Podcast Summary: Bloomberg Talks

Episode: Rep. Jason Smith Talks Stopgap Funding

Date: October 22, 2025
Guests: Rep. Jason Smith (R-MO), Chair, House Ways and Means Committee
Hosts: Bloomberg

Overview

In this episode, Rep. Jason Smith joins Bloomberg hosts to discuss the intricacies and challenges of the latest stopgap funding bill intended to keep the US government operating past November 21st, 2025. The conversation delves into the politics behind government funding, the debate around Affordable Care Act (ACA) premium subsidies, and trade tensions impacting American farmers—particularly in Missouri, Smith’s home state.

Key Discussion Points and Insights

1. Viability of a November 21st Stopgap Funding Bill

• [00:29] The hosts question the likelihood of the House reconvening for a new funding measure, referencing Senate remarks about urgency.
• Rep. Smith blames Democrats for stalling a "clean continuation of funding," criticizing Senate filibuster tactics for blocking a vote.
• He highlights prior bipartisan support for similar measures, referencing Senator Schumer’s past votes:
  • “Chuck Schumer voted for a continuing resolution just like this 13 times when Biden was president. In fact, as recent as this past March.” (Smith, 01:32)

2. Full-Year Continuing Resolution (CR) and Long-Term Funding

• [01:50-03:35]
• The hosts raise the possibility of using a year-long continuing resolution as a solution, which Smith doesn’t reject.
• Smith expresses support for a "longer term continued resolution" (possibly to December 1st, 2026) to prevent leveraging government shutdowns for political gain:
  • “It is unfortunate that people believe making the American folks hurt as leverage, that's unacceptable. That is why I would support a longer term continuing resolution.” (Smith, 02:55)
• He notes that operating under previous Biden-era funding levels continues due to lack of agreement on new appropriations.

3. Debate over Obamacare/ACA Subsidies

• [03:56-06:46]
• The discussion turns to the question of extending ACA premium subsidies and how this fits into the funding debate.
• Smith asserts the need for reforms before agreeing to subsidy extensions:
  • “I would not be support of a one year extension period without reforms. There has to be reforms.” (Smith, 05:30)
• Cites an alleged overpayment by the government to insurance companies for enrollees not using coverage:
  • “There’s 24 million people that are on the Obamacare exchanges, half of them … didn’t even file a claim. … Those insurance companies, they received the subsidized premiums for it even though they didn’t even provide the health care for it.” (Smith, 05:30)
• Criticizes subsidies for high-income Americans:
  • “We also shouldn’t be subsidizing premiums for people who make more than 400% of the federal poverty level, people who make $600,000 a year. I don’t think Americans are good with that.” (Smith, 06:09)
• On the future of ACA subsidies, Smith urges bipartisan solutions for broader healthcare access, referencing high costs in employer insurance markets.

4. Impact of Shutdown on Farmers & US-China Trade Relations

• [07:22-09:27]
• Smith is asked about the shutdown’s effects on economic aid for farmers and pending US-China negotiations, especially as they relate to soybeans (a vital crop in Missouri).
• He sharply criticizes China’s suspension of soybean purchases from the US:
  • “The Chinese have done to US Soybean farmers alone has been atrocious. … They have not purchased $1 this year. And so that better be on the table.” (Smith, 08:00)
• Stresses the “dire situations” facing Missouri soybean farmers and the need for Trump administration economic assistance.
• Frames China’s trade actions as “punitive,” drawing a parallel to Chinese restrictions on critical minerals:
  • “What the Chinese have done is clearly punitive. It was for a punitive measure, much like how they've been restricting critical minerals and rare earth to try to be punitive to the world that is unstable.” (Smith, 09:04)

Notable Quotes and Memorable Moments

• On leveraging government shutdowns

  "It is unfortunate that people believe making the American folks hurt as leverage, that's unacceptable."
  — Rep. Jason Smith at 02:55

• On flaws in ACA subsidies

  "There’s 24 million people that are on the Obamacare exchanges, half of them ... didn't even file a claim. ... Those insurance companies, they received the subsidized premiums for it even though they didn't even provide the health care for it."
  — Rep. Jason Smith at 05:30

• On China’s soybean boycott

  “They have not purchased $1 this year. ... We have more soybean farmers in southeast Missouri than the entire state of Missouri. And these folks are facing some dire, dire situations.”
  — Rep. Jason Smith at 08:00

Timestamps for Important Segments

• 00:29 — Introduction, funding deadline context, Rep. Smith joins
• 01:02-02:44 — Stopgap funding bill debate, Senate vs. House dynamics
• 02:55-03:56 — Smith supports longer-term CR, criticizes shutdown tactics
• 03:56-06:46 — Deep dive on ACA subsidies, call for reforms, cross-party negotiation
• 07:22-09:27 — Impact of shutdown & US-China trade on farmers, Smith’s perspective on punitive Chinese action

Summary: Takeaway

Rep. Jason Smith delivers a candid, critical perspective on the standoff over government funding, arguing for a longer-term resolution to prevent further political brinkmanship. He calls for reforms before agreeing to any extension of ACA subsidies, highlights alleged system inefficiencies, and stresses the urgency of supporting American farmers amid the US-China trade dispute. Throughout, Smith maintains a practical, populist tone, emphasizing the real-world impact of congressional gridlock on ordinary Americans.