biden has made it clear he wants the support from republicans in congress. he does not want to have to push through things on partyline votes. whether or not that actually happens remains to be seen. jonathan: 70 million americans did not vote or joe biden, who is about to become president of the united states. i am always fascinated with the word " unity" and whether it is just lip service as it is the right thing to say. the last couple of weeks have proven that it is more than that, but you have to get those 70 million americans to come along. what is the message to them today? emily: two different messages. number one, offering that olive branch, being a president for all americans. i know that we are hearing these things over and over, but we did not hear this from the trump administration.

hearing biden say them again, it is agenda setting from the top. the message from the top is one of unity. talking about policy, trying to make sure that the way they explain those policies is positive for a wide swath of americans. lisa: as we look at the helicopter awaiting president trump and first lady melania trump, some discussions that he may start his own political party. what color do we have on that? emily: at this point, you have to look to the voters. a number of them who i have spoken to say they are trump supporters first before any party. the question is, how will those voters continue to support trump as he loses his platform? number two, how will that impact elections? will we see lawmakers wanting to be in step with trump, as we saw

in the recent georgia runoff, will the party continue to pay attention to trump, or will we see other figures emerge and lead the party in another direction? tom: emily wilkins east of the white house. we welcome all of you to our simulcast here at the 8:00 hour. a lift in the markets on a day of history in the united states of america. jonathan ferro, lisa abramowicz, tom keene here. david westin at 11:00 will move on to the swearing in of president biden. the helicopter on the south lawn of the white house. jonathan ferro, i want to direct our attention to what we will see, mr. and misses biden coming out of the blair house, where they would begin the celebrations of the day. it is odd that it is a unique

process by president trump, and on the other hand, mr. biden heralding tradition. jonathan: tradition is one thing and policy is another. tradition is important, but this year, you are walking into a real crisis. a pandemic that continues to take people's lives. 400,000 in the last 24 hours. there is real work to do. there is no honeymoon in washington, d.c. the events of the last two weeks underlined that. the way that that transfer of power will take place today over the next several hours underlines that these are not normal times. nothing normal about it. there is a real work to do still and they will have to hit the ground running. i don't think they get 100 days to sit there and wait, and i don't expect they think they

will either. people will want to see results and quickly. the vaccination program will be a test of that. how quickly can things improve? they are pretty good compared to the rest of the world right now on the vaccination front. needs to get a lot better. tom: glimmers in the last few days of some better trends in the u.s. a few days ago, i did an extrapolation after the statistic of half a million, and unfortunately it is sooner rather than later. the president at 8:00 to andrews -- currently we are late. the president with comments at andrews. mr. biden leading blair house at 8:30. he will then attend church, a bipartisan effort, at saint matthews in washington, d.c.

right now, greg valliere joins us. everyone in washington reads him each and every morning. i want to talk about something that we have avoided this morning. we get right to work, and part of that is impeachment. what will we see wednesday and thursday on impeachment? greg: good morning. everybody talks about unity, and i know it will be a big theme for joe biden, but we have an impeachment trial that is coming up. i think it will drag on for two or three weeks. i think they will fail. i think it may look donald trump look like a martyr. right away, after talking about unity, we have that. i would also add, the janet yellen hearing yesterday was not that unified. republicans pushed back hard on new spending. lisa: let's talk about this idea

of unity but we have these divisions that are getting deeper. do you feel a mental behind this trillion dollar plan or do you think it will drag out farther than the market is pricing in? greg: i think there is momentum behind upland, but i'm not sure it is this plan that has support for governments, minimum wage. i think we could get a deal by the end of february, but the republicans really showed their hand yesterday. they don't want anything this expensive. jonathan: one point $9 trillion is the number. what do you think it comes down to? greg: i have been saying maybe 1.4, one $.5 trillion. democrats have to hold onto every one of their 50 senators, and i'm not convinced they have all 50. they may have 49. i think this will bundle down to

negotiations between joe biden and mitch mcconnell. tom: greg valliere will stay with us. kevin cirilli is at the capitol overlooking the west front of the capitol. emily wilkins is east of the white house at freedom plaza, as we await president to leave, now seven minutes behind schedule. no surprise there. greg valliere, we just spoke with whit ayres, a pollster for republicans. are republicans acting fast to get ready for 2022 primaries? what would you expect to see from conservative southern republicans? greg: it is amazing that we are already talking about 2022, but that is washington. i do think the republicans will hit hard on the issue of taxes and spending. i think the country doesn't want new taxes. that will be a posted argument.

the other point i would make is, historically, a first-term president in his first midterm election loses about 5% of house and senate seats. if biden loses 5% of house and senate seats, he loses both houses. tom: i want to talk about the silence of mr. hoover and mr. roosevelt in the early days of the depression. without question, the quietest car ride in the history of our presidents. these mr. trump setting precedence here that we may see in the future, or in your opinion, is this a one-off of discord? greg: i think it is a one-off. most politicians, right or left, respect traditions. donald trump did not respect norms. as we go into other elections, there will be more conciliation.

lisa: when we talk about the presidency of trump, it was one that was antiestablishment, anti-washington, that was his goal, taking out some of the career members of the cabinet of the various departments and putting in his own people. what do you think the legacy of that will be as joe biden comes in and tries to arrest that? greg: it is one thing to blow things up. i get it that certain institutions have not worked well, but you have to have something to replace them with. he would blow things up without any alternative. i think that got tiresome. i also think the level of personal rancor, vindictiveness, ugliness of his tweets really distinguished him. tom: i think the british do this better. you lose the election, you leave within three hours. jonathan: you move out the next day.

i think the events of the last few weeks have expressed some -- exposed some vulnerability in that process. greg, i wonder if that is something that people will need to rethink, whether you think we should rethink that? greg: i think there were some things that trump did that were positive. getting tough on china, everyone would agree on. fewer regulations, people would agree on. it was the way he did it. it was so outrageous, it hurt his cause. tom: greg valliere, thank you for joining us. thank you for your perspective. kevin cirilli is at the capitol. the sunrises at the capitol. are they still scarred from the riot from january 6, or is it looking perfect?

kevin: completely recovered. walking through where the massacre occurred, everything is seemingly back to normal from a structural standpoint. they started the music recordings. in a couple of hours, the inauguration is set to begin. i was struck on the policies that president biden will be issuing through executive order. i want to touch on the geopolitics. on the issue of the iran disarmament deal, yesterday, tony blinken forecasting that they are not going to take immediate action on china, or re-engaging the iran disarmament deal. today is all about the pomp and circumstance, even though it is different from inaugurations past. tom, i cannot stress enough, where i'm positioned on the west side of the capitol where the

attacks took place, president biden will be speaking. he will be overlooking a mall full of flags honoring those who have lost their lives from covid-19. typically, he would be looking out to thousands of people, talking to americans coming to the city for the passing of the democracy torch, so to speak, but clearly a very different inauguration, unprecedented to what we have seen beaming lisa: when you look at the international aspects, talking about executive orders, not only do you have the expected reentry into the iranian nuclear deal but also reentry into the paris climate accord. how much will allies of the u.s. reopened negotiations to the nation after the last four years? kevin: significantly, especially as it relates to europe. when you look at who the blinken

team has assembled, and the yellen team, some from the obama administration joining, as they look at a pragmatic approach of multilateralism. on the idea of tariffs, this is a significant departure from the obama years in terms of the economic landscape and forecast. when the biden administration is talking about a 1.9 trillion dollar stimulus, they will have to do so in a geopolitical setting where europe is also struggling, and there has been a tariff for tariff back and forth. it complicates the matters, but domestically beyond that, republicans and democrats are in agreement on iran. they don't want iran having a nuclear weapon. republicans and democrats are in agreement on china, and that they want to better protect america.

they are working toward the same goal. tom: stay with us. i want to talk about mr. biden and his plans through the morning. right now, the president and misses trump outside the south lawn of the white house, now walking toward the helicopter to marine one. their final walk on the way to andrews. it is a perfect day in washington. it is amazing how january in washington can be so lovely. jonathan: it is beautiful. unfortunately, i cannot see how lovely it is, as i told you. i would love to return to the policy issue, kevin. when it comes to china, the status quote was not good enough for a lot of people in this country. the conventional approach with china to try to get them to change. the ultimate objective of this administration that is leaving now and the previous

administration was to get beijing to change, to get it to change its behavior. it didn't work with the last administration, this approach either. many people might be happy to hear the word multilateral and a new multilateral approach, but this administration needs to convince europe to stop sitting on the fence. it needs to convince germany to do something about russia and maybe even sacrifice its energy ties with the country. it needs to convince germany to risk its commercial ties with china as well, to get them to push beijing to change their behavior. it is unclear to me what it would take, whether china has already achieved what it wanted to achieve, which is embedding itself in global supply chains, commercial ties, where a country like germany is on when to risk

it, and continuing to be a leech on the liberal order that they continue to take advantage of. you can talk about a multilateral approach or return to tradition or conventional policymaking, but we need to see results. let's not think this is a given that they get for years and it will all go back to happy days. we need to see results. they think they can get results going back to the old ways of doing business when the old way did not get results either? kevin: you make a good point, even predating the trump administration, if you go back 30 years, even back to nixon's administration, in terms of the approach that the u.s. took to china, and now a reckoning moment for american policy, not just republicans or democratic policy. you mentioned the inroads that china has made, but let's also look at their setbacks.

they have not been able to successfully look at australia, forge a 5g network that they wanted. one of the final action that secretary pompeo took yesterday was to declare genocide in china with regard to the uighurs. i am struck by those images of president trump departing the white with the first lady. he arrived as a nationalist, accompanied by steve bannon, someone that he pardoned as one of his final acts. trying to separate the united states from the global order. this is a return to globalism. this is more than just a return to a multilateral approach. lisa: we are seeing the images of the helicopter beginning its departure for andrews as president trump ends his term as president. he did say serving as president was the honor of a lifetime. the helicopter lifting off, his

final moments as president of the united states. what is president trump going to do in the next few months? how closely will be people -- will people be watching his actions? kevin: president trump leaves the white house incredibly damaged. still an impeachment trial in the senate, following remarks from mitch mcconnell, who yesterday continues to place blame on the attack of the capitol at the hands of president trump. he also leaves with incredible legal questions surrounding what he will be able to do moving forward. his media apparatus dismantled. he is barred from social media and twitter. this is someone who captured the attention of working-class americans for years ago and now leaves with an economy that is significantly hampered with

regard to the global pandemic. he does so at a time in which the nation continues to be increasingly divided. it is unknown whether or not he will continue to harbor political ambitions. members of his immediate family have openly speculated about the possibility that they may run for office, or president trump seeking another term several years from now. in the immediate short term, he will have to face a legal team that will serve as a referee so to speak for him to navigate through his second impeachment trial in the senate. the outcome is increasingly on kick -- unclear. i can see the helicopter flying behind me, as we hear it, and historical moment, as president trump flies via helicopter over the capitol, where more than a week ago that attack happened,

as he goes to joint base andrews, and then mar-a-lago. he is now leaving washington, d.c. he has now flown over the u.s. capitol. the trump era coming to a close. tom: kevin cirilli will stay with us through the morning. lisa abramowicz, jon ferro, tom keene on the simulcast. we welcome all of you on bloomberg radio as we try to describe the images that we see on tv. mr. biden expected to leave blair house in about 15 minutes. right now, with futures up 17, dow futures up 68, it is a market that is voting on prosperity. voting on the prosperity of those that participate in the markets. alicia levine is a wonderful

student of this. a really sharp set of critical thinking skills to get us through 2021. have you amended your view forward of the events in the last 30 days? alicia: good morning, dream team. your coverage has been wonderful this morning. yes, we have. the way we have amended it, we think, for markets, the cyclical trade has led. the name of the game is rotation here. as you can see, the stimulus is going to be in norma's. the initial proposal put forth by the incoming biden administration is double the size wall street was expecting. direct checks to households are already being spent. we saw december checks coming into households in the first 12 days of the year on the order of

$130 billion. those people have already increased their credit card spending by 30% in the first week of january alone. this economy is 70% consumption. with our household spending, gdp will be going higher. with that, the sectors that are leveraged to the cyclical recovery will move higher as well, and this trade will have legs. jonathan: where is that money being spent? alicia: households that are spending tend to be those that earn $50,000 or less. it is being spent on things like clothing and food, housing. the houses that are spending it tend to be the wealthier households. that is why the second half of the year, when services can come back online in a more regular way, because of the dissemination of vaccines, those

households right now have an extra $1.4 trillion to spend in savings. that demand is going to get higher with increased checks to households. i think the boom is coming. lisa: how quickly could that spending drop off if we don't get some sort of additional stimulus passed in the upcoming two or three months? alicia: the bill that passed in december was meant to get us through march. unemployment benefits, the extra $300 expires at the end of march. the biden plan is another bridge. that is really to get households equalized, how they can handle the further scourge of the pandemic, getting us through into june and july. this is a lot of money. it is very hard to overstate how much money is being spent on rescue.

lisa: this is one reason why a lot of people expect inflation to pick up as the year goes on. could it pick up quite a bit more than people expected, pushing yields higher, pushing the fed's hands, and torpedoing some of the popular equity calls in the market? do you see a risk of that given the pent-up savings you talked about? alicia: that is the defining question for markets this year. how quickly do yields arise and what does the fed do about it? the biggest risk to markets is a spike in yields, not the gently rolling higher. it is very clear inflation will look higher simply because of calendar effects, base fx into the spring. but we have heard from the fed is they are willing for higher inflation prints in 2022 pass by. however, base effects can look

into forward-looking expectations. it is not a wash. it is something to watch out for. i think the risk is higher. the market will look at the prince in the spring. through the rest of the year, the risk is that inflation could be higher than some are expecting. lisa: there is definitely a lot of concern about this, something we keep hearing about, this idea of inflation picking up. how do stocks respond if you get higher than expected inflation? alicia: it will happen as bond yields move higher, you will compress the price-earnings ratio. higher yields will dent some of the p/e exuberance on the tech trade, which is why we like

cyclicals. overall, it will not be an event in the market because the earnings power coming from cyclicals should overcome the lower p/e's that the market is willing to pay overall. we think earnings are going higher the second half of the year. and earnings recovery will propel markets going forward. not so much the p/e's but the earnings recovery. tom: alicia levine with us. we ask her to stay with us as we move forward in the hour. we have a number of images, and for those of you on radio, we have flags, and audience set up for the president of the united states. at the same time, we have seen at blair house, no flags, just the acclaimed stairway down, for ever seen and remembered during

the assassination attempt on president truman. we await mr. biden to move to st. matthew's cathedral. the symbolism of this is remarkable, to see mr. biden going to a church in a bipartisan cathedral, not the national cathedral of the episcopal church. jonathan ferro, lisa abramowicz with us. on radio, it is challenging because it is a morning of many images. jonathan: many changes about to take place as well. in terms of the way that people conduct their jobs, market participants, four years ago, you would wake up and realize, my job has just changed. policy can change quickly. it can change by a single tweet. i don't think many people were ready for that.

four years later, speaking to market participants, there is a feeling that eventually the volume gets turned down. you don't have to wake up in the middle of the night and see if something has changed over twitter in the white house. that is a change in approach. the point i'm trying to make on policy is, even though the policy may change, i wonder how much will change when it comes to issues like china? policymaking will go back to the traditional way. will the policy shift radically away from what we have seen? in places like china, i think not so much. tom: i will defer to the great songwriter darden smith, it will be about little victories. that is what you do with a 50/50 senate and the house is precarious, far more than some

expect. we welcome everyone on bloomberg radio, a perfect morning in washington, d.c. coverage with alan nunnelee wilkins and kevin cirilli. marine one taxiing at slow speed with the president and misses trump. we expect some form of comment. kevin, i believe the president will make comments at andrews. we may have those in a moment. what kind of message is he sending to those that support him so much? what is the continued message of the president to those that have never given up on donald trump? kevin: yesterday, donald trump released a 20-minute video talking about what he believes are his accomplishments, including his record as president. if he does choose to make remarks, i would expect them to be brief. it is rare that an outgoing

president gives remarks on the day of another incoming administration's inauguration. i would expect them to be brief. perhaps thanking his supporters. again, the nature of tradition that has been broken from previous inaugurations is staggering. typically, you would see the incoming administration and outgoing administration do some sort of walk around, photo opportunity as they meet and talk about the changing of the administration. that is not happening. from here, when he departs for mar-a-lago in florida, then we will start to see the images of president-elect biden going to church with mitch mcconnell, speaker pelosi, and others. then we will see them travel to the tomb of the unknown soldier. then we will hear from people like vice president elect kamala

harris, as she becomes the first female vice president. then of course we will hear performances from lady gaga singing the national anthem, jennifer lopez, garth brooks. and then from there, president-elect biden, in a speech that we are told he has worked on by himself and with close advisors, including with people like jon meacham, providing a unifying message at a time in which parties and polarization has never been more in america. jonathan: i have lost count the amount of times you have had to say unity and unifying this morning. it is truly a momentous occasion. it is truly bizarre. over the last four years -- i know we have become desensitized to the things happening in d.c.

-- but we have an incoming president talking about unity at a time when impeachment proceedings are underway. can you achieve unity as you are impeaching a president that is just leaving? how does that work in washington? kevin: historically speaking, i am struck -- the only similar president we have, and we are in uncharted territory. when president ford pardoned president nixon. it was a deeply unpopular decision, but one that he said he did in order to unify the country and move forward. what we heard yesterday from mitch mcconnell on the senate floor continuing to raise questions about the president's responsibility for the attack on the capitol, in many ways, could be argued as a unifying message for republicans, as the party looks to see which direction it will be heading in, not just in the upcoming midterm elections, where they made gains in the house, but on the cusp of

another presidential cycle. vice president pence is also keeping his own political options open. there are a lot of unknown variables, ones that are not clear right now, but important questions. as you correctly mentioned, the biggest unknown is whether or not he will be convicted in the senate. lisa: right now, we are looking at shots of president trump landing at joint base andrews in the helicopter. his family waiting to watch him off, including ivanka trump, jared kushner, not wear masks, but their son wearing a mask. they are waiting for the president to come down now. he is about to exit the helicopter in his final act as president of the united states, alongside first lady melania trump.

we look back on president trump's tenure as president of the world's biggest economy. how will history wash this presidency in a year, five years time? kevin: it was a time of division , a time of political unrest and upheaval. it was a time in which democratic institutions were questioned but which democratic institutions continued to hold strong. we are seeing that process play out behind me, virtually in real time, as president trump departs for his private residence in mar-a-lago. we will continue to see that process play out in the senate impeachment trial. it was a time of great unrest. that is how this president will be remembered. tom: kevin cirilli at the

capitol. the president of the united states and misses trump that the podium as they listen to a numerous gun salute. i'm not sure how many. the president providing -- flexing his arm for those assembled at joint base andrews. he comes to the lectern as we await a final comment from the president of the united states. waiting for the audio to come in. here now, the president of the united states. president trump: thank you. we love you. i can tell you that from the bottom of my heart, this has been an incredible four years. we have accomplished so much together. i want to thank all of my family and friends, my staff, so money other people for being here. i want to thank you for your effort, hard work. people have no idea how hard this family works.

they work for you. they could have had a much easier life, but they did a fantastic job. i want to thank all of you, everyone. i want to thank mark meadows. i want to thank barr. it has been something very special, we accomplished a lot. our first lady has been a woman of great grace and beauty and dignity. and so popular with the people, so popular. in fact, honey, would you like to say a few words? melania: being your first lady was my greatest honor. thank you for your love and support. you will be in my thoughts and prayers. god bless you all. god bless your families. god bless this beautiful nation. thank you. president trump: what else has

to be said, right? great job, honey. but we have done has been amazing by any standard. we rebuilt the united states military. we created a new force called space force. that in itself would be a major achievement for a regular administration. we were not a regular administration. we took care of the vets, 91% approval rating. we have never had that before. the vets have given us an approval rating that has never been before. we took care of our vets and our beautiful vets. they were very badly treated before we came along. we get them great service and we pick up the bill and they go out and they can see a doctor if they have to wait long periods

of time. we got it so that we can sadly get rid of people that don't treat our vets right. we didn't have that before. our vets are happy, our people are happy. we also caught the largest tax cut and reform in the history of our country by far. i hope they do not raise your taxes, but if they do, i told you so. if you look at the regulations -- i consider the regulation cuts to be maybe more important. that is why we have had such good job numbers. the job numbers have been absolutely incredible. when we started, had we not been hit by the pandemic, we would have had numbers that would have never been seen. already our numbers are the best ever. if you looked at what happened until february a year ago, our numbers are at a level that

nobody had ever seen before. we really built it twice. nobody blames us for that. then we built it again. now the stock market is substantially higher than it was at its higher point prior to the pandemic, so you can say that we built it twice. you are going to see incredible numbers start coming in, if everything is sort of left alone -- be careful. very complex. be careful. you will see some incredible things happening. remember us when you see these things happening, if you would. remember us. i am looking at elements of our economy that are set to be a rocketship up -- it is a rocketship up. we have the greatest country in the world, the greatest economy

in the world. as bad as the pandemic was, we were hit so hard just like the entire world was hit so hard, places that thought they got away with it are suffering now. we did something that is really considered a medical miracle. they are calling it a miracle, and that was the vaccine. we got the vaccine developed in nine months instead of five years or 10 years -- a long time. it was supposed to take a long time, many years to develop a vaccine. we have two out, another one coming almost immediately. it really is a great achievement. you should start to see really good numbers over the next few months. i think you will start to see those numbers skyrocket downward. i can only say, we have worked hard. as the athletes would say, we left it all on the field.

we don't have to come and say -- we will never say in a month when we are sitting in florida, not looking at each other and saying, if we only worked a little harder. you cannot work harder. we work through the obstacles. we got 75 million votes, a record in the history of a sitting president. that is an all-time record by a lot, many millions, in the history of sitting presidents. it has been an honor. one of the things that we are proud of is the selection of almost 300 federal judges and three great supreme court justices. that is a very big number, a record-setting number. so, we have done a lot. there are still things to do. the first thing we have to do is pay our respects and love to the

incredible people and families who suffered so gravely from the china virus. it is a horrible thing that was put onto the world. we all know where it came from. it is a horrible, horrible thing. be very, very careful. but we want to pay great love, great love to all the people that suffered, including families. so with that, i just want to say , you are amazing people. this is a great, great country. it is my greatest honor and privilege to have been your president. >> [crowd chants]

usa! usa! president trump: i will always fight for you. i will be watching, i will be listening. i will tell you that the future of this country has never been better. i wish the new administration great luck and great success. i think they will have great success. they have the foundation to do something really spectacular. again, we put it in a position like it has never been before, despite the worst plague to hit since, i guess you would say since 1917, over 100 years ago. despite that, the things that we have done have been just

incredible. i could not have done it without you. so, just a goodbye, we love you, we will be back in some form. [applause] and, again, i just want to thank our vice president, mike pence, karen, i want to thank congress because we really worked well with congress, at least certain elements of congress, but we have gotten so much done that nobody thought was possible. i want to thank all of the people of washington, d.c., all the people that we worked with to put this miracle together. so, have a good life. we will see you soon. thank you very much.

tom: the president of the united states. we welcome all of you on bloomberg radio and television, doing it his way, comments at air force -- andrews air force base. the common theme for me was circling back to the profound impact from the profound change from february of this year, of course, the beginning of the pandemic. we welcome all of you again. president-elect biden has been at blair house, across from the white house, no doubt giving this president his final moment, as he greets the assembled, including ivanka trump, jared, i believe i saw lara as well. i want to turn to the president-elect at blair house. the symbolism of the moment for this nation is absolutely profound. i really feel like it has not been talked about enough.

this is a president-elect, who unlike in 1960, will travel to the cathedral of the catholic church for a bipartisan service. it is markable how religion has changed since the tumult of 1960. kevin: president-elect biden will be the nation's second catholic president, the first being john f. kennedy. he will do so at st. matthew's cathedral, where president kennedy is laid to rest. he is using religion as a way to bring together bipartisanship. mitch mcconnell and speaker pelosi. it is remarkable to listen, to hear, to observe president trump's final remarks. he barely thanked his own vice president mike pence. he did not think members of his own cabinet. and he did leave the door open to some type of continuation of

trump politics. but now all attention will turn to the incoming biden administration. lisa: do you think that was the right emphasis, that the president did not think his vice president, members of cabinet more vociferously, and did not necessarily double down on the election, questions he has raised in the past? kevin: well, he cannot. he has a trial he has to prepare for, probably the most significant of his life. this trial in the senate is at a time when republicans are openly questioning whether or not he should be convicted for the attacks at the capitol. and should he be found guilty of those charges, he will not be able to seek political office again. a lot of question marks about where the trump political orbit moves right now. the first person that he thanked was his chief of staff mark meadows, who was there with him.

that would appear to be a signal that that is who he feels is still very much in his corner, as he heads down to mar-a-lago, to readjust and recalibrate. lisa: when it comes to future steps, he says we will be back, talks about how he is not going anywhere. do we have a sense of what his plans are in terms of running for office in 2024, starting a media company, other speculations that are out there? kevin: in terms of the conservative landscape, chris ruddy has been having the president's ear with regard to a potential new conservative network to counter some of the murdoch properties. secondly, open speculation that ivanka trump has senatorial ambitions in the state of florida, as well as donald trump, jr. having congressional ambitions in jupiter.

thirdly, lara trump has been looking about the possibility of running for higher office in north carolina. when you look at all the various possibilities that could play out, the trump political brand has taken a significant hit in recent weeks. whether or not they are able to rebuild, we don't know. they still enjoy popularity among a certain contingency of the conservative movement. it is not known whether their path forward is still there. tom: kevin cirilli at the capitol and throughout this day of celebration of the presidency of joseph beau biden. emily wilkins at freedom plaza as well. away from air force one is the automobile, quietly ensconced for mr. biden. as mr. biden attends church at saint matthews, we have jeanne

zaino and rick davis. we have the automobile leaving blair house. esther and misses biden moving off to search -- church. the symbolism we have here this morning, the differences of this visit to a church, versus a visit by the president to a church during the riot and storm of black lives matter is so stark. jeannie: by design, the incoming biden administration has been making the case for bipartisanship. this is someone who spent his life in the senate. he understands he can send a huge immigration bill to congress may be as early as today, to sign over a dozen executive orders to combat the coronavirus. he understands he will need the

support of republicans with the senate so narrowly divided. i agree with kevin, as he tries to use the trip to the church symbolically, and he will be accompanied by members of the leadership on the republican side to make the case for bipartisanship, and we will hear an awful lot about unity in his speech today as well. tom: maybe some prayers in the republican party as they face a more fractured house and senate. rick davis is with us now. how does senator mcconnell pick up the pieces? what is the mcconnell process as the minority leader in the next weeks, certainly, in the next months? rick: it is hard to conceive that term, mitch mcconnell as minority leader. he has sort of already tipped his hat, speaking ready freely these days, which is unusual, about his plans as minority leader. he talked about the fact that in

a divided senate, you will need to compromise. i never thought i would live to hear the word "compromise" come out of mitch mcconnell's mouth. i think people use opportunities to ensure that legislation that gets through will have his mark on it. he knows he cannot control the agenda now but he can impact the outcome of this legislation. that will be his top priority, make sure that things do not get through the senate that cause irreparable harm to the economy and policies of our nation. lisa: when tom talks about unity and the fractures we have seen in the republican party, it raises questions who mitch mcconnell is representing right now, given the fact that a majority of republicanspolled still support president trump, do not think that he should have been impeached or resign. what do you think that does to

influence which mcconnell and the party as they chart a path forward? rick: office matters in these kinds of cases. regardless of the president's popularity, mitch mcconnell has to go to work tomorrow morning and do the nation's business. he will be one of a couple national leaders who will form the republican party outlook on policy and politics between now and the midterm elections, the next check in the system. highly unlikely that there will be a trump on a ticket in 2022, but mitch mcconnell will have a large cache of money and is currently recruiting candidates for senate races that are up.he will get it -- continue to be an important mechanic other public and party. right now, he is about all that we have got in the republican

party. lisa: certainly also fractures in the democratic party. there are questions how much joe biden will be able to bring together the democratic party in order to get through his policy. what is the unity like when it comes to democratic caucus? jeannie: the unity we are seeing today will be the height of the unity that we see going forward. it will be tough for joe biden to keep this large -- particularly in the house -- caucus together. we have already heard frustration in some quarters of the progressive wing for his proposal on covid relief, for instance, saying that the $2 trillion doesn't go far enough. of course, you look at the opposite side, and they say it goes way too far. what does a $15 minimum wage have to do with battling the coronavirus? joe biden will have his work cut out for him trying to keep the

caucus together on the democratic side and trying to please this allowed an energetic wing of the party. he will have to do that. his focus will have to be on trying to get to 60 in the senate. that means he will have to appeal to moderate republicans and democrats, and that will not make the progressives happy. all of these bills that we are hearing him talk we will see watered down versions of that, if we see them get through the senate at all. yesterday we got signaled that it will not be easy. people like josh hawley holding up the dhs domination, not fast tracking it.

chuck grassley saying he has some concerns with the covid relief bill. those are signs already, before joe biden is even inaugurated, that this will be a tough line for him to walk. tom: jeanne zaino and rick davis with us. the 9:00 hour. air force one pulling away at andrews air force base. the president on his way to florida. outside the cathedral of saint matthews in washington, we are awaiting mr. biden to enter the church, others attending as well. the church is one of the jewels of washington, it is romanesque. for those of you that no boston, there is a church at copley square with the same feeling. rick davis, as we go to this hour, as the president flies away, it is a changing of an era. there is a huge presumption with biden -- in 1978, a one term presidency.

i never understood a one term presidency as much as this moment. how much does the assumption of a one term presidency change the moment? rick: joe biden, because of his age is probably termed out the day that he is sworn in. it is something to remember. kamala harris is a new vice president, has been remarked many times as historic. she will be seen as an heir apparent to joe biden for a presidential run in 2024. the question is, can joe biden be resident -- relevant over the next two years so that he does not start acting like a lame duck president? as we recall in the last term of the barack obama's presidency, he was almost termed out in the first year of his second term. people no longer saw him as the future, so policy waned and

legislative action slowed down. biden has momentum, and he can ride it as long as he can, but the political realities are that he is not the future of the democratic party. tom: we greatly appreciate you staying with us. jeanne zaino and rick davis as well. lisa abramowicz and tom keene with jonathan ferro. let's reset the market. futures up 20. jonathan: equity futures up 20 points, i don't know if off the back of the words of president trump. tom: i am being collegial. jonathan: they will be hitting the ground running. this market is running away with the idea that from here policymaking gets a little less chaotic, and from here this economy opens up more as the vaccination program rolls out.

this market has been unfazed by the chaos of the last couple of weeks in washington, d.c. it has been focused on the policy, and the policy that is still to come. tom: lisa, a serious moment here, the linkage of what we are seeing today with the realities of economics, finance, measuring it in trillions of dollars and percent of gdp. lisa: we will be looking for another monumental stimulus package. this market has been unfazed by the turmoil and unease we have seen in washington, d.c.. perhaps the uplift we are seeing in equities as the market drives closer to the open is simply because people are seeing it is going to be a somewhat orderly transition, going back to the normal force of things. there were some questions about that. >> the russell 2000 -- and one

nasdaq and russell 2000 alone show the spirit we have seen the last couple of weeks. jonathan: i miss him. i miss him a lot right now. [laughter] we carry you down to the open on bloomberg tv and bloomberg radio. we stand together through the next minutes. a fantastic lineup going to the opening bell. looking forward to catching priya misra of td ameritrade, a conversation about the amount of debt we will see under this administration. we came out of the last crisis and president obama had to confront the tea party and an effort to tighten things and go through prosperity. to some degree president obama also accepted they had to tighten up things as well.