Rep. Jason Smith Talks Stopgap Funding

Summary

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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

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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.

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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)

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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.

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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.

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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)

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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

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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

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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.

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Transcript

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[Carol Massar]

Bloomberg Audio Studios Podcasts Radio.

[Podcast Host]

News to expand the conversation, we're joined now by Congressman Jason Smith. He's a Republican representing Missouri's 8th congressional district and chairman of the House Ways and Means Committee. Congressman, thanks so much for joining and it's good to see you. I want to ask about these recent comments from Senate Majority Leader John Thune, who says it might be time to start thinking about having the House come back into session because this stopgap bill that they are voting on would only fund the government until November 21st. Is a November 21st stoppage stopgap still viable at this point?

[Congressman Jason Smith]

Well, it's hard to predict the actions of the Democrats because right now they've been stalling a very basic, clean continuation of funding. What we need to see in the House of Representatives for the Senate to send us some kind of funding bill. They need to figure out what they can pass in that side of the building. Unfortunately, because of the filibuster, you have Democrats that's preventing a vote. If they would just allow a vote on the continuing resolution that they have voted for numerous times in the past, we would be able to open government. We'd be able to fund government. Chuck Schumer voted for a continuing resolution just like this 13 times when Biden was president. In fact, as recent as this past March.

[Podcast Co-host]

Well, I know that you've been very consistent in your views on this, Mr. Chairman, and it's good to have you back on Bloomberg. You probably heard the conversation we were just having and it's causing some heads to explode here in Washington. The idea of a full year CR being the only way out of this, is that a nonstarter for you? And what does it tell us about where we stand on Capitol Hill?

[Congressman Jason Smith]

So I've been hearing this conversation from senators, from House members that a CR not just for a year, but to December 1st of next year. This has been conversations that I've been hearing in Washington, D.C. and we just need to make sure that government is open and serving the American people. And we need to make sure that government is not at risk of political games, which we're seeing played right now by the House and Senate Democrats.

[Podcast Host]

So just for clarity, Congressman, is that something that's really on the table would you be where do you fall on this, this idea of a longer term government funding bill?

[Congressman Jason Smith]

I strongly support a longer, longer term continued resolution. I would support that until December 1st. I think that that would allow more for our economy, stability for the American people. The fact that we had the whip of the House Democrats just recently say on TV that yes, people are hurting in the shutdown, but this is our leverage. 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.

[Podcast Co-host]

Are we talking December 1st weeks from now or December 1st, 2026?

[Congressman Jason Smith]

Mr. Chairman, December 21st, 202026 is what I've been hearing up here as a suggestion, as an opportunity of, of a continuing resolution. As, as we know, we're operating under a year long resolution from last year. We're looking at what was appropriated when Biden was president.

[Podcast Co-host]

Yeah, that's which is one of the ironies of this whole debate that now Republicans are urging Democrats to vote for for Joe Biden's budget plan. Would that still allow for a debate over Obamacare subsidies? Is that something that you' for your constituents as open enrollment is set to begin?

[Congressman Jason Smith]

Well, first let me, let me just respond to the fact that Republicans, if they completely had their way, they would actually want to reduce the amount of funding from Biden levels. But that's not how it's able to work up here with no rule over in the United States Senate. And so that was our issue in regards to the subsidies for insurance companies. This is something that we've been willing to discuss throughout this whole time. And it's something that needs a lot of discussion because access to health care is essential for Americans. We need to make sure that we're talking about access for all Americans, not just 24 million Americans, but 347 million Americans.

[Podcast Host]

Well, Senate Majority Leader John Thune has floated that there could be an up and down vote once the government reopens on a one year extension of these expiring Affordable Care act premium subsidies. But Democrats say that they don't want to get on board with that because there's no guarantee that such a vote would happen in the House. Do you think that this is something that House Speaker Mike Johnson should bring to the floor? So there is at least this debate on perhaps structural changes or some sort of extension down the road.

[Congressman Jason Smith]

I would not be support of a one year extension period without reforms. There has to be reforms. The, the corruption that's within the program. There's 24 million people that are on the Obamacare exchanges, half of them year. That's 12 million didn't even file a claim. Why did those 12 million not file a claim? I'm sure it's because they didn't even know that they were on the exchanges. But guess what? Those insurance companies, they received the subsidized premiums for it even though they didn't even provide the health care for it. These are the simple kind of reforms that need to be addressed and need to be explained. 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.

[Podcast Co-host]

Well, I'll tell you what, I appreciate this conversation because it's more detailed than just about any that we've heard. It's time to start getting down to this debate. Congressman, I'm wondering what should be the timeline? Do you want to go down the road of permanently extending subsidies with those collars on them as Democrats have suggested, make it permanent or should these be sunset after a year or more?

[Congressman Jason Smith]

You know, everything has to be looked at and has to be on the table. I don't want to set any limits, pros and cons and negotiate an agreement in the press. But what we need to do is have Republicans and Democrats come together and figure out what is best to create a more access to health care for all Americans, not just people on exchanges, but all Americans. There's 174 million Americans that are in employee health insurance, but that employee health insurance insurance is quite expensive. So we need to look at all different ways to help lower the cost of health care.

[Podcast Host]

Congressman, I also want to ask you about something else that the government shutdown has impacted, which is economic aid for farmers. Now the Trump administration says that it is planning to unveil $3 billion worth of such economic assistance tomorrow. Actually, I've learned that Missouri, your state is one of the top three soybean producing states in the country. I'm wondering how you are looking ahead to this meeting between potential meeting between President Trump and Chinese President Xi Jinping. What's going to happen if China does not agree to purchase agreements for our US Farmers, particularly related to soybeans?

[Congressman Jason Smith]

Let me tell you, what the Chinese have done to US Soybean farmers alone has been atrocious. Typically in in the average year, China purchases somewhere between 12 to 15 billion worth of soybeans a year from the United States. They have not purchased $1 this year. And so that better be on the table. That has to be something that's being discussed because that is drastically affecting the commodity prices here in the United States. I represent southeast Missouri. We have more soybean farmers in southeast Missouri than the entire state of Missouri. And these folks are facing some dire, dire situations. I am glad that the president has said that he's going to take care of the farmers. It's extremely important that he does that. But we need to make sure that China opens up their markets if they want us to purchase their products.

[Podcast Co-host]

It does seem punitive at this point. Congressman, we only have 30 seconds left. Is that how you see it?

[Congressman Jason Smith]

Well, 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. That's why there are so many concerns about trading with with the Chinese. Hopefully they'll be able to get to a common, common ground in their meeting.

[Podcast Co-host]

Yeah, really fascinating conversation. Congressman Jason Smith, Republican Missouri chairs the House Ways and Means Committee and has been knee deep in this shutdown. Congressman, thank you. It's great to have your insight markets here on Bloomberg.

[Carol Massar]

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