jensen Huang was sitting right in the front row, front row left at that business meeting. An incredible headline here on the terminal that most of us woke up to this morning in video making. A $5 billion investment in of all companies, intel, the chip makers, so many had left for dead. And this is a massive stock mover. Today. A lot of us are wondering how and why this deal emerged and that's why we turn to Bloomberg's Mike Shepard for more on this. Was this something they cooked up on the back of a napkin last night? How did it happen?

[E]

Well, deals like this don't happen overnight. But the timing is even with 22, well, even with Trump. But the timing, of course, you know, there is coincidence and then there is politics. And we see in this moment, just an hour before the two men appear at this tech leaders forum, the news emerge of this $5 billion investment from Nvidia. It's a crucial shot in the arm for intel, which so Many out there had really, as you put it, left the company for dead, thinking that its prospects for a turnaround remained years away at best. Yes, this provides it not only with capital, but also the prospect of a partnership with Nvidia on two new products. We still don't have very many details on those, but that's just the kind of thing, thing that intel needs to set itself up to try to build the customer base it is looking for and that it will need for the long haul.

[B]

Really interesting. We've come a long way from when the president called for Bhutan's immediate resignation, calling him highly conflicted. He wanted him to be fired or resigned. Now we're making multiple deals with the man. Some of the analysis has been really interesting. One analyst I'm reading about on the terminal here says Nvidia's investment less about money and more about influence. Is that what we're talking about here?

[E]

Well, the influence play in this is not zero, certainly. Joe. We have seen Jensen Huang really go above and beyond the call of duty for a CEO typically in trying to build a relationship with President Donald Trump, who views himself in a way as CEO of the United States of America. And he is really trying to run the government in a lot of ways as a business. We heard him today in reference to TikTok saying we will get fee plus from whatever deal that emerges. He is trying to negotiate in so many different ways with companies, not only unveiling deals but also attaching terms for the US with them. And when we're thinking of in video, we also have to think about the permission that Trump's administration has granted back to the company to sell its H20AI chips in China. That comes with a catch, the 15% cut that will go to Uncle Sam.

[B]

Which I'd say still love to hear more about once that's actually codified. Mike, we still have a lot to learn and this is his specialty. Chef, we thank you as always on this one. We're going to have much more to follow here. On Balance of Power. Intel shares up over 30% when this news hit and Nvidia is rising as well. If you're in the good graces of the Trump White House, it seems you're good for business. We'll have a lot more ahead on Bloomberg. Stay with us. On Balance of Power we'll have much more coming up after this.

[F]

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[A]

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. You can also listen live on Amazon Alexa from our flagship New York station. Just say Alexa play Bloomberg 11:30.

[B]

I'm Joe Matthew in Washington. It's great to have you with us on the Thursday edition of Balance of Power. We're getting there. It's little Friday and we have a lot to talk about. Pretty interesting situation that's coming out of New York as we consider this idea of political violence in America being perpetrated only by the radical left as we hear J.D. vance made that assertion once again last evening on Fox News as we'll show you. And it it lands as a Texas man is arrested charged with making anti Muslim death threats against Zoran Mamdani, the of course the Democratic candidate for mayor in New York, Jeremy Fistol, now in custody in Texas. The US Marshals and NYPD got their hands after an investigation leading them to four threatening phone calls that he made to Mamdani's queen's office. It reminds us that we have seen repeated threats and attacks, even deadly ones in the case of Minnesota against Democrats as well. So consider the words of the Vice President. Last evening on Fox News was talking about the shooting death of Charlie Kirk and the reaction that we've seen and heard. Listen to the Vice President. This is a person who grew up in a pretty normal family, actually had a pretty good home life, who was radicalized by the far left, by the social networks of the far left, by the ideas of the far left and got so far down the path of radical radicalization that he killed my friend. That is not a both sides problem. My friend is dead because of left wing political radicalization. And if you want to cut that out, then be honest about it once again, bleeping the vice President as we frequently do, the President of the United States. And we assemble our political panel to talk about this. Rick Davis is with us live from New York, Bloomberg Politics contributor, Republican strategist and partner at stonecord Capital. And Archie Siddiqui is back with me in Washington today. Former senior aide to Speaker Nancy Pelosi Founder CEO, Bellwether Government affairs it's great to have both of you with us. Arshi, there's something else that's been going on here as well. There was an attempt in the House of Representatives to censure Ilan Omar and remove her of her committee assignments for criticizing Charlie Kirk. We're in a moment right now that's very confusing for a lot of people. I think Spencer Cox called it an inflection point, one that could lead to something better or something much worse. What is your thought?

[G]

Well, I think he is the governor. Governor Cox has shown great, I would say, leadership in trying to take down the temperature. Obviously, this is really a personal issue. Not only these acts of violence have become much more common and they're not the exception anymore, but also there are a lot of really strong relationships that we've seen in Washington, D.C. where folks are expressing their grief in real time. And I think that Governor Cox has just done a good job of really just lowering the temperature and showing some leadership in the sense that we can only solve this if we're in it together.

[B]

What would you say to J.D. vance who says this is not a both sides issue?

[G]

Listen, obviously the vice president has some very strong feelings and a great deal of grief, so there's no doubt about that. But I think when you do look at what happened to Mamdani, what I mean, there are examples across the spectrum. And the question becomes is there's two issues I think in play in Washington actually across the country right now. Freedom of speech and also how do we disagree in a respectful way. And I think that only gets solved as, as folks join together.

[B]

Of course, Rick, we've already had a lot of opportunity to talk about this since the shooting of Charlie Kirk. And I'm curious your thought on this vote in the House. It was a squeaker to 14 to 213 to table the resolution to censure Ilan Omar. Was. Was that the right thing?

[C]

You know, these things are always difficult in the House of Representatives, especially. No, no member wants to vote to censure another member, especially throw them off committees. We've seen that happen before in the past. And it's, it's a very, very difficult vote for anybody to take ours or Ds. But there's always an backstory to these things, too. And Nancy Mace brought the resolution to do it and she's now, you know, last month declared that she's running for governor of South Carolina. And my suspicion is that her political ambitions might have weighed heavily into her current activities on the floor of the House of Representatives. So I think a lot of Republicans shrug their shoulder. They see this as performative and it doesn't surprise me that it failed. I'm actually surprised that it didn't fail.

[B]

By more interesting, there's been talk of targeting so called left wing organizations. Everyone reaches for Antifa because I'm not sure anyone really knows what these organizations are. Arshi, maybe you can shed some light on this. The President says he will designate Antifa a major terrorist organization. How do you do that? Where's the head office for Antifa?

[G]

I think that for the President and for those who are going after some of these organizations, that is actually the piece where not many people know what Antifa is but they have a negative connotation. Right. But there are all sorts of other organizations that are well cemented, well founded and really doing good work out there that this is a message to everybody. And I think that is where it's creating a chilling effect.

[B]

But they're being accused of funding political.

[G]

Violence and subsidizing and I would say that it's hard to find the facts there. So I think that makes it the perfect poster child.

[B]

Do you worry about this targeting Rick? And what about this Antifa bit here? Can you, I mean can you call the, the CEO of an TIFA on the phone? Aren't these a bunch of guys running around kind of making their own decisions?

[C]

Yeah, I haven't spent a lot of time on sort of getting to know Antifa and the little bit of time I have spent, I think I know less now than I did before being referred to as an ideology, not an organization. Anti fascist, all that stuff makes sense to me. We've gotten indoctrinated into the world of domestic terror organizations even though there's no classification that really calls them that. Proud boys during January 6, a good example, everybody can say they know what a proud boy is. Nobody can tell you what an Antifa is. So at the end of the day, the FBI has been making warnings in multiple administrations that the greatest threat is not from terrorist organizations outside the country, but those that are resident inside this country. And if this actually generates a conversation around these radical groups that are not got stability and a normal way of life that most Americans would want to see and not be anarchists in their behavior, I think that's a good conversation to have. Whether or not there is something the administration is going to do specifically on this, I don't know what that would be or who that would be too. But it's, it's worth a conversation because we can't keep sweeping this stuff under the rug.

[B]

Really interesting that the cancel culture seems to be moving around now. Speak Brick mentions Proud Boys is the head of the Proud Boys who's now leaving phone messages at employers to get people fired for talking about Charlie Kirk. Should both of these types of organizations be considered? Because the White House doesn't seem concerned about the Oath Keepers or the Proud Boys. In fact, many of them were pardoned.

[G]

Well, I think it's an interesting point how we were talking about domestic terrorism because obviously that there's bipartisan will to really root that out. We've seen the consequences. We saw that in Oklahoma City. We don't want that repeated. There have been smaller incidents. I think the challenge here is though, again, it's the culture of intention intimidation and where are you going into free speech and political expression. But anything else, there should be a bipartisan effort. And I think there is. You do see that under the radar piece with House, with Democrats and Republicans on that front. But this has just expanded at a.

[B]

Whole new level, that's for sure. And I always try to connect these kinds of conversations to policy because that's what we do here at Bloomberg. And I am deeply curious if this corrosion in the relationship between Democrats and Republicans make it more difficult to get anything done in Washington. Which brings us to this idea of a shutdown. Rick, what happens when, if anyone does get to the table, what do Democrats and Republicans tell each other in the spirit of bipartisanship and keeping the government funded when everyone's so angry about all of this?

[C]

Well, I think you see some of these record retirements, especially in the House of Representatives right now, is indicative of the, the fact that the caustic environment that they work in now is taking its toll. And you know, look, years ago, we've always had continuing resolutions, you know, in this government for the last 50 years. And, and the reality is it's a failure of the budget process as much as anything. But there would never be this kind of a debate over a two month continuing resolution like this where the party in power is basically endorsing spending that was put in place place by the party prior to it. And so you really wonder what's the argument here? All the various policies that they're debating now, ACA insurance subsidies, can be dealt with in the appropriations process and should be dealt with in the appropriations process. And, and so I think Thune has the right idea. Everybody take a step back, calm down. We're just trying to fund the government for a couple months while we work out the appropriations. That's the proper place to have the debate over what goes and what doesn't go into government spending.

[B]

Archie. Rick really effectively frames what we've been hearing from Republican lawmakers the last couple of days here that conflating a December policy issue with a September funding demand is not productive. And in fact, this is a Biden budget that we would be extending to. Democrats see it differently.

[G]

Democrats see it very differently, Joe, because the fact of the matter is that there is a real and urgent deadline with these ACA subsidies. So Rick is right. Absolutely. The, the expiration date is at the end of the year, but now states are looking at their premiums and they've worked with the various health insurance plans. We're talking about up to 75% increase in ACA premiums and that's coming down the pike in October. And no. So I think Democrats are saying that, listen, there was a decision not to include this in the reconciliation bill, the Republican reconciliation bill. There was a decision not to include this in the ccr. You do need Democratic votes in the Senate. So there should be a back and forth in terms of addressing this issue because otherwise 5 million Americans are going to lose their health care if these aren't extended. And that's according to the cbo. But also the premiums are going to be higher and that's that is all self inflicted. So there's a way to fix and right the shape. And then the last point I would say is that there are Republicans that actually support this strongly. And if anything, I think the Democrats are being very productive and constructive and pragmatic because they could have been a little bit more aggressive in what they asked for. We have a bill that has a number of Republicans on that pack.

[B]

What do you think about that, Rick? Mike Dorning made the point earlier that notifications would be going out to people in November. I think the 1st of November. She's suggesting that premiums might start rising in advance at the end of the year. Should that hasten the conversation?

[C]

Well, I certainly think it puts pressure on the appropriators to do something about it. I mean, look at the fundamental level, this is what's wrong with making policy in a reconciliation bill. You know, when, when Barack Obama passed ACA on a reconciliation bill, party line vote only, they knew that at some point point these things would be expiring or that they'd be in the awkward position of having to ask for the budget to consider them. You know, as they expired in the normal process. If they were done properly and there was a statute in place, we would not be having this conversation. So budget gimmicks come back to bite you, and that's exactly what's happening here today. I think actually the best way for Democrats, and I don't usually give them advice, is to fight the good fight, get the, get the. But don't stand in the way of a government shutdown. Make sure you're having a conversation around a budget where it's funded in the government. And then if the Republicans want to take the hit and let these insurance subsidies expire, it's on them. I mean, like right now, stopping the government funding process is on the Democrats. And I just think they've made the wrong choice.

[B]

Fascinating. Great conversation. Rick Davis, Arshi Siddiqui Stay with us. On Balance of Power. We'll have much more coming up after this.

[F]

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[A]

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. You can also listen live on Amazon Alexa from our flagship New York station. Just say Alexa play Bloomberg 11:30.

[B]

The president did weigh in on the firing of Jimmy Kimmel. It was 104am Local time in the United Kingdom. Following the day of ceremony that we brought to you yesterday, the President on Truth Social. Great news for America. Congratulations to ABC for finally having the courage to do what had to be done. Kimmel has zero talents. Unquote. Also now predicting the firings of other late night hosts who he's not a fan of knowing. Of course, Stephen Colbert has a lot of time coming up on his hands. Want to talk about some of this and what's happening on Capitol Hill with Bloomberg political contributor Patrick McHenry. That would be the former Republican congressman, former Chairman and former Speaker Pro Temple who had a big week in the House receiving an important award. As you are a singular person in history, I didn't realize you were the only person who held the gavel as speaker pro Tem.

[H]

Yes. It's an unfortunate.

[B]

It's never happened, fortunate series of events, I guess.

[H]

And I'm the lone speaker pro tem. I served for 23 days between Speaker 55 and Speaker 56, Speaker McCarthy and Speaker Johnson. And Speaker McCarthy is fond of calling me Speaker 55 and a half. So you gotta have a sense of humor even in the midst of.

[B]

I want to Note that Kevin McCarthy was there when you received this award from the. I want to get the. It's the Capitol Historical Society, right?

[H]

That's right.

[B]

The 2025 Freedom Award. Everybody's getting along and has a chance to laugh about it now. It's funny. What time does.

[H]

Oh my gosh, time heals. Look, everybody says this in Washington. Oh well, it's a good old days and blah, blah. No, there's no such thing like this. We have a regulated means of us having a legal fistfight in the United States. Right. And. And that is our set of politics. And that was the cage match of the Founders era.

[B]

Yeah.

[H]

And the fights there, they continue today. And we're in the midst of it right now talking about government funding and all these things of, you know, the President after the most elegant dinner you can have on the planet.

[B]

Yes.

[H]

With the Brits. He's tweeting about Jimmy Kimmel. So there's always politics at play, which makes this so dynamic and especially with the commentary we heard from Anne Marie. The best part of the commentary for, for people like us is at Bloomberg because you cut through all this other stuff and get to what actually matters, what markets, what affects.

[B]

What affects the economy, starting with an investment.

[I]

Well, what do you make of that? I mean we. There seems to be a three red here and that corporations are really trying to appease the President to an extent we haven't maybe seen in previous years. Are they doing the right thing?

[H]

Oh, well, look, this is politics at play. And look, Nvidia has a massive interest in the question of the questions only this administration can answer. Where can they export chips? That is in the say of Treasury. It is in the say of a multi agency process called CFIUS that 25 years ago no one knew existed in. And now is. Is one of the most important national security functions the federal government has. Yay or nay over where you export even basic chips, much less highly sophisticated ones like Nvidia said. So they have a major interest in making sure they're aligned with the President and the President's wishes. That's why, you know, one of the wealthiest men in the world. And one of the most consequential people for the distribution of technology is there at a state dinner to make sure that he is tight with this administration. It shows really the import of President 47 compared to the dynamics of President 45, where the business community was really questioning whether or not they should have connectivity. That is no longer the question. You want to have deep connectivity with this administration because it is of major consequence, influence in a generational way.

[B]

Well, you were chairman of the Financial Services Committee. Would you be having hearings on this, that people are calling this state capitalism or worse? You're a conservative Republican. Does this align with your values?

[H]

Look, Elizabeth Warren and, and Bernie Sanders wanted this for the CHIPS act. And there was resistance, bipartisan resistance, that type of direct investment in these companies. I resist this. I think it's, it's really not where we want the government to, to be long term. I don't think that's in the interest of the American taxpayer. However, the Trump administration was looking at this large pot of money that was only going to be gifted to two blessed industries for the Biden regime that was part of the CHIPS Act. And so there's really no pure way to distribute this, this money. But a state based capitalism is called socialism. This is not exactly, in a very traditional economic sense, the right approach for that type of connectivity here. And also not the best way to get returns for the stockholders of these companies and not the best way to get innovation, certainly not here in the United States where the free flow of capital goes to the highest and best use and more of it goes to higher and better use over time. Politicians do an atrocious job traditionally of doing this. It was a failure in the Obama administration, was a failure in the Biden administration. And I don't think a third turn of this is going to be for the better.

[I]

Well, there is a thought out there though, that the chip grants did help intel especially bring out a lot of the manufacturing they had abroad stateside. And that ultimately was helpful to get to the same goals that Donald Trump is, is citing as his goals, which is making chips on American soil. Why is that not still the correct strategy relative to a stake, as you say, is not the way the Americans do it.

[H]

Now look, if you look at technology, would you not lack for venture money going into the toughest questions in technology? We do not lack investment capital. What we lacked is the permitting to bring these things back onshore. And permitting is still what is impairing the ability to deliver on the CHIPS act. And frankly, the Energy tax credit stuff of the Biden administration. It's impaired by the regulatory hurdles of doing big things in America, and we've not fixed that.

[I]

But making things in America is famously very, very expensive. So the more money you have to do that, whether it's manufacturing, whether it's paying the right talent, is a benefit at the end of the day. And that's what a lot of the folks are saying, the CHIPS grants afforded in a way that electronic policies.

[H]

This is the rush and this is the reason why politicians want to take our tax dollars, or actually the debt, right, the national debt, and apply it to things that are politically popular. What I would say is if we're going to look at trade and trading arrangements, not everything should be brought onshore. We should do the highest value stuff onshore, the stuff that is most politically sensitive to national security onshore, and incentives around that. That's why the CHIPS dollars right to bring those things onshore. But let's do the harder work of litigation reform, of, of changing the permitting process for large and complex deals so we can build roads and bridges and railroads, and we can build the highest tech manufacturing on the planet here at home.

[B]

As we consider President Trump's of this administration's relationship with corporate America, that includes Howard Lutnick as well, who's been a big part of some of these arrangements, some of which you, I think, have expressed some discomfort with. When we consider these investments, or the 15%, for instance, that Nvidia and AMD would, would provide to the government from its sales to China. Is what happened with Jimmy Kimmel any different? This idea that the President is sort of the Chairman of America's board, he doesn't like this comedian who makes fun of him and he's apparently going to be out of a job. Or is this from the same file in your view?

[H]

No, no, this is. That's a very, very different thing.

[B]

Tell us why.

[H]

Well, if you look at, if you look at Secretary Besant and Secretary Lutnick, they do two very different things. And the President likes both of the things that they do. And so you see this operationally, where Lutnick is trying to get the best deal for the American taxpayer and believes that he's running a corporate enterprise on the President's behalf to do that. And that's how he's delivering. Meeting the President's expectations, meeting the President's goals, meeting the public objectives, doing so very, very, very well. Markets driven guy. What you see here is the cultural clashes that have been very hot. And this has been Very hot since the beginning of COVID This is very hot since President Trump entered politics. And everything is fraught with peril when you engage in this political process. And it was Republicans who were on the losing side of that that lost, lost their jobs and lost their affiliations, not just from being political commentators. Look at Ronna McDaniel couldn't even be a political commentator because she was, she was blackballed by her colleagues at msnbc. So politics has been ripe at play in politics. And when these comedians go from being comedians to politicians, there are consequences that and you want to enter the frame. Fired and look at late night TV is exhausting to watch. It has been so unfun because they are political commentators. That is not what the American people want. It's not Johnny Carson who separated himself from politics and made fun of everyone. Made fun of everybody. But this is the difference between the two Jimmies, right? And Jimmy Kimmel was a political commentator and went into the fray.

[B]

So Fallon keeps his job. Is that doing what you're.

[H]

Yeah, I think so. Because if you watch that, he's not doing politics. He's doing the silly stuff that you love about late night TV that is broadly enjoyable no matter your politics.

[I]

I think it's still free speech though. Is that a fireable offense?

[H]

Well, I thought we're, I thought we're past this woke mob taking people out. I thought the cancel culture thing was like bad, but apparently it's now good because look who's getting fired is like whether or not cancel culture is good. I think cancel culture is really bad. I think we should have an open forum for debate and don't watch if you don't think it's funny. I don't watch Jimmy Kimmel. I don't think he's funny. It's been very grating to watch and I love, I mean if you look like me, you better have a sense of humor, right? And so I have a sense of humor about politics. But it gets exactly exhausting when, when they think that they can just be on the left and get away with the wrap of comedy. You better have a sense of humor.

[B]

I can't believe we just talked to Patrick McHenry for 15 minutes. We didn't ask if the government's going to shut down.

[H]

I think so.

[B]

We got our job done. Patrick McCann, Bloomberg Politics contributor on Bloomberg Stay with us on balance of Power. We'll have much more coming up after this.

[F]

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[A]

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.

[B]

We add the voice of Dina Titus. Been looking forward to this conversation. To get the view of a Democrat, we spoke with Patrick McHenry earlier this hour on exactly what is happening on Capitol Hill. She's from Nevada's first District. Congresswoman Titus, welcome back to Bloomberg TV and Radio. It's great to see you. Are you preparing for a government shutdown? Should our audience be doing the same?

[J]

Well, we don't know. The vote has been rescheduled several times now. It looks like it's going to come tomorrow. The Democrats are voting no, though, because there is no consideration of health care and putting back some of the the cuts that have been made to Medicaid or extending these subsidies for Obamacare. And it would be an easy fix. If you can't help people who need health care, what's the point? And you leave the government open. They just take advantage of that and use it to cut more programs. So I think you'll see Democrats sticking together as a no, and who knows what their side's to going going to do.

[I]

Congresswoman, the CBO came out this morning and said that the extension of those subsidies would cost about $360 billion. Is that a number that everyone remembers when the debt ceiling comes back into question?

[J]

Well, I'm sure it'll be bandied around, but it may be some different number by then. You know, you've got very selective use of statistics and what they use to today may not be what they use tomorrow. You know, this is a time when the Republicans control both houses. They control the president. They control most of what the court's doing at the highest level. So if this shuts down because they won't provide those subsidies, then they're going to have to do the explaining because it's going to all be on them.

[B]

Republicans who have joined us, Congresswoman, have suggested that there is still time, that the current CR that is going to hit the floor expires on the 21st of November. Of course, the subsidies expire at the end of the year. Would that not allow time for a robust debate around Obamacare subsidies and government funding by the end of the year?

[J]

Well, it could if they would allow it or if they are have any interest in doing it. You've already heard the President say, oh, don't bother with what the Democrats want. There's been no input from our side. So you're really just kicking the can down the road. There's no indication that they'd come to the table later. They haven't come to the table up until now. They've had plenty of time. It's not like this came as a surprise that this deadline was here.

[I]

Congresswoman, we are just getting some headlines coming from the President as he speaks to a gaggle on Air Force One. If you'll bear with me, I'd like to read them to you. He's talking about taking, taking away the TV licensing, saying it's up to the FCC's Brendan Carr. He also goes on to say that TV licenses should be taken away if it's bad publicity for me as the course follows the news overnight, where we did see Jimmy Kimmel being put on indefinitely from ABC around some of his comments around Charlie Kirk and the assassination there. Congresswoman, your response to his comments?

[J]

Well, it's astounding to me that the President would say we're going to take away freedom of speech. Speech. For somebody who criticizes me. I mean, it's all about me, me, me. With this president, I think somebody quoted saying that these regulatory agencies that are supposed to be watchdogs have just become lap dogs. They just do whatever he wants. The Justice Department, that's just become his personal lawyer. The fcc, you name it, whatever he wants, that's what they do. What has happened to the Constitution, the Bill of Rights? You may not like what Jimmy Kimmel says. Maybe it's inappropriate, maybe you disagree with it. But you can't just take away somebody's First Amendment rights because they don't like what you're wearing or what you're saying or, you know, making you look bad. But then you don't appreciate it. I mean, good God, that's what the Constitution is there for.

[B]

Well, maybe. Does this help Las Vegas, Jimmy Kimmel off the air, you can go into residency on the Strip. No.

[J]

Well, Las Vegas needs some help. I'm glad you brought that up because with all the uncertainty and the tariffs and insulting our international customers, Like Canada. It's hard to make them mad. They're such nice people. Tourism is down in Las Vegas, so maybe Jimmy Kimmel will perk up the Strip.

[B]

That's interesting. Of course, this is your home district. I talked to Derek Stevens about this at Circa a couple weeks ago about some of the declines that we've seen in Traffic. Of course, he's doing pretty well at Circa with. With Betting on the Rise. And it brings us to an important story that you've got your hands on. A House committee rejected your attempt to restore a full federal tax deduction for gambling losses. We've talked about this, Congresswoman, on this program before. That's why Derek Stevens joined us. Because the President's big beautiful bill would only allow you to. To deduct 90% of losses if I come to your hometown of Las Vegas, not that I ever lose there. You tried to get it attached to the NDAA and it didn't work out that way. And when I talked to Derek Stevens about this at Circa, he made clear he was talking to you, Congresswoman, and your colleagues in the Nevada delegation in hopes to fix this. I want you to listen to what he said. Listen. It's going to take people that bet frequently, some of the large better, some of the professional betters, and even just.

[H]

Some of the larger recreational betters. And you're basically forcing them to no longer bet legally.

[B]

The only ones that win out of.

[H]

This deal are the illegal bookmakers.

[B]

Every state loses in this deal. Every state and every legalized sportsbook as well as the US Consumer. I don't know how worried they are about this up in the pools at Stadium Swim, Congresswoman, but do you have a plan B?

[J]

Well, I do, and I really appreciate Derek Stevens. He's been a great ally on this. And then kind of rounding up the gaming industry because they weren't engaged in it too much from the beginning because they liked other parts of that big, beautiful bill. But he's really gotten them energized, and I completely agree with him. But in the first place, you don't tax somebody on money they don't have. It's like ghost money, phantom money. You know, you paying taxes on a. A hundred thousand dollars and you really only got 90. You know, that doesn't make any sense. And so we've got to restore that full deduction. I'm going to use any mechanism possible. We've got the bill that stands on its own. We had the chairman of the Ways and Means Committee saying he wanted to fix it. We've got bipartisan support. The other Republican co chair of the gaming caucus is on board with the bill. We can perhaps attach it to another another bill come to fix what they did last time that was wrong. Maybe there's a bill at the end of the term. It's like kind of like the Christmas tree bill where you do tax extenders. So we're not giving up now. Remember too, you've got a whole nother year. This doesn't go into effect until the end of next year for next year's taxes. So there is time to get this done. It's a little frustrating, though. The Republicans stuck this in there, then they suddenly realized, oh, where did this come from? This is a bad idea and there's so many easy ways to fix it. It's like one sentence and yet they don't seem to want to do it.

[B]

Huh. Well, it doesn't sound like you're giving up and you have some time to work with Congresswoman well, there's a report now that Las Vegas is in talks with the NFL to host the 2029 Super Bowl. Is that the kind of deal that brings tourism back to the way you want it in Las Vegas?

[J]

Oh, absolutely. That'll be right. In my district we have that fabulous Allegiance Stadium. Las Vegas used to just be kind of a gambling entertainment town, but now we're a sports town. Aces and the Knights and the Raiders and the A's. So be great to have the Super Bowl.

[B]

I'm looking forward to seeing that new baseball stadium. So you, you play in the slots or the tables? Congresswoman, what's your taste?

[J]

I kind of like a crap game myself.

[B]

How about that? Interesting is this now are you on the Strip or Fremont Street? Where do you go in Las Vegas?

[J]

Well, you know, it's interesting when you live in Las Vegas, a lot of people come to visit you and I wonder if they're visiting me or they just want to come for Las Vegas. So we take them wherever they want to go. Downtown and the Strip are both in my district.

[B]

It all right, we're coming out. We're going to do the show out there and we'll meet you at Stadium Swim. We're going to connect all the dots on this at some point. Congresswoman, thank you. We'd love to stay in touch with you on your Fairbat Act. Congresswoman Dina Titus, the Democrat from Nevada's 1st District, which puts you right in the middle of Las Vegas. Thanks for listening to the Balance of Power podcast. Make sure to subscribe if you haven't already Apple, Spotify or wherever you get your podcasts. And you can find us live every weekday from Washington D.C. at Noontime [e-mail].

[A]

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