thanks a lot, emily wilkins of bloomberg government. ceos including jp morgan ceo jamie dimon sounding the alarm on a potential catastrophe in case a deal to raise the debt ceiling isn't increased. he met with resident biden and treasury secretary janet yellen. >> number one is really a morality point. we all teach our children they are supposed to meet our obligations. i don't think the nation should be any different. there are huge economic costs already being borne by companies and lawyers trying to figure out what this means if this happens. it is already affecting the stock market. number three, we should get rid of the debt ceiling. we don't need to have this kind of brinkmanship every couple of years. alix: even if the u.s. avoids default, what kind of reputational damage has been done? joining us for a market take his ira jersey, rates strategist for bloomberg intelligence. what we learned, the debt ceiling does matter. you need to price it in in some way. how do you do that when there is no drop dead date? ira: there's a couple

tom: i think this is great, emily wilkins talking about walking and chewing gum at the same time. t do that. jonathan: it is difficult, isn't it? [laughter] emily, thank you. emily wilkins down in d.c. i wanted to build on a question on china, the international story. "the financial times" reporting a stunning story over the weekend. unbelievable. that china tested earlier this summer a nuclear capable hypersonic missile that flew at low orbit through space and narrowly missed its target, taking u.s. intelligence totally by surprise apparently. china actually denying this report over the weekend, but it plays into that ongoing friction , that tension between the world's two largest economies right now on everything will front. lisa: it goes beyond simply an issue of chips and supplies in some of the sick technological components we rely on. it goes to national security, and that does pose a question, especially heading into the election year. i wonder how much that is going to take the forefront, especially as you see a relaxation of the approach from corporate america to china, ev

emily wilkins joins us on the phone. who was president biden's audience? emily: the audience was twofold. it was senate republicans, continued trying to put pressure on them to find some way to move forward with raising the debt limit. the other thing he was trying to do was speak directly to the american people. that's why you heard president biden say this has nothing to do with future spending more the infrastructure bill, it was for debts the government already said they would pay. he is trying to break it down for the american people, let them better understand the issue while also spinning it to convince people that it is the republicans, not the democrats, who have got them here. alix: more headlines to calm out of that. emily wilkins, congressional reporter from bloomberg. >> one question that is really important is this notion of the audience and what happens now. we didn't hear anything from those ceos that we don't already know. what is the latest happening in congress and our understanding for a potential deal on a budget? sorry, i don't think w

emily wilkins, on radio, she is lovely as a member of the michigan state community, and she joins us orning. what does the president come back to? emily: the president comes back to a congress that a somewhat closer to passing his agenda, but really still has a long way to go. president biden showed up in congress to talk to lawmakers about his latest framework proposal, a one point seven $5 trillion package. that does include some things -- $1.75 trillion package. that does include some things democrats wanted, expanded medicare for dental and vision, but biden came to congress yesterday and said, can you guys go ahead and pass that bipartisan info structure bill is i am going overseas? progressive democrats said we can't do that because we still don't trust that the social welfare bill we have pushed for is actually going to go across the finish line. it is not that they don't trust the president, they tell us. they don't trust joe manchin and kyrsten sinema to really be able to pass this bill at the end of the day. so they are waiting to get both done at the same time. that is what

emily wilkins joins us with bloomberg government.he thien over the weekend -- the theme over the weekend is a divide between the liberals and the moderates. the progressives taking the high ground. the senator from vermont being more than vocal. they're always facing pressures from labor. explain the labor job market pressure all of these politicians face as they going to tough decisions. emily: politicians are paying attention to the jobs numbers that came out of friday, they're paying attention to inflation, they're paying attention to a lot of things. one of the things on lawmakers minds is the upcoming elections. 2022, and what they're going to have to do to win in those elections. is he progressives saying if you look at the policies that president biden has put forward in his social welfare and tax plan, the reconciliation bill, they are really popular. you see more moderate democrats saying if inflation continues to rise and we are passing this big spending bill, that could work against us in the elections next year. lots of d

emily wilkins is on capitol hill. what are the chances he gets this done before he leaves for cop-26? emily: if done is getting moderate and progressive democrats to come forward and say we have a look at this framework and we can all agree to a bill that has this in it, that is possible by today. granted, there are a number of provisions that a been left out of this package that progressives were really pushing for. an expansion of medicare, drug pricing negotiation, hoping to lower drug prices that just aren't included. but president biden is talking with progressives and other democrats right now, so we will see what happens after that meeting. as far as getting that social spending and tax bill passed, that is not looking very good at this point. still a lot of questions, and not a lot of time left. the other factor on the table is that bipartisan info structure bill, the one passed the senate. we have been waiting to see what the house will do with it. house leadership is indicating that they do want to try to pas

emily wilkins joins us, bloomberg government reporter.e the peace in "the washington post" three months ago where he talks about the politics of a rising gallon of gas. the republicans will say it is the president's fault gas is higher. how do the democrats respond? emily: there are a lot of things that when you are president, you get blamed for, whether or not they are in your control. there's a whole list we could go through here that the president really only has a minimal say in. i think that is why you saw president biden last night in michigan, a battleground district in a battleground state, say we really need to focus on the priorities. that was what biden's message was, and that is what democrats are telling themselves. don't focus on the top line number. focus on things like health care, child care, elder care that they know has support not only among democrats, but also republican and independent voters. tom: in the senate, this is a differential. this goes back generations. we can't raise the gas tax. jon ferro is appalled at

joining us is emily wilkins. give us a sense, are the progressives calling the shots? rtain extent, yes. the margins are so slim in congress that a couple people have a lot of power. the progressive caucus in the house, it is easy for them to block things from passing. yesterday, what progressives were really looking for was

tom: emily wilkins is with us to see if joe biden will heal. it's a three-day weekend.hink i am working monday. i can't remember. lisa: i will be there with you. tom: what is the nature of president biden's unpopularity? he is really not doing well. we used to hang on every word of this. what is the nature and the character of the biden unpopularity? emily: i think washington is aware of his unpopularity. we sought start to fall around the time they did the withdrawal from afghanistan it was highly criticized. we have seen concerns with prices going up. that's been another aspect. the narrative out of washington for so much of the last month has been kicked the can down the road, not able to get things done. president biden is banking on being able to get vaccines, we saw him address that yesterday in chicago. being able to pass this big spending package. there are many negotiations going on within the democratic party trying to figure out to get to a topline number and decide how much certain policies need to be funded. lisa: you mentioned the idea of pushing back the

jonathan: emily wilkins down in d.c.you think that president going down there to campaign is helpful to terry mcauliffe? kayley: he has said it's hurting him in the voting and there is pushback on president biden's policies. his approval rating has been going down so biden may -- maybe rather hurting rather than helping. everyone is getting in on this race. jonathan: that race is coming up. the president wants a house vote on to spending those next week. we will catch up a little bit later on d.c. from new york, this is bloomberg. ♪ jonathan: live from new york city on tv and radio, good morning step seven days of gains into friday, the longest -- the longest winning streak since july 2 of this year. the small caps are positive. this money is building up in the face of higher expectations of higher business rates. let's start with the deli of the curve, just off the highs of the year and talking about inflation, you can go out -- go back 15 years when we last looked at the five year. the twos are coming in just a little

jonathan: emily wilkins down in d.c., bloomberg government reporter.gest question about tonight is whether tk we'll be asleep by the time the sox bring in their first reliever. [laughter] tom: unfortunately, that is an accurate statement because what we do here is every pitcher is ready to go. but you have got to believe the moment someone falters, out they go. jonathan: can somebody bring me a yankees cap? wind is the store open? over in midtown. lisa: do you care about the yankees or want to take him off? jonathan: i am all about balance. [laughter] red sox cap on air we need to have a yankees cap on air. tom keene in the red sox cap this morning. along tom keene and lisa abramowicz, i'm jonathan ferro. 16 on the s&p. tom: how are they going to do against fc? jonathan: we are going to win. tom: you are going to be so hung over. jonathan: you sure? tom: i am not sure. jonathan: i can double check that. [laughter] dear me. this is bloomberg. ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mat

she got home in time to see jimmy fallon wrap it up on the tonight show, emily wilkins joins us from xhausted washington. i read the articles and will cut to the chase. is there any negotiation and/or compromise? i don't observe it. emily: there is a negotiation. we saw that with senator manchin going to the white house and white house officials shuttling between nancy pelosi and chuck schumer's offices with lawmakers coalescing. we still have a very long way from an agreement on president biden's social spending and tax plan and that is the crux of the problem. aggressive's are refusing nancy pelosi the vote that she needs until the spending package -- they say that it has to pass the house and senate before they vote for the infrastructure package. tom: if joe manchin and the rest have a number that can move around, compromise, negotiate, where do you observe the good faith of the liberals? emily: at this point there seemed -- they seem to be open to discussion. the $3.5 trillion number, it seems like many in washington acknowledge that's not going to happen at this point. progressi

tom: emily wilkins is with us from bloomberg government. i want to talk about nancy pelosi.e say a final lap. she has to have a hope. what is her hope right now to stagger through the sunday talk shows and stagger into 2022? emily: as far as the short-term, what speaker pelosi's hope is is that she has the white house behind her, a lot of democrats behind her, and there is a willingness in washington among democrats to get this done. the senators from arizona and west virginia notwithstanding, pelosi thinks she has the ability to get things done and she has her caucus behind her. when you talk to democrats in the hall and say how does this get done, i've heard people use the phrase "pelosi magic" and how confident they are that she will get something across the finish line, that this could potentially be her final term before retiring. while no one in washington wants to predict what pelosi will do, this would be a big note to go out on if she can get it done. tom: are we wrong in my simplistic view and how lonely the moderates are? how many are there? emily: it depends on w

to give us up-to-date on the drama we welcome emily wilkins and joe mathieu, host of sound on on bloombergt with you with the white house. we talked yesterday president

let's get more on that with emily wilkins, bloomberg government congressional reporter.ve congress that needs to walk and chew gum at the same time. all of the different things are on the table. they need the budget resolution and the two bills. emily: the first deadline coming up is october 31. that is when speaker nancy pelosi has said she once to get to an agreement on president biden's reconciliation, that social welfare and tax plan. democrats are currently working on that, but they still have a long way to go. lots of questions of how much programs should be funded, whether they are going to try to look at a number of different issues or focus may be on a couple of key areas and try to get those right. that is around october 31. they could potentially go past that date as well. after that, the next big date is december 3. that is not only the date that congress is going to have to figure out how to lift the debt limit for potentially the long-term, but they are also going to have to figure out how to fund the government because if it doesn't happen by that point, t