talks last week and the shop removed by secretary mnuchin.: this is an interesting thing in the back rent, mnuchin pulling the plug on these facilities not in use. from one of the managers of the cares program saying this is ham-handed to undermine the biden administration. "the good news it is illegal. the fed should not go along with this attempt at sabotage and retain the cares act funds it already has." caroline: i mean, strong words, and pretty strong words from the former federal reserve vice chair could he is a democrat, but this is what he had to say about mnuchin yesterday. >> item number one on the agenda right now is to try as best he can -- the new secretary of the treasury, that is not until january 20 -- to undo as best they can -- they cannot literally undo the absolutely nasty, mean, destructive actions of secretary mnuchin in trying to destroy the emergency lending facility. caroline: nasty, mean. he didn't hold back. joe: not at all. for more on this, let's bring in skanda amarnat, employee america director of research analy

this will tie the fed's hand and it's clearly not mnuchin's idea.lly, these programs -- at first, they helped to restore market functions that they have liquidity come back into the market but part of the reason that these credit markets were able to post such strong rallies is these programs, if anything acted as a backstop -- the question will be due market participants need to rethink this massive rally, especially things like junk bonds, if we are no longer going to have that backstop? far?t what have we seen so any reaction yet? dani: not really. a slight reaction, but markets for the most part have been mostly sanguine. you see u.s. 10 year yields holding onto the gains we saw overnight. the fed is now going to paper over some of the cracks with the kiwi. that could help some of the flight into 10 year yields and we see things like asian credit default swaps. those have risen by one to two basis points. again, not a really big reaction. equity markets are softer this morning. the concern is that this comes at the worst time when another wave o

he just spoke with steven mnuchin. your take on these comments?ue has been whether the outgoing administration has been trying to hamstring the incoming administration by taking money away, making it harder to use in the future. secretary mnuchin defending his efforts and suggesting it did not cause the kind of rift with the fed that has been reported. the secretary saying they speak multiple times a week, in close touch, and have an excellent relationship. coming.the fed this was he discussed it with jay powell. and draftedweeks word by word -- there is a clear date that is the expiration. that is not as clear as the secretary makes it out to be in the sense that it is understood he could have extended it and could have let the fed make loans up to the january 31 this moneyt with supposedly going back -- $260 billion because they have already spent a good portion of that not just on the fed lending --grams but other bailouts that this money will have to go back sometime at the end of the year, but it takes a while to process loans. the fed said t

steven mnuchin and has asked for the return of unused funds.he treasury secretary sought a 90 day extension but requested that others expire december 31. backentral bank pushed causing a rare public rift. >> i was a bit surprised and i have to say that after the announcement, the airport came out with a statement expressing their interest in extending them to keep them available and that is where i am. given where the economy is and there is so much uncertainty still out there, it is prudent to keep those things open so when people, if they do have stress, can draw upon it. anna: joining us now is gregory latham cosithnot 0cio. this comes down to the lesser sign that we expect to see that markets want to see extraordinary's of work for credit markets in the u.s. do you sense that credit markets are on a sustainable footing? the backstop still really important for market sentiment? the backstop is definitely important and it takes different forms. my reaction is that i would be surprised if the markets see this as too much of a big deal. the rea

mnuchin, the treasury secretary, once some of the money back. he says the markets are no longer at risk of seizing up, and of course these were facilities that were designed to ease strain and corporate credit markets earlier during the crisis. the fed, for their part, saying parts of the economy will need this money. the backdrop, francine, there is still no fiscal stimulus agreement in the u.s., and we know that the coronavirus continues to spread, so when you add all of these dynamics together, it as up to a fairly nervous near-term outlook for the world's biggest economy and of course for the rest of the global recovery, too. is it reallya, why affecting the markets like this? this i think the fact that disagreement was unexpected and came out of left field was certainly a concern, markets are wondering what is going on here, why are the two arms of the government converging at such a delicate time. g20 out overnight warning of a risk of a slowdown in the global recovery because the virus continues to spread, and don't forget, as i mentioned

getting secretary mnuchin speaking at the moment.e is speaking in an interview with bloomberg news, saying financial conditions are quite strong, that companies that are need grants,covid not that. we heard secretary mnuchin earlier asking the fed to return unused coronavirus money. we will get you more as we get those comments. this is coming at a time when we are seeing increasing warnings about the state of the global economy. the imf and g20 nations warning that surging virus numbers are threatening the recovery. our global economics and policy editor kathleen hays is watching this. what did krista lena have to say at the bloomberg new economy forum? concerned about the pickup of new virus cases and restrictions being added again, and what things could do to derail the global economy, the g20 getting ready for its meeting in saudi arabia. to this newsten from steve mnuchin, the treasury secretary, about terminating key emergency lending programs at the fed, it raises a lot of questions. certainly being watched very closely by the

pat: secretary mnuchin is 100% in this. pointed out, he is simply following through with what is clearly expressed in the statute, what is the intent of congress, and that is these were always meant to be a very temporary set of facilities designed only to allow the private capital markets to resume their normal functioning. that happened in march or april. immediatelyalmost upon the announcement of these facilities. they worked better than i had hoped. as one of the authors in the itm drafting this statute, was absolutely unambiguous that we intended for these facilities to terminate after the crisis passed. terms ofs, in financial market terms -- and that is what we were addressing -- that passed a long time ago. financial markets came back massively with tremendous liquidity, record volumes of corporate debt issuance, tight spreads. these markets have been phenomenal and there is absolutely no need to continue perhaps indefinitely this backup facility. it served its purpose, it's time for it to go away. david: what do yo

steven mnuchin, the treasury secretary and jim cramer on "squawk on the street. it begins right now. >> good morning and welcome to "squawk on the street. carl has the morning off let's give you a look at futures as we get ready to begin trading, last trading session of the week sloogtly l l slightly lower open. steven mnuchin will be with us, he'll explain the decision to cut the fed's emergency lending power, some of the programs, of course, that began back in march. and as pfizer and biontech move to request emergency authorization for their covid vaccine, we're going have the head of operation warp speed with us, he will discuss the path forward and so important, the distribution of said vaccine, jim, all of this and the backdrop of worsening covid cases, we talk about it every day. we need to i'm starting, i don't know what you're hearing, i'm starting to see anecdotal evidence that things are slowing down a bit in the economy. >> i'm getting that too. i'm getting people who are saying, i really would want to make a big spend, this is in terms of the big tec

mnuchin decided to take a zero risk approach. terms tolted in strict dampen the effectiveness of the lending it to medium-size businesses, the lending to municipalities. it doesn't surprise me that it hasn't hit the markets as far as changing prices and spreads. that's because we don't have that additional external stock that can trigger the system into panic. you remove the brakes on this, that's the problem. this isn't necessarily a done deal. the federal reserve has to agree to give the money back. they haven't indicated they will do so. alix: we don't like this plan basically. let me walk it forward. let's pretend they do have to give the money back. the narrative is the actual money needs to be used. it was a psychological boost for the market. toyou walk me forward january 20, testimony have to be there? can president biden say this is what we are doing. this is how much. that's enough to help us through. it's theoblem is federal reserve response to mnuchin's request and gives the money back, that money will no longer be th

we saw a lot of uncertainty from secretary mnuchin on the support coming through the fed >> rob, we'veeen talking so much about this notion that markets continue to march towards and around record highs. for the fixed income markets, we haven't seen very much stress. is it fair to city that the credit markets and the treasury markets are not as worried about what is going to happen in the future, what do yields tell you right now? >> well, thanks for having me. i think it is clear that what the markets are saying is that in the medium term growth is quite solid and we can expect that to be -- short term, we have a couple policy issues. first of all, monetary policy is in what we might cause a positive pothole in that we're not getting any additional monetary policy. and fiscal policy is we're in a bit of a battle about how much fiscal we'll get so short term, we'll get more volatility, but in the medium term, i think the growth outlook and the policy outlook is pretty supportive and i think that i would agree that it is time to start looking outside outsi outside of u.s. toward emergin

what is steven mnuchin trying to achieve with this?ing is legally mandated under the cares act, that the money expires and it should be returned. democrats have rejected that, saying essentially that it is yet another move by the outgoing trump to box biden in an limit his ability to maneuver. it is kind of incredible that it is happening at this point where there is such desperate need for stimulus package to deal with the economic fallout from the coronavirus pandemic. desperate need for money to be injected into the economy to help struggling businesses, unemployed, people who have lost their jobs as a result of the pandemic. and janet yellen is going to face an unprecedented crisis coming in. arguably as big as the 2008 financial crisis, possibly even the great depression. unlike obama when he came in and 2008, had a democrat-controlled congress, it looks like we will have divided government, so she will have to work incredibly togetherry to pull different sides to come up with a comprehensive package to get the economy back on tra

mnuchin has discretion over, that's for bigger business, but nonetheless as the fed has said, so much a , that -- economy that's why i referenced sandy hook. forget about it. that's why i referenced george floyd. let's just move on. people are suffering and if you don't believe in governance, then it's hard -- it's easy for you to say, we don't really have to do all of these things. and that's what the problem is. but i'm optimistic that we will have bipartisanship to put something together to go forward. because i do believe that many of our colleagues understand what's happening in their districts and to want to make a difference. there's just one big obstacle in the way, in the senate it's mitch mcconnell. but the other obstacle, but a he does what president trump says -- -- because he does what president trump says, and that's president trump. reporter: as far as those negotiations go right now, who are these active negotiations going on with? it house democrats and leader mcconnell? ms. pelosi: yesterday there was a meeting of the staff, of the four corners, the house and senate

tuesday is day one of testimony from fed chair jay powell and treasury secretary steven mnuchin. haven't been getting on so well of late. that will be absolutely fascinating next week to see how much daylight there will be between the two of them. let's start the conversation off with peter dixon, commerzbank global equities economist. great to catch up with you. just want to start with a basic one. seems to me that nobody wants to sell down risk for the first vaccination. do you share that view? peter: good morning. it is true, i think that at the , we are not entirely sure how this is going to play out. we had lots of questions regarding the astrazeneca situation, but markets not willing to sell off at the .oment obviously the holiday disrupted period has forced to do musters onto the back foot -- has forced investors onto the back foot. we had a couple of weeks of trading in fear to come. normally you would expect things to start winding down, but i think there were so moving parts that we can expect a very interesting two weeks. my view is that we should be positive. a bit hi

withn mnuchin and the fed the emergency lending facilities weighing on u.s.he southeast market having a great session as we had the unexpected move from the central bank. the thing at the thai baht -- we did see the bank of thailand easing capital outflow rules. the taiwan dollar still one of the performers when it comes to a number of these e.m. currencies as well. . little bit of consolidation markets on track for a 1.5% weekly gain. rishaad: contribute into that as we head into the hang seng, up by 0.2%. this is bloomberg. ♪ are you frustrated with your weight and health? it's time for aerotrainer, a more effective total body fitness solution. (announcer) aerotrainer's ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time, all while maintaining safe, correct form and allows for over 20 exercises. do the aerotrainer super crunch. the pre-stretch works your abs even harder, engaging the entire core. then it's the back extension, super rock, and lower back traction stretch to take the pressure off y

advancing pandemic with the promise of a vaccine, plus the comment from secretary treasury steve mnuchin on why not to extend some of the fed's lending programs stocks are lower with the exception of the nasdaq. currently down 140 points, so we are off the lows of the session. s&p 500 lower by eight and the nasdaq again up by 17. now from a sector perspective technology higher today but on the week basically flat. in fact, energy the big outperformer up around 4.9%, nearly 5%. it's straight and its third straight positive week for the energy sector. elsewhere the cdc urging americans not to travel this thanksgiving, and it is the stay-at-home stocks that are working in today's trade zoom video, lc and peloton some lc up 5%, 6% but worth knowing the all three stocks down substantially for the month. back to you. >> it's a pandemic on kind of trade today. thanks very much, seema mody we did get two more positive steps on the covid friend. today pfizer applying for fda emergency use authorization of its covid vaccine while eli lilly's arthritis drug was approved by the fda with the emergenc

on the one hand, mnuchin is right, for now the market does not need it.come out since last night's announcement to say what he would like to do is have the unused funds repurposed for grants and fiscal spending. this is, again, a little bit of a head scratcher because the congressional budget office counts loan money not as appropriations, not as spending. that money is supposed to come back. and then theut government gets it back. you cannot repurpose that for fiscal spending. so, what net -- one narrative we heard from the trump administration, we heard from larry kudlow earlier today, was that the thing is, the economy is coming back. it does not need so much help, thatybe the narrative is we've achieved recovery. we've done what we needed to do. we are going to declare victory and leave it to the next group to clean up the mess. caroline: a belief that you try to declare victory just as we are going into what seems to be a pretty bad second wave. certainly, that is what the likes of a chief economist was saying. tim was with us earlier. he managed to

so good on mnuchin. they'll challenge it in court.e in court and by golly, go through congress which is what you're supposed to do under our system, by negotiating and bringing parties together. joe biden says he wants to bring people together. this is a way to do it. use it for small businesses, people who face eviction, things like that. dagen: never forget, the democrats in the second rescue package wanted to cut taxes for the rich. they were trying to push through a tax cut for the rich. maybe steve likes that. i hope the liberals never forget that. steve: i just want lower taxes. dagen: he likes low tax rates for everybody, again which we love and we love you. coming up, lockdowns coming back, the political impact as state governments get tough ahead of the thanksgiving holiday. plus, out of this world artifact, a mysterious metal statue found in the yo you'd you tau de-- utah desert making a buzz this morning. you're watching "mornings with maria" live on fox business. ♪ how could anybody ask for more. ♪ my needs are small note

if not secretary mnuchin, who brings this back. larry: we are going to have an election in a couple of days. that is the line right now. hopefully we can go back to work after the election. again, i really believe of all the issues out there in a potential package, the unemployment assistance and small business assistance, and let me add, we had $105 billion outlined for k-12 reopening's, covid assistance, machinery. those of the most important areas. maybe be at airlines. at those of areas. we should have done this last summer. now the election looms and we will wait to see. >> let us say it is a lame duck. larry, is leader mcconnell on the same page as you and president trump? is he going to handcuff you during the lame-duck on any stimulus deal? larry: leader mcconnell, mitch mcconnell, i have known for a long time. he is a very wise man. he told us during this process that if there was a genuine bipartisan bill, and many of his asks are part of that bill, that he would be for it. but we did not get those asks. one of them, and

steven mnuchin seeking to pull the plug on most of the federal reserve's emergency credit facilitiesncluding the main street and the knew us in pallone programs -- municipal loan programs. what kind of an impact is that going to have if these programs go away by year end? >> maria, i don't think it's going to have too much of an impact, and that's why i'm still very bullish here. those programs were put in place earlier this year when we were in the middle of a pandemic and we didn't know where we were going, we didn't know how we were going to control it, if we could control it, how deep our recession would get and when or if we would come out of it. so now that we've gone down that road, we've recovered a lot, and we have vaccines that we're hearing great news on on a daily basis. i don't think it's necessary right now. so although top line it could spook some investors, i think overall the biden administration, if they do take office, are going to put their own treasury secretary in, they're going to have their own plan in plus. i think the fed's low interest rates for a long time

now you have treasury secretary mnuchin asking for a refund. that is shocking because one of the steady things we have had throughout this turmoil has been steady market support. if companies lose their access to capital, that comes a distressed -- that comes in distress for equities, but so far we have seen credit spreads tight, well-behaved, both in investment grade and the high yield markets. . so as long as that can remain capped, we think equity volatility remains muted. jonathan: good to catch up, as always. thatve to imagine secretary mnuchin has the best of intentions around this. he is looking to deploy some fiscal ammunition. i just find the communication around it to be really come on the -- really clumsy. two individuals that have been on the same page suddenly start to split. tom: we are not in the job of speculation, but the speculating of the speculation is was he ordered to do this, or did he do it unilaterally? what was the why of this? i would suggest that is a mystery today. maybe it gets solved today. maybe it doesn't, with

dollars in unspent rescue money is in the hands of nancy pelosi for reallocation because of steve mnuchin's effort to end some federal reserve programs. tax threats, new york governor andrew cuomo promising a new income tax for the state if the federal government does not give out more coronavirus related aid. keeping an eye on the holiday shopping season, we've got the best deals you can expect of black friday and cyber monday. and fit for a queen, queen elizabeth opening up her garden for a new bottle of gin, it's making buzz this morning. "mornings with maria" live right now. let's take a look at european markets, to the downside, in

mnuchin every day for about the last three months, decides to send a letter. maria, the letter got published in "politico" before secretary mnuchin got hold of i it. that's a rather odd case. so i will say this, regrettably, our team believes now that the speaker is not negotiating in good faith, she will not compromise on key issues, she is still stringing us along running out the clock until the election. that's e what our view is right now. we've tried to be patient, we've tried to offer compromise all over the place, and we believe now no compromises are forthcoming. now, some of these areas -- i don't think the v-shaped recovery depends on an assistance package. but, but, but, but, certain key lawyers could have been really helpful -- areas. in particular, maria, the ppp program for small businesses which has $135 billion of unspent money left, and we could easily appropriate that. that could have been done in a separate bill. or unemployment assistance. president trump acted quickly, he had an executive order to boost unemployment assistance, but we coul

secretary mnuchin in a letter said he is not going to grant the 90 day extension. i'm going to read the acronyms for the one he is dealing with. , the primary dealer credit , the money market liquidity facility and the paycheck protection program. most notably, this is going to affect the lending program which went unused. there was a 500 billion dollar program. only 45 billion had been tapped from it. the treasury is asking for that money to be returned. effectively, this looks like any sort of additional effort the fed could make to use those programs to put money into the program, they are not going to have the ability to do that past december 31. ,oe: we were talking yesterday the ongoing attention to all these cliffs. yesterday, we were talking about fiscal cliffs. there is also the monetary cliff, the various programs that were developed rapidly back in the spring to address this crisis. the crisis is ongoing. many aspects remain. certainly economic distress. you see as of now, they are scheduled to come to an end. caroline: what is interesting is the main st

mnuchin looked at these and said, we don't need insurance anymore. there have been no claims basically. so let's destroy our insurance policies. that is not the way i act or you act probably with your homeowners fire insurance, that there has been no fire, so let's cancel the policy. jerome powell, as best he can chairis perch as fed where he has to be a lot more polite then i just was, has said in polite terms more or less the same thing. caroline: nasty, mean, crazy. i am really excited to continue this conversation to discuss the former federal reserve vice chairman alan blinder with us. he will discuss janet yellen and what she can do. that is next. this is bloomberg. ♪ caroline: today, we are focused on what the bided administration might do -- the bite in administration might do. one person who we expect to be on the forefront of this is treasury secretary nominee janet yellen. reserve formal federal chair, former head of the san francisco fed, someone who everyone seems to think is while the qualified for the role. let's bring back alan blinde

what mnuchin is talking about are some of the short-term mesh yourself put in place. we need to see some day ai diadl relief and stimulus. the notion we'll see the economy completely stall given the fact we've had the maximum amount of fiscal and monetary support we put in already and as we given to see better visibility in terms of covid relief, we have to be a little more confident in terms of the economic recovery process. >> let people throw in two things 79% want to reverse trump's tax cut by raising taxes on those making over -- >> let's put that in context they were asked if they were to put that to certain funding needs. it says raising tax es make sense in you fund appropriately. 88% talked about the fact that we need fwra frominfrastructure and reducing national debt taxes make sense if they're going to be used purposefully and the other was making staepabstaep ab -- sustainable investments for a lower carbon profile it's not just about purely raising taxes. it's raising taxes for a purpose. >> ron, last word to you and a quick one, please. >> it's not disco

steve mnuchin is denying that's what he's trying to have a. but i think we see a clue that in recent days, we've seen increasing outward advocacy from the business community. the national association of manufacturers, ceos, corporate leaders, taub about, it is time to begin the transition saying joe biden has won the election. these are really potentially destabilizing moves for the economy. it is not just a matter of politics where joe biden's hands are tied or it is tougher for your opponent to draw a winning hand. we're in this breach without stimulus money. this is a precarious situation. people are waiting for a resolution so that both opposing political parties can find some space. so any move to pull the rug out from under the next president regardless of the party could have major economic implications and implications in real people's lives. >> thank you so much. i appreciate the conversation. next, an alarming new model projects nearly half a million americans could die from coronavirus by march. and sanjay just sat down with deborah

this is the funding that steve mnuchin clawed back from the federal reserve next week.t already irked democrats, but now he has moved that money into a general reserve that means yellen is not going to be able to deploy that funding unless she gets congressional approval. haidi: government congressional reporter emily wilkins there. the former federal reserve vice chairman has said the top priority for the central bank should be to undo the destructive actions from treasury secretary steven mnuchin. he spoke to our colleagues in new york. >> i think item number one on the fed's agenda is to try the best it can, and the new secretary of the treasury, but that is not until january 20, will probably help -- to absolutelyndo the nasty, mean, destructive actions of secretary mnuchin in trying to destroy the emergency lending facilities, private insurance policies, that's what they are. mr. mnuchin looked and said, we don't need insurance anymore, there have been no claims, so let's destroy our insurance policies. that's not the way i act or you act with your homeowners' fire

seeine: tomorrow, we will jay powell and steve mnuchin on the hill. powell's prewritten testimony is out. transcript, it says he sees significant challenges and uncertainties because of the vaccine. he still believes that news will be positive in the medium term but he said it is still hard to assess the implications of that. the economy and a good place right now, but a lot of uncertainty with regards to covid and getting that under control. joe: i want to bring in bloomberg congressional reporter eric lawson. even before we get to the biden administration, we still have time in the current congress, current presidency. mitch mcconnell coming out this afternoon, saying he wants a stimulus deal to get aid to the american public. do we even know what is on the table from the republican side that mcconnell would push through the senate, that trump would sign? erik: mitch mcconnell was out there today talking about the need to immediately pass a stimulus. but he is not really showing much wiggle room. he is talking again about a minor package, something

>> tuesday, treasury secretary steven mnuchin and federal reserve chair jerome powell testify before the senate banking committee. they will provide an update on emergency measures to provide relief from the economic downturn triggered by the coronavirus pandemic. watch live coverage tuesday on c-span. listen live wherever you are on the c-span radio app. >> president-elect haydn, the formal transition to his administration began on monday this week, they president-elect saying his team had spoken with you. said his team had spoken with you. who did you talk with specifically on his team and when will you meet with him directly? base with theed chief of staff, ron klain. we do not talk about the nuts and bolts. obviously, soon we will be getting the transition team and the task force to give them the information that would make their assuming the responsibilities easier and more efficient. serveif asked, which you on a biden administration coronavirus task force? guest: of course. host: what are you anticipating from the biden administration, specifically on the idea of testing and t

in steveou brought mnuchin. he had been on vacating -- advocating a more targeted fiscal approach.t wrong, why can't pass something that is targeted that we can all agree on? sen. smith: you will never hear me say all or nothing. i believe in the art of compromise, coming together, and that is the virtue of accomplishing something. that is what we did earlier in the year. absolutely we will not i'll get everything we want, but that is why we compromise. what is happening in the senate right now, every once in a while time mitch mcconnell puts out a republican bill and says vote on it, never any common ground come together. that is what we need right now. that is what we did in the first part of the year to the great benefit of individuals and small businesses all across our country. kevin: to follow up on something that we have been seeing in the past hour, joe biden announcing several key cabinet officials, beluding tony blinken to secretary of state. agriculture is big in your state, has been at the forefront, ground zero of the current administration's policies with china, as we

steve mnuchin calls for the return of emergency funds. powell pushes back. biden rips trump. the president-elect decries the administration's lack of cooperation on the transition. this as a georgia recount confirms biden's victory. biden says he'll name his treasury secretary soon. and restrictions ramp up. california imposes a late-night curfew amid the spread of coronavirus. the cdc says it doesn't travel -- the cdc says don't travel for thanksgiving. good morning and welcome to "bloomberg surveillance." i'm francine lacqua in london. tom keene is in new york. a good amount of time will be spent on what is happening in the u.s., this pretty public rift between treasury, the u.s. treasury and the federal reserve. the focus is also in europe on negotiations on brexit, ongoing after some parts of the negotiations are temporarily paused because a negotiator tested positive. 10-year fore spanish bonds and portuguese bonds ever lower. yesterdayorld shifted in the united states of america. we are on the cusp of a constitutional crisis. i have no idea in america how friday is goin

the details matter and we can't give $500 billion to a slush fund that secretary mnuchin would be free to disseminate at his own discretion based on no evidence, no data and no science that can be handed out as a friends and family plan for donald trump and his boys on the way out the door. this is a serious situation that we are confronting. the legislative details matter and that is what is being worked out. we have to provide another round of direct stimulus payments to the american people and of $1200 per adult, $500 per child. we need to provide billions of dollars in assistance for tenants struggling to pay their rent and homeowners who are struggling to pay their mortgage. we need to provide. >> we leave this but you can find it online at c-span .org and take you live now to capitol hill senate republicans make remarks. >> as the leader pointed out, the news on the vaccine this week is great news and a tribute to operation warp speed and we now have, not one, but to potential vaccines out there with perhaps more to come in so it is a great account was meant

the treasury secretary, steven mnuchin, said he will not extend them.is reason for this is he said financial conditions in the u.s. are in good shape. he said when this emergency is over, let's put these programs away. the response to that for many people of course is that the emergency is not over yet. what steven mnuchin wants, he wants the federal reserve to return those unused funds, which would put $455 billion of back into the purse of the government. he says that money can then be used through congress and put toward more targeted coronavirus relief efforts. of course, his move not to extend these programs has been criticized by economists, i'm ever some the political opposition, he said the u.s. economy -- by members of the political opposition, who say that the u.s. economy is too fragile to shelve the support at the moment. the financial reserve responded quickly to the moon saying emergency facilities should continue to -- to the move saying emergency facilities should continue to serve as a backstop for strained economy. the worry is this mo

mnuchin told bloomberg that companies do not need more loans, they need more money which must come fromess. congress is getting close to a deal on a one point $5 trillion spending bill that would avert a government shutdown next month. nancy pelosi and mitch mcconnell met to hash out details. talks are separate from negotiations on another coronavirus release -- release bill. joe biden says he has picked a treasury secretary and he promised an announcement either next week or the week after. the president-elect said the choice will be accepted by all members of the democratic party, from progressive to moderate. among the names being mentioned, roger berkson and former fed chair janet yellen. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more i am ritikantries, gupta. this is bloomberg. tom? tom: not to turn it into a history lesson, but for our international audience, but yesterday afternoon in the united states was absolutely original. i have never seen it in my life and i had to go back to a historygore vidal, tha

mnuchin scheduled to be on the death star, maybe we will see that coming up this morning.will see where we are friday into the weekend. it is a movable thing. the president has tweeted at least eight times this morning about the themes he is focused on. nothing to state about it. nevertheless we can state the president has greeted the beautiful day in washington. jonathan: there is an uncomfortable calm in the markets. inative about two-point tent the s&p 500 -- negative about .2 in the s&p. if i told you yesterday when we are talking about high-yield and the price incentive standing on the sidelines, if i told you this would play out the next 24 hours, where would you expect the market to be? lisa: i would expect there to be more of a disruption. there is a question of whether this could get expanded next year. joe biden could potentially increase this program the federal reserve, reinstating it. there is a question of how useful it might be. there's a conversation about whether the fed should be involved in credit markets at all. the idea it could be stripped from them,

that's all steve mnuchin just did. where are we on the relief bill, stimulus package? because a lot of the money set to expire also within months. >> the timing here is really critically important. they're not talking about a new stimulus, no new stimulus checks going out to people. on the day after christmas, about 12 million americans will lose their unemployment benefits, two of the pandemic programs are expiring, that's 12 million people on the day after christmas, that is something, student loan payments will be due again startling ing at the beginning of the year, moratoriums for rent that also will be expiring, evictions will be expiring. so there's a bunch of things that have been put in the works to make things a little more bearable on the economy side while we battle the public health crisis. those are all going away one by one. >> christine romans, thank you so much for explaining all this. it really is important, this will affect a lot of people. >> it is. >> appreciate it. >> alisyn? >>> let's talk about cnn heroes, this year all-star tribute will be a li

steven mnuchin is putting -- into an account. he is planning to put $455 billion into the general fund, which could make it hard for janet yellen to access on her own. the joe biden transition team called the demand for the return of the money deeply responsible. japan and china have reached agreement to lift some virus travel restrictions, restarting flights for business people by the end of the month. the chinese foreign minister will meet with the new japanese minister. that is ahead of jode biden's inauguration next year. the two sides remain far apart on disputed islands in the east china sea. the chinese premier says he expects the economy to see positive growth despite the sharp downturn in the first quarter. speaking after talks with the world bank and the imf, he said china has been hit hard by the virus but is on the path to full recovery. he reiterated that further reopening and allowing consumptions to play a bigger role will not drive expansion. as the end of the year approaches, based on current data, we can say wit

and secretary mnuchin came up to $1. and it depnds how the money is allocated. as far as i'm concerned, we passed the heroes act second time on october 1 and contained $2.2 that is our caucus-wide statement but we are open to finding common ground. indiscernible] what point do you cross the line that anything is just better than where you are right now? mr. jeffries: depends what that turns out to be. the details matter. we can't give $500 billion to a slush fund that secretary mnuchin that would be free to send out based on no data or no science that can be handed out to a friends and family plan to his boys. .his is a serious details matter. and that is what is being worked out. we have to provide direct stimulus payments to the american people of $1,200 per adult and $500 per child. we need to provide assistance to tenants who are struggling to pay their rent. we need to provide hundreds of billions of dollars in assistance to state and local governments, blue states and red states, because of the fact that if these state budgets and these local budgets, town

mnuchin to do what he did yesterday. don't buy the argument that it didn't have a political favor to it at the same time, i agree with him that, ultimately, it's congress that should be in the grant-making business and that the emergency period where the fed and the treasury had to work together in the lending business will come to an end. so i think it's a very unfortunate spat but looking out six months, i don't think it's a big deal. >> you said you don't buy the fact that there wasn't a political flavor here. what do you mean by that, paul do you think this was a deliberate attempt to sabotage president-elect biden's economic tools? >> i don't think it was a deliberate attempt to do so. but certainly, they didn't have to do it now and actually, they limited to a degree the optionality or flexibility that the new treasury secretary would have. so that's what i mean by political. bus a good, peaceful, smooth transition shouldn't be throwing sand into your successor's job and i think that's what he did that's why i mean