House GOP Sets Up Senate Clash on TSA Funding

Summary

Podcast Summary: "House GOP Sets Up Senate Clash on TSA Funding"

Bloomberg This Weekend
Date: March 28, 2026
Hosts: David Gura, Christina Raffini, Lisa Mateo
Key Guests: Eric Watson (Bloomberg News Congressional Reporter), Jill Dejanovich (TSA worker & union rep), Senators Todd Young (R-IN) & Alyssa Slotkin (D-MI), Bailey Lipschild (Bloomberg Senior Reporter)

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Overview of the Episode

This episode tackles the gridlock in Congress over funding the Department of Homeland Security (DHS), with a focus on the recent standoff impacting the TSA and other DHS workers. The hosts interview congressional reporters, TSA staff, and lawmakers to shed light on the deadlock, the real-world impacts at U.S. airports, and the broader implications of recurring shutdowns. The episode also examines the markets’ response to ongoing geopolitical turmoil, the looming SpaceX IPO, and wraps up with the podcast’s signature news quiz segment.

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Key Discussion Points & Insights

1. Congressional Gridlock Over DHS Funding

[02:25–07:33]

• Background: Ongoing standoff between House and Senate over DHS funding, especially ICE (Immigration and Customs Enforcement).
• Senate Action: Senate passed a DHS funding bill with an exception (“carve-out”) for ICE/Border Patrol, passed via unanimous voice vote.
• House Response: House Freedom Caucus rejects Senate bill; Speaker Mike Johnson supports their approach, passing a short-term (8-week) funding extension that the Senate calls a non-starter.
  • “It’s an extraordinary breach between House and Senate Republicans.” – Eric Watson, [03:24]
• Impact: Despite a presidential memo ensuring payment for TSA workers, many DHS employees (e.g., Secret Service) still go unpaid; lines worsen at airports, with federal workers as "hostages" to the budget standoff.
  • “This is over 40 days now... workers are going to be held hostage.” – Eric Watson, [04:35]
• Potential Solutions: Talks of using a large budget reconciliation bill to resolve the issue, but consensus among Republicans is lacking; further delay expected with both chambers on recess.

2. Perspectives from Washington and TSA Workers

[05:11–13:21]

• Presidential Role: Trump is seen trying to act as peacemaker between congressional Republicans, though acrimony remains high.
  • “Trump was playing peacemaker between feuding House and Senate Republican leaders, which I’m sure is a role he would enjoy.” – Eric Watson, [05:56]
• TSA Workers’ Reality: Interview with Jill Dejanovich, Las Vegas TSA officer and union representative.
  • Expresses gratitude for back pay but calls the memo a "temporary band-aid" since it does not solve ongoing payroll issues ([07:55]).
  • Outlines deep frustration among TSA staff: “This is the third time that this has happened in five months… we’re just wondering what that means for the future of our agency.” ([08:40])
  • Addresses attrition and morale: High numbers of staff calling in sick or quitting, increased line waits, but confident core safety isn’t compromised—just convenience ([09:23]).
  • Concern about privatization: “I don’t believe that aviation security should ever be a for-profit model… those private screening companies would come in and cut costs… my biggest concern is that they'd be here to make money rather than to actually do the job.” ([12:32])

3. Senate Lawmaker Reactions and Big Picture Questions

[15:59–24:01]

• Senators Young & Slotkin Share Views: Practical exhaustion among members; both call for urgent bipartisan action.
  • “Where we are is exhausted with this issue. We want to come to terms in a bipartisan way. We want to fund TSA. We want our homeland to be more secure.” – Sen. Todd Young, [16:30]
  • Sen. Slotkin calls for broader reform to end repeat shutdown cycles: “We’re the only country I know in the world that just constantly lives in these government shutdowns…” ([17:15])
• Iran Conflict & Supplemental Defense Request: Both senators discuss the war in Iran, lack of clarity on administration strategy, and skepticism over the Pentagon’s reported $200B supplemental funding request.
  • “At the height of the wars in Iraq and Afghanistan…the biggest supplemental we ever approved…was $100 billion. The ask here is $200 billion. So I’m going to open up the hood and look at anything that comes that is that size.” – Sen. Alyssa Slotkin, [21:54]

4. Market Impact & SpaceX IPO

[26:37–33:56]

• Market Turmoil: S&P 500 down 7% over five weeks, NASDAQ in correction territory due to Iran war and U.S. uncertainty.
• SpaceX IPO: Despite volatility, SpaceX is moving toward a potential $75B IPO—largest ever—which could lift market sentiment.
  • “If you are an investor, one thing you hate is uncertainty…and so people either were adding up on bearish hedges or dumping risk assets just given we don’t know what the weekend will bring.” – Bailey Lipschild, [27:24]
• IPO Mechanics & Retail Allocation: SpaceX’s IPO process explained, with up to 30–35% shares possibly allocated to retail investors, an unusually high share for major IPOs.

5. Weekly News Quiz: “Pointed”

[36:41–42:10]

• Format: Hosts bet chips on three categories: Ammunition, Trade, Hoarding. Notable answers include:
  • Slovakia as revitalized arms manufacturer (ammunition)
  • Routers as the FCC’s new focus for imports ban due to cyberattacks
  • Toilet paper as the household staple Japan warned against hoarding
  • Bonus: Epic Games as parent company of Fortnite
• Quiz ends in a tie.

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Notable Quotes & Memorable Moments

• "It's an extraordinary breach between House and Senate Republicans." – Eric Watson, [03:24]
• “This is over 40 days now... workers are going to be held hostage.” – Eric Watson, [04:35]
• “This is the third time that this has happened in five months... we’re just wondering what that means for the future of our agency.” – Jill Dejanovich, [08:40]
• “I don’t believe that aviation security should ever be a for-profit model... my biggest concern is that they’d be here to make money rather than to actually do the job.” – Jill Dejanovich, [12:32]
• “Where we are is exhausted with this issue. We want to come to terms in a bipartisan, partisan way. We want to fund TSA. We want our homeland to be more secure.” – Sen. Todd Young, [16:30]
• “We’re the only country I know in the world that just constantly lives in these government shutdowns and allows people who are protecting us to be at the mercy of these political conversations.” – Sen. Alyssa Slotkin, [17:15]
• “If you are an investor, one thing you hate is uncertainty…and so people either were adding up on bearish hedges or dumping risk assets just given we don’t know what the weekend will bring.” – Bailey Lipschild, [27:24]

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Timestamps for Important Segments

• Congress and DHS Funding Standoff: [02:25–07:33]
• TSA Worker Union Perspective: [07:37–13:21]
• Senate Reactions and Iran Discussion: [15:59–24:01]
• Market Update & SpaceX IPO: [26:37–33:56]
• Weekly News Quiz (“Pointed”): [36:41–42:10]

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Tone & Style

The episode combines urgency and frustration regarding the congressional standoff with moments of levity—especially in-ground reports and the quiz segment. Direct, informative, and at times wry, the hosts maintain a sense of engagement while addressing the seriousness of stalled government funding and its impacts on both national security and everyday Americans.

Transcript

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[Podcast Host (possibly David Gura)]

Bloomberg Audio Studios Podcasts Radio News welcome to the Bloomberg this Weekend Podcast with David Gura, Christina Raffini and Lisa Mateo. Thanks for joining us for today's selection of conversations from the show.

[Podcast Co-Host (possibly Christina Raffini)]

You can listen to our favorite discussions right here on the podcast, but also make sure to join us live every Saturday and Sunday morning starting at 7am Eastern.

[Podcast Co-Host (possibly Lisa Mateo)]

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[Podcast Co-Host (possibly Christina Raffini)]

The two Chambers of Congress at an impasse over how to fund the Department of Homeland Security. That's after a series to late night votes. No clear solution. Both the House and the Senate are now on Easter recess.

[Podcast Host (possibly David Gura)]

President Trump signed a memo to pay TSA workers who have worked without pay for weeks now, of course leading to those sprawling lines that you've seen at US Air Force airports. Joining us now from Washington, we have Bloomberg News Congressional reporter Eric Watson. Eric, I appreciate you getting Up. I saw you sending notes very late last night. We did offer to send you coffee, but you told us shockingly and very impressively that you've never used Doordash or Uber Eats. I wanted to focus on that before we get to Congress because that's so lovely.

[Eric Watson (Bloomberg News Congressional Reporter)]

As you can see behind me, I print books, you know, so we make our own breakfast.

[Podcast Co-Host (possibly Christina Raffini)]

All right, all right.

[Eric Watson (Bloomberg News Congressional Reporter)]

I do appreciate the offer, guys.

[Podcast Host (possibly David Gura)]

All right. We're very grateful nonetheless. Can you walk us through where everything is at? You know, the Senate passed a version of this with an ICE carve out. It went to the House and then it went nowhere. The House has done something that's DOA in the Senate. Just please update us on what's going on between the two chambers.

[Eric Watson (Bloomberg News Congressional Reporter)]

It's an extraordinary breach between House and Senate Republicans. You know, John Thune crafted this bill middle of the night basically funding the full Department of Homeland Security for the rest of the fiscal year till October, except for Border Patrol and ice, Immigration Enforcement activities. That passed unanimously on a voice vote as soon as it got to the House. It was promptly rejected by the House Freedom Caucus. And Speaker Mike Johnson, who's always, you know, trying to shore up support with different parts of his conference, went along with that Freedom Caucus demand to reject the Senate bill. Instead, they passed an eight week continuing resolution for the whole department, but that again, funds ICE without any new reforms that Democrats have demanded. And Chuck Schumer said that's doa. So the standoff continues. Importantly, Trump has signed this memo paying TSA agents as soon as Monday. So that should alleviate the lines. But it's important to point out there are other members of the department, whether you're a Secret Service worker, you know, human trafficking, people in the secretaries office, you know, people who are doing communications. You know, there are a lot of people who are not going to be paid, continue to not get paid. It's going to become a difficult thing. This is over 40 days now, you know, and they're going to be held hostage. I don't see the Senate and House coming back during this two week recess. I don't really see a solution anytime soon. The main thing they're going to try to do is this budget reconciliation bill and a massive package similar to the Trump tax bill where they did put some immigration enforcement money. But they need all Republicans to unite and everyone wants to throw their things in. I talked to a member of the New York delegation who wants the salt deduction of all things extended again. So this is going to become a massive food fight. And these workers are going to be held hostage. Now, the president could try an extraordinary measure to try to potentially illegally pay those other DHS workers from this fund for border security. But, you know, I don't see a solution anytime soon that's really permanent.

[Podcast Co-Host (possibly Christina Raffini)]

You bring up the president. And I want to play a little bit of sound here of the president in Miami last night speaking at that FII conference, addressing what's transpired here and also his relationship with the leadership in the Congress. Take a listen. I understand John Thune and I understand Mike Johnson.

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They want it.

[Podcast Co-Host (possibly Christina Raffini)]

They want to be sure that people

[Podcast Host (possibly David Gura)]

aren't coming into our country like they have for the last four years.

[Bailey Lipschild (Bloomberg News Senior Reporter)]

I don't want to say they've ruined it. They made my job a lot harder.

[Podcast Co-Host (possibly Christina Raffini)]

They've made my job a lot harder. The president there on the tarmac traveling to that conference. Eric Watson, talk a bit about the president's engagement not with this memo, finding a way to pay these TSA workers, but with this issue more broadly and what that says about even more broadly than that, the way that he's been interacting with this Congress and with congressional leadership.

[Eric Watson (Bloomberg News Congressional Reporter)]

I thought it was an extraordinary comment because almost like Trump was playing peacemaker between feuding House and Senate Republican leaders, which I'm sure a role that he would enjoy. He is still questing after that Nobel Peace Prize, after all. But he's trying to, I think in that case, smooth over differences. It's extraordinary that Speaker Johnson called what Thune did a joke ridiculousness. We asked him about it. He tried to sort of sidestep it and say that that was Chuck Schumer who really engineered this. But we're trying to see what kind of long term consequences of this rift will be. Can they do this new tax and spending bill? Are they able to unite in a midterm message? Certainly. The tension between the two chambers is extraordinary. But the immigration issue was historically one of Trump's strong suits. I think the American public generally wants stronger borders. But then what happened in Minnesota with the ICE enforcement, the sort of chaos and the practices sort of weakened his popularity on that gave Democrats an opening to demand these changes. That was very interesting. Last night there was a small press conference, barely attended by media, of Brian Fitzpatrick and Tom Suozzi, two members of the Problem Solvers Caucus. And they have a very intriguing idea to sort pass some of these reforms. A Congress that's more open to compromise would probably embrace something like that. But such a long shot. They're even talking about a discharge petition, a really long shot petition to try to get this done. But Congress is nowhere near grappling with this. But I think if the public were to be consulted, they would want to see some kind of changes to ICE behavior, maybe not having masked agents being able to go willy nilly into people's homes.

[Podcast Co-Host (possibly Christina Raffini)]

Eric Watson, thank you very much. Again, appreciate you joining us here on this Saturday morning.

[Podcast Host (possibly David Gura)]

Earlier, we want to bring in Jill Dejanovich. She's a TSA worker in Los Vegas and the Nevada union. Representative Jill, first of all, I just want to check in on you. How are you doing? I know you've got kids. I know. I can't imagine how tough this has been, missing a paycheck. Just bring us up to date about how you're doing and what your frustrations are.

[Jill Dejanovich (TSA Worker and Union Representative)]

Well, yeah, definitely. Very, very frustrated. We are incredibly thankful that Trump did put out the executive order that we supposedly start to be paid on Monday. We're supposed to get our back pay only, nothing continuing on. So it's while we are thankful and we're grateful that we will supposedly be getting that, it's really just a temporary band aid because we're not going to be paid from here on out. It's just our back pay. So essentially we're just resetting the clock.

[Podcast Co-Host (possibly Christina Raffini)]

What is the conversation been like among you and your colleagues as all of this has unfolded? We've seen the numbers of those who have left, decided to quit or haven't gone to work because they haven't been getting paychecks. What have you been talking about with your colleagues about how this has gone and what it says just about the state of the state of the government, the state of the agency.

[Jill Dejanovich (TSA Worker and Union Representative)]

It's frustrating because this is the third time that this has happened in five months. And because it keeps happening, we're just wondering what that means for the future of our agency. You know, privatization has been thrown out there a lot. It's been being talked about a lot more. And the fact that they're so easily able to shut us down, we are frankly just worried about our jobs in the future.

[Podcast Host (possibly David Gura)]

Is there any concern about this impacting the safety of the flying public? I know that the workers who are on the job are doing their absolute best. But, you know, about 40% of workers have called in sick across the country. According to the AP, there's about 500 TSA workers who reportedly have quit due to lack of payment and frustration at some point. Is this going to start impacting safety or are we there already?

[Jill Dejanovich (TSA Worker and Union Representative)]

No, I don't think safety is going to be affected because we still do have our very dedicated officers that are on the job serving the public. However, those lines will continue to go up the more that we lose officers and the more that people called out. So it'll just take a lot longer and people will end up missing their flights more because of it.

[Podcast Co-Host (possibly Christina Raffini)]

Jill, what's it been like having ICE agents deployed in the airports? I think when that was first announced, something that we were talking about on the show is what would that look like? Would they be doing some of the work that you and your colleagues do? Are they working alongside you or with you? Just on a very granular level. What has it been like having them in the airports?

[Jill Dejanovich (TSA Worker and Union Representative)]

Well, we haven't actually had them deployed in Las Vegas because our lines haven't been that long. However, because they aren't trained to do our jobs, I don't know how much help they would actually be. Essentially, they would be delegated to roles. Serving out in the queue, moving traffic, pushing it around, helping passengers divest items from their bags, essentially. I don't know how helpful that would be to us because again, they aren't trained to do our jobs like we are. So they aren't properly able to help passengers divest items from their bags, thus leading to more bag checks on our end while we are actually screening those that luggage.

[Podcast Host (possibly David Gura)]

And that's kind of what we're seeing for our audio listeners is ICE agents. They are in the airport, but even in the video we're watching right now, they're most obviously ushering traffic through. Those, I don't know what they're called. Those like Disney World style rope lines that we all have to go through so much of our lives. I just want to ask you, I don't. Tell us how long you've been with tsa. And look, it's a tough job. People at airports are cranky. I always try to be nice. Not everyone. I'm sure I can be nice, just not to you. I love my TSA agents that I'm nice to you, but it's a tough job. It takes. It takes skill and it takes patience and it has to be stressful. And I would imagine adding this kind of stress and uncertainty to a job that people probably went to looking for security and sustainability in their lives has to undercut the desire to do this job and for recruitment. Do you have any concerns long term about people wanting to be or stay TSA agents?

[Jill Dejanovich (TSA Worker and Union Representative)]

Definitely. I have been with TSA for almost three years now and so this is my first real experience going through this, it is just like we are living in a twilight zone right now. To start crazy to me that this is happening. I did not expect that this would happen when I initially signed on to federal service three years ago. I believe that this would be a nice, safe, secure career job for me. I thought it was a great opportunity with recruitment. I believe that people will be coming in and they will be cognizant of the fact that, yes, this is an agency that is can be shut down very easily. And so I don't know that we would get the highest quality of people that we normally would have because of that.

[Podcast Co-Host (possibly Christina Raffini)]

Jill, I want to ask you where all this is headed. You brought up the specter of privatization a moment ago and I've noticed, I'm sure you have editorials in newspapers, articles being written about how at some airports that do have private security there haven't been these lines. There's an effort here to make it seem like that might be the solution going forward. I'm very curious, sort of how worried that makes you and you being a representative of your union, sort of what you're doing to make the case that that should not be the route that this country goes down

[Jill Dejanovich (TSA Worker and Union Representative)]

with privatization. That is going to be a for profit model. I don't believe that aviation security should ever be a pro for profit model. The beauty of it being a federal program is that you're not there to make money. You're there to screen passengers, ensure the highest levels of security. That is my biggest fear with going private, that these private screening companies would come in and they would cut costs wherever they can, whether that be with training, whether that be with background checks, whether that would be with hiring and implementing new equipment and programs. So that is my biggest concern with that, is that they would be here to make money rather than to actually do the job that we're here to put forth, which is to screen passengers and luggage and keep America safe.

[Podcast Host (possibly David Gura)]

All right, Josevich, thank you so much for joining us. And I promise I will be very nice if I ever see you in Vegas. We really appreciate it.

[Podcast Co-Host (possibly Christina Raffini)]

I will say that it's funny, the lines haven't been that long. At some airports they have it others. In New York, I think it was like four, four and a half hours. And just getting a grip on that throughout all of this is going.

[Podcast Host (possibly David Gura)]

And it's unpredictable too. I think people are also getting to the airports earlier, which, you know, they have usual peak times they may not be used to because people are panicking. So is my friend just went to JFK and it was 90 minutes. 90 minutes, but not terrible. It's workable.

[Podcast Co-Host (possibly Christina Raffini)]

Stay with us for more on Bloomberg this weekend, right after this.

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[Podcast Host (possibly David Gura)]

All right, A little while ago we spoke to Senators Todd Young, a Republican from Indiana, and Alyssa Slotkin, a Democrat from Michigan. That was just hours before the Senate passed a DHS funding package, which, as we just mentioned, the House rejected. A new funding package, of course, is now stalled on the Hill.

[Podcast Co-Host (possibly Christina Raffini)]

We're focused so much on funding for the Department of Homeland Security and know that there's a standoff there between these two parties. Let me start with you first, Senator Young. Where are we in this process? How much closer are we to any kind of resolution to this partial shutdown that stretched on longer than a month.

[Senator Todd Young]

Well, I know I speak in a broadly bipartisan way. I know Senator Slotkin agrees with me. Where we are is exhausted with this issue. We want to come to terms in a bipartisan, partisan way. We want to fund tsa. We want our homeland to be more secure. And listen, there have been some principled disagreements about ICE and how they ought to operate and other important public policy issues that have been in play, but I think we're all getting much closer to a meeting of minds on these issues. That's my sense. Our leaders are now talking somewhat, sometimes through intermediaries, and I think there's a sense of urgency that I feel here in the halls of Congress to finally get this resolved for the American people.

[Podcast Co-Host (possibly Christina Raffini)]

Your sense as well, Senator Slotkin?

[Senator Alyssa Slotkin]

Yeah, I mean, I think, look, we're about to. We're supposed to be going on two weeks of, you know, home leave, and I don't think anyone feels that we should be leaving, at least I don't until we figure this out. Right. We also are the ones who travel through the airports twice a week and have to face the TSA on officers who are keeping us safe while also not being paid. So I think it's coming to a head, as it should. And I think, look, you know, personally, I think we're having a big cultural conversation on the role of ICE and law enforcement in our streets, but the missions of all the other parts of Homeland Security. As a former CIA officer, I worked alongside those, those offices my entire career. I would fund them today. So I think there's actually a lot of overlap. We just need people to kind of buckle down, sit down, shut out the news media, no offense, and just get it done so we can go on with our lives. And then I think there's a bigger question about, like, we're the only country I know in the world that just constantly lives in these government shutdowns and allows people who are protecting us to be kind of at the mercy of these political conversations. I would be personally in full support of just not having this happen three times in a calendar year for these folks. So I think there's bigger reforms that we need, but at this point, just get her done. We all know what we need to do and just sit in a room until you get it done.

[Podcast Host (possibly David Gura)]

It does seem like deja vu all over again is happening again and again and again much sooner than it used to. At the risk of causing a rift in this lovely bipartisan tableau we have going on, I do want to ask Both of you, some questions about what's going on in Iran. Senator slot again. I'll start with you. Four weeks in June. Feel like the administration has a clear strategy in Iran.

[Senator Alyssa Slotkin]

Well, look, I mean, I served three tours in Iraq alongside the military as a CIA officer and you know, I know it is harder to get in, to get out of a war than it is to get into a war. I'm on the Armed Services Committee, so they've been briefing us. You know, I think it was hard to understand what the clear objectives are. So it's hard to understand exactly how we're doing. I have no love lost for the Iranian government. I watched them and the Iranian backed militias kill friends of mine in Iraq. But until and unless we can have ships move through the state of Hormuz, until and unless, you know, the average person in Michigan is actually not paying for this war through the pump, I think it's hard to say it's resolved. And you know, I hope that we're figuring out quickly at the White House exactly how we're going to bring this to resolution. But right now I think it's too soon to tell whether we can call ourselves winning. And certainly until the straits are open, we're not.

[Podcast Host (possibly David Gura)]

Senator Young, same question to you. And do you have any idea what those two Marine Expeditionary Units and the 82nd Airborne are planning to do once they arrive in the Middle East? Is that clear to you?

[Senator Todd Young]

No, I don't have great clarity on that. That's an operational matter. And I do believe that Congress has an important oversight role to play on such questions. I think that's the prerogative the Armed Services Committee and the Foreign Relations Committee and I indicated very publicly in the past that I think we needed to hold more hearings where possible, more public hearings before we get into major engagements. But that said, I know the President is determined to degrade any nuclear weapons development capabilities of the Islamic Republic of Iran. I know that he's determined to make sure that the Iranian proxies of, of this largest state sponsor of terror in the world are degraded as well. We're making some good progress on that. And then the missile capabilities of this terroristic regime are also being degraded. So on all those fronts we've made some positive progress. I think so many of us, the American people back my, my Hoosier. Can constituents and all across the country want us to bring this to as quick of a close as possible? If we can. If we can indicate that across those three measures that I laid out, we've made some real progress and come up with a negotiated diplomatic solution to open up the Strait of Hormuz on an ongoing basis, then I think the President can, can rightly declare a victory and the American people can resume their economic action, activity and ways of life. And our men and women in uniform who are performing so nobly and heroically can, can be safe and secure and proud of their mission.

[Podcast Co-Host (possibly Christina Raffini)]

A question for each of you. Just about that $200 billion supplemental that's being floated by the Pentagon. Is it something you support? What would it take for you to support it? I'll start with you, Senator Slotkin.

[Senator Alyssa Slotkin]

Yeah, I mean, look, we've seen it floated. We haven't seen anything in black and white. And something I always commit to my constituents in Michigan is I read everything, I'm going to look at everything objectively. But I will say, you know, at the height of the wars in Iraq and Afghanistan, when we had hundreds of thousands of troop deployed, things weren't going well in places like Iraq. The biggest supplemental we ever approved through this body was 100 million. And the ask here is 200 million. So I'm going to open up the hood and look at anything that comes that is that size. And I'm skeptical that after getting an economic extra 150 billion this past summer on top of a nearly $1 trillion Pentagon budget that they got just last year, I'm skeptical that I'm going to be like, you know, just rubber stamping anything like that. So, you know, and I think the American people are concerned about spending that kind of money. But I will always read everything. That's my obligation. And we haven't seen anything formally.

[Podcast Co-Host (possibly Christina Raffini)]

Senator Young, how about you?

[Senator Todd Young]

Well, we need to be skeptical. That's our jobs, to scrutinize individual line items of spending requests rather than just giving the green light, especially when a check to the tune of $200 billion is requested. But I will say the armaments that we have been expending to carry out these operations have been incredibly expensive. And as we adapt to this new age of warfare and have to invest in other types of armaments while replenishing these, these older school armaments that can become very expensive as we sort of make that transition. So I enter this, this exercise of looking through the requested supplemental package objectively, and I want to support carrying out that deterrence mission so we don't have to fight any more wars, which is the most expensive thing for the American people, I want to make sure we have everything possible needed to avoid any future conflict.

[Podcast Host (possibly David Gura)]

Senators, thank you so much. I understand you have a vote and you have to run, but I really appreciate you both taking the time and good luck with the legislation.

[Senator Todd Young]

Thanks so much.

[Senator Alyssa Slotkin]

Thank you.

[Podcast Host (possibly David Gura)]

I mean, that was nice to have. I can't remember the last time two senators bipartisan unity. Yeah, exactly.

[Podcast Co-Host (possibly Christina Raffini)]

Here on the show. Appreciate that. Senators Young and Slotkin joining us there to talk about the state of play. Yes, with that DHS funding, but with the request forthcoming request here for $200 billion in supplemental funding for the war in Iran.

[Podcast Host (possibly David Gura)]

Stay with us for more on Bloomberg this weekend, right after this.

[IBM Representative]

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[Podcast Advertiser (Visibility Gap / Mental Health)]

IBM for many men, mental health challenges aren't recognized until they've already taken a toll. Work pressure, financial stress, changing relationships, and traditional expectations around masculinity can quietly wear men down, often without clear warning signs. In season three of the Visibility Gap, Dr. Guy Winch and his guests explore how these pressures show up, how to spot them earlier, and how men can access meaningful support. Listen to the new season of the Visibility Gap, a podcast presented by Cigna Healthcare.

[Wise App Advertiser]

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[Podcast Host (possibly David Gura)]

The war in Iran, as we've been talking about all morning and really all week, is rattling the markets. The S&P 500 has fallen more than 7% in the last five weeks. And the NASDAQ is in correction territory. But news that Space X is targeting a potential blockbuster of an IPO, $75 billion, potentially the largest one ever, could inject a little bit of enthusiasm into the market.

[Podcast Co-Host (possibly Christina Raffini)]

Joining us now to break all of this down is Bailey Lipschild, senior reporter here at Bloomberg News. Bailey, great to have you with us. We want to talk about this ipo. We're waiting for Space X to file this prospectus, which could happen any day now. Before we get there though, I want to get your perspective on what we saw over the course of the last week. This has been a market that has been, I don't want to say complacent as this war has unfolded, but it does seem like there were doubts sown among investors here at the end of the week. And it was a nasty Friday to say the least.

[Bailey Lipschild (Bloomberg News Senior Reporter)]

No, it was a nasty Friday. And David, you know this as well as anyone. If you are an investor, one thing you hate is uncertainty and the other thing is being long stocks or risk assets over a weekend where pretty much it's anyone's guess what the next 36 hours will look like. And so when you really look at the price action that we saw on Friday in particular, it did seem like people either were adding up on bearish hedges or really dumping anything that was particularly risky, just given we don't know what the weekend will bring. And really, when you lay that across the entire month that was March, we've had a lot of volatility. To your point, you talk to bullish investors, well, hey, we're only down 5, 6, 7% depending on the index that you look at. That's not that bad, all things considered. And every potential headline that a resolution is on the horizon typically brings at least a knee jerk reaction. But when I talk to folks on Wall street, there still is this resounding hope that the problems will be addressed and the war will be ended sooner than later. And then business can get back to usual. There aren't many people thinking about what happens if this drags on for another four or five weeks.

[Podcast Host (possibly David Gura)]

So with all that in the backdrop, why do this now? Why does Space X want to do this now? And is this a fait accompli? Are they definitely doing it soon or might they wait given all this volatility?

[Bailey Lipschild (Bloomberg News Senior Reporter)]

So the thing with IPOs are they can be long, drawn out processes. With SpaceX, every detail is closely watched. So what we're waiting for is a confidential filing which would formally kick off the potential IPO path. The big thing to keep in mind is that SpaceX is kind of been vocal, at least through various media reports that they want to go public in June. And if you think back to two and a half months ago, the market backdrop was quite different. So when you look at the timeframe for SpaceX to go public, we could be in a very different market by the time it actually gets kind of on the launch pad and potentially goes public versus where we are now. Where submitting this document to the SEC just makes it easier to market the deal more formally to investors as opposed to setting any type of shot clock, if you will.

[Podcast Host (possibly David Gura)]

Wait, I have a logistics questions for you guys who covered IPOs before, which I have not on this level. Do you have to like constantly, is it like a DOJ filing? Do you have to constantly refresh the page waiting for that to pop up or do you know that they've posted it and like you know you can go get it?

[Bailey Lipschild (Bloomberg News Senior Reporter)]

So with the JOBS act they opened up confidential filings so technically they could submit and no one knows. So this could be something that they announced via press release. This could be something that us and competitors find from our sourcing and report out or we were joking with a few bankers. In theory, we are understanding this is not the case. In theory they could have submitted this a month ago and were able to keep it tight lipped and no one actually knows. Like this is the one aspect of that filing and the big thing is you file the submission, you submit the filing confidentially, then you wait a month to go back and forth with the SEC from there. And that's kind of why this March timeframe was so critical for Elon to potentially meet his goal of going public by his birthday, which is the end of June.

[Podcast Co-Host (possibly Christina Raffini)]

Wow, I got to give you props for using the IPO on the launch pad pun there, which I'm sure was delivered. Bailey, I want to ask you about what this company is kind of picking up off of that. I think there are a lot of people who think of Space X as a company that makes and shoots off rockets into space. It has grown to such more than that over the last many years. This is a company that now owns xi, which is Elon Musk's AI company, which is hemorrhaging money as it tries to build up and build new data centers. Starlink of course has been bringing money in. It owns that too. And then what was formerly known as Twitter X is now part of xai, so part of this whole conglomerate as well. How does that complicate the way that investors are looking at this company as an investment? The fact that it really is this very multifaceted conglomerate?

[Bailey Lipschild (Bloomberg News Senior Reporter)]

To your point, when you think back to February, before the merger of parent company Xai, which owns X and SpaceX, SpaceX was arguably one of the cleanest stories in the private market. It was essentially a space monopoly that owns launch, getting rockets and satellites into space, and to your point, owning Starlink, which is the dominant player in potentially getting or actually actively getting direct to consumer, direct to cell phone and other devices, Internet connection. Now, with this merger, when I talk to investors, the pitch still is heavily predicated on the kind of old school SpaceX company with Xai being a part of that. The one thing to keep in mind is if you talk to many people and if you pulled, I would say the smartest people on Wall street and asked if, well, what is Tesla? Is it a car company? Is it a robot company? Is it something that's going to be partnering with SpaceX for Terrafab? It's just the entire Elon ecosystem, that Elon premium, that these companies are very complex and there are a lot of areas to look at that can justify higher valuations.

[Podcast Co-Host (possibly Christina Raffini)]

I'm glad you bring up Tesla and I think about the history of that company and how Elon Musk really valued the true believers among those investors who stood with him, even as Tesla wasn't able to make as many cars as it said it would as deadlines got pushed. And Elon Musk has a real affection for the retail investor. I'm curious how Space X is going to benefit or serve those investors going forward. Do we have any sense of sort of how they will be able to take advantage of this ipo, when in fact it happens?

[Bailey Lipschild (Bloomberg News Senior Reporter)]

So we've put out reporting that they could allocate about 30 to 35% of the IPO for retail investors. One thing to keep in mind, if the company does raise its targeted $75 billion, it's about $22.5 billion for retail, which would be the third largest IPO in the history of IPOs. So that's an insane amount of money to just comprehend that could be allocated to retail. And to your point, the boardroom and these bankers are discussing the best way to allocate shares to the true believers, people who have held Tesla for a long time, maybe people who own Tesla cars will be able to get better access at the ipo. At the end of the day, when we talk to bankers finding $75 billion of demand there's enough capital out there, but being able to execute the IPO in a way that delivers for both the company and investors is going to be closely watched.

[Podcast Host (possibly David Gura)]

Bailey, we've got about 30 seconds left, but how much of this is trying to get ahead of Anthropic and what does this mean for Open, Open Air, excuse me, and Anthropic?

[Bailey Lipschild (Bloomberg News Senior Reporter)]

Yeah, it's a bit of a race. And Space X clearly has set the best timeline or the quickest timeline to circle that June target. We reported that Anthropic could go as soon as October. And OpenAI, from our understanding, is kind of neck and neck potentially with trying to line up those prospects to go public. So when we think about 2026 as a whole, we could see all three of these companies, or if the volatility continues, we could see one or two drag on into 2027.

[Podcast Host (possibly David Gura)]

All right, Bailey Livchults, Bloomberg News senior reporter, thank you for breaking that all down. And you'll have to WhatsApp me when that filing happens. Yeah, I'm very curious.

[Podcast Co-Host (possibly Christina Raffini)]

I was talking to our colleague Ed Ludlow about this, who covers space, the business of space, and this is such an interesting moment for that as well. This is a really hot part of technology generally, so this will be a real litmus and sort of investor enthusiasm for space related companies and for the

[Podcast Host (possibly David Gura)]

man in charge of the company.

[Podcast Co-Host (possibly Christina Raffini)]

There you go. For Elon Musk as well, we'll see how much of the company he ends up owning as a result of this ipo.

[Podcast Co-Host (possibly Lisa Mateo)]

Stay with us for more on Bloomberg this weekend, right after this.

[IBM Representative]

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[Wise App Advertiser]

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[Podcast Co-Host (possibly Christina Raffini)]

Well, it's time for my favorite part of the show that is Pointed, the news quiz for risk takers right here on Blue.

[Podcast Host (possibly David Gura)]

This weekend, we've narrowed down the larger quiz that you can play online to three categories. And Lisa is going to test our knowledge. And I'm sorry, who is currently leading.

[Podcast Co-Host (possibly Christina Raffini)]

You are in fact, leading by a one point margin. It is still anyone's game.

[Podcast Host (possibly David Gura)]

I'm very nervous about this, though. I did overhear them saying how hard the quiz was this week. So this could be your week, David girl.

[Podcast Co-Host (possibly Lisa Mateo)]

This is going to be a good one, guys. Okay, so for those of you at home who are like, what are you talking about? Pointed? Okay, so here's exactly how it works in. In front of David and Kristina. They each have 30 chips. Okay, so they've split it up and they have three categories. And they're gonna place their bets depending on how they feel, how confident they feel about each category.

[Podcast Host (possibly David Gura)]

This is for our radio audience. It's for our radio audience.

[Podcast Co-Host (possibly Christina Raffini)]

Really? The sound effect she does.

[Podcast Co-Host (possibly Lisa Mateo)]

Okay, so we've got everyone covered.

[Podcast Co-Host (possibly Christina Raffini)]

You're not intimidating me.

[Podcast Co-Host (possibly Lisa Mateo)]

Are you ready for the categories?

[Podcast Co-Host (possibly Christina Raffini)]

I'm sorry, Lisa?

[Podcast Co-Host (possibly Lisa Mateo)]

Yes, yes, please. Ready, David? Okay, the first category is ammunition.

[Podcast Co-Host (possibly Christina Raffini)]

Ammunition.

[Podcast Co-Host (possibly Lisa Mateo)]

The second category is trade. And the third category is hoarding.

[Podcast Co-Host (possibly Christina Raffini)]

Hoarding.

[Podcast Co-Host (possibly Lisa Mateo)]

Hoarding.

[Podcast Co-Host (possibly Christina Raffini)]

Hoarding.

[Podcast Co-Host (possibly Lisa Mateo)]

So it's quite a category. So place your bets depending on how confident you feel. Where are you going as far as ammunition?

[Podcast Co-Host (possibly Christina Raffini)]

What do you think? I'm gonna go none on ammunition.

[Podcast Co-Host (possibly Lisa Mateo)]

Okay.

[Podcast Co-Host (possibly Christina Raffini)]

I'm gonna go double on 20 on trade and then hoarding. I have no expertise, but I'm interested.

[Podcast Host (possibly David Gura)]

I'M slid across the board. Cause I. Because I don't feel overly confident in any of these categories. So I'm doing 10. 10 and 10. Excellent.

[Podcast Co-Host (possibly Lisa Mateo)]

All right, you ready for your first question?

[Podcast Host (possibly David Gura)]

It's a very evil look.

[Podcast Co-Host (possibly Lisa Mateo)]

Ooh, I'm excited for this.

[Podcast Co-Host (possibly Christina Raffini)]

How hard do you think this is the hardest thing?

[Podcast Co-Host (possibly Lisa Mateo)]

I only got one of them. Sorry.

[Podcast Host (possibly David Gura)]

All right.

[Podcast Co-Host (possibly Lisa Mateo)]

Okay, here we go. Ammunition. Arms manufacturer ZVS was once a Cold War casualty, but is being revitalized in which European nation? Which European nation? Nation. It's starting to get back into it and see a surge. It's actually the world's biggest car producer per capita.

[Podcast Co-Host (possibly Christina Raffini)]

This nation. Oh, I just got that wrong then.

[Eric Watson (Bloomberg News Congressional Reporter)]

Hold on.

[Podcast Co-Host (possibly Christina Raffini)]

Thank you for that.

[Podcast Co-Host (possibly Lisa Mateo)]

Change your id. Okay, I gave you a little help.

[Podcast Host (possibly David Gura)]

All right, now I have no idea,

[Podcast Co-Host (possibly Christina Raffini)]

but didn't help you.

[Eric Watson (Bloomberg News Congressional Reporter)]

Okay, you ready?

[Podcast Host (possibly David Gura)]

Go ahead.

[Podcast Co-Host (possibly Christina Raffini)]

Three, two, one. Germany. No. They make a lot of cars.

[Podcast Co-Host (possibly Lisa Mateo)]

Slovakia is correct, Christina.

[Podcast Host (possibly David Gura)]

Right. That's what threw me. I know that I had no because I read something about the arms manufacturer. But I had cars.

[Podcast Co-Host (possibly Lisa Mateo)]

Cars. The world's biggest car producer, per capita.

[Podcast Co-Host (possibly Christina Raffini)]

Slovakia per capita.

[Podcast Co-Host (possibly Lisa Mateo)]

Yes.

[Podcast Co-Host (possibly Christina Raffini)]

Oh, for God's name.

[Podcast Co-Host (possibly Lisa Mateo)]

See, I confused you there, David.

[Podcast Co-Host (possibly Christina Raffini)]

You thank God I didn't put any chips in there.

[Podcast Host (possibly David Gura)]

But what is the Slovakian cars? I mean, it's not a Yugo. They don't make those anymore.

[Podcast Co-Host (possibly Lisa Mateo)]

But actually they have been ramping up their ammunition output some 30,000 before NATO started ramping up the Ukraine Russia war. Full screen, full invasion in 2022.

[Podcast Host (possibly David Gura)]

So you bet is one of those places they're getting those big shells, correct?

[Podcast Co-Host (possibly Lisa Mateo)]

Yeah, you bet 10. So you keep your 10, David. You got nothing. You bet nothing. You bet nothing.

[Podcast Co-Host (possibly Christina Raffini)]

You don't lose any move on that part.

[Podcast Co-Host (possibly Lisa Mateo)]

All right, I'm going to get you in trade. Trade.

[Podcast Host (possibly David Gura)]

So that got me nothing.

[Podcast Co-Host (possibly Lisa Mateo)]

All right, here we go. Play along at home. Due to national security concerns, the FCC is banning imports of foreign based, foreign produced models of which product.

[Podcast Host (possibly David Gura)]

I do know this one because my brother's a nerd.

[Podcast Co-Host (possibly Christina Raffini)]

He's also talking a lot about this office. Ah, so you though I didn't read up on this. I just know from Christina's talking about him sometimes.

[Podcast Co-Host (possibly Lisa Mateo)]

See, sometimes he listens.

[Podcast Host (possibly David Gura)]

Christina only occasionally, intermittently.

[Podcast Co-Host (possibly Lisa Mateo)]

Let's go. Okay, flip it. What do you got?

[Podcast Co-Host (possibly Christina Raffini)]

All right. Routers.

[Podcast Co-Host (possibly Lisa Mateo)]

Routers. Wireless routers. Correct. You both get it. You both get it.

[Podcast Host (possibly David Gura)]

Thanks, Joey Rafini, cyberattack.

[Podcast Co-Host (possibly Lisa Mateo)]

There have been a lot of talk about them for cyber attacks.

[Podcast Co-Host (possibly Christina Raffini)]

Yes.

[Podcast Co-Host (possibly Lisa Mateo)]

All right, so you each. Okay, so do you want to Add

[Podcast Co-Host (possibly Christina Raffini)]

into this before we move on. I mean, you've talked about it a lot.

[Podcast Host (possibly David Gura)]

No, no. I mean, my brother's concern is there are really no domestically manufactured wireless routers at the moment of that next generation. They're all made overseas. So it is going to be a problem, like, if we can't upgrade them, we can't get them from anywhere. But that's the issue.

[Podcast Co-Host (possibly Lisa Mateo)]

Well, there is one company, Netgear. They might. Investors might, you know, think because they moved them much of their supply chain outside of China. So that might be one company. Here we go.

[Podcast Co-Host (possibly Christina Raffini)]

It's the more, you know.

[Podcast Host (possibly David Gura)]

And Shooting star. Okay, there we go.

[Podcast Co-Host (possibly Lisa Mateo)]

Moving on to hoarding. Okay. Which household staple hoarded during the 1973 oil shock, did Japan just warn shoppers not to buy in bulk?

[Podcast Host (possibly David Gura)]

Is it the same thing?

[Podcast Co-Host (possibly Lisa Mateo)]

Hoarded, staple? I wonder.

[Podcast Co-Host (possibly Christina Raffini)]

I don't know.

[Podcast Co-Host (possibly Lisa Mateo)]

It's a good thought.

[Podcast Co-Host (possibly Christina Raffini)]

This music is very contemplative.

[Podcast Co-Host (possibly Lisa Mateo)]

You know, it's like soothing. It's very soothing.

[Podcast Host (possibly David Gura)]

What are you writing? Wait, you're writing.

[Podcast Co-Host (possibly Lisa Mateo)]

You're writing too much.

[Podcast Co-Host (possibly Christina Raffini)]

Okay, okay. I wrote.

[Podcast Co-Host (possibly Lisa Mateo)]

Flip it. What did you write?

[Podcast Co-Host (possibly Christina Raffini)]

Toilet paper, AKA bathroom tissue.

[Podcast Host (possibly David Gura)]

I also.

[Podcast Co-Host (possibly Lisa Mateo)]

Toilet paper. You both got it, right?

[Podcast Co-Host (possibly Christina Raffini)]

It leads to, I think, a tie.

[Podcast Co-Host (possibly Lisa Mateo)]

Oh, that's right.

[Podcast Host (possibly David Gura)]

Yes.

[Podcast Co-Host (possibly Lisa Mateo)]

You know what that means.

[Podcast Co-Host (possibly Christina Raffini)]

If we're talking, there's gotta be a bonus question.

[Podcast Host (possibly David Gura)]

There's a phone.

[Podcast Advertiser (Visibility Gap / Mental Health)]

No.

[Podcast Host (possibly David Gura)]

I was so close. Okay.

[Podcast Co-Host (possibly Lisa Mateo)]

You know, we have to take it to the bonus.

[Podcast Host (possibly David Gura)]

Okay.

[Podcast Co-Host (possibly Lisa Mateo)]

The bonus is gaming.

[Podcast Co-Host (possibly Christina Raffini)]

Gaming.

[Podcast Co-Host (possibly Lisa Mateo)]

Okay.

[Podcast Host (possibly David Gura)]

This is not looking good. Okay.

[Podcast Co-Host (possibly Lisa Mateo)]

No, no, no, no. I think you got this. Christine Fortnite's parent company cutting 1,000 jobs due to spending concerns. What is the name of the company? So what is the name of Fortnite's parent company?

[Podcast Host (possibly David Gura)]

I do know this.

[Podcast Co-Host (possibly Christina Raffini)]

It's gonna be a real tie.

[Podcast Co-Host (possibly Lisa Mateo)]

Wait, what if you both get it right? Then we have a tie again. Then do we have another breaker?

[Podcast Host (possibly David Gura)]

We'll just leave. We'll just leave and date. All right. Okay.

[Podcast Co-Host (possibly Christina Raffini)]

Flip it.

[Podcast Co-Host (possibly Lisa Mateo)]

What do you got?

[Podcast Co-Host (possibly Christina Raffini)]

Epic.

[Podcast Co-Host (possibly Lisa Mateo)]

Epic. Yes. Epic games. The CEO said they're spending a lot of money. More than we're making. That's what they said.

[Podcast Co-Host (possibly Christina Raffini)]

North Carolina based.

[Podcast Co-Host (possibly Lisa Mateo)]

We end in a tie.

[Podcast Host (possibly David Gura)]

All right. That wasn't as bad as I thought. You guys did well.

[Podcast Co-Host (possibly Christina Raffini)]

Thank you so much.

[Podcast Host (possibly David Gura)]

Nice job, Lisa.

[Podcast Co-Host (possibly Lisa Mateo)]

Thank you.

[Podcast Host (possibly David Gura)]

To our production team as well.

[Podcast Co-Host (possibly Lisa Mateo)]

That's always fun.

[Podcast Co-Host (possibly Christina Raffini)]

And you can always find the rest of the game.

[Podcast Co-Host (possibly Lisa Mateo)]

Yes, yes, yes. You too can do it. Bloomberg.com pointed PlayAtHome at home. Hey, they give you some. Some options. You have multiple.

[Jill Dejanovich (TSA Worker and Union Representative)]

Yeah.

[Podcast Host (possibly David Gura)]

It's multiple choice at home. You don't have to. You don't have to write them on a whiteboard.

[Podcast Co-Host (possibly Lisa Mateo)]

Always play at home and you'll have just as much fun as we do here.

[Podcast Co-Host (possibly Christina Raffini)]

Yes, you don't get my commentary, but maybe that's for the best.

[Podcast Host (possibly David Gura)]

Thanks for joining us on today's Bloomberg this Weekend podcast. Don't forget to tune in live for the show every Saturday and Sunday morning starting at 7am Eastern.

[Podcast Co-Host (possibly Christina Raffini)]

We're on Bloomberg Television Radio and the Bloomberg Business app, bringing you unique takes and in depth interviews on news, politics, lifestyle and culture. We buy insurance for peace of mind,

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[Podcast Co-Host (possibly Christina Raffini)]

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