WSJ What’s News – Trump Backs Cuomo in New York Mayoral Race

Date: November 4, 2025
Host: Caitlin McCabe (with reporting by John McCormick, Gavin Bate, and Alex Frangos)

Episode Overview

This episode covers major U.S. Election Day developments with a sharp focus on the high-stakes New York City mayoral race, where former President Trump has thrown his support behind Andrew Cuomo, threatening significant federal repercussions if progressive candidate Zoran Mamdani wins. The episode also explores the broader ideological battle within the Democratic Party, rising concerns over Wall Street frauds, and pending Supreme Court action on Trump-era tariffs.

Key Segment Summaries

1. Election Day: Spotlight on New York and Party Divisions

[00:56 – 07:32]

• Election Context:
  Voters head to the polls in New York, New Jersey, and Virginia—the first major elections since Trump’s re-election.

  • New York City’s mayoral race: Progressive Zoran Mamdani favored to win.
  • Trump has publicly backed Andrew Cuomo, threatening loss of federal funds and deployment of the National Guard if Mamdani prevails.

• Candidates Respond to Trump’s Threats:

  • Gavin Bate: “We need a mayor who can stand up to Donald Trump, who can get the funding that New York deserves, who can make sure the National Guard does not come to New York because we don't need the National Guard. And I can stand up to Trump.” [01:55]
  • John McCormick: “We know and have known for months that Donald Trump would favor Andrew Cuomo as the mayor. They share the same donors, they share the same small vision, they share the same sense of impunity.” [02:11]

• Democratic Party Tensions:
  Democrats are anticipated to sweep key races but continue to face a critical internal debate: Should the party emphasize moderation or pivot further left?

  • John McCormick: “The Democratic Party is in the wilderness here, which is a hard place to be. … There is this fundamental question, and it’s a very strong debate within the party.” [03:03]

• Mamdani as a Symbol:
  Mamdani embodies the party’s progressive ambitions for some and a warning sign for others.

  • John McCormick: “Progressives feel like he is the candidate of the future, ... but conservatives are already very much gearing up to make him the poster child for the midterm campaigns.... They're going to suggest that if he gets elected, that the Democratic Party has moved to the far left, very close to socialism.” [03:52]

• Debate on Electability:

  • Former Rep. Steve Israel (via McCormick): “It’s easier for a progressive to win in Brooklyn, New York, than it is in Brooklyn, Iowa.” [04:35]
  • Ideological and generational rifts could lead to further internal battles during primaries, draining party resources.

2. National Races Outside New York

[05:38 – 06:27]

• New Jersey and Virginia Gubernatorial Races:
  • New Jersey: Mikie Sherrill (Democrat, ex-Navy pilot) faces Jack Cittarelli in a tight contest.
  • Virginia: Abigail Spanberger (ex-CIA, Democrat) is leading.
  • Both centrist Democrats exemplify a different party posture than Mamdani’s progressive stance.

3. Voter Sentiment and Democratic Brand Crisis

[06:27 – 07:27]

• Democratic Frustration:

  • Pew Research poll: Two-thirds of Democrats and Democratic-leaning independents feel “frustrated” by their party—a sharp rise from previous years.

  • Only 40% of Republicans report similar frustration.

  • Congressional approval ratings are low; independent voters are disillusioned with both parties.

  • John McCormick: “There’s a lot of dissatisfaction even within the Democratic Party. Independent voters are not looking favorably...and members of Congress have especially low approval ratings right now.” [06:43]

4. Supreme Court Weighs Trump-Era Tariffs

[08:58 – 11:17]

• Case Details:

  • Supreme Court set to rule on the legality of Trump’s broad use of tariffs under emergency authority; three sets of tariffs under review, amounting to $90 billion collected so far.

  • Key legal question: Did Trump overreach with his use of presidential emergency powers?

  • Gavin Bate: “It's really 50/50 on how the high court is going to rule.... If you stretch [the law] to also mean the power to impose tariffs or taxes, that really expands the president's authority far beyond what the plaintiffs...say is the original intent of Congress.” [09:03]

  • Uncertainty looms over what happens to collected funds if tariffs are reversed.

5. Wall Street Tightens Lending After Corporate Frauds

[11:17 – 12:37]

• Fraud Fallout:
  Recent fraud scandals have spooked investors but markets haven’t closed off to new lending.
  • Alex Frangos: “Maybe we've gotten a little too easy with how we lend money and we need to kind of tighten the screws...” [11:39]
  • Credit markets remain healthy; recent frauds seen as “a warning sign than a stoplight.”

6. Tesla Investor Backlash Against Musk’s Pay Package

[12:37 – 12:55]

• Investor Votes:
  Norway’s sovereign wealth fund and CalPERS plan to vote against Elon Musk’s proposed $1 trillion pay, citing concerns over size and power concentration.

Notable Quotes & Moments

• John McCormick:
  “The Democratic Party is in the wilderness here, which is a hard place to be.” [00:47, 03:03]

• Gavin Bate:
  “We need a mayor who can stand up to Donald Trump, who can get the funding that New York deserves, who can make sure the National Guard does not come to New York because we don't need the National Guard. And I can stand up to Trump.” [01:55]

• John McCormick:
  “They share the same donors, they share the same small vision, they share the same sense of impunity.” (On Trump and Cuomo) [02:11]

• On Wall Street Frauds:
  Alex Frangos: “Credit markets are still very much open for business.... So right now it's more of a warning sign than a stoplight.” [12:08]

• On Tariffs:
  Gavin Bate: “It's really 50/50 on how the high court is going to rule on this.” [09:03]

Timeline of Highlights

| Timestamp | Segment | |------------|---------------------------------------------------| | 00:56–01:55| New York mayoral race; Trump backs Cuomo; threats | | 01:55 | Mamdani/Trump candidate responses | | 03:03 | Deep divisions in the Democratic Party | | 03:52 | Progressive vs. moderate implications discussed | | 04:35 | Rep. Steve Israel quote; electability insights | | 05:38 | Key races in NJ & VA | | 06:43 | Voter frustration and Pew poll analysis | | 09:03 | Supreme Court and Trump’s emergency tariffs | | 11:17 | Wall Street response to frauds | | 12:37 | Tesla investor votes on Musk’s pay |

Conclusion

The November 4, 2025 edition of "WSJ What’s News" offers a brisk yet deep look at Election Day’s multifaceted stakes, from Trump’s unprecedented intervention in New York to the Democratic Party’s existential strategic split. High-level legal battles over tariffs and jitters in the lending market add national and financial gravity. With dynamic quotes and clear-eyed analysis, this episode delivers a concise but nuanced snapshot for anyone needing to understand not just the headlines—but also the tensions and trends driving today’s news.