. >> host: erik wasson joining us on the phone, a blooper congressional reporter. erik wasson, we reach this deal in the middle of the night. what happens today in the senate? >> guest: look, they're still the process of putting together sledges of language but were expecting votes today in the senate. the housemate adopted by unanimous consent without coming back to vote. that's the goal of house speaker nancy pelosi. it's hard to achieve. we did see a tweet late last that from justin amash, the lone independent panic the deal. he would have the ability to come back and plot unanimous consent. they may move quick enough he won't be able to do that. it's extraordinary if thes house would approve a $2 trillion package, i get the largest in this bill ever contemplated in the united states without an open debate and vote but the maybe what needs to happen because more and more members are self quarantining, two have already tested positive for the virus. both sides, republican-democratic side are looking to try to get this over the life and get those checks americans

. >> host: erik wasson joining us on the phone, a blooper congressional reporter. erik wasson, we r

host: erik wasson helping us with everything. come back again, erik wasson. journal.'s washington every day we are taking your calls live on the air on the news of the day and we will discuss policy issues that impact you. i out of for an presidential historian frank shirley will join us to discuss campaign 2020. magazine yorker reporter will discuss the frontline documentary, "policing the police, 2020." be sure to join the discussion with your phone calls, texts, and tweets. trump participated in a briefing with california governor newsom on the california wildfires. state and local officials briefed the president. california natural resources secretary implored president trump to consider the impact of climate change. this is 25 minutes. pres. trump: support the people of california and washington and stayed in touch with declaring your declaration, we have declarations. we wanted it fast. i want to thank the fema people. really appreciate them, fantastic. they've been fantastic.

joining us on the phone to walk us through it is erik wasson from congress. good morning to you, sir. >> thank you for having me. >> we've heard of fits and starts and as of today where are we in negotiations with the white house and the senate. >> actual negotiations haven't started yet and what we are looking at is the producing the opening offer and that is a bill looking to exceed $2 trillion, and maybe approaching $3 trillion when it is drafted and released. steny hoyer told democrats they wouldn't vote on it before friday and we're looking to see if it gets released from house leaders today in order to give members some time to review it and 72 hours to travel back to d.c. to vote on it by friday. the core of the bill would be 82 state and local governments which are suffering from a massive revenue losses that depend on sales tax for most of their revenue and most stores are closed. that amount for state and local governments could approach $1 trillion and they're also looking significantly at a new round of cash payments of individuals and that would

vonnie: with more on the stimulus, let's get to erik wasson. we finally did come out with language this afternoon, 3000 to 4000 pages. was there anything we were not anticipating? we know the broad outlines of what the house and senate would vote on. >>>> 5593 pages to be exact. one of the biggest congress has passed. it has a $900,000 stimulus bill. -- we also have a bevy of tax breaks, energy legislation, and the way the government evaluates air in the wake of the boeing 737 max crisis. lawmakers have very little time to evaluate. so it is an incredible piece of legislation when you look at it. vonnie: when are they boding exactly? reporter: they will have some procedural votes but we are expecting 9:00 or 10:00 for it to pass the house and go to the senate where they could move on it as quickly as 10:30 or so so it will be a tight situation with government funding. and of course right at midnight, it's not like everything ceases and federal workers stop working. that's what i would expect would happen in this case and it is pretty much a don

thanks to erik wasson, providing us that update on what is going on.e want to bring you breaking news on. planned toy has separate the old navy business. gap says it is no longer pursuing a separation of the old navy brand. we also wanted to point out that gap is making some changes in regards to management. they say they will name a new cal -- a new ceo. the company also providing guidance, saying it sees the fiscal year 2019 comp sales and net sales at the higher end of the guidance. shares moving higher after hours. joe: let's bring in jordyn holman. we are going to talk about this data. i am curious about what you make of gap. some thoughts. gap hired its ceo in november. they are looking to hire a full-time cal. with that hiring in november, they were clear they wanted to continue the separation of the company because it would take old navy away and shine a bright light. since then, we have been earnings season that shows old navy has slowed down in growth. looks like the company has stepped back. they are saying, we are going to focus on the mana

erik wasson will be unveiling a $1.5 trillion stimulus package.splits the difference on a host of different issues, including the issue of unemployment insurance at about 450 million -- $450 per week, and it is something mcconnell and pelosi could not get their respective camps entrenched on both sides to agree to. we will see if there is a narrow path to agreement. tom: an important point, these moderates are people that really, really, really risk losing in this election. they usually when by close votes. does mcconnell and policy care about them? kevin: this is an opportunity for congressman scott hammer and congressman reed, a republican from new york, to really throw should they clout be able to secure this monumental political capital. it is also an opportunity rather for the white house to back a moderate proposal that could sell well in the districts. i think from a broader standpoint, many of these democrats, and i am sure they do not want me to say which ones, in the private -- problem solver caucus, are having conversations with senior

. >> for more on the latest, let's bring in erik wasson joining us now. so many false starts.o much pessimism about whether they will get there in the end. does it feel different this time? are the stars aligning? >> the math is aligning a little bit. we are looking at 300 billion. if the gap is too small, the politics are still there and mcconnell is talking about a bill that is between $500 billion and 600 billion dollars and the democrats say the basis could be this 908 billion. side-by-side in the terminal shortly, mcconnell isn't talking about any supplemental unemployment benefits above the state level. this plan would have $300 per week through march. neither of them are talking about those $1200 checks that people have been excited about and talking about. as far as the stimulus effect, this would be best described as a relief bill. the main piece that they agree on is small business relief, pandemic paycheck protection extended, a double take where people who had taken alone before -- taken a loan before would have to take another draw and then pay taxes on the earlie

host: erik wasson helping us with everything. come back again, erik wasson.asson is where you can find him on twitter. coming up, about 30 minutes of phones. 50r opening our phones with days before election day asking what issues you are focusing on. biden, (202)t joe 748-8000. if you support president trump, (202) 748-8001. if you are undecided or support another candidate, (202) 748-8002. we will be right back. ♪ >> with the ongoing global pandemic and many schools shifting to online learning, studentcam competition continues to give students a platform. we are asking middle and high school students to produce a five minute documentary exploring the issues they most want the new president and in thes to address coming election. it -- it needs reform. are given the opportunity to become informed voters and engaged citizens, then vote because democracy must be learned. aid to much was halfway decision for children who were born here but whose parents illegally migrated here, -- awarding 100,000 dollars in total cash prizes. is deadline to submit january 20, 2

erik wasson, thank you. bloomberg. ♪ caroline: it is 2:00 in new york, this is "bloomberg markets: the close." i am caroline hyde. romaine: i am romaine bostick. taylor: i am taylor riggs. caroline: u.s. stocks climbing toward all-time highs with a rally in big tech. goldman boosts the s&p target by 20%. postal problems. democrats accusing president trump of sabotaging the postal service to crypto vote-by-mail -. an exclusive interview with the carnival ceo. more coming much up. romaine: a lot more to look at on this day. record highs again. we did flirt with the closing record high on an intraday basis. we did

our congressional reporter erik wasson is with us now.derstand there is something to consider, there is a bipartisan agreement in place. can something happen before this session ends? ofk: there are the outlines a bipartisan agreement put together by a group of senators and representatives in the house. we are told that they will try to develop the details of that by monday morning. if they can come together, and apparently the white house is in on the drafting of the language, as well as the other top leaders, and then we will have a sense of whether this will happen. a lot of attention to this idea of corporate liability, the ability of companies being able to be free of tort laws with respect to covid. also state and local government aid in there, the formula. those details will be worked out. by monday, we will have a good sense about whether this bill will pass or not. vonnie: that is some good insight into how difficult it is to get everything on paper, but speaker pelosi has been saying this for months. why shouldn't we believe her

our thanks to bloombergs erik wasson from capitol hill. be bringing you special coverage of president trump's state of the union address tonight starting at 9:00 p.m. eastern on bloomberg television. guy: a little late for me. i will watch the highlights in the morning. let's check in on the bloomberg first word news. here is courtney donohoe. courtney: for only the second time, deaths from the grown-up virus reported outside -- from the coronavirus reported outside mainland china. the victim was a 39-year-old man. the number of confirmed cases is now over 20,000. tonight president trump pivots from impeachment to his driver reelection. he will deliver the annual state of the union address. the theme of his speech is the great american comeback. he will speak before a joint session of congress. tomorrow the senate is expected to acquit him in the impeachment trial. prosecutors say former pimco ceo douglas hodge should go to prison for his role in the college admissions scandal. they're asking for a two year sentence. he admitted to paying

we are joined by erik wasson. what will be here today that we do not already suspect are now?ely delayed from today until tomorrow which is not a good sign. the want to flush out detail of spending amounts. we did not see details especially on the formula of how they receive aid, what unemployment insurance would be extended, and details of the liability protections for companies. those still seem to be up in the air we are not clear if we will see them today. if this gets pushed to tomorrow or later, that is not a good sign. vonnie: what might be the sticking point or who might be the obstacle? erik: there are a lot of moving parts. this is a bipartisan group that senators,rs -- eight republicans and democrats, are mostly middle of the road. i'm hearing from a couple of sources that could be an obstacle people who are normally the powerbrokers are being left out. this could be a longer process than some had hoped. vonnie: what is the deadline for some kind of agreement so that we get something before the holidays? is there a day beyond which it is impossible to get anything d

tom: erik wasson of bloomberg news out with that moderate stimulus of $1.5 trillion, unlikely it will move forward. nevertheless, there it is. many other stories, as well. jon, i want to get to this quickly so we can get to our good guest jeffrey yu -- geoffrey yu. turley -- sterling breaking down. euro breaking out. the politics at the moment, ripping foreign-exchange, particularly the u.s. dollar. that is new. that is the story for me. tom: renminbi stronger this morning, as well. turkish euro was that 7.49, an idiosyncratic item. he is one of our most popular guests, geoffrey yu, like many, synthesizes across all markets. what i love about him is the acuity, the precision of how he looks at the here and now. jonathan: i love geoffrey yu, and he is with us now. let's just touch on foreign-exchange briefly with you. the degree to which politics is shaping some of the forecast right now, how do you interpret some of those things? action, twoprice weeks about politics, and investors are looking to see if there will be a deal and if it will be stable, the transition period, and if the a

this morning, we talk about coronavirus relief legislation and the congressional agenda with erik wassonscussion of trump's new supreme court list with ed whelan. , an, malcolm kenyatta keynote speaker at the democratic national convention joins us to talk about campaign 2020. join the discussion with your phone calls, facebook comments, text messages and tweets. ♪ host: good morning, it's monday, september 14, 2020, meaning there are just now if the days until election date. this morning we begin by hearing from just those voters who will be casting ballots for the first time this election cycle. whether you are newly eligible or just newly engaged after never voting in the past, we want to hear from you this morning. first-time voters only, give us a call, let us know which issues are driving your choices this election cycle. supporters of joe biden, the number is (202) 748-8000

host: for the latest on negotiations, follow erik wasson at bloomberg.com, also on twitter at elwassonwe will get to your calls, dead in georgia --deb in georgia. what kind of economic aid do you need from washington? caller: i'm interested in the figures. i was a bookkeeper for 35 years and i can do simple math on a calculator, but they are talking $2.4 billion aid for unemployment benefits. when you do the math, that does not add up to billions. people only 325 million in the united states, and they talk about trillions of dollars of aid and costs. if i were the president, i would give $1 million for every american citizen that makes under $1 million, freeze all food,of commodities and and each person to pay off their house. that comes up to maybe $200 million. so what are they talking about trillions and billions? deb, let's take a look at the heroes act. this is what the house democrats passed in may. direct payments of $1200 per family, up to $6,000 per household. a weekly unemployment benefit extended through january 2021. student loan interest and payment suspended through septe

senate areand both in today as -- we are joined by bloomberg congressional reporter erik wasson. first on the status of the new coronavirus relief legislation, does congress returning do anything to open up negotiations? caller: -- guest: there is a 90% chance they do not get anything done. at the house coming back offers a slim chance. we are hearing from moderate members, like the chairman of the

senate areouse and both in today as -- we are joined by bloomberg congressional reporter erik wasson. first on the status of the new coronavirus relief legislation, does congress returning do anything to open up negotiations? caller: -- guest: there is a 90% chance they do not get anything done. at the house coming back offers a slim chance. we are hearing from moderate members, like the chairman of the budget committee who want to ee a vote on a two dollars -- $2 trillion package. schumer and nancy pelosi $2.2talked about aa trillion package. leadership is not doing that. my colleague and i have a story about a less than 1% chance of that happening. we will see water it's in the room talking, but at this point incentives are not good for each party. senate republicans voted last week. many feel there is cover now for their vulnerable moderates like susan collins of maine. toy can go home if they have without a deal. democrats are feeling like they have a strong hand. they have pushed for virus relief into they have not gotten it. we are probably heading back to october, seeing how ba