manus: manus: -- manus: and you manus: so you have seen strengthen the u.k.cope that out from your little bit more. jose: mortgages are growing quite a lot, for the first time, individuals are growing much faster than sme's and companies and we are transforming our operations in the u.k. quite profoundly. we earned a return on tangible equity in the u.k. in the first nine months of the year with an income approaching 50% so i think we are taking advantage of the fact that customers want more digital relationships, thus helping in terms of efficiency and asset letting remains at all-time lows so the combination of revenues, vitalized nation, and very good asset policies, explains these very good results. manus: to the deals, obviously, inside of the business, you did the point deal. are you looking for anymore opportunities in brokerages, investment tanking, or retail in the u.s.? jose: as i said, we have 150 2 million customers, growing to 5 million a year. we have a lot to work with internally. having said that, we will always look or acquisitions to complem

manus: i'm manus cranny in dubai, dani burger in london.ts market taking a breathinger from the race to the record highs. this amid concerns that the energy crisis slowed down the economic recovery. so to discuss it all, we have a commodities reporter martin richie, no tough task for you martin richie this morning. i'm looking at g.m.m., three standard deviation moves lower, cink is 6.4% and copper is dying three, why, good morning. >> yeah, hello there, there are two in the metals markets, the biggest one with regards to the energy creation. we have seen beijing rule out the impressive moves to get full prices on what they call a reasonable range. it was in the announcements yesterday which are aimed to stabilize coal supplies for the winter. for metals, perhaps some less pressure on the cost particularly nor aluminum which is leading losses this morning. very early days, they speak to its urgency in tackling the energy crisis before the wind that has been pushing up by metals. dani: martin, what do you make of the moves to try and fix som

manus? manus: thank you very much., natural gas prices continue to soar, stockpiles are low and oil surges over $80 per barrel. we will discuss the global energy crisis. this is bloomberg. ♪ >> taking emotion out of it completely, staying educated is very important. staying disciplined and patient, especially in an environment where we have volatility. unbelievable intraday. >> there is psychology around understanding what is out there, not fighting the market and being respectful of the market and what the market is telling you and being very cynical about every input and questioning every assumption, which can be tiring, but you have to do it. >> i think it takes discipline and an ability to disentangle, which i know sounds weird, but to disentangle the decision-making process from the day today. >> the insane volatility of crypto, it helps me manage volatility by an order of magnitude. >> you take all crypto, all tokenization, everything related has gone to $2 trillion. everything we do day-to-day that people don't

this is bloomberg. ♪ manus: this is "bloomberg daybreak: europe," i am manus cranny into by and dani in london. phillips third-quarter numbers missed estimates, you had a recall and post-covid effect hitting demand. but the dutch multinational says it sees modest growth ahead. joining us now is the ceo, frans van houten. we have the data and numbers, a decline in sales of four 2 billion, single digit growth. what we want to know is can you tell us where are the chokepoints in your supply chain that caused let's say this slowdown? where are the supply bottlenecks at phillips? frans: good morning. it is really a tale of two stories this quarter because we are sitting on a massive order book of 70% are gross and we could not fully deliver that strong order growth. that's where the supply chain crunch is hitting us. really a matter of chips and ships. we have a shortage of components, and we are seeing delays in the shipping industry and congestion in the ports that probably intensified during the quarter. we saw the biggest impact in september. that set us back at least 150 million in t

manus. manus: thank. juliette saly in singapore. coming up on the show, a surge in energy and mental prices as we have been discussing. a fresh reminder of how the commodity markets can fuel inflation and perhaps imperil global growth. we will discuss. ♪ -- dani: later, we will be looking at the political turmoil across europe and the impact on markets as well as the energy crunch. do not miss that conversation with maria just after six: 30 a.m. london time. -- 6:30 a.m. london time. this is bloomberg. ♪ manus: it is a daybreak europe. i am manus in dubai. the energy crunch is rumbling higher in europe and asia. a little earlier, i spoke to our guests. >> yes. you know, in the next few months, i would say that is significant. but that is a risk at this point, yes. manus: the material risk is that oil could be above $100 a barrel. maria is the senior asset strategist at state three. we know he is a bit of a bear on markets. maria, good to see you. does it feed the frenzy of stagflation is oil encroaches on that territory? maria: that

manus:.efly, you're out of cash, would you say that you are very bullish, moderately, or tentatively bullish? william: tentatively bullish, probably. we have added a sentiment indicator suggesting that stocks are guilty until proven innocent, at the moment. the growth outlook, all the criticisms are taken into account. dani: so good to have you. you will have to be back with us. william hobbs there of barclays. coming up, so many people are overweight now, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours. dani: good morning. 6:30 a.m. in the city of london. this is "bloomberg d

manus: i watched the trailer. dani: oh, manus. manus: it is the hunger games with masks, isn't it?it has this big societal commentary and it is very deep, deeper than i would say the hunger games. manus: ok, maybe that tells you a little about my intellectual level that i did not quite get to those highs. what else have we got? dani: maybe netflix will mention that in their earnings, one key viewer they are missing out on. next, the closest thing to a risk-free bet that has emerged in the cryptocurrency market as traders await the launch of the first coin etf. we will have more on that next. this is bloomberg. ♪ >> we expect this week potentially the authorization of a booster. a cdc meeting is scheduled this week to make a recommendation. i am hopeful by the end of the week, everything is wrapped up and by next week, americans with the moderna vaccine can get a booster. last friday, dr. fauci and his team shared that vaccines can be mixed safely and that is very good for people who want a booster, because it is a higher dose. it is longer protection. emily: that was my next questi

manus: good morning. i am manus cranny. it is monday morning. evergrande has news about a major transaction as the embattled developer is said to have guaranteed a bond that has just matured. opec-plus meets. the alliance will discuss policy today amid rising crude prices. we speak to our dust. boris johnson says brexit britain must adapt among food and fuel shortages. we are live in manchester. good morning. it is all about the core, the super heart core, the pci. in 1999, britney spears was top of the charts. we have not seen hard-core inflection. britney spears and inflation. there was a river in 1999. that is the essence. the core is crucial. the gap is closing to taper. jump through the window. good morning. dani: oops, inflation did it again? that is the best pun i've got. the question that comes to the fore is if we have core pce running so hot, does growth keep up. does the trade move from reflation to stagflation. you want a stagflation environment with your portfolio. manus: i know you will talk about duration. i had an idea. it caught

manus? manus: thank you. great conversation with rob.ng toward a climate friendly future. we just heard rob say energy is cheap. our interview is next. this is bloomberg. ♪ >> most of us are net zero in our own operations and the big thing is how do we help our customers transition to green? we need a common language. we call it taxonomy. what is green? we need to ensure that stress tests are lined across countries and regions. we need to have countries that have governments that have policies that are common. we do need the clarity of coordination across the world. >> will we get it? if you look at some of the anxiousness in banks, partly because of asset managers, partly because it doesn't really help with the root of the problem they say. how much more will be done in the next two months? >> i think covid has helped us because we have realized we depend on each other and it is the same for climate change. even though some people say you are not seeing it, you see a lot of the signs that we are in a very dangerous path. i think the con

dani: manus, i'm so looking forward to your conversation with the chairman and ceo, manus cranny on theion world expo in dubai. fascinating conversations and coverage for all of us there. that's manus cranny in a very sunny dubai. now quickly, before we head into the european open, which is just over an hour away, we're looking at an equity market that is sinking further in this start to the fourth quarter. the smallest gains for u.s. stocks in the past quarter since 2007, they're starting out down .5%, not as poorly as your, down 1.4% europe, -- europe, down 1.4%, china creeping through those markets. that's it for bloomberg daybreak. we have the european of next. francine lacqua and tom mackenzie will walk you through it. this is bloomberg. ♪ the comfortable way to work out. -that looks fun actually. -it looks fun? it looks comfortable and fun. it looks like something i would put by the pool -or something. -looks like a paisley. -hey, a paisley, we'll take it. -yeah. oh my god, i could do this and watch tv at the same time. -exactly! how do you feel? -it feels good. feel my heart raci

manu raju, there o's a lot at stake.lays that out clearly to members of his party this morning for the congress, for his presidency. can you lay out what is in this framework as we know it right now? >> reporter: yeah. $1.75 trillion would substantial expand the social safety net, dealing with issues of climate change, pumping hundreds of billions of dollars into efforts to combat global warming, expanding medicare to deal with the issue of hearing, stopping short on what liberals want like vision as well as dental. some people wanted a more expansive component of that program. this proposal deals with the affordable care act, expanding universal pre-k for children and a whole wide range of issues to help close that so-called medicaid coverage gap. a number of states not covering individuals who have -- who would have been subjected to the expanded version of that program. this proposal would deal with that. but it does leave out some key provisions that liberals have been pushing, particularly paid leave. that is someth

manu, bienvenida!r mujeres, estoy tratando de tener muchas niÑas a la producciÓn, en la escritura. francisca: un equipo sÚper femenino. manu: si para contar nuestras historias desde nuestro punto de vista. francisca: arriba las mujeres. ya te quiero ver cantar, acomÓdate aquÍ te dejo que el escenario todo tuyo. manu manzo nos canta "saca la cÁmara". [mÚsica] [mÚsica] ♪esto que siento♪ ♪no puedo disimularte♪ ♪no perdamos mÁs el tiempo♪ ♪estamos en la nave♪ ♪y vamos a despegar♪ ♪estoy en un viaje y no quiero bajar♪ ♪todo lo que quieras te lo voy a dar♪ ♪saca la cÁmara bebÉ♪ ♪esto estÁ bueno para ver♪ ♪que le duela♪ ♪que digan lo que sea♪ ♪tÚ eres mi vicio♪ ♪Ésos lo que tiene tu mirada♪ ♪me embriaga de ti♪ ♪no puedo desistir♪ ♪no sÉ lo que tiene tu mirada♪ ♪que sÓlo tengo ganas de ti♪ ♪y tÚ encima de mi♪ ♪como explicarte lo que siento♪ ♪ni yo misma me entiendo♪ ♪vamos a quemarnos a fuego lento♪ [canta en inglÉs] [mÚsica] [mÚsica] ♪no hay que dar explicaciÓn♪ ♪sabes bien la situaciÓn♪ ♪saca la cÁmara, bebÉ

manu, let's start with you. this meeting, the full democratic caucus in there, no phones we're told, so everybody of course wants some details. what were you hearing from lawmakers heading into the meeting? >> well, i'm hearing a little bit about both heading into the meeting and out of the meeting. i talked to a couple member wos just left who told me what joe biden has been doing for close to an hour is going through the proposal, this overall framework in which he's trying to get congress behind, explaining why he believes it's a transformational proposal, why democrats should get behind it, not just the larger plan but also the infrastructure bill, that separate $1.2 trillion bill that's been waiting action in the house for months. but proelzgressives have threatd to block it because they want the larger bill, the social safety net bill, to advance, pass the house at the same time as that infrastructure bill passes the house. they believe that withholding their support is leverage, supports moderates behind

cnn's manu raju is live on capitol hill. and cnn's jeremy diamond is joining us live from the white house. i don't think we have enough minutes in the show to try to figure it all out, guys, but let's try. manu, things are changing. there is movement. what are you picking up right now from the congressional side? >> new optimism, no doubt about it, from all sides of the democratic caucus, the moderates, progressives, the leadership that there could be an agreement, at least on the outline of this massive plan. this was initially proposed at $3.5 trillion, now talking about $2 trillion, up to $1.9 trillion. that's what joe biden laid out yesterday. he also indicated a bunch of changes. you mentioned some of them. getting rid of the idea of tuition-free community college, reducing paid family leave from 12 weeks to four weeks. climate change not going near the 50% reduction in greenhouse gases, scaling back the child tax credit to just one year extension rather than a permanent extension or a five-year extension that a lot of

manu, a lot has happened. fast-moving parts here. give us the state of play right now. >> uncertainty, but democrats pushing ahead to get at least one aspect of the biden agenda through, that infrastructure bill, $3.5 million to get roads, bridges and construction. democrats have demanded that larger bill to expand the safety net. they wanted that bill to go through. they made a number of compromises today when the president announced a $1.75 compromise. this includes just dental rather than dental, vision and health. it did deal with other things they are in favor of, about 5 billion dealing with climate change, as well as expanding pre-k to children. in other health care provisions, bolstering the affordable care act and medicaid. was it enough to get the progressives on board and say they are okay with greenlighting and letting go that other part of the agenda, that infrastructure bill, getting it through the house. nancy pelosi is pushing to get that infrastructure bill out of the house tonight. she wants her caucus to do this, q

i haven't had time to read it yet, manu. seems you might have. >> yeah. >> but where are we at this moment? >> well, the question is, is that going to be enough to satisfy the progressives? remember what a number of them said was not just text needs to be released, they want the house to actually approve that bill. they also want all 50 senate democrats to say they would support that bill when it comes time for a senate vote. neither of those are expected to happen imminently. you have this bill out, you heard what the progressives are demanding, why not just wait on that infrastructure bill? why not wait until next week so people can read through this bill, have a vote on both floors, satisfy the liberals, saying there are more than 50 of them in this camp, and then move forward? she made clear, she wants to push ahead on the infrastructure vote. the thing she point to in my exchange was the sunday deadline, october 31st. that's when surface transportation is going to expire across the country. they can extend it, like they

manu raju is speaking to bernie sanders, a key figure in the negotiations.it and right now has 1,500 paid lobbyists here in washington to make sure we don't lower the contrast of prescript drugs. to my mind, anything in a serious reconciliation bill must include real medicare negotiations with the pharmaceutical industry to lower the cost of prescription drugs. that's probably the issue most on people's minds. maybe the issue second most on people's minds is the understanding that it is really insane that in the wealthiest country in the history of the world we have tens of millions of americans, older americans, who have no teeth in their mouth or are unable to digest the food they're eating, people who cannot hear and communicate with their grandkids because they have no hearing aids, people unable to see this as america, the richest country in the world. any reconciliation bill must include serious negotiations on the part of medicare with the pharmaceutical industry, lower the cost of prescription drugs. that's what the american people want. a serious re

john, manu's laying out a lot of details came out. we learned a lot about a lot last night, but a lot of details still need to be worked out. from the white house perspective, why do you think president biden spoke out so publicly about what has been until now behind the scenes of these negotiations? >> well, i think a couple things, kate. one is that the white house has faced a long period of stories in the press about gridlock and how hung up the democrats are with their infighting and speculation that maybe they'll never get a deal. he decided i think last night to pull back the curtain and explain what was happening but also explain the way he saw getting to the finish line. i think the president reflected some rising confidence that he feels that they're going to get that deal. as manu just indicated, i think nancy pelosi feels that, chuck schumer feels that. there's difficult things they've still got to get. they haven't secured the votes of manchin and sinema yet, but they're pretty confident they're going to, and it's just a m

manu, i want to speak with you. speaking in the east room, the flags behind him and the trashings of the presidency. this is a fait accompli. democrats have fundamentally agreed to rewrite the big social safety net and we're going to pass the big infrastructure plan. that's not done or even guaranteed and there's indications that members of his own party are saying not so fast. >> this is obviously tactical at this point by the president and clearly in consultation with the house democratic leadership meaning the speaker of the house to make this a fait accompli, to -- to -- for people to see the train leaving the station and say i better get on that train. but that is not how party politics tends to work in 2021, especially in the democratic party, and we've seen this over and over again, especially when the issues that a lot of people have been pushing for for decades are at stake right now, and bernie sanders who is kind of the godfather at this point of those issues told our colleague and some other reporters th

let's go live to capitol hill to chief correspondent manu raju. manu, where are we? >> i just spoke to bill rodgers. he was in a meeting with democratic leaders to cut some sort of an outlined deal on that larger bill. he told me just moments ago if the infrastructure bill comes to a vote in the house tonight should be defeated. he's calling on progressives to defeat that bill, and he calls it absurd that there is late night deal breaking on this massive package they're trying to move and to expand the safety necessities. we shouldn't be working in the last minute before a major vote on this package. we should continue to move both together. what the democrats and white house hoped was to get a deal that will be signed up on max ryan's brother. get schumer on board and they'll say, we'll move guard on that $1.2 trillion infrastructure plan because we know a bigger bill will come forward. he said, i'm not ready to that right now. nancy pelosi is still pushing nor vote to pass in the house tonight, but i have yet to see how she would get the votes in the house to appro

manu raju joins us with the details. what did the president say?it would go lightly to put it lightly. he compared joe manchin and bernie sanders sitting down in a room together would be like homicide. that's according to multiple sources who were at that meeting. he also made a joke about having -- it would be like him getting into a boxing ring with ro chana himself. this underscores the reality here on capitol hill, that these two men who represent different wings of the democratic caucus are diametrically opposed on exactly how to move forward with the biden agenda. joe manchin wants 1.5 trillion in economic spending package and bernie sanders has pushed for 3.5 trillion, but then all the details underneath it, the expansive social programs that bernie sanders is pushing and joe manchin wants to pull those back and, john, it sounds like they asked me to toss it back to you, john. >> just some technical difficulties with your audio there, but we get the gist of it. the president jokingly saying that would be like homicide to put the two senators

thanks manu very much. i appreciate it.hed by the coronavirus pandemic is actually rooted in a disturbing pattern of scapegoating and violence against asians throughout american history. and that is the takeaway from lisa ling's latest episode of "this is life requewith lisa li which returns for its eighth season this sunday night and centers around the 1982 murder of vincent chin, a chinese-american killed in detroit giby two auto workers who blamed chin for their economic woes. here's a clip. >> by 1982 one in five detroit residents were out of a job. >> it's few and far between, jobs are hard to come by. how about you? you hiring? >> the only thing i can say is move somewhere else. >> suddenly, after a lifetime of well-paying jobs where they could afford a house, two cars, a recreational vehicle, a summer cottage, suddenly it was wiped out. >> the only answer is charity. >> people became destitute. the frustration turned into anger. people wanted to know why is this happening to me? who can i blame? >> in the beginning t

manu rayu, kaitlan collins, we'll be watching close. thank you. >>> mark zuckerberg responding to the whistleblower and says it is dangerous her saying they put profit over safety. why he says her claim doesn't make sense. >>> they can't find the former trump aide to serve him with a subpoena. but he's still trolling on twitter. little fleet. big relief. try it. feel it. feel that fleet feeling. what happens when we welcome change? we can make emergency medicine possible at 40,000 feet. instead of burning our past for power, we can harness the energy of the tiny electron. we can create new ways to connect. rethinking how we communicate to be more inclusive than ever. with app, cloud and anywhere workspace solutions, vmware helps companies navigate change. faster. vmware. welcome change. (ringing) - hey kaleb, what's up? how you doing? - hey, i'm good, guess what, i just had my 13th surgery. - really? i just had my 17th surgery. - well, you beat me. - well, i am a little bit older than you. - yeah it's true. how are you doing? - i'm doin

manu, do me a favor. get in my ear and let me know if there's something happening we have to update on my watch. >>> democratic congressman ro khanna is on the democratic side of the party, very active. seen as a fair broker and it's been good to have him on the show. congressman, thank you very much for joining us again. >> thanks, chris. good to be on an an shuck filled day. >> does manu have it right? >> he does. we have a progressive meeting coming up. i spoke with senator sanders. here's the thing. progress seems to have been made today. at least senator manchin has offered a framework. i also hear senator sinema is engaged but we can't approve everything at midnight. we'll have to see what the framework is, we'll have to have progressive input into the framework. but if the deadline has created a forcing function to move the debate forward, that's good. i just don't expect that the bill is going to pass today. >> let's be honest, the timing, the urgency, the confusion. that's catnip for the media. w

cnn's manu raju is on capitol hill. manu, are they getting further apart now? >> it's really just hard to say, but it was very clear is that there are serious divisions on the policy and on the strategy, and both of which can sink both bills, both the larger package to expand the social safety net, to pump hundreds of billions of dollars in efforts to combat climate change and the separate bipartisan infrastructure bill, $1.2 trillion. that passed the senate. it's been awaziting action in te house. the division of strategy, it's unsure if the infrastructure bill can get the votes. steny hoyer wants a vote tomorrow on the infrastructure bill, and he's calling on joe biden to come and talk to house progressives and tell them that they should vote for this bill assuming they can get an agreement, at least an outline of an agreement on the larger bill, but an outline of agreement is simply not enough for the progressives. they actually want legislative language, and they actually want that bill to actually pass the house before they agree to vote yes for that infra

cnn's manu raju is on capitol hill for us and kaitlan collins is at the white house. with moderate senator joe manchin, and it sounds like president biden's succeeded in getting manchin to conceptionually agreo the spending bill. what are the sticking points? >> chuck schumer, also part of the meeting said there are there are or four outstanding issues, and big issues, medicare expansion being one of thoem, hw to deal with paid leave, coming down to 12 weeks. joe manchin is resisting that, how to deal with climate change, a key issue, there will be a lot of discussions about how they will be structured, and how to pay for the program, after kyrsten sinema raised corporate rate talks. and now including measures, including billionaires tax to finance the program. joe manchin has indicated he's open to going as high as $1.75 trillion in the plan, down from 3.5, now is saying he's still at $1.5 trillion at his number, and made it clear to me earlier today that he is opposed to expanding medicare which is a red line for a number of progressives who are demanding that be pa

manu raju, jeff zeleny, thank you both. appreciate it. >>> a question that could have an impact on your holiday plans. can we finally turning the corner with covid? hospitalizations seeing their first significant drop in months. evidence shows mandates are helping to turn the tide. will the unvaccinated spark another surge? we'll talk to a doctor next. i made a financial plan to live it every day. ♪ ♪ find a northwestern mutual advisor at nm.com if you have this... and you get this... you could end up with this... unexpected out-of-pocket costs. which for those on medicare, or soon to be, is a good reason to take charge of your health care. so consider this. an aarp medicare supplement insurance plan from unitedhealthcare. why? because medicare alone doesn't pay for everything. and what it doesn't pay for, like deductibles and copays, could really add up. even thousands of dollars a year. medicare supplement plans help by paying some of what medicare doesn't... and making your out-of-pocket costs a lot more predictable. cal

manu, let me go to the hill now with you. it seems that the brief moment of kind of unit that we saw in the senate last night, democrats coming together on the debt ceiling vote with 11 republicans, that's over. bernie sanders going after his moderate colleagues today. >> he said there are two democratic senators who are olding up the entire democratic agenda. he said these senators to be on the same team and get behind an agenda for the president for the whole party. of course it is a little bit more complicated than that. there are disagreements between joe manchin and kyrsten sinema. they are getting the most attention from the president. they are having one-on-one conversations in which bernie sanders himself has raised concerns that they are not divulging enough information about what they want to the rest of the caucus. and in talking to democratic senators, they don't have any clear idea what they want either. they are not talking to the caucus in these private meeting and frustration is bubbling up. behind the scenes

i now e don't need to tell you that, manu.tors return to the hill today? >> we know that nancy pelosi, the house speaker, along with joe biden had discussions last tuesday. they both made very clear they want these negotiations to end. the question is how? and can they get their whole party in line? we still have the same divisions that have been playing out for months, happening publicly and privately. liberals like bernie sanders want to move as progressively as possible on a whole range of issues, offer all the benefits in their proposal but pair back the number of years potentially to reduce that price tag. moderates like kyrsten sinema and allison chinchar want to reduce it all together and allison chinchar is pushing back on the major climate initiatives proposed in this proposal. how they get together, unclear. democrats are telling us they want joe biden to make clear what he will ultimately accept and force this deal through to get both sides of his party together. but publicly the divisions are playing out. bernie sa

we're still in the same place as manu just laid out as we were. right, to early december. the reality is this could line up with issues of government funding. how important is this that it gets sorted in time? >> it's absolutely critically important. you know, unfortunately leader mcconnell has been on all sides of this issue. he's been on the side of we cannot play chicken with the debt ceiling. he's been on the side of i'm going to use all my power in order to extract something from democrats, and the latest is to be on the side of reconciliation. look. this is not a game. they are attempting to use a political add here. they're trying to create a political ad against democrats while playing with the economy of the united states. i think it was wake jaup call for republicans and the senators were becoming a bit queasy about this. this fight should not be. democrats in the past have supported suspension of the debt ceiling for republican senates under republican control of congress, but now it seems like republicans really enjoy this to try to ex

cnn's manu raju puts this way.r in washington but how she's handled her growing power in the 50-50 senate has also cost her something else, support from the left in arizona with progressives warning she's now at risk of becoming a political pariah and is potentially vulnerable in a 2024 democratic primary battle. manu raju joins us live from capitol hill with more. prominence brings friends but also potential enemies. >> yeah. no question about it, and one of the reasons why you're hearing so many concerns from democrats on the record, from liberals in particular is because of the way she's carried out these talks. she's made her concerns known directly to the white house, the senate majority leader chuck schumer and that's pretty much it, and things are sort inform a black box for most democrats and as they are seeing the reports of how they are built, there's a push to expand the social safety net is just getting chipped away by one provision after the other and in part because of sinema's opposition, and there's

manu raju is outfront live on capitol hill and, manu, down to the wire. i know you are learning democrats are scrambling to find other ways to lift the debt ceiling so what are you hearing? >> there are only a handful of options they truly have. one is to overcome a republican filibuster and they need 60 votes for that. that means ten republicans would need to break ranks. tomorrow, republicans approwill filibuster. so then the other option, get an agreement from all 100 senators to set a threshold. just 51 senators to suspend the national debt ceiling but one republican senator can object to prevent that. that is expected to happen so what are the other options? potentially, using that budget process to go through over maybe a two-week period to eventually get to a final vote that would be a simple majority that can't be filibustered but democrats refuse to go down that route even as republicans are demanding it. so one option that is being increasingly discussed is what to do about the existing senate filibuster rules that require 60 votes to overcome a

manu raju is on capitol hill.now that congresswoman pramila jayapal who's head of the progressive caucus is meeting with speaker pelosi now, what more can you tell us. >> reporter: this is an important meeting. differences have not been resolved yet. it's also about the process. it's a similar debate that they have been having for months, including in september, that led to the first delay of the bipartisan infrastructure vote that has not yet gotten a vote in the house, despite passing the senate in august. pramila jayapal told me last night she believes both the infrastructure bill and the larger social safety net package need to pass the house simultaneously. that's a problem because democratic leaders hoped there could be a general agreement, a framework agreement on the larger package and that would be enough to pave the way for passage of the infrastructure bill this week. actual drafting could take an additional several weeks potentially to get that all through. do they resolve their process differences, th

manu, phil, appreciate it. thank you both. >> for a closer look of what's happening in washington sim pacting this trip for the president and what could happen both in rome and in scottland, cnn national international editor nic robertson joining us now from rome. so when we look at -- let's start with the most recent meeting for president biden. this meeting with president macron, a lot riding on this happening at the french embassy which was really seen as a symbol, of course, on the heels of this nuclear deal with australia, the pact that the president admitted that this was rear clumsy, how born is that in terms. welationship. it was a clear concession to the french. this was the beginning of the process building trust, that was a positive reaction, president biden saying it was clumsy and done without grace and even saying that he thought within the white house it had been communicated long before to the french and this was on the american side the ball dropped. macron himself saying it was important what'

dani: the ceo speaking to manus cranny as part of the bloomberg best event.ll have more coverage of that for you as we head through our morning. let's get over to our first word news with juliette saly. hello. juliette: hong kong's chief executive has outlined plans to develop the cities tour in a border into a major metropolitan area with close to one million homes in an effort to ease the housing crisis. in the final speech of her current term, carrie lam made a broad defense of the national security law imposed by beijing last june. elizabeth warren has criticized the federal reserve's leadership, saying chair jay powell showed bad judgment by failing to stop unusual trading activity by top officials. warren questioned why powell did not prevent officials from making the investment. in a later interview with bloomberg, he repeated the opposition to powell's reappointment. >> i cannot support jay powell for renomination. so my view is he ends his term with somebody else in place and i think the fed will be better off and i think our economy will be safer. d

cnn congressional kpcorrespond manu raju joining us. we have a vote at 3:00 eastern time. it looks like republicans are going to block it. what comes next from democrats and when? >> they're still trying to figure that out. there's significant debate about the next steps. one thing is that republicans have demanded that democrats go through what's known as the budget reconciliation process. that can circumvent a republican filibuster and be approved by simple majority. that takes a couple weeks to go through, a very arduous process because a flurry of amendment votes would happen on the senate floor, putting democrats in a difficult political spot which is why they've essentially ruled out the process. the other option is to get support from republican senators, get 60 votes. that's not going to happen. today republicans will filibuster that. the other thing is to get agreement so this can be approved on a simple majority basis. there's no agreement for that. now there's serious discussion on going about changes in the senate filibuster rules to allow potential one-time ca

arlette saenz is at the white house and manu raju is on capitol hill.have a lot to sort out, and divisions over billionaires' tax is a big one. >> still divisions within the house and the senate with their respect active democratic caucuses. joe manchin, kyrsten sinema had met for about two hours today and said it's really up to the rest of the caucus to get behind something. suggesting perhaps they reached the point where joe manchin is not going to go any further and everybody is pressing for a wide array of what they can accept. bi president biden is talking to moderates about these talks. manchin said he didn't want to go to medicare with hearing, dental and vision. also paid leave. that's been a big push from democrats and the white house to include some level of paid leave for workers when they get sick or have a kid. he said he's not there yet. on the issue of the billionaires' tax, that's a concern sinema had about raising tax rates, but manchin is concerned about that billionaires' tax as well. are you supportive of the billionaires' tax? >> i'

manu, let's switch gears a little bit. we have seen this wave of republicans who are already embracing former president trump for a 2024 run. i know you just went to the minority leader mitch mcconnell's press conference. you asked him about that. is he excited about that possibility? >> it doesn't seem that way. remember, after january 6th, after the president's then former president, his impeachment trial that occurred in the senate, while that trial was ongoing and mitch mcconnell voted to quit donald trump. afte afterwards he said that donald trump was practically and morally responsible for the actions that happened on january 6th. since then trump of course has been attacking mcconnell relentlessly calling for a new republican to lead the senate republican conference, but we have seen republicans embrace donald trump, including at a donor retreat for the senate republican campaign committee in south florida last week. donald trump was the key guest there. also at an iowa rally over just about a week and a half ago, d

let's go to manu on capitol hill. manu, where do things stand? >> reporter: it's unclear when a vote ultimately will happen. ultimately there will be a vote in the house. now that they have voted to extend this -- the vote that just happened in the house was to extend funding for transportation programs set to expire which is why they set a deadline for the infrastructure bill. now this new deadline is december 3rd. the question is can they get their conference together, both sides in the house and senate, by december 3rd? it's uncertain because of the two senators that phil mentioned, joe manchin and kristen cinema. manchin said a little bit more about the overall bill than he has in the past. saying it's the result of a series of good discussions, positive discussions. he didn't say if he endorses this proposal. that's what progressives want to hear. they want to hear joe manchin, kyrsten sinema saying they'll endorse the large proposal. at that point they say they'll be willing to vote. >> we heard joe manchin today not say he's not for the $1

. >> joining us to discuss, kaitlan collins and manu raju.w the final steps, the final negotiations are going. what are you learning? >> essentially the white house is viewing this through a realistic lens here because they know there's going to be -- there are going to be hard choices when it comes to what's actually going to be in the final framework of this. the way press secretary jen psaki described it. there's no alternative for a larger bill. the only alternative is that there's no bill at all. and that's why you're seeing president biden speak so candidly as he did last night during that town hall about realistically what's going to be in this bill and what's going to be cut from it, including one of his biggest priorities that he touted time and time again on the campaign trail which was two free years of community college. the president openly saying it's because senator manchin and senator sinema are opposed to it that it's not going to make it into this bill. it's not just that. of course also the paid family leave being slashed f

>> manu raju for us there on capitol hill. a lot of posturing. thank you so much. >>> president biden is in michigan today. he's trying to rally support for his build back better agenda, which includes both the $1.2 trillion infrastructure bill and the larger package to expand the social safety net. the cost of that, still up in the air because the president met virtually with moderates today after telling progressives in a meeting last night the cost for the $3.5 trillion social agenda should be in the $1.9 trillion to $2.2 trillion range. >> joining us now is cnn's chief national affairs correspondent, jeff zeleny, so what is the progressives' response to this lower price tag? >> reporter: alisyn, progressives are trying to come to terms with exactly how low they will go here and what exact programs are going to not make the final cut here. they know it's not going to be $3.5 trillion, so they are trying to see what they can live with, frankly. it's likely going to be more in the $2 trillion range. but what the president is trying to do here in

our chief congressional correspondent manu raju is joining us. i understand you just had a chance to speak to senator joe manchin. what path does he see, first of all, to raising the debt ceiling which is so critical right now? >> he's breaking with democratic leaders. there are three viable options to raise the debt ceiling. one is to get 60 votes to overcome a republican filibuster. ten republicans voting with 50 democrats. republicans say that's not going to happen. they'll not give them those votes. the other is to get 51 votes with the vice president breaking the tie. that's if republicans agree not to filibuster. but they say they will filibuster. that last option, the budget reconciliation process. that takes about two weeks to go through the process and it would open up democrats to a flurry of politically charged amendments on the floor of the senate. democratic leaders say they'll not go that route because they're concerned also it would not get done in time to avoid a default. moments ago when i talked to joe manchin he made clear demo

manu raju on capitol hill, kaitlan collins in rome ahead of president biden's arrival. thanks to both of you. let's discuss with my august panel. it looks like this infrastructure vote is not going to happen because we know speaker pelosi tends to not bring items to the floor of the house that she knows cannot win. doesn't have the votes. i don't think this has the votes. was it all a miscalculation, biden giving the speech, the historic framework trying to get some momentum and kind of like fizzles out? >> well, the ball is moving down the court. or down the field here. >> okay. >> we are seeing some movement and momentum. listen, i heard your interview with cori bush and i was in the car on the way over here and i saw her earlier. the passion she feels is real because the voters in her district, she has politics, too, and the voters in her district it is not academic for them some of the ideas in these bills. they are very invested. i just don't understand why joe manchin and kyrsten sinema can't say it is a deal. at the moment there is no agreement. the president kee

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manu, john, we know you'll be watching closely. thanks so much. >>> up next, this hour we'll speak with a key lawmaker in those negotiations. we'll get his take on what or who is to blame. the democrats miss another deadline. >>> and a michigan city is in crisis. lead pipes make water undrinkable. officials say some people should consult their doctor before using the water at all. we'll speak with the mayor. >>> and the house is asking the justice department to criminally prosecute steve bannon. what's next for steve bannon and the january 6th investigation? stay with us. ♪ ♪ ♪ ♪ ♪ ♪ ♪ (music quieter) ♪ (phone clicks) ♪ ♪ and that's just basic wavy guy maintenance, right? next up, carvana. oh, boy. carvana just doesn't seem to understand how the test drive works. they give their customers seven days. and if they don't like it, they give 'em their money back. wait, they take the car back? that's crazy! what if it was driven by like a zookeeper? or a mud wrestler? or a guy who's on the outs with the missus and he just needs a place t

joining us now, cnn chief congressional correspondent, manu raju, and white house correspondent jeremy diamond. first, the potential for this deal, walk us through it. >> we'll see what happens, in fact, there's a bit of uncertainty at the moment about whether this vote is expected to take place in a matter of minutes actually will take place in the after math of mitch mcconnell making a proposal here to try to stave off a default just for a short-term, for a couple of months, because republican senators in the hallways are telling reporters that they expect this vote, it's expected to take place in the 3:00 hour right now to be delayed. they say they are hearing that democrats are going to meet and discuss what to do about these offers and decide whether to proceed with in vote. this vote would suspend the national debt limit, overcome the filibuster, require 60 votes to suspend the debt limit until the end of november. now, i have checked with democratic leadership sources who are not yet saying whether or not it will be delayed. a bit of drama, a bit of uncertainty. we have to monit

manu, that makes sense.tivation for now wanting to participate in this process? >> that's what i was told from a senator who was in the room, closed door meeting that just wrapped up where mcconnell laid out these options about how to proceed amid the standoff that could potentially lead to first ever debt default in american history. both sides certainly don't want to be blamed for that. mcconnell now taking steps amid the standoff with democrats over the process for raising the debt limit and i'm told clearly he c conveyed that he's concerned there's immense pressure on manchin and sinema, the democratic is that rights who have refused to gut the rules. it requires 60 votes in the u.s. senate. most democrats want to lower that to 51. that would allow them to advance a debt ceiling increase by just democratic votes alone. now manchin and sinema held back and said they will not support gutting the filibuster. manchin made that clear. sinema didn't say how she would react if it led up to a deadline to reach a

manu raju on capitol hill. panu, i want to start with you, because some of the reaction that we're hearing coming out of the meeting of the progressive caucus, it is very clear that they are digging in today. today may not be a vote for infrastructure. they are not happy. >> yeah, they are not, and nancy pelosi is signaling that she's pushing ahead telling democrats at the caucus meeting they want a vote today. a number of democrats got up and gave her a round of applause and progressive members want assurances from the more moderate democrats, joe manchin and kyrsten sinema that they will get behind the larger safety net package. sinema put a statement out positive about it but didn't say whether he'll support it and manchin has refused to say whether he supports this or not. even though they have come down substantially in his direction. the reason they were reduced to the $1.75 because of manchin and sinema's concern. the reason why paid leave in particular was dropped because of joe manchin. the medicare ex

you mentioned manu raju asking a question. manu, as kaitlin was getting at, it sounds like we're getting into the weeds once again when we talk about this new idea of how to pay for this package. it might be in the weeds but it might also be the whole ball game at this point. tell people why biden floating dropping an increase to the corporate tax rate right now, why they're doing it, why it's so important. >> yeah, this is really significant and it was important here because nancy pelosi did not commit to raising taxes on corporations or high earners. this has been the democratic position for years. this has been what was central to how this bill would be financed in the house proposal. but just moments ago when i asked her about it and another reporter asked her about this, she would not commit to that saying this was going to be a discussion ongoing. it's all because of one senator, kyrsten sinema, the arizona democrat who has resisted any increase in those rates. she has not been saying that publicly, even though i tried t

:'s manu raju is live on capitol hill with the latest reporting. manu, what is the latest you're hearing about the infrastructure bill and broadly speaking where they are in terms of the framework that president biden laid out yesterday? >> reporter: now it's almost certain that progressives in the house will get what they want, the infrastructure bill, that $1.2 trillion plan that the speaker of the house, nancy pelosi, had been pushing hard to get a vote on yesterday, that that will move in conjunction with that larger economic bill that joe biden laid out, $1.75 trillion. the progressives have threatened to block that infrastructure plan unless they had an agreement to move that bill along the larger proposal, and also they are pushing to get all 57 democrats to support, say they will back the biden economic framework. right now to this point, there have not been 50 democrats who said they will be yes votes. the two holdout senators who have been that way for votes, joe manchin, kyrsten sinema, have not gone as far as saying they will endorse th