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00:00THIS IS "BALANCE OF POWER" LIFE WASHINGTON, D.C. JOE:JOE: FROM BLOOMBERG'S WASHINGTON DC STUDIOS TO OUR TV AND RADIO AUDIENCES WORLDWIDE WELCOME TO "BALANCE OF POWER." I'M JOE MATHIEU. TONIGHT BREAKING NEWS FROM THE SUPREME COURT. THE NEWS TONIGHT THAT THE HIGHEST COURT IN THE LAND WILL FAST-TRACK A CHALLENGE TO THE PRESIDENT'S TARIFF POLICY, CASE THAT WILL HAVE WORLDWIDE IMPLICATIONS. WE HAVE OUR BLOOMBERG REPORTERS ON HAND TO DIVE INTO IT ALL. > > A MASSIVE PAYROLL REVISION -- MAKES THE CASE FOR A RATE CUT. THE LATEST NUMBERS THAT SHOW THE LARGEST BENCHMARK REVISION ON RECORD. DATA RELEASED DAYS BEFORE THE FEDERAL RESERVE BOARD MEETS. WHEN WE SPEAK WITH REPUBLICAN CONGRESSMAN MICHAEL LAWLER OF NEW YORK. JOE: ISRAEL STEPPING UP ITS ATTACKS AGAINST HAMAS CONDUCTING A STRIKE AGAINST SENIOR HAMAS LEADER'S IN THE CAPITAL OF DOHA. QATAR'S DEPARTMENTS ARE CALLING IT A PIVOTAL MOMENT AND ISSUING A WARNING TO NETANYAHU. MORE ON THE ATTACK AND THE IMPLICATIONS FOR ISRAEL'S RELATIONSHIP WITH THE U.S. > > MUCH MORE WHEN WE SPEAK WITH DEMOCRATIC SENATOR CHRIS COONS. IN THE MEANTIME, PUSHING BACK ON THE EPSTEIN BIRTHDAY CARD LETTER REVEAL. THE PRESIDENT DID NOT WRITE THIS LETTER. HE DID NOT SIGN THIS LETTER AND THAT IS WHY THE PRESIDENT'S LEGAL TERM IS PURSUING LITIGATION AGAINST THE WALL STREET JOURNAL AND WILL CONTINUE TO. > > THE WHITE HOUSE RESPONSE, THIS TIME THE LETTER TO EPSTEIN FOR HIS 50TH BIRTHDAY CURRENTLY FEATURING A NOTE AND SIGNATURE FROM THE PRESIDENT. WHY TRUMP IS CALLING IT A DEAD ISSUE AND MORE COMING UP. BUT WE BEGIN TO WITH BREAKING NEWS FROM WASHINGTON THAT CROSSED A SHORT TIME AGO. THE SUPREME COURT SAYING IT WILL DECIDE WHETHER THE BULK OF THE PRESIDENT'S TARIFF POLICIES ARE LEGAL. ORDER TO FAST-TRACK THE CASE AFTER IT PLAYED OUT THROUGH LOWER COURTS. IT WILL BE A MAJOR HEARING THAT IS CERTAIN TO HAVE FINANCIAL AND POLITICAL IMPLICATIONS AS NATIONS AND PRIVATE BUSINESS REMAIN ON HIGH ALERT FOR ANY CERTAINTY ON THE ISSUE. LAUREN DAVISON IS HERE NRDC BUREAU FOR MORE. AND SO IS MICHAEL MCKEE JOINING US. WE HAVE TO START WITH YOU. WALK US THROUGH WHAT WE KNOW. > > WE KNOW THE SUPREME COURT IS SCHEDULED TO HEAR THIS IN NOVEMBER WHICH WE -- WHICH COULD MEAN THEY WILL FAST-TRACK THE DECISION WHICH MEANS THAT BUSINESSES AND COUNTRIES COULD GET A LOT MORE CERTAINTY THAN HAVING TO WAIT UNTIL THE NEXT SUPREME COURT CYCLE OF DECISIONS THE BIG ONES, AT LEAST IN THE SUMMER. THIS COVERS ESSENTIALLY ALL OF THOSE LIBERATION DAY TARIFFS. THOSE OF THE TARIFFS ON SPECIFIC NATIONS. IT DOES NOT COVER THINGS LIKE STEEL, ALUMINUM AND SECTORAL TERRORIST. THIS COULD HAVE IMPLICATIONS OF THE SUPREME COURT DECIDES THEY ARE NOT LEGAL, THEN THERE IS THE BIG QUESTION OF WHAT HAPPENS TO ALL OF THE TARIFFS THAT HAVE BEEN PAID OVER THE LAST FOR SEVERAL MONTHS? BILLIONS OF DOLLARS IN GETTING THAT BACK TO EACH COMPANY CAN BE A MONUMENTAL TASK. JOE: A REBATE IS WHERE YOU'RE GOING IN THAT WORLD. CAN YOU TELL OUR LISTENERS AND VIEWERS TONIGHT, LAURA, THAT THAT WILL BE THE END OF THIS STORY, THAT THERE WILL BE A FINAL UP AND DOWN ON TARIFFS COMING OUT OF THIS WHITE HOUSE OR WILL BE ADMINISTRATION BE ABLE TO REWRITE THE CAUSE OR THE REASON FOR THE TARIFF AND START THIS ALL OVER AGAIN? > > IT IS VERY LIKELY THEY WILL GO BACK TO THE DRAWING BOARD FOR THE WHITE HOUSE IS LOOKING AT OTHER AUTHORITY TO PULL. THEY TAPPED THE EMERGENCY DECLARATION BUT THEY HAVE OTHER WAYS THAT THEY NEED -- THE SAME SIZE AND SCOPE OF TARIFFS BUT TRUMP HAS COMMITTED TO TARIFFS AS A SIGNATURE POLICY. HE WILL NOT BACK DOWN BECAUSE OF ONE SUPREME COURT RULING THAT DOES NOT GO HIS WAY. JOE: LAURA DAVISON WITH BREAKING NEWS THIS EVENING. THANK YOU AS ALWAYS. AS WE TURN TO THE OTHER BIG ECONOMIC NEWS OF THE DAY. MAJOR PAYROLL REVISION COMING FROM THE BUREAU OF LABOR STATISTICS. IN FACT SHOWING THE JOB MARKET WAS FAR LESS ROBUST THAN PREVIOUSLY THOUGHT. THE NEW ESTIMATE FROM BE SHOWING THE NUMBER OF PEOPLE WITH JOBS IN THE YEAR THAT ENDED IN MARCH WAS 911,000 FEWER THAN PREVIOUSLY REPORTED. SOMETHING THE WHITE HOUSE SAYS VINDICATES THE PRESIDENT'S STANCE AGAINST RECENT BLS DATA. HERE HIS PRESS SECRETARY KAROLINE LEAVITT COMMENTING ON THE NEW DATA EARLIER TODAY. > > THIS WAS ONE OF THE BIGGEST REVISIONS IN ABSOLUTE TERMS IN DECADES. AND THE BENCHMARK YEAR, MARCH 2024-25 SHOWS THE DROP GROWTH WAS VASTLY WEAKER DURING THE BIDEN ADMINISTRATION THAN EVER PREVIOUSLY REPORTED. BETWEEN THIS REVISION AND LAST YEAR'S JOB GROWTH WAS OVERSTATED BY APPROXIMATELY 2 MILLION JOBS. AND THE BIDEN ADMINISTRATION STOOD UP HERE AND VOUCHED FOR THAT DATA AND TOLD YOU THAT DATA WAS REAL. AND WHEN PRESIDENT TRUMP CALLS INTO QUESTION THE VERACITY OF THAT DATA LIKE HE DID BEFORE HE TOOK THE OATH OF OFFICE AND EVEN NOW AS PRESIDENT OF THE UNITED STATES, HE WAS RIDICULED FOR THAT. JOE: BLOOMBERG'S MICHAEL MCKEE AT BLOOMBERG HEADQUARTERS WITH US NOW LIVE FROM NEW YORK WITH MORE ON THIS NEWS COMING OUT OF WASHINGTON TODAY. THIS IS FASCINATING. IF YOU CAN PUT THE REVISION IN PERSPECTIVE FOR US. IT WOULD BE A RECORD. IF IN FACT THIS ENDS UP BEING CARVED IN STONE. AND THE FACT THAT IT WILL LIKELY BRING PRESIDENT TRUMP EVERYTHING HE WANTS, VINDICATION OVER FIRING THE BLS COMMISSIONER AND ALSO A REASON TO CUT INTEREST RATES. MIKE: IT IS NOT GOING TO GIVE THEM VINDICATION OVER FIRING THE BLS COMMISSIONER BECAUSE IT IS NOT THE DATA THAT IS THE PROBLEM. WE CAN TALK MORE ABOUT THAT, BUT BASICALLY THIS MAY NOT STAND, EITHER. IN THE LAST 10 YEARS, ALMOST EVERY SINGLE YEAR WE GET THESE PRELIMINARY NUMBERS AND THEY GET REVISED HIGHER. LAST YEAR, 818,000 JOBS WERE THOUGHT TO BE LOST AT THIS TIME, AND THEN BY THE TIME WE GOT TO THE FINAL NUMBER IN JANUARY, IT WAS ONLY 589,000. AT THIS POINT, WE ARE EXPECTING IT TO BE REVISED DOWN. IT IS STILL GOING TO BE A LARGE AND SIGNIFICANT NUMBER, ABOUT 76,000 JOBS LESS EACH MONTH IN THE YEAR THAT ENDED IN MARCH BUT ALSO THAT REPRESENTS JUST 6/10 OF 1% OF THE NUMBER OF JOBS THAT WE HAVE. SO WHILE IT IS THE LARGEST MYTHS WE HAVE HAD IN MANY YEARS, IT IS NOT -- LARGEST MISS IN MANY YEARS IT IS NOT A HUGE HUGE AIR. > > IT SOUNDS LIKE IT DOES NOT NECESSARILY CEMENT THE CASE FOR A RATE CUT, SEPTEMBER 17. IS THAT FAIR? MIKE: IT PROBABLY DOES GIVING THE WAY THE FED IS LEANING AT THIS POINT. JAY POWELL SAID IN JACKSON HOLE THAT THEY ARE LIKELY TO CUT RATES. IT IS ABOUT TIME. AND THE WEAK NUMBERS THAT WE SAW IN THE AUGUST PAYROLL REPORT COUPLED WITH THIS DO SUGGEST THERE IS SOME WEAKNESS IN THE ECONOMY THAT THE FED CAN ADDRESS . NOW, WE GET INFLATION NUMBERS THE NEXT TWO DAYS. IF THEY WERE TO COME IN EXTRAORDINARILY HIGH, THAT MIGHT PUT TO THE SIDE THE IDEA OF A RATE CUT, BUT THEY OF -- IF THEY ARE UP A BIT, AND WE ARE WATCHING FOR TARIFF IMPACTS, THE FED WILL GO AHEAD AND CUT. THE REAL QUESTION WILL BE, HOW BAD DO THEY THINK THE ECONOMY IS? DO THEY DO 50, PROBABLY NOT. BUT DO THEY PROMISE TO DO MORE IN OCTOBER AND DECEMBER? THAT IS THE NEXT QUESTION FOR WALL STREET. JOE: BLOOMBERG'S MICHAEL MCKEE IN NEW YORK. THANK YOU, MICHAEL, AS ALWAYS. JOINING US FROM CAPITOL HILL, DEMOCRATIC SENATOR CHRIS COONS OF DELAWARE. EARLIER TODAY, HOUSE SPEAKER MIKE JOHNSON HAD SPOKEN TO THE LOOMING GOVERNMENT FUNDING DEADLINE WHICH IS SOMETHING WE WILL GET TO WITH THE SENATOR. WE HAVE A LOT WE WANT TO TALK TO YOU ABOUT, SENATOR, THIS EVENING. THANK YOU SO MUCH FOR JOINING US. IF WE CAN GET TO THE MATTER OF THE BLS REVISION THAT WE WERE JUST DISCUSSING WITH MICHAEL MCKEE. HOW CONCERNED ARE YOU ABOUT THE JOB MARKET, AND IS JAY POWELL, AS PRESIDENT TRUMP SAYS TOO LATE WHEN IT COMES TO CUTTING RATES? SEN. COONS: I AM VERY CONCERNED ABOUT THE IMPACT ON JOBS OF TRUMP'S TARIFF CHAOS, THE WAY HE HAS BEEN IMPOSING AND PULLING BACK AND EXPANDING TARIFFS ON LOTS OF OUR TRADING PARTNERS, EVEN OUR CLOSE ALLIES, AND THE WAY THAT THAT IS BAKING IN TO OUR ECONOMY, STEADY RISES AND INPUTS AND PRODUCTION AND CONSUMER COSTS. I THINK THAT IS COSTING JOBS. IT IS LEADING TO A SOFTENING JOB MARKET. THE LAST TIME THERE WAS A BAD REPORT OUT OF BLS, THE BUREAU OF LABOR STATISTICS, PRESIDENT TRUMP FIRED THE DIRECTOR OF THE BLS, WHICH IS LIKE SMASHING YOUR SACLE WHEN YOU DO NOT -- -- YOUR SCALE WHEN YOU DO NOT LIKE YOUR WEIGHT. I DO NOT THINK HE HAS A SOLID CASE FOR POLITICIZING THE BLS, AS YOU JUST DID IN THE PREVIOUS REPORT, YOU CAN QUESTION SPECIFIC MODIFICATIONS OR REVISIONS. BUT THIS HAS BEEN A FEATURE OF HOW WE GATHER INFORMATION ABOUT OUR ECONOMY AND THE LABOR MARKET FOR A LONG TIME. AND TRUMP'S ACTIONS WHETHER IT IS THREATENING TO FIRE MEMBERS OF THE FED OR REPLACING THE HEAD OF THE BLS, WITH SOMEONE WHO HAS GOT A SPECIFIC IDEOLOGICAL PERSPECTIVE, I THINK FURTHER WEAKENS AND UNDERMINES GLOBAL CONFIDENCE IN THE GUARDRAILS OF OUR ECONOMY. > > SENATOR, IF I CAN QUICKLY ASK, THE SOLUTION THAT YOU HEARD FROM BOTH SIDES OF THE AISLE WHEN IT COMES TO SLOWING ECONOMY, HAS BEEN RATE CUTS COULD YOU HEARD FROM THE TRUMP ADMINISTRATION, WE HAVE HEARD IT FROM SENATOR WARREN AND A SERIES OF DEMOCRATS. IS THERE ANOTHER SOLUTION TO RE-STRENGTHENING THIS ECONOMY THAT DOES NOT CONCERN OR NEED THE FEDERAL RESERVE? SEN. COONS: A RATE CUT IS ONE OF THE MOST STRAIGHTFORWARD WAYS WE COULD IMPACT THE MONEY SUPPLY. OF COURSE, THE FEDERAL RESERVE SHOULD BE INDEPENDENT OF POLITICAL PRESSURE. CLINICAL CONCERNS. THEY SHOULD BE MAKING THOSE DECISIONS IN ORDER TO BEST ADVANCE THEIR ASSESSMENT OF HOW TO BOTH REDUCE INFLATION AND ENCOURAGE GROWTH. BUT THERE IS A VARIETY OF PROGROWTH THINGS THAT WE COULD AND SHOULD BE DOING HERE IN THE CONGRESS. WHAT THE REPUBLICAN MAJORITY IN THE SENATE DID EARLIER THIS SUMMER WAS EXPLODED THE DEFICIT BY DRAMATICALLY EXTENDING TAX CUTS TO THE WEALTHIEST AND THE MOST PROFITABLE COMPANIES INSTEAD OF DOING A MORE TARGETED MIDDLE-CLASS TAX CUT. WE COULD HAVE DONE A TAX CUT THAT WOULD HELP SMALL BUSINESS AND HELP EMPLOYERS AND THAT WOULD HELP WITH INVESTMENT IN HUMAN RESOURCES AND TRAINING, AND UPSCALING. INSTEAD, IT WAS A BUDGET BUSTING DEFICIT EXPLODING MASSIVE TAX CUT. JOE: SENATOR, I WANT TO CHANGE TOPICS TO SOMETHING THAT IS IMPORTANT TO YOU FROM YOUR PERCHED ON THE FOREIGN RELATIONS COMMITTEE. AND, OF COURSE, AS A SITTING SENATOR. DEVELOPING THE MIDDLE IS, ISRAEL'S ON PRESIDENT ATTACKED TODAY TARGETING HAMAS LEADERSHIP IN CATARRH. IT ESCALATING TENSIONS THAT WERE ALREADY TENSE OVER THE WAR IN GAZA. QATAR IS CALLING THE STRIKE A FLAGRANT VIOLATION OF INTERNATIONAL LAW AND WILL NOT TOLERATE THIS RECKLESS ISRAELI BEHAVIOR. IT IS SCANT -- IN HIS CONTINUE TAMPERING WITH REGIONAL SECURITY." NETANYAHU IS DEFENDING THE WHILE CALLING IT A HOLDING-- A WHOLLY INDEPENDENT ISRAEL OPERATION. THE WHITE HOUSE SAYS THAT THE ATTACK DOES NOT ADVANCE U.S. GOALS AND I WANT TO PLAY FOR YOUR WHAT THE PRESS SECRETARY KAROLINE LEAVITT HAD TO SAY. THIS IS THE MESSAGE FROM THE ADMINISTRATION. LISTEN. > > THE PRESIDENT VIEWS QATAR AS A STRONG ALLY AND FRIEND OF THE UNITED STATES AND FEELS VERY BADLY ABOUT THE LOCATION OF THIS ATTACK. PRESIDENT TRUMP WANTS ALL OF THE HOSTAGES IN GAZA AND THE BODIES OF THE DEAD RELEASED AND THIS WAR TO END NOW. PRESIDENT TRUMP BELIEVES THIS UNFORTUNATE INCIDENT CAN SERVE AS AN OPPORTUNITY FOR PEACE. THE PRESIDENT ALSO SPOKE TO THE EMIR AND PRIME MINISTER OF QATAR, THANKING THEM FOR THEIR SUPPORT AND FRIENDSHIP. HE ASSURED THEM THAT SUCH A THING WILL NOT HAPPEN AGAIN ON THEIR SOIL. JOE: SENATOR COONS, THE WHITE HOUSE SAID THEY DID GET A HEADS UP ON THIS. THERE IS REPORTING THAT THE JETS WERE IN THE AIR, AND THE WHITE HOUSE HAD TO INQUIRE ABOUT WHERE THEY WERE GOING. WHEN ASKED FURTHER, THE MISSILES THEY WERE TOLD HAD ALREADY BEEN LAUNCHED. DOES THIS ADMINISTRATION HAVE ANY LEVERAGE OVER WHAT IS HAPPENING IN THE MIDDLE EAST? SEN. COONS: THEY DO AND THEY SHOULD BE EXERCISING IT MORE FORCEFUL HE. LOOK, IT IS RARE BUT I WILL AGREE WITH KAROLINE LEAVITT STATEMENT. THAT THIS ATTACK AGAINST HAMAS LEADERS IN QATAR DOES NOT ADVANCE AMERICAN OR ISRAELI INTEREST BECAUSE OUR INTEREST IS SECURING THE RELEASE OF THE HOSTAGES AND THE FOLKS WHO ARE DIRECTLY INVOLVED IN NEGOTIATING THE RELEASE OF THE REMAINING 20 LIVING HOSTAGES AND THE REMAINS OF THE OTHERS. IT IS IMPORTANT TO REMIND VIEWERS THAT HAMAS IS RESPONSIBLE FOR THIS BRUTAL WAR IN GAZA. IT WAS THEIR ATTACK ON OCTOBER 7 THAT HAS LED TO AN AWFUL LOT OF VIOLENCE AND SUFFERING. BUT FOR FAR TOO LONG, THERE HAS BEEN INNOCENT PALESTINIANS SUFFERING AS A RESULT OF THIS ONGOING CONFLICT. IT IS LONG PAST TIME FOR THIS WAR TO END, FOR THE HOSTAGES TO BE RELEASED, FOR HUMANITARIAN AID TO GO IN, AND FOR THERE TO BE PROGRESS IN THE REGION. SOME VIEWERS MAY NOT REALIZE THE UNITED STATES HAS A MAJOR MILITARY BASE IN QATAR AND AMERICAN SERVICE MEMBERS. THAT MIGHT HAVE LED PRESIDENT TRUMP TO EXPECT AN ADVANCED WARNING BEFORE MILITARY STRIKE ON QATAR. > > SENATOR COONS, MY QUESTION IS TWOFOLD. ONE, IS THERE A CONGRESSIONAL RESPONSE TO THIS, AND IS THIS SOMETHING THAT AT THE END OF THE DAY, WE SHOULD BE WORRIED ABOUT WHEN IT COMES TO THE RELATIONSHIP BETWEEN UNITED STATES AND QATAR? > SEN. COONS: THIS WILL STRAIN THE U.S.-QATAR RELATIONSHIP AND IT WILL STRAIN THE ABRAHAM NEGOTIATIONS NEGOTIATED UNDER THE FIRST TRUMP ADMINISTRATION. THE PROGRESS OF ADVANCING RECOGNITION BETWEEN A VARIETY OF GULF STATES LIKE SAUDI ARABIA AND ISRAEL, THAT PATH WAS OPEN. I'LL REMIND YOU AT THE BEGINNING OF THE YEAR, AS PRESIDENT BIDEN HANDED OVER THE REINS TO PRESIDENT TRUMP, THERE WAS A CEASE-FIRE IN GAZA. HOSTAGES WERE BEING RELEASED. HUMANITARIAN AID WAS FLOATING IN, AND THERE WAS A POSSIBLE PATH TOWARDS SAUDI-ISRAEL ISR RECONCILIATION. WE ARE FAR FROM THAT IN THIS STRIKE PUSHES US EVEN FURTHER. JOE: I HAVE TO ASK YOU IN THE REMAINING MOMENTS, SOMETHING I MENTIONED ON THE WAY IN. I'M WONDERING WHAT YOUR THOUGHTS ARE ON ANOTHER POSSIBLE GOVERNMENT SHUTDOWN. WE HAVE FEWER THAN A DOZEN LEGISLATIVE DAYS I UNDERSTAND TO WORK THIS OUT. THERE IS A WEEK WORTH OF HOLIDAYS COMING UP AS WELL. AND I KNOW DEMOCRATS FEEL BURNED WHEN IT COMES TO RESCISSIONS. ARE WE ABOUT TO SHUT DOWN? SEN. COONS: I CERTAINLY HOPE NOT. BUT THIS IS A CONGRESS CONTROLLED BY REPUBLICANS, BOTH IN THE SENATE AND IN THE HOUSE AND IN THE WHITE HOUSE. I WILL REMIND YOU, THE LONGEST SHOT DOWN IN U.S. HISTORY AND THE LAST SHUTDOWN HAPPENED UNDER PRESIDENT TRUMP'S WATCH IN HIS FIRST ADMINISTRATION WHEN HE WAS CHEERING ON THE GOVERNMENT SHUTDOWN. IT LASTED 35 DAYS. IT HURTS THE UNITED STATES AT HOME AND ABROAD. IT HURTS GOVERNMENT CONTRACTORS. IT HURTS FEDERAL EMPLOYEES AND IT HURTS OUR SECURITY AND OUR REPUTATION. SO, REPUBLICANS SHOULD BE COMING FORWARD WITH RESPONSIBLE PROPOSALS. THE DEMOCRATS CAN EMBRACE AND KEEP THIS GOVERNMENT OPEN TO IT BUT IF PAST IS PROLOGUE, THE RESCISSIONS THEY HAVE MOVED FORWARD, THE WAYS THEY HAVE ALREADY CUT SPENDING ON LOTS OF VALUABLE PROGRAMS THAT AMERICANS COUNT ON FROM CANCER RESEARCH TO WEATHER PREDICTIONS TO EDUCATION PROGRAMS TO LOCAL LAW ENFORCEMENT AND POLICE PROGRAMS, THE CUTS THEY HAVE ALREADY IMPOSED SHOW A REALLY BAD DIRECTION. JOE: GOOD TO HAVE YOU BACK, SENATOR. THAT IS CHRIS COONS OF DELAWARE. THANK YOU FOR THE INSIGHTS AND HAPPY BIRTHDAY. COMING, ORACLE SURGING. EARLY SUPPORT JUST LANDED. MORE ON THAT COMING UP IN POWER MOVES. LIVE FROM CUPERTINO AFTER APPLE'S HARDWARE ANNOUNCEMENT. HERE ABOUT THE NEW PHONE ON THE WATCH. MUCH MORE ON THAT WHEN ED LUDLOW JOINS UP AHEAD ON "BALANCE OF POWER" ON BLOOMBERG TV AND RADIO. ♪ > > WE ARE ALL DIFFERENT IN SOME WAYS BUT WE ALL BELIEVE IN THE POWER OF TECHNOLOGY TO IMPROVE PEOPLE'S LIVES, AND THAT IS THE THING THAT BINDS US ALL TOGETHER. > > TIM, HOW MUCH MONEY WILL APPLE BE INVESTING IN THE UNITED STATES? > > $600 BILLION. WE ARE VERY PROUD TO DO IT. > > TIM COOK AT THE WHITE HOUSE LAST WEEK DISCUSSING THE COMPANIES PLEDGED TO INVEST $600 BILLION DOMESTICALLY IN PART TO AVOID PUNISHING TARIFFS ON HIS FLAGSHIP IPHONE. TODAY APPLE ANNOUNCED ITS NEWEST IPHONE LINE UP WITH A FOCUS ON NOT ONLY THE NEWEST MODELS AND ALSO WHETHER TARIFFS WOULD IMPACT THEIR PRICES. THE STARTING PRICE OF A STANDARD IPHONE WILL REMAIN AT $799, BUT THE PRO MODEL WILL GO UP BY 00. THE NEWEST AIR MODEL$ WILL COST999. TODAY, APPLE CLOSED LOWER BY ABOUT 1.5% IN INTRA-DATY TRADING. ED LUDLOW JOINS US MORE. WALK US THROUGH WHAT YOU MADE OF DEVELOPMENTS FROM TODAY. ED: YEAH, NOT RAISING PRICES SIGNIFICANT BECAUSE THAT WAS THE CHOICE THAT APPLE FACED IN AN ENVIRONMENT WHERE COSTS ARE HIGHER. PRINCIPALLY DUE TO TARIFFS. THE LINE AND PRICING IS INTERESTING. THE BASE MODEL STAYS THE SAME. AS YOU KNOW. THE IPHONE 17 AIR AT $999 IS SOMEWHERE IN THE MIDDLE AND COMES WITH A SURPRISING AMOUNT OF TECHNOLOGY WILL HAVING SOME LIMITATIONS. TO ADDRESS ONE THING YOU SAID, YES THE PRO MODEL IS 00 MORE EXPENSIVE THAN ITS PREDECESSOR OF A PRIOR GENERATION BUT COMES WITH DOUBLE THE STORAGE AS STANDARD. BUT THAT WAS VERY INTERESTING. YOU KNOW, THE IPHONE 17 AIR IS THE MOST SUBSTANTIVE HARDWARE INNOVATION APPLE HAS MADE FOR SOME TIME. 5.5 MILLIMETERS THICKNESS. SAMSUNG CAME OUT WITH AN ULTRATHIN PHONE. AND IN BOTH CASES, THE MARKET SEES AS IT IS A PRECURSOR TO A FOLDABLE PHONE IN APPLE'S CASE. BUT IT IS WORTH NOTING THAT THE COMPETITIVE THREAT IS OUT THERE TO APPLE. AND THE STOCK BEING DOWN 1.5 PERCENTAGE POINTS, I'VE GONE BACK THROUGH EVERY IPHONE DAY IN HISTORY, IT IS A SELLABLE NEWS EVENT. AS WE DISCUSSED ALL DAY LONG ON BLOOMBERG TELEVISION, IF THE HANDSET IS WELL RECEIVED, YOU TEND TO SEE THE STOCK RALLY. 30, 60 DAYS OR BEYOND THAT, POST-IPHONE LAUNCH EVENT. IT REALLY DEPENDS HOW THIS SHOWS UP IN THE EARNINGS FOR THIS CURRENT PERIOD, THE FISCAL FOURTH-QUARTER. JOE: THANK YOU SO MUCH FOR YOUR REPORTING TODAY. ED LUDLOW. AT APPLE HQ IN CUPERTINO. WE THANK YOU. FOR MORE RETURN TO TODAY'S POWER MOVES WITH BLOOMBERG'S ROMAINE BOSTICK WHO JOINS US LIVE FROM WORLD HEADQUARTERS IN NEW YORK. ROMAINE: BIG TECH IS ACTUALLY LEADING THE CHARGE ON THE DAY AND MOST LIKELY TOMORROW AS WELL. ORACLE THE BIGGEST GAINER IN THE AFTER HOURS TRADE, UP 27% RIGHT NOW. THIS AFTER REPORTING OR EARNINGS THAT NOT ONLY BEAT EXPECTATIONS BUT THE COMPANYJ IS SAYING THAT THIS SORT OF NEWFOUND INTEREST IN ITS DATA SOFTWARE BUSINESS BECAUSE OF THE AI INFRASTRUCTURE BUILDOUT IS COMPLETELY TRANSFORMING THIS COMPANY. HERE ARE THE NUMBERS. THIS IS A COMPANY WHOSE CLOUD AND RESTRUCTURE UNIT, THE MAIN UNIT THAT HELPS THE BUILD OUT THE DATA CENTERS AND AI AND FOR STRUCTURE BUSINESSES, $25 BILLION IN REVENUE IN THE MOST RECENT FISCAL YEAR. IT EXPECTS THE CURRENT YEAR THAT NUMBER WILL RISE TO 32 BILLIONS. AND THAT WILL DOUBLE, MORE THAN DOUBLE THE YEAR AFTER THAT TO MORE THAN $70 BILLION. AND THEN SURPASS 00 BILLION IN THE YEAR AFTER THAT. THAT IS PHENOMENAL GROWTH FOR A 50-YEAR-OLD COMPANY THAT JUST A FEW YEARS AGO WAS IF NOT AN DECLINE WAS CERTAINLY IN STAGNATION WHEN IT CAME TO REVENUE GROWTH. BUT THE ADVENT AND THE PUBLIC DEBUT OF CHATGPT, ABOUT THREE YEARS AGO, REALLY DID CHANGE THE GAME. YOU SEE ORACLE LEADING THE CHARGE, BUT NVIDIA IS HIGH. AMD IS HIGHER, COREWEAVE IS HARD. A LOT OF THE POWER COMPANIES OUT THERE LIKE BLOOM ENERGY ALSO MOVING HIGHER ON THIS. THE RATIFICATION THAT THE AI TRADE AND THE MASSIVE AMOUNT OF SPENDING GOING INTO IT, AT LEAST FOR RIGHT NOW, IS NOT ACTUALLY GOING TO END. THAT CONFERENCE CALL UNDERWAY. THE COMPANY PROVIDING FURTHER GUIDANCE THAT IT IS LARGELY IN LINE WITH EXPECTATIONS BUT IF THAT 27% POP IN THE STOCK HOLDS TOMORROW, THAT WOULD BE THE BEST DAY FOR ORACLE SHARES SINCE 1999. JOE: PRETTY REMARKABLE TO THINK OF LARRY OLSON STANDING THERE WITH DONALD TRUMP AT THE WHITE HOUSE. IT WAS THE BEGINNING OF SOMETHING. KRITI: ABSOLUTELY. FOR MEN, -- ROMAINE, WEIGH IN, QUICKLY. THIS OPERA PERFORMANCE IN TECH, HOW MANY TIMES HAVE WALL STREET AND OUR VIEWERS CALL THE TOP OF THAT, HOW LONG DOES THIS SUSTAIN ROMAINE: WE ASKED THIS QUESTION ALMOST EVERY DAY AND REALLY THE SENSE HAS BEEN THAT THIS IS A TRANSFORMATIVE TYPE OF EVENT. WHEN WE TALK ABOUT THE AI BUILDOUT. THERE WILL BE A LOT OF BAD MONEY THROWN AFTER GOOD BUT AT THE END OF THE DAY, YOU DO HAVE CORE PLAYERS THAT ARE SELLING REAL PRODUCTS AND REAL SERVICES. WE KNOW NVIDIA. THAT IS BEEN THE TALK OF THE TOWN FOR THE LAST COUPLE YEARS. BUT ORACLE, AND YOU MENTIONED IT, I THINK WHAT A LOT OF PEOPLE SAW LARRY ELLISON STANDING NEXT TO DONALD TRUMP AT THAT EVENT, LOVE PEOPLE WERE SCRATCHING THEIR HEADS. WHY IS HE THERE, WHY IS ORACLE THERE? I TELL YOU WHAT, FROM THIS EARNINGS REPORT WE GOT TODAY IN THREE MONTHS AGO, IT IS VERY CLEAR WHAT ORACLE STRENGTH IN THIS SPACE IS AND THAT IS THE IDEA THAT FOR 50 YEARS, THEY'VE BEEN BUILDING OUT DATA CENTERS AND RIGHT NOW ALL THE MONEY ON WALL STREET, ALMOST ALL OF IT RIGHT NOW, IS BEING STEERED TOWARDS DATA CENTERS AND THE ANCILLARY TECHNOLOGY THAT SURROUNDS THEM. JOE: WHAT A STORY. I HAVE TO ASK YOU QUICKLY WHILE YOU'RE WITH US ABOUT THIS BREAKER AN HOUR AGO. THE SUPREME COURT REVIEWED THE PRESIDENT'S TARIFF POLICY ON A FAST-TRACK SCHEDULE. IS THIS SOMETHING WALL STREET IS FOCUSED ON OR CALL ME BACK WHEN IT MATTERS? ROMAINE: CALL YOU BACK MAYBE WHEN IT MATTERS. WE ARE TALKING ABOUT A MARKET THAT HAS PRICED THIS IN. REMEMBER, FROM MARKETS, THE BIGGEST POTENTIAL BENEFIT WILL BE THE MONEY THAT COULD POTENTIALLY BE RETURNED TO SOME OF THE COMPANIES THAT HAVE ALREADY HAD TO PAY INTO THOSE TARIFFS AND THAT COULD BE POSITIVE. KRITI: ALL RIGHT. ROMAINE BOSTICK, WALKING US THROUGH SOME OF THE MARKET MOVES TODAY. WE THANK YOU SO MUCH. EARLIER TODAY, TYLER KENDALL SPOKE WITH REPUBLICAN SENATOR MARKWAYNE MULLIN OF OKLAHOMA ON THE DEPARTMENT OF INTERIOR, HALTING WIND DEVELOPMENT IN HIS STATE OF OKLAHOMA. TAKE A LISTEN. > > WHEN YOU SEE MOVES AND MESSAGING FROM THE ADMINISTRATION AWAY FROM WIND POWER, IT DOES THAT RAISE ANY CONCERNS FOR YOU WHEN IT COMES TO U.S. ECONOMICS? > > YOU DON'T SEE THEY ANTI-WIND. THEY ARE ANTI-CHOOSING WIND OVER FOSSIL FUELS. THEY WANT ENERGY TO COMPETE ON A LEVEL PLAYING FIELD PUT ALL ENERGY SHOULD BECOME, SHOULD BE LOOKED AT THE SAME. WE ARE NOT ANTI-WINS. WE ARE NOT ANTI-CLEAN ENERGY OR ANTI-SOLAR. IT IS SAYING THAT THE FAVORABLE TREATMENT YOU ARE RECEIVING OVER ALL THEIR POWER IS NOT -- JOE: THAT WAS BLOOMBERG'S TYLER KENDALL. IN AN EARLIER CONVERSATION WITH REPUBLICAN SENATOR MARKWAYNE MULLIN. WE WILL HAVE A LOT MORE COMING UP ON "BALANCE OF POWER" ," INCLUDING WHAT THE WHITE HOUSE IS SAYIN ABOUT THE PRESIDENT'S SIGNATURE AND JEFFREY EPSTEIN BIRTHDAY CARD. THE NOTE INSIDE THE BOOK THAT WE TALKED ABOUT YESTERDAY. A LOT MORE AHEAD. STAY WITH US ON "BALANCE OF POWER" ON BLOOMBERG TV AND RADIO. > > THE WHITE HOUSE -- A PROFESSIONAL HANDWRITING EXPERT OF THE DOCUMENT RELEASED YESTERDAY TO PROVE THAT IT IS NOT THE PRESIDENT'S SIGNATURE? > > SURE, WE WOULD SUPPORT THAT. IN FACT I HAVE ALREADY SEEN MANY FORENSIC, UH,, I BELIEVE IT WAS THE DAILY SIGNAL THAT PUBLISHED A PIECE WITH THREE SEPARATE SIGNATURE ANALYST WHO SAID THAT THIS ABSOLUTELY WAS NOT THE PRESIDENT'S AUTHENTIC SIGNATURE. WE HAVE MAINTAINED THAT POSITION ALL ALONG FOR THE PRESIDENT DID NOT WRITE THIS LETTER COULD HE DID NOT SIGN THIS LETTER. AND THAT IS WHY THE PRESIDENT' LEGAL TEAMS IS PURSUING LITIGATION AGAINST THE WALL STREET AND THEY WILL CONTINUE TO -- THE WALL STREET JOURNAL AND THEY WILL CONTINUE TO. JOE: ALONGSIDE KRITI GUPTA IN WASHINGTON, I AM JOE MATHIEU. THAT WAS THE PRESS SECRETARY KAROLINE LEAVITT ANSWERING QUESTIONS FROM REPORTERS ON THE WHOLE JEFFREY EPSTEIN CONTROVERSY SPEAKING SPECIFICALLY TO THE SIGNATURES SEEN ON THE EPSTEIN BIRTHDAY CARD NOTE RELEASED BY DEMOCRATS ON THE OVERSIGHT COMMITTEE IN THE HOUSE. THE DEVELOPMENTS AROUND THE STORY COME LESS THAN A WEEK AFTER SOME OF EPSTEIN'S VICTIMS WERE IN WASHINGTON DEMANDING CONGRESS TO RELEASE ALL OF THE DOJ'S FILES ON THE CONVICTED SEX OFFENDER, A STORY ENVELOPING THE CAPITAL AT BOTH ENDS OF PENNSYLVANIA AVENUE AS A POTENTIAL SHUTDOWN LOOMS. IN THIS CASE, JUST A COUPLE OF WEEKS OFF. JOINING US NOW TO TALK ABOUT THIS AND A LOT MORE, REPUBLICAN CONGRESSMAN MICHAEL LAWLER OF NEW YORK. IT IS GOOD TO HAVE YOU BACK ON BLOOMBERG TV AND RADIO. I DO NOT WANT TO MAKE THIS A WHOLE CONVERSATION ABOUT JEFFREY UPSTREAM BUT IT IS HARD TO IGNORE THIS WHOLE THING AND THE WHITE HOUSE WAS TALKING ABOUT IT A SHORT TIME AGO. I CAN ONLY ASSUME THAT YOU HAVE SEEN THIS NOTE WE ARE TALKING ABOUT. DOES IT RAISE THE STAKES? WILL YOU SIGN OFF ON A DISCHARGE POSITION IN THE HOUSE? > > FIRST OF ALL LAST WEEK I VOTED FOR THE RULE THAT DIRECTED THE OVERSIGHT COMMITTEE TO CONTINUE TO RELEASE THESE DOCUMENTS. THE REASON THESE DOCUMENTS ARE COMING TO LIGHT IS BECAUSE THE REPUBLICAN MAJORITY HAS MOVED FORWARD WITH THESE SUBPOENAS. NOW, THE QUESTION TO ME IS, IS THIS ABOUT JUSTICE OR POLITICS? FROM MY VANTAGE POINT, IF THERE IS ANYONE WHO COMMITTED A CRIMINAL OFFENSE, ANYBODY WHO ENGAGED IN HUMAN, ANYBODY WHO ENGAGED IN SEXUAL EXPLOITATION, OF WOMEN OR CHILDREN, THEY SHOULD BE PROSECUTED. PERIOD. AND SO, THE QUESTION HERE TO ME IS, ARE THESE DOCUMENTS WE ARE SEEKING TO BE RELEASED, IS IT FOR THE PURPOSE OUR JUSTICE FOR THESE VICTIMS OR FOR THE PURPOSE OF POLITICS? SOME OF MY COLLEAGUES, WHO FOR FIVE YEARS SAID NOTHING ABOUT THIS MATTER AT ALL SEEMINGLY NOW CAN TALK ABOUT NOTHING ELSE. FROM MY VANTAGE POINT, IF ANYBODY COMMITTED A CRIME, IF ANYBODY WAS INVOLVED IN FURTHERANCE OF JEFFREY EPSTEIN'S CRIMES OR MAXWELLS CLIMES, THEY SHOULD BE PROSECUTED. THAT IS WHAT THE FOCUS SHOULD BE ABOUT. WITH RESPECT TO JUSTICE FOR THE VICTIMS. NOT POLITICS, WHICH UNFORTUNATELY IS WHAT THIS SEEMS TO BE ABOUT. KRITI: CONGRESSMAN LAWLER, WHEN IT COMES TO THE PRESIDENT, THOUGH, DO YOU THINK HE NEEDS TO BE PROVIDING CLARITY IF NOT FOR THE REPUBLICAN PARTY, FOR THE AMERICAN PEOPLE? > > LOOK, IT'S CLEAR THE PRESIDENT HAD A, UH, FRIENDSHIP WITH JEFFREY EPSTEIN YEARS AGO . THAT FRIENDSHIP SPECTACULARLY BLEW UP. THE PRESIDENT STOPPED ALL COMMUNICATION WITH JEFFREY EPSTEIN. THAT HAS BEEN WELL-DOCUMENTED, WELL REPORTED. THE PRESIDENT HIMSELF HAS SAID AS MUCH. I THINK, WITH RESPECT TO THIS LETTER, THE WHITE HOUSE HAS, UH, PUT OUT THEIR STATEMENT, I WILL REFER YOU TO THEM. BUT THE FACT IS, FROM MY VANTAGE POINT, AGAIN, IS THIS ABOUT JUSTICE OR POLITICS? FOR SOME OF MY COLLEAGUES, THIS SEEMS TO BE ABOUT POLITICS. BECAUSE IF THEY WERE SERIOUS ABOUT JUSTICE FOR THESE VICTIMS, THEY WOULD HAVE BEEN DEMANDING THIS INFORMATION FIVE YEARS AGO. THEY WOULD HAVE BEEN DEMANDING THAT THE BIDEN DOJ, WHO HAD ALL OF THIS INFORMATION FOR FOUR YEARS, PROSECUTED OTHERS WHO ENGAGED IN THE SEX -- SEXUAL EXPLOITATION AND HUMAN TRAFFICKING OF WOMEN AND CHILDREN. SO IF THAT IS WHAT THIS IS ABOUT, WE SHOULD BE DEMANDING THAT JUSTICE DEPARTMENT MOVE FORWARD WITH INDICTMENTS. BUT IF IT IS ABOUT POLITICS, WHICH UNFORTUNATELY IS WHAT IT SEEMS TO BE ABOUT FOR MOST OF THE PRESS AND MANY OF MY COLLEAGUES IN WASHINGTON, UM, I DON'T SEE HOW THAT SERVES THE AMERICAN PEOPLE. JOE: I THINK SOME OF THE CONCERN, CONGRESSMAN AND I APPRECIATE THE POINT YOU'RE ARE MAKING, IS THAT A, THE PRESIDENT RAN ON THIS IN PART. HAS BEEN A HUGE ISSUE FOR MAGA. > > AND YOU'VE ALREADY HAD OVER 30, HAD OVER 30,000 DOCUMENTS RELEASED IN THE LAST WEEK. JOE: THE FACT THE PRESIDENT KEEPS CALLING THIS A HOAX AND THOSE VICTIMS UP ON CAPITOL HILL WITH YOU AND YOUR COLLEAGUES LAST WEEKEND, ARE NOT A HOAX. THEY ARE REAL PEOPLE. IS THAT DAMAGING TO CALL THIS A HOAX? > > RESPECTFULLY, HE IS NOT CALLING THE VICTIMS A HOAX. HE HAS SAID -- JOE: HE CALLED THIS WHOLE THING A HOAX. > > BY THE WAY, RESPECTFULLY, SIR, WHO PROSECUTED JEFFREY EPSTEIN? IT WAS THE TRUMP ADMINISTRATION. IN TRUMP 1.0 THAT PROSECUTED THEM. SO, TO SOMEHOW IMPLY THAT ANYBODY IS SAYING THAT THERE WERE NOT -- THERE WERE. THE QUESTION IS, AGAIN, IS THIS ABOUT JUSTICE OR IS THIS ABOUT POLITICS? YOU ARE SPENDING AN AWFUL LOT -- JOE: IS IT JUSTICE TO CALL IT A HOAX? > > YOU ARE SPENDING AN AWFUL LOT OF TIME OF THIS WITHOUT ACTUALLY HAVING. JOE: THEY ARE OFFENDED BY THIS. YOU LOOK AT THE PRESIDENT, AS REAL PEOPLE. > > LET ME ASK YOU A QUESTION. WHAT CRIME ARE YOU ARE LETTING? JOE: I AM ASKING A QUESTION. I WANT TO KNOW IF YOU WILL SIGN THE PETITION, CONGRESSMAN. > > WHAT CRIME? JOE: I'M ASKING YOU IF YOU WILL SIGN THE DISCHARGE PETITION. THAT YOUR COLLEAGUES WROTE IN A SERIES OF REPUBLICANS. WHY ARE YOU YELLING OVER ME, CONGRESSMAN? > > THE INFORMATION IS BEING RESPECTFULLY, THE INFORMATION IS BEING RELEASED. YOU HAVE OVER 30,000 DOCUMENTS THAT HAVE BEEN RELEASED IN THE LAST WEEK. HAVE YOU TAKEN THE TIME TO GO THROUGH ALL 30,000 OF THEM SINCE YOU ARE VERY CONCERNED ABOUT THE INFORMATION? JOE: THAT IS BASED ON THE REVIEWS, LOOK, YOU CAN TRY TO ACCUSE US. > > LET ME ASK YOU A QUESTION. JOE: YOU ARE GOING TO INTERVIEW ME NOW? I'M ASSUMING YOU ARE NOT GOING TO SIGN THE DISCHARGE POSITION IS WHAT YOU'RE SAYING. > > HOW COULD MY COLLEAGUES MAKE A STATEMENT -- JOE: ARE YOU GOING TO SIGN THE PETITION? > > HOW CAN MY COLLEAGUES MAKE A STATEMENT THAT 97% OF, HAVE ALREADY BEEN RELEASED WITHIN THE SPAN OF THOSE DOCUMENTS BEING RELEASED WHEN HALF THESE PEOPLE CANNOT EVEN READ 1000 PAGE C.R., BUT THEY TOOK THE TIME. JOE: YOU HAVE TO ASK YOUR COLLEAGUES. I'M ASKING YOU. I DO NOT KNOW, CONGRESSMAN. > > YOU ARE STARTING THE STATEMENT, THAT THE DEMOCRATS PUT OUT. YOU JUST REASSERTED IT ON NATIONAL TELEVISION. HAVE YOU TAKEN THE TIME TO GO THROUGH THE 33,000 DOCUMENTS OR NO? THE ANSWER IS NO. JOE: I'M ASSUMING YOU'RE NOT GOING TO SIGN THE DISCHARGE PETITION. IF YOU WANT TO ARRANGE AN INTERVIEW WITH ONE OF US WE WILL DO IT ANYTIME YOU LIKE. I APPRECIATE YOUR ANSWERING. > > DOCUMENTS ARE BEING RELEASED, OK. YOU HAVE OVER 33,000 DOCUMENTS RELEASED, INCLUDING YESTERDAY FROM THE ESTATE, FROM THE EPSTEIN ESTATE. THAT IS A RESULT OF CONGRESS. SO, TO SIT HERE AND SAY WE ARE NOT RELEASING THE DOCUMENTS, WE ARE. JOE: ACTUALLY, IT IS INTERESTING BECAUSE NO ONE SAID THAT, CONGRESSMAN. I ASKED ONLY IF YOU WOULD SIGN THE DISCHARGE PETITION. SO, YOU CAN'T ANSWER THAT QUESTION THEN? > > THE DISCHARGE PETITION IS ENTIRELY POLITICAL. THE DOCUMENTS ARE BEING RELEASED. AS WE SPEAK. YOU ARE LITERALLY TALKING ABOUT DOCUMENTS THAT WERE RELEASED YESTERDAY, WERE YOU NOT? HOW DO YOU THINK THOSE DOCUMENTS CAME TO BE? IT IS NOT BECAUSE OF THE DISCHARGE PETITION. IT IS BECAUSE OF THE WORK BEING DONE BY THE OVERSIGHT COMMITTEE. SO MAYBE IF YOU ARE SERIOUS ABOUT JUSTICE FOR THE VICTIMS, IF YOU ARE SERIOUS ABOUT MAKING SURE THAT ANYBODY WHO COMMITTED A CRIME IS PROSECUTED, THEN YOU SHOULD FOCUS ON THE ACTUAL SUBSTANCE OF IT AND NOT SIT HERE AND PLAY POLITICAL GAMES. JOE: YOU ARE NOT GOING TO SIGN THE DISCHARGE POSITION I GUESS. CAN YOU TELL US IF THE GOVERNMENT IS GOING TO SHUT DOWN AND THE END OF THIS MONTH? > > I'M GLAD YOU'RE ACTUALLY FOCUSED ON SOMETHING LIKE THAT, WHICH REALLY IMPACTS EVERY DAY AMERICANS. SO THE FACT IS THAT AS I HAVE SAID OVER AND OVER AND OVER, I GOVERNMENT SHUTDOWN IS UNACCEPTABLE. OK? AND WHEN I WAS IN CONGRESS LAST YEAR WITH A DEMOCRATIC PRESIDENT, I VOTED TO KEEP THE GOVERNMENT FUNDED AND OPEN. MY DEMOCRATIC COLLEAGUES STARTING WITH CHUCK SCHUMER NEED TO KEEP THE GOVERNMENT OPEN. THIS IS NOT A TIME FOR GAMES. IT IS NOT A TIME FOR TRYING TO NEGOTIATE FOR SOME BIG DEAL. THE GOVERNMENT NEEDS TO STAY OPEN. IT REQUIRES PASSING A SHORT-TERM C.R. AND THEY SHOULD SUPPORT THAT. EVERY SINGLE DEMOCRAT SHOULD BE ON RECORD IN SUPPORT, JUST LAST CONGRESS, EVERY SINGLE DEMOCRAT SUPPORTED CLEAN CR'S. I DON'T KNOW WHAT WOULD HAVE CHANGED EXCEPT THE PRESIDENT. KRITI: CONGRESSMAN LAWLER, WHERE ARE YOU WHEN IT COMES TO RESCISSIONS, PACKAGES FOR MONEY THAT HAS ALREADY BEEN DISTRIBUTED? IS THAT SOMETHING YOU CAN SELLING YOUR DISTRICT? > > WHAT HAPPENS WITH THE RESCISSION PACKAGES THAT THE ADMINISTRATION BRINGS IT FORWARD AND CONGRESS WILL EVALUATE IT. SO, WE DID THAT ONE -- ON ONE, WITH RESPECT TO SOME OF THE USAID PROJECTS, AND WE VOTED IN FAVOR OF RESCINDING THOSE, UH, EXPENDITURES. THAT IS THE LAWFUL PROCESS. SO, THAT IS WHAT WE FOLLOW. IF THE ADMINISTRATION COMES FORWARD WITH ANOTHER PACKAGE, WE WILL EVALUATE IT. JOE: CURIOUS ABOUT, CONGRESSMAN, THE IDEA OF EXTENDING THE OBAMACARE SUBSIDIES THAT ARE SET TO EXPIRE AT THE END OF THIS YEAR. THIS HAS BECOME OVER THE LAST COUPLE OF DAYS FROM WHAT WE ARE HEARING, THE POTENTIAL PATH TO A DEAL WITH DEMOCRATS. THAT THIS MIGHT IN FACT BRING EVERYBODY TO THE TABLE. IS IT SOMETHING YOU WOULD SIGN ON TO, FUNDING THE GOVERNMENT BEYOND THIS MONTH? > > I'VE ALREADY CO-AUTHORED LEGISLATION TO EXTEND, UH, THE PREMIUM TAX CREDIT BY YEAR. THIS WAS SOMETHING THAT WAS PUT IN PLACE DURING COVID TO HELP FAMILIES. OBVIOUSLY AT A CRITICAL MOMENT WHEN IT CAME TO HEALTH CARE. THIS IS NOT SOMETHING THAT SHOULD STAY IN EFFECT LONG TERM, BUT IT IS SOMETHING THAT WE NEED TO -- SMARTLY TRANSITION OUT AND SO, WE WANT TO EXTEND IT BY YEAR TO GIVE A PROCESS BY WHICH THIS CAN BE APPROPRIATELY PHASED OUT OVER TIME. BUT, UH, CERTAINLY AS PART OF ANY AGREEMENT, IT NEEDS TO BE DONE BY THE END OF THE YEAR. AND THAT IS SOMETHING THAT I SUPPORT. AND WHY I INTRODUCED LEGISLATION ALONG WITH MY COLLEAGUE AND MANY OTHERS TO DO THAT. KRITI: CONGRESSMAN LAWLER, I WOULD LIKE TO TALK ABOUT THE FOREIGN POLICY OF THE DAY. THERE HAS BEEN AN ISRAELI ATTACK ON DOE HALL, ONE THE PRESIDENT HAS POSTED TO TRUTH SOCIAL SUGGESTED THAT ISRAEL HAD WORN TO THE UNITED STATES THAT THAT WAS GOING TO HAPPEN. IN THE FALLOUT OF THIS EVENT, ARE YOU CONCERNED AT ALL ABOUT THE RELATIONSHIP BETWEEN UNITED STATES AND ISRAEL, BUT ALSO THE UNITED STATES AND QATAR? > > LOOK, THE LEADERSHIP OF THOMAS, -- OF HAMAS, UH, HAS BEEN LIVING IN QATAR FOR YEARS. THEY HAVE BEEN GIVEN EVERY OPPORTUNITY THROUGHOUT THIS CONFLICT, UH, TO AGREE TO THE TERMS OF A CEASE FIRE. TO RELEASE ALL OF THE HOSTAGES. UH, AND WE ARE APPROACHING THE SECOND ANNIVERSARY OF OCTOBER 7, AND THAT HAS NOT HAPPENED. SO, FOR EVERYBODY WHO WANTS THIS CONFLICT TO COME TO AN END, FOR EVERYBODY WHO DEMANDS ISRAEL AGREED TO THE TERMS OF A CEASE-FIRE, ISRAEL HAS AGREED TO THOSE TERMS. HAMAS HAS NOT. HAMAS CONTINUES TO HOLD HOSTAGES. TO THIS DAY. UH, WITH NO END IN SIGHT. AND MY QUESTION TO THE FRENCH, TO THE BRITS, TO OTHERS WHO ARE, UH RACING TO RECOGNIZE THE PALESTINIAN STATE, IS WHO, WHAT AND WHERE? WHO ARE YOU RECOGNIZING, WHAT GOVERNMENT ARE YOU RECOGNIZING, AND WHAT ARE THE BOUNDARIES BY WHICH YOU ARE RECOGNIZING THEM? THERE IS AN INTERNATIONAL PROCESS TO RECOGNIZE A GOVERNMENT STATE. THEY ARE NOT FOLLOWING THAT, SHOCKINGLY. BUT WHEN YOU LOOK AT THE SITUATION IN GAZA, M QUESTIONY IS OK, ISRAEL STOPS THE WAR TODAY. WHO IS REMOVING HAMAS FROM POWER? EVERYBODY SAYS HAMAS CANNOT REMAIN IN POWER AND YET I WOULD LOVE FOR SOME WAY TO EXPLAIN EXACTLY HOW THEY ARE GOING TO REMOVE THEM IF THIS CONFLICT IMMEDIATELY ENDS WITHOUT A CEASE FIRE AGREEMENT AND WITHOUT THE HOSTAGES BEING RELEASED. SO THE ACTIONS ISRAEL TOOK TODAY, I SUPPORT. HAMAS'S LEADERSHIP WAS GIVEN MORE THAN ENOUGH TIME TO END THIS CONFLICT. THEY HAVE CHOSEN NOT TO. KRITI: CONGRESSMAN LAWLER, EVEN THE WHITE HOUSE, THOUGH, HAS COME OUT AND SAID THIS ATTACK DOES NOT SERVE OR ADVANCE THE GOALS THAT EVEN YOU HAVE JUST LAID OUT. DONALD TRUMP HAS SAID THAT HIMSELF WHEN IT COMES TO HIS POST ON'S TRUTH SOCIAL. THIS IS A REPEATING PATTERN WE ARE NOW SEEING WHERE ISRAEL HAS GONE FORWARD TO PURSUE ATTACKS IN THE REGION WITHOUT FIRST CONSULTING THE WHITE HOUSE. IS ISRAEL DRIVING THE FOREIGN POLICY AGENDA OF THE UNITED STATES WHEN IT COMES TO THE MIDDLE EAST? > > FIRST OF ALL, I'M NOT, UH, GOING TO GET INTO THE SPECIFICS AS CHAIR OF THE MIDDLE EAST AND NORTH AFRICA SUBCOMMITTEE, UH, CERTAINLY, UH, WE'RE ACUTELY AWARE OF SOME OF THESE ISSUES BUT THE BOTTOM LINE TO ME, THE ADMINISTRATION OBVIOUSLY IS WITHIN THEIR RIGHT TO HAVE, UH, THEIR POSITION ON THIS. AND, UH, OBVIOUSLY WITH RESPONSE TO -- WITH RESPECT TO QATAR THEY HAVE BEEN IAN ALLY IN MANY RESPECTS. IN OTHER RESPECTS THERE HAVE BEEN CHALLENGES. ANYBODY WHO HAS ENGAGED IN MIDDLE EAST POLITICS CERTAINLY UNDERSTANDS THAT. ISRAEL IS NOT DRIVING U.S. FOREIGN POLICY. NOT IN THE LEAST. PRESIDENT TRUMP OBVIOUSLY, UH, HAS BEEN FULLY IN CONTROL OF THE DECISIONS MADE BY THE U.S. MILITARY. AND OUR STATE DEPARTMENT. AND TAKEN ACTION WHERE NECESSARY, INCLUDING STRIKING AT IRAN'S NUCLEAR FACILITIES A FEW SHORT MONTHS AGO. SO, ISRAEL, OF COURSE IS THEIR OWN COUNTRY AND THEY WILL MAKE DECISIONS BASED ON THEIR OWN SECURITY. UH, AND THE FACT IS, UH, THAT HAMAS, AND IRAN, UH, AND THEIR OTHER TERROR PROXIES HAVE-- HEZBOLLAH AND THE HUTUS CONTINUE TO BE -- YOU SAW JUST YESTERDAY THAT DEATH OF SIX ISRAELIS IN JERUSALEM. AND SO, THIS IS A CONTINUED CHALLENGE THAT THEY DEAL WITH. THINK ABOUT, UH, AS WE APPROACH THE 24TH ANNIVERSARY OF 9/11, IF WE WERE UNDER CONSTANT THREAT, IF WE WERE UNDER CONSTANT ATTACK, IF MISSILES WERE CONSTANTLY BEING LAUNCHED INTO THE UNITED STATES BORDERS, IF SUICIDE BOMBERS WERE CONSTANTLY TAKING, UH, ACTION TO KILL INNOCENT AMERICANS, DO WE REALLY THINK WE WOULD NOT BE RESPONDING? DO WE REALLY THINK WE WOULD NOT BE TAKING NECESSARY STEPS TO ELIMINATE THE THREAT? I THINK NOT. JOE: CONGRESSMAN, IT IS GOOD TO HAVE YOU. WE APPRECIATE IT. MICHAEL LAWLER OF NEW YORK. I DID NOT MEAN YOU GET -- DID NOT MEAN TO GET YOU WORKED UP ON YOUR BIRTHDAY PART COME BACK TO SEE US AGAIN. COMING UP WHY SPECIAL ELECTION IN VIRGINIA HAPPENING TODAY COULD HAVE MAJOR IMPLICATIONS FOR THE FUTURE OF THE EPSTEIN CASE. THAT'S COMING UP "BALANCE OF POWER" ON BLOOMBERG TV AND RADIO. ♪ JOE: IT IS "BALANCE OF POWER" ON BLOOMBERG TV AND RADIO. I AM JOE MATHIEU. THANKS FOR BEING WITH US. TONIGHT VIRGINIA VOTERS WILL CHOOSE A CONGRESSIONAL CANDIDATE TO SUCCEED THE LATE U.S. REPRESENTATIVE JERRY CONLEY. IN A CRITICAL SPECIAL ELECTION. DEMOCRAT JAMES WALKEN STOCK GOING UP AGAINST REPUBLICAN STUART WHITSON. IN WHAT IS SEEN AS A RELIABLY BLUE DISTRICT. JUST OUTSIDE OF WASHINGTON, D.C. THE REPUBLICANS EDGE IN THE HOUSE COULD GROW EVEN THINNER AS A RESULT TONIGHT. THE HEAD OF MAJOR LEGISLATIVE PRIORITIES, LIKE LOOMING SPENDING BILLS THAT MAY RESULT IN A GOVERNMENT SHUTDOWN, WE ESTABLISH THAT THIS HOUR. AND THE POTENTIAL RELEASE OF THE EPSTEIN FILES. JOINING US NOW WITH THEIR REACTION, THIS EVENING'S POLITICAL PANEL. MEGAN HAYES OUR DEMOCRATIC STRATEGY A LONG SIDE ASHLEY DAVIS. GREAT TO HAVE BOTH OF YOU WITH US. IT WOULD BE SOMEWHAT IRONIC. TO HAVE A SPECIAL ELECTION IN VIRGINIA TODAY. AND ANOTHER LATER THIS MONTH AND ARIZONA. YOU HAVE DEMOCRATS TWO MORE BODIES IN THE HOUSE, THE DISCHARGE PETITION, THAT MOVES TO RELEASE THE EPSTEIN FILES. WILL IT BE DEMOCRATS THAT MAKE THIS HAPPEN? > > I THINK THAT IS WHAT THE CONGRESSMAN IS COUNTING ON. I THINK THERE IS A VERY GOOD CHANCE IT LOOKS LIKE THE DEMOCRATS WILL WIN JERRY CONLEY'S OLD SEAT, THE FORMER CHIEF OF STAFF RUNNING. I THINK THAT WILL GO BLUE. ARIZONA WE ARE NOT THERE YET. I DO THINK THE DEMOCRATS ARE VERY MUCH COUNTING ON THOSE TWO SEATS. KRITI: ASHLEY, WEIGH IN, HERE. DOES MEGAN HAVE IT RIGHT, DO YOU AGREE? > > YEAH, ABSOLUTELY. I DO NOT THINK REPUBLICANS THINK THERE IS ANY WAY WE WILL WIN THESE TWO SEATS. THEY ARE DEMOCRAT SEATS. WE GO BACK TO REALLY REPUBLICANS JUST HAVING A TWO VOTE MAJORITY IN REGARDS TO GETTING THEIR ISSUES PAST. THAT IS REALLY GOING TO BE IMPACTFUL WHEN IT COMES TO -- THE CR AT THE END OF THE MONTHS AS WE HAVE TALKED ABOUT ALL EVENING BUT AS WELL AS SOME OF BOTH OF THE DISCHARGE POSITIONS -- PETITIONS, WHETHER THE STOCK BAND FOR SOME OF THE, FOR ALL OF THE CONGRESSIONAL MEMBERS OR THE UPSTATE FINALS -- EPSTEIN FILES. IT IS GOING TO BE HARD AGAIN. JOE: WHAT DID YOU MAKE OF OUR CONVERSATION WITH MICHAEL LAWLER? BEFORE WE LET GO OF THE THIRD RAIL. IT IS GETTING CHIPPY UP THERE. REPUBLICANS SAY DEMOCRATS DON'T CARE ABOUT THE VICTIMS. YOU KNOW WHAT DEMOCRATS ARE SAYING ABOUT REPUBLICANS. AND MAINLY PRESIDENT TRUMP. > > TWO THINGS NEED TO BE SAID. ONE IS THAT THE BIDEN ADMINISTRATION DID NOT ASK FOR THE EPSTEIN FILES TO BE RELEASED BECAUSE MAXWELL HAS AN ACTIVE APPEAL IN FRONT OF THE SUPREME COURT. IT WAS NOT LIKE THAT JUST A DEPARTMENT WAS GOING TO LOOK FOR THINGS TO RELEASE. THAT IS DUE PROCESS, THE RULE OF LAW. YOU WILL NOT START RELEASING FILES TO IMPEDE HER JUDICIAL PROCESS. THAT IS HER RIGHT. THERE IS THAT POINT. BUT ALSO I THINK IT IS REALLY INTERESTING BECAUSE THE DEMOCRATS ARE NOT THE ONES THAT ONE OF THESE FILES RELEASED. IT WAS THEIR OWN BASE THAT HAS BEEN CALLING FOR THIS. THEY'VE BEEN CALLING THIS A PEDOPHILE RING FOR MANY YEARS. NOT JUST EPSTEIN BUT MANY DIFFERENT THINGS AS WE SAW IN 2060 WITH PIZZA IN NORTHWEST D.C. THERE BEEN A LOT OF CONSPIRACY THEORIES. IT IS INTERESTING THEY'RE TRYING TO MAKE IT DEMOCRATS AND I THINK IT'S FALLING FLAT WITH THE AMERICAN PEOPLE BECAUSE THAT PRESS CONFERENCE LAST WEEK, THAT PUT FACES TO THESE VICTIMS CURRENT, AND THAT PUT THEIR STORIES OUT THERE. AND IT IS NOW, A LOT MORE CHALLENGING FOR PEOPLE TO LOOK AT THEM AND SAY THIS DID NOT HAPPEN WHEN YOU HAVE ALL OF THESE WOMEN STANDING OUT THERE. KRITI: IS THERE A WAY OUT OF THIS, WHEN IT COMES TO WHAT THE PRESIDENT CAN DO? > > GOSH, I MEAN, IT'S KIND OF MIND BLOWING BECAUSE, FIRST OF ALL I DO AGREE WITH MEGAN FOR SURE. THIS IS WHAT HAPPENS WITH WHEN CONSPIRACY THEORIES HAPPEN. YOU EXPECT SOMETHING MAY BE WORSE THAN IT IS PUT OBVIOUSLY THERE WAS TRAGIC STORIES, AND I AGREE 100% WITH THE VICTIMS. BUT HERE IS WHAT I THINK WITH TRUMP HIMSELF. I DON'T KNOW WHY HE WOULD LIE ABOUT THE BIRTHDAY CARD OR WHATEVER IT IS. BECAUSE THIS WAS A MAN WHO WAS INDICTED FOUR TIMES AND CONVICTED OF FELONY 34 TIMES. BESIDES ALL THE OTHER STUFF HE HAD AGAINST HIM, LIKE HIM HAVING A BIRTHDAY CARD THAT IS KIND OF OFF COLOR IS NOT LIKE THE WORST OF HIS ISSUES. SO I DON'T, I AM HAVING TROUBLE UNDERSTANDING IT TO BE HONEST WITH YOU. BUT IT JUST, THE PROBLEM IS IT IS NOT GOING GET AWAY AND MEGAN IS EXACTLY RIGHT. THIS IS ABOUT THE BASE. THIS IS OUR BASE THAT IS CALLING FOR THIS. > > SORRY, JUST TO GO IN ASHLEY'S POINT PUT THE ONE THING THAT IS CONFUSING, IT MAKES YOU THINK, WHO IS HE COVERING UP FOR, WHAT IS HE HIDING? EVERYONE HAS A PRECONCEIVED NOTION OF WHAT DONALD TRUMP HIS AND -- IS AND HIS MORAL CHARACTER AND PEOPLE DECIDED THEY DID NOT CARE. WHAT IS HE COVERING UP FOR WHO IS HE COVERING UP FOR, IS OF THE FINANCE PEOPLE THAT HAVE LAUNDERED THE MONEY OR THE PEOPLE WHO ENGAGED IN THIS AND HIS FAMILY MEMBERS? WHO IS IT HE'S OUT, TRYING TO PROTECT HERE? JOE: MEGAN, IT IS A GREAT POINT THAT YOU MAKE AND I WANT TO TAP ASHLEY'S BACKGROUND AT THE DEPARTMENT OF PUBLIC SECURITY HERE, BECAUSE THE PRESIDENT IN ONE BREATH WILL TALK ABOUT EPSTEIN IN THE NEXT TALK ABOUT SENDING TROOPS NATIONAL GUARD TROOPS INTO CHICAGO. SOME FOLKS THINKS THIS MIGHT BE A TAIL WAGGING THE DOG TYPE OF SITUATION. CAN YOU DELINEATE THE DIFFERENCES HERE THAT THE PRESIDENT IS FACING THE IDEA OF SENDING TROOPS INTO A CITY LIKE CHICAGO AS OPPOSED TO THE FEDERAL CITY IN WASHINGTON WHERE HE HAS MUCH MORE LEEWAY TO DO THIS KIND OF THING. > > OH, ABSOLUTELY. AND I THINK THAT DONALD TRUMP IS GOING TO CONTINUE TO TALK ABOUT CRIME AND BRINGING DOWN CRIME IN OUR COUNTRY IN GENERAL, YES. AND I, 100% THINK THAT THAT IS A MESSAGE THAT HE IS GOING TO WIN ALL DAY LONG. WHEN YOU HAVE DEMOCRATS ACTUALLY, UM, SUPPORTING CRIME, DEFENDING WHAT THEY ARE DOING THEIR CITIES, IT IS NOT A WINNING ISSUE FOR THEM. SO HE WILL CONTINUE TO DO THAT, BUT IN D.C., REMEMBER, IT IS NOT ITS OWN STATE. SO IT DOES NOT HAVE ITS OWN AUTONOMY. AND I CONTINUE TO THINK, AND I'VE SAID THIS TO YOU BEFORE, I THINK MAYOR BOWSER HAS BEEN DOING A REALLY GOOD JOB OF WALKING THE FINE LINE OF NOT COMPLETELY CRITICIZING HIM BUT ALSO SAME BECAUSE SHE KNOWS SHE NEEDS HELP BECAUSE THE CITY COUNCIL IS SO PROGRESSIVE AND WASHINGTON, D.C. WITH SOME OF THESE POLICIES. SO THAT, THE MAIN DIFFERENCE IS THAT THAT WASHINGTON DC DOES HAVE A LOT OF JURISDICTION OVER THE CITY. UNLIKE SOME OF THESE OTHER CITIES LIKE CHICAGO AND BOSTON AND OTHER PLACES HE WANTS TO GO INTO, L.A. FOR EXAMPLE. JOE: 30 DAYS IS UP TOMORROW. KRITI: 30 DAYS IS UP. MEGAN, PUTTING YOU ON THE SPOT, 20 SECONDS, IS THERE ANYTHING DEMOCRATS CAN DO BESIDES SUE AFTER THE FACT? > > I THINK THE DEMOCRATS CONTINUE, THEY NEED TO CONTINUE TO PUSH FORWARD, THE MILLION DOLLARS A DAY THEY ARE SPENDING ON THE NATIONAL GUARD WOULD BE MUCH BETTER SERVED IN HIRING POLICE IN PUTTING MONEY INTO COMMUNITY PROJECTS. I DO NOT THINK IS THE DEMOCRATS DO NOT WANT CRIME. THEY DO NOT WANT THE MILITARY POLICE IN OUR STREETS. THEY WANT TO PUT INVESTMENT INTO COMMUNITIES RATHER THAN HAVING THE MILITARY POLICE OUR STREETS. JOE: A GREAT CONVERSATION. OUR THANKS TO MEGAN HAYES AND ASHLEY DAVIS FOR BEING WITH US. A SENATE COMMITTEE VOTE FOR THE WHITE HOUSE ECONOMIC ADVISOR STEVEN MIRON'S NOMINATION AS A FEDERAL RESERVE GOVERNOR SCHEDULED FOR TOMORROW. WE WILL HAVE MUCH MORE ON THAT AND MEET YOU BACK HERE ON "BALANCE OF POWER" ON BLOOMBERG TV AND RADIO. ♪

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SCOTUS Will Fast-Track Trump Tariffs Review | Balance of Power Late Edition 9/09/2025

"Balance of Power: Late Edition" focuses on the intersection of politics and global business. On today's show, Senator Chris Coons (D) Delaware discusses the Bureau of Labor Statistics’ payroll revisions and his concerns with the trajectory of the job market. Rep. Mike Lawler (R) New York discusses House Democrats releasing the Epstein letter that President Trump allegedly signed and shares his concern that he is not sure whether or not the conversation on releasing these Epstein files is about seeking justice or for politics. (Source: Bloomberg)

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