In short
Podcast Summary: Bloomberg Daybreak - US Edition
Episode Title
Trump to Meet Democrats as Shutdown Looms, Israel's Netanyahu in DC
Episode Overview In this episode, hosts Nathan Hager and Karen Moskow discuss critical current events including a looming government shutdown, a meeting between President Trump and Israeli Prime Minister Netanyahu, and recent developments in New York City's mayoral race.
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Key Topics Discussed
- Potential Government Shutdown
- President Trump is set to meet with the top four congressional leaders to discuss a short-term spending bill necessary to avoid a government shutdown.
- Senate Democratic leader Chuck Schumer emphasizes the need for health care subsidies to be included in any stopgap funding bill.
- Republicans, led by Senate Minority Leader John Thune, express readiness to pass a bill already approved by the House, urging Democrats to cooperate.
Key Points
- Deadline: Government funding expires at midnight tomorrow.
- Importance of Health Care Provisions: Democrats hold firm on health care issues, wary of potential future negotiations.
- Republican Stance: Republicans are reluctant to negotiate health care provisions at this stage.
- Israel's Netanyahu in Washington
- Netanyahu's upcoming meeting with Trump is framed within the context of ongoing efforts to resolve the Israel-Hamas conflict.
- The U.S. is optimistic about an emerging plan to end hostilities in Gaza, as articulated by Vice President J. D. Vance.
Key Points
- Significance of Meeting: This meeting marks the fourth between Trump and Netanyahu, highlighting the U.S.'s commitment to facilitating peace in the region.
- Expectations: The U.S. has proposed a 21-point plan aimed at ending the conflict.
- Developments in New York City Mayoral Race
- Mayor Eric Adams has officially withdrawn from his reelection campaign, a move seen as potentially beneficial for former Governor Andrew Cuomo.
- Polling data shows a competitive landscape, with frontrunner Assemblyman Zohran Mamdani leading.
Key Points
- Adams' Exit: Cited issues with fundraising and media speculation as reasons for his withdrawal.
- Impact on Election: Concerns raised about the timing of his exit with only 37 days left until the election.
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Additional News Highlights
- Gold Market: Gold prices reach a record high at $3,848 an ounce.
- Storm Update: Hurricane Humberto influences weather patterns along the East Coast, while Tropical Storm Imelda remains distant from the mainland.
- Corporate News:
- Denmark’s GenMap agrees to acquire Dutch drugmaker Maris for $8 billion.
- AstraZeneca plans a U.S. stock listing to attract more investors while maintaining its UK operations.
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Economic Impact of Government Shutdown
- A potential shutdown could severely disrupt economic output due to the closure of non-essential federal offices.
- The Trump administration has stated it would continue certain operations, including tariff revenue collections, but a shutdown could still lead to significant economic challenges.
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Conclusion The episode encapsulates a critical moment in U.S. politics with upcoming deadlines for government funding, foreign relations challenges, and local electoral dynamics. The discussion provides insights into how these key issues intertwine with broader economic factors affecting the nation.
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Podcast Listening Information
- Availability: The podcast is available for streaming on Apple, Spotify, and other platforms, starting from 5 AM ET daily.
- Subscription: Listeners can subscribe to stay updated on the latest developments in U.S. news and markets.
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Transcript
Automatic transcript. May contain errors.0:00The thing about AI for business, it may not automatically fit the way your business works.
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1:30Donald Trump:Bloomberg Audio Studios. Podcasts. Radio. News.
1:37Chuck Schumer:Good morning. I'm Nathan Hager.
1:39Benjamin Netanyahu:And I'm Karen Moscow. Here are the stories we're following today.
1:43Chuck Schumer:Karen, we begin with the countdown to a possible government shutdown. Congress has until just after midnight tomorrow night to pass a short-term funding bill to keep the government open. And today, President Trump meets with congressional leaders from both parties after canceling a meeting last week with Democrats at the last minute. Senate Minority Leader Chuck Schumer says a stopgap has to include an extension of health care subsidies.
2:05Donald Trump:Our health care situation is a shambles, in good part because of what the Republicans did in the BBB, their so-called Big Beautiful Bill. Now they want to change the name of it because they know it's not very popular. I think 68 percent of Americans don't like it.
2:20Chuck Schumer:Senate Minority Leader Chuck Schumer says he hopes there's a serious negotiation. Republicans need at least seven Democrats to pass a stopgap in the Senate. Majority Leader John Thune says the ball is in Democrats' court.
2:31Donald Trump:There is a bill sitting at the desk in the Senate right now.
2:35Chuck Schumer:We could pick it up today and pass it that has been passed by the House,
2:38Donald Trump:that will be signed into law by the president to keep the government open.
2:42Chuck Schumer:Senate Leaders John Thune and Chuck Schumer both appeared on NBC's Meet the Press, heard Sundays on Bloomberg Radio. Today's meeting is set for 3 p.m. Wall Street time from the White House. Government funding is set to lapse at a minute after midnight tomorrow night.
2:56Benjamin Netanyahu:Nathan, the president will be holding another key meeting at the White House today. He'll be talking with Israeli Prime Minister Benjamin Netanyahu. The meeting comes days after Netanyahu used a U.N. address to reject international demands for an end to the war in Gaza. Vice President J.D. Vance is expressing optimism a deal can be reached.
3:14Chuck Schumer:So there's a very complicated negotiation happening right now between Arab leaders, between the Israelis, and of course, between the Trump administration, led by Special Envoy Steve Whitcoff and Secretary of State Marco Rubio. So those conversations are happening as we speak. They're ongoing over the course of the past couple of days. I'm going to let those negotiations play out. But I think the president's optimism is warranted here. I feel more optimistic about where we are right now than where we have been at any point in the last few months.
3:42Benjamin Netanyahu:Vice President J.D. Vance made the comments on Fox News Sunday, and you can catch the program Sunday afternoons right here on Bloomberg Radio.
3:49Chuck Schumer:Okay, there are major developments this morning in the race for New York City mayor, and Bloomberg's John Tucker joins us in Manhattan with the very latest. John.
3:58Donald Trump:And Nathan, there's one less candidate. Mayor Eric Adams has dropped out. I cannot continue my re-election campaign. He gave his raisins in a social media post sitting on the interior steps of Gracie Manchin. The constant media speculation about my future and the campaign finance board's decision to withhold millions of dollars have undermined my ability to raise the funds needed for a serious campaign. His announcement follows reports he was entertaining potential job offers from the Trump administration. Adam's exit means that former Governor Andrew Cuomo can mount a more potent challenge to the frontrunner, the Democratic nominee Zoran Mamdani.
4:42Donald Trump:A Suffolk University City View poll released just Tuesday showed Mamdani leading with 45 percent support compared to 25 percent for Cuomo. The poll also had Republican candidate Curtis Sliwa at nine percent and Adams at only eight percent. But the polls have also shown that in a two-way race with Adams and Sliwa out, Mamdani's lead over Cuomo shrinks considerably. Michael Bloomberg, founder and majority owner of Bloomberg LP endorsed Cuomo in the primary and has contributed to a PAC supporting his candidacy. In New York, I'm John Tucker, Bloomberg Radio.
5:16Chuck Schumer:Okay, John, thank you. A unique weather system could impact the East Coast in the coming days. Bloomberg meteorologist Craig Allen is tracking the storm.
5:24Donald Trump:Category 4, very strong Hurricane Humberto, a few hundred miles north of the Leeward Islands, will curve on up the Atlantic, bypassing Bermuda, although there will be some very strong wave action for the island, but the worst of the wind and the rain will stay far away, and it looks like Umberto will take a track across the ocean. In the meantime, just in front of Umberto is Tropical Storm Imelda, which would have gone right into the southeast U.S. coast with wind and rain, but it looks like Umberto is going to pivot around and pull Imelda away from the U.S. mainland. There may be more direct impacts to Bermuda later this week, but it looks like for the most part Imelda will stay away from any landfall.
6:05Benjamin Netanyahu:All right. Bloomberg meteorologist Craig Allen tracking the storm for us this morning. We want to turn now to the markets where gold is trading at another record high. Right now, Comex gold is at$3 ,848 an ounce. And U.S. stock futures are also higher. Goldman Sachs strategists have upgraded equities to overweight from neutral. They cite limited correction risks in the near term on the back of optimistic growth expectations driven by AI and an expectation for further Federal Reserve rate cuts. The big economic report of the week will come on Friday with a jobs report for the month of September.
6:40Chuck Schumer:And we do have a deal to kick off the week, Karen. Denmark's GenMap has agreed to acquire Dutch drugmaker Maris for about$8 billion. Maris is developing a treatment for cancer of the head and neck. It is traded on the Nasdaq this morning, it is up 38%.
6:56Benjamin Netanyahu:Well, Nathan, AstraZeneca plans to list shares on the New York Stock Exchange to attract more investors, but it's keeping its London trading and UK headquarters. The shares will replace Astra's existing American depository receipts in the US. Astra is increasingly looking to the US for growth as it seeks to boost manufacturing in the country. Astra has pledged to invest$50 billion in the US over the next five years amid pressure from President Trump's tariff plans.
7:23Chuck Schumer:And Karen, auto parts supplier First Brands Group Holdings is filing for Chapter 11 in Texas. The privately held company's brands range from Anco and Trico wiper blades to Fram filters.
7:37Benjamin Netanyahu:Time now for a look at some of the other stories making news in New York and around the world. And for that, we're joined by Bloomberg's Michael Barr. Michael, good morning.
7:45Donald Trump:Good morning, Karen. A Marine veteran smashed a pickup into a church of Jesus Christ of Latter-day Saints in Michigan, opened fire and then set the building ablaze during a crowded Sunday service. He was then fatally shot by police. At least four people were killed and eight wounded, and authorities were searching the building ruins for more victims. It happened in Grand Blank Township, a community outside of Flint. Law enforcement officials said the man got out of his pickup and started shooting, apparently using gas to start the fire. Grand Blank Township Police Department Chief William Rennie says he's confident the community will come together and help each other heal.
8:25Donald Trump:I'm confident that we're going to overcome this as Graham Blank always overcomes these type of incidents. Acting FBI agent in charge Ruben Coleman says they are investigating the attack as a targeted act of violence. This act of violence has no place in our state or anywhere else in our country. The FBI's Reuben Coleman says the attacker was identified as Thomas Jacob Sanford. The man charged with the murder of political activist Charlie Kirk is expected in a courtroom in Utah. Utah County has hired three lawyers to represent Tyler Robinson after a judge found he doesn't have the money to hire one on his own.
9:07Donald Trump:Oregon has filed a lawsuit against the Trump administration after the president said he'll send troops to Portland. Secretary of Defense Pete Hegseth sent a memo to the governor authorizing the deployment of 200 members of the Oregon National Guard for 60 days. Like a similar lawsuit filed earlier this year by California, Oregon's suit argues the president is overstepping his authority. Oregon Attorney General Dan Rayfield. It's actually un-American, if you think about it, to use the military against our own citizens.
9:38Chuck Schumer:But that's exactly what's happening right now across our country from California to D.C. to Memphis to Illinois and now to Portland.
9:47Donald Trump:Global news 24 hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr and this is Bloomberg, Karen.
9:55Benjamin Netanyahu:Thanks, Michael. Time now for our Bloomberg Sports Update. And for that, we bring in John Stashauer.
10:01Donald Trump:Thanks, Karen. The Ryder Cup had Europe taking a big lead in the final day. The U.S. made a run in singles play, but Europe held on to win. 15-13, they've won nine of the last 12 Ryder Cups. The baseball regular season is over. The playoffs begin tomorrow with Detroit at Cleveland. Red Sox visit the Yankees at San Diego at the Cubs and Cincinnati at the Dodgers. Sunday night football in Dallas, a wild one between the Packers and Cowboys. The game ended in a 40-40 tie. There were seven lead changes. That's your Bloomberg Sports Update.
10:32Benjamin Netanyahu:Stay with us. More from Bloomberg Daybreak coming up after this.
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12:53Donald Trump:Coast to Coast on Bloomberg Radio. nationwide on Sirius XM and around the world on Bloomberg.com and the Bloomberg Business App. This is Bloomberg Daybreak.
13:04Chuck Schumer:Good morning, I'm Nathan Hager and with less than 48 hours until a potential government shutdown, President Trump meets with leaders from both parties this afternoon at the White House on a stopgap spending bill. The president has predicted a shutdown will happen if Democrats don't drop their health care demands. Vice President J.D. Vance agrees. We don't want to shut down the government. But if Democrats refuse to just pass this clean, continuing resolution, that's exactly what's going to happen. And I think the Democrats are going to bear the responsibility for it. That was Vice President J.D.
13:37Chuck Schumer:Vance on Fox News Sunday, heard on Bloomberg Radio. This Monday morning, we're joined by Bloomberg's Jill Deesis. And of course, Jill, it was just a few days ago that President Trump canceled a meeting with Democrats on Truth Social, saying it would be pointless to meet with them unless they drop the health care demand. So why hold this meeting today? Good morning.
Read the full transcript
13:56Hakeem Jeffries:Yes, good morning, Nathan. Certainly, I think we're really coming down to the wire once again with these two sides really trying to get the stopgap spending bill over the line. It does seem like at this point the Democrats are still holding pretty firm to their health care demands. So the idea that this bill must include an extension of health care subsidies, a restoration of budget cuts to health care. Of course, Republicans saying that any of these negotiations could happen after they avert the shutdown. But I suppose that if you're a Democrat at this point, you know, what kind of guarantee would you ultimately have that Republicans would want to pick that back up when they continue to negotiate something that is a little bit more longer term?
14:36Hakeem Jeffries:So this does seem to be a sticking point going into today. And I'm not sure that we're going to get much clarity until we do get these top four congressional leaders. Of course, that includes the Senate Democratic leader, Chuck Schumer, and his House counterpart, heard Hakeem Jeffries, you know, into this room with the top Republicans as well as Donald Trump.
14:52Chuck Schumer:Now, just the health care demands from the Democrats. We had that warning from the White House Budget Office last week that if there were to be a shutdown, government agencies should prepare for mass firings. Is that the kind of thing that could potentially buckle Democrats in their unity?
15:07Hakeem Jeffries:Well, so at this point, what we've actually heard from the Democrats, I think most notably Chuck Schumer, is that he's really kind of dismissed this threat of these mass firings One thing that Chuck Schumer is trying to articulate as he's trying to call the government's bluff here is saying that, you know, a portion of the mass layoffs that happened earlier this year when Trump came into office were ultimately restored by the courts or in some cases the administration itself has backed off. So at least from the Democratic perspective, it does seem like they're trying to play these negotiations as saying, you know, we don't really think that you're going to go that far anyway.
15:41Hakeem Jeffries:Of course, whether that's actually true, I think, is something that's still an open question.
15:47Chuck Schumer:How willing do Republicans seem to be when it comes to negotiating on the health care provisions that Democrats want in the possibility that there could be a stopgap passed and potentially having those discussions, you know, in the in the in the weeks to come?
16:06Hakeem Jeffries:Well, Nathan, I think, you know, as we were just talking a little bit earlier about J.D. Vance, you certainly don't see that willingness from the Republican side to go forward with something like this. The question, though, is whether or not they would actually feel that pressure from the Democrats. They do need to get on board. I believe that in order to get this short-term spending bill over the hump in the Senate, they'd need at least seven Democrats to back it. So they do need to get at least some of those Democrats, you know, potentially maybe that have better luck with those that are based in swing states or some such to actually get this through.
16:43Hakeem Jeffries:But they still, again, do need at least some Democratic support in order to make something happen. So I think that there's at least, you know, some motivation there to go through these negotiations this morning. Again, wherever that lands, I think is still a pretty open question. But you do see why you actually are bringing all of these sides together today to discuss something before, the government shuts down.
17:04Chuck Schumer:And in just 30 seconds, I mean, what kind of economic impact could we look we looking at here if there is a shutdown?
17:11Hakeem Jeffries:I mean, I think that, you know, as with, you know, this kind of threat when it rears its head. Remember, first of all, it's been a good seven or so years since we last had a government shutdown. But you're looking at a pretty wholesale closure of a lot of what are deemed non-essential federal offices. And so that could amount to a significant amount of lost economic output. I will say that the Trump administration has pledged that it would continue to do some things such as collect tariff revenue in the event of a government shutdown, but still a pretty severe economic scenario here if they don't get something together.
17:42Benjamin Netanyahu:This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond.
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18:15Benjamin Netanyahu:And don't forget to subscribe to Bloomberg News Now. It's the latest news whenever you want it, in five minutes or less. Search Bloomberg News Now on your favorite podcast platform to stay informed all day long. I'm Karen Moscow.
18:28Chuck Schumer:And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak.
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From the publisher
On today's podcast:
1) The top four congressional leaders will meet with President Donald Trump at the White House on Monday, a day before federal funding would expire if the two parties can’t agree on a short-term spending bill. The discussions will be the first between Trump and congressional leaders ahead of the deadline to avoid a shutdown. Senate Democratic leader Chuck Schumer and his House counterpart, Hakeem Jeffries, were expected to meet with the president last week but it was canceled by the White House at the last minute.
2) Israeli Prime Minister Benjamin Netanyahu is set to hold a crucial White House meeting with US President Donald Trump on Monday amid assertions from Washington that an ambitious plan to end the war in Gaza is nearly complete. The meeting — the fourth between the two allies since Trump took office in January — comes after the US leader shared a 21-point proposal aimed at concluding the Israel-Hamas conflict with other regional heads in New York last week.
3) New York City Mayor Eric Adams bowed out of his struggling reelection campaign Sunday, but the decision may be too late to fundamentally alter the outcome of the November election to replace him. Adams’ decision to withdraw, amid faltering poll numbers and a struggle to raise money, was a long-speculated outcome by donors and sought by others who hoped to boost former New York Governor Andrew Cuomo’s chances to defeat frontrunner Assemblyman Zohran Mamdani, a democratic socialist. But political analysts questioned Sunday whether the decision can make a difference with just 37 days until Election Day.
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