Chapter 1: What is the main topic discussed in this episode?
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You certainly ask interesting questions.
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We don't want to waste time. We want to get right to the Congressman. Mike Lawler is with us now. Of course, the Republican from New York's 17th. We spent a lot of time talking about everything from SALT to, yes, government funding. And here we are again, Congressman. Thank you for joining us on Bloomberg TV and radio.
The conventional wisdom is we shut down after midnight, and I'm assuming you don't see a way around it. What comes after the shutdown?
Well, unfortunately, it looks like we are barreling towards a shutdown because Democrats like Hakeem Jeffries and Chuck Schumer have changed their position entirely on keeping the government funded and passing clean CRs. Whether it was Joe Biden or Donald Trump, I have voted for every single CR to keep the government open and funded while we negotiate a final appropriations package.
i think it is foolish uh... to shut down the government it is going to create chaos in the markets it will create chaos for the american people uh... specially those who rely on the social safety net uh... border security our military veterans benefits etcetera this is entirely unnecessary uh... and does nothing to actually further the work of the american people it is pure political posturing
uh... by my democratic colleagues because they are not in the majority uh... and from my vantage point that is not what you do i was against it when republicans wanted to shut down the government uh... and i'm against it here when democrats want to do it so we will see what happens uh... over these twelve hours uh... as you pointed out republicans past a clean c r through the house the bill is sitting in the senate at the desk it can easily be taken back up right now uh... and passed
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Chapter 2: What are the implications of a government shutdown?
That's important. When you look at the challenges facing the U.S. and Europe, part of the problem with prescription drug costs in America is that Americans are subsidizing Europeans with the price controls that have long been put in place on prescription drugs in Europe. So that is something that we should all embrace, reducing overall cost.
But that's not something that you shut the government down over and and really harm the very people that you're trying to help.
Well, sticking with this idea that higher drug costs are a main point, a political point on both sides of the aisle, I also want to ask you about some of the economic impacts here of a potential shutdown. You said, of course, on House Fin Services, our analysts at Bloomberg Economics estimate that the unemployment rate could reach 4.7 percent in a shutdown. I'm wondering if
Are the optics going to be difficult to navigate here considering there's already concerns about the labor market? How are Republicans going to message around this when we know that economic impacts could really be one of those top concerns and priorities?
Well, we've seen in shutdowns prior, for instance, the stock market has generally grown. The biggest concern has been on GDP. We saw for Q2 revision a 3.8 percent growth in GDP, which far exceeded what many prognosticators were claiming was going to happen in Q2.
uh... so you know certainly we the the economy is moving in the right direction we got the tax package across the finish line that was critical for attack certainty we don't need a government shutdown to create unnecessary chaos as we are working to to enact critical policies that move the economy in the right direction that create jobs that uh... create wealth an opportunity and so uh... look
unemployment obviously is uh... a a critical issue we don't want to see layoffs we don't want to see uncertainty in the market democrats have said for years chuck schumer hakeem jeffries long on record about the impacts of a government shutdown and the need for a clean c r they should look in the mirror listen to their words of years past including just last year with joe biden at the helm and vote the right way which is
to pass a clean CR and keep the government funded while we work through all these other issues of concern.
What's your view on the Fed, Congressman, as you sit on the Financial Services Committee, to Tyler's point? If this affects the release of the jobs report, for instance, on Friday, if BLS can't kick out the jobs data, at what point does that become a problem for the Fed to make an accurate decision, say, by the next meeting when it doesn't have a complete picture of the data?
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