why mark meadows and steve mnuchin, why not betsy davos, why not others?net secretaries they got secret service protection. the education department, the department of state have their own security forces that protected their cabinet officials while they were cabinet official. the secret service used to be in the treasury, the treasury secretary is one of the folks they protect. these people had secret service and trump said everybody who has it now on the last day of my presidency, extend that for another six months for free. >> do we know that it's done now, no more protection for these folks? >> it did end in july, so looking at the receipts you can see the receipts end after that. >> i love the vibe, the fast-paced rapid-fire questions. what else is the spokesperson telling you? >> mnuchin is one of seven that responded to him. everybody else i asked why didn't you say no? mark meadows declined comment, the rest didn't respond so mnuchin said something and what he said was i didn't ask for this but once i got t i didn't say no for unstated security rea

bush, and stephen mnuchin who worked under donald trump, republican secretaries of the treasury, bothf them visited with senator mcconnell to make the case about the need to extend the debt ceiling. they understand as all of us do how important it is united states of america does not default on its debt and it is about time our republican colleagues listen to. let me say a word about the three.$5 trillion reconciliation bill. there has been a lot of talk lately about the need to compromise. let me be clear. to a very significant degree, that has already taken place. of the 11 democratic members of the senate budgetary committee, nine understood the need for a 6 trillion-dollar bill which would finally address the unmet needs the long ignored needs of the working families of our country as well as beginning the process to tackle the existential threat of climate change. my guess is at least 40 out of the 50 members of the democratic caucus support the 6 trillion-dollar proposal. we compromised big time and we agreed to cut that proposal almost inhofe down at three.$5 trillion. mr. pres

secretary mnuchin certainly set that, reaching out repeatedly to democrat leadership on these issues. although it should be noted given the strident blame game now by speaker pelosi on the debt ceiling, i remember february, 2018, where she, leader hoyer, whip clyburn, and 116 other house democrats voted to default on america's debt to shut down the government and refuse disaster relief to devastated communities across america. one of the democrat leaders even said, quote, republicans control the house, the senate, and the white house. the responsibility to govern rests squarely on their shoulders. well, right now the democrats control the house, the senate, and the white house, the responsibility to govern rests squarely on their shoulders. i agree the congress should not play political games with the debt ceiling or ignore the danger of making permanent the temporary covid relief with spending that will bankrupt our nation in the future. democrats control everything. the house, senate, and presidentcy. they can easily pass the debt ceiling by including it in their $3.5 trillion tax h

we also learned this week former treasury secretary mnuchin and paulson reaching out, expressing theirappen. but the message from mitch mcconnell is he's not budging. is there any reason to think that would change? >> no. i don't think it is going to change. he's been saying rather publicly since july, right, that you should not expect senate republicans to participate in raising the debt limit, not in the wake of the $2 trillion covid bill that was passed in march that senate republicans, house republicans thought substantially overshot the mark and i think they feel vindicated in that view. and doubling on especially with $3.5 trillion spending bill simultaneously being processed by the house and the senate. >> so when it comes to the debt ceiling, the debt limit as we have been talking about, just reminding folks at home, this is saying you're going to pay the bill for what you have already purchased, right? it is paying your credit card bill for what is already out there. look, he's done that before. is this a purely political move on the part of mitch mcconnell? >> you know, it is

joe mnuchin has a more conservative constituency. he has to explain that to them. be adjusted for corporations and wealthy individuals? there are a the lot of prop posals out there? will they just run up the deficit like we did in 2017? is it a issue of taking attention off afghanistan? perhaps it is. but the democrats will have to rally around the president on this to get something forwarded on the legislative package. that might mean curtailing some of the bipartisan criticism of the president over the withdrawal from afghanistan. >> what do you think the priorities are right now for americans? the president is struggling in the polls. he has so many issues on his plate. as we look towards the mid-terms what are the priorities that voters really have? >> well, i think that's the key question. i don't think that afghanistan is going to sustain as a priority. the majority of americans wanted the united states out of afghanistan. there is plenty of blame to go around for how the withdrawal was handled. both republicans and democrats believed that the afghan army wou

in the driver's seat when it comes to energy some of your top stories on wednesday, soft bank and mnuchin'sn fund. it did not disclose the size of the investment lululemon said the ceo of the mirror division is stepping down he will continue working with mirror until july while lululemon searches for her successor. >>> and american and jetblue claiming the union will hurt competition and lead to higher prices we are back in a moment. >>> welcome back if you are not paying attention to what is happening with energy prices in europe, you should be. prices soaring many customers are locked into their old price. they haven't felt it yet when those contracts change, it is november. could it set off political issues ahead of the commoditystrategy when these prices roll over and people in the streets start to see their bills double or triple, this will be a big political story this winter, especially if it is cold out in the last couple of weeks warning of a huge issue and that people could be freezing if this is a cold winter and with them holding back which means they'll be tapped out. it raises

no jared, no ivanka, no steven mnuchin, no mark meadows. i almost forgot what he looks like.orting in "the washington post" that you, we, all of us, the taxpayers have been paying for their extra secret service protection. new analysis from "the washington post" on spending documents shows that in a highly unusual order trump ordered six months of extra protection for his four adult children and high-level officials like steve mnuchen, mark meadows and former national security adviser robert o'brien. all together all that security totaled $1.7 million, a bill footed by the american taxpayers who continue to pay for the ex-president and his associate. let's bring in david farenthold. donny deutsch is here, host of the online podcast. david, first of all tell people what is standard for ex-cabinet officials, adult children for ex-presidents. >> what is extraordinary is that they don't get secret service protection after the presidency is over. usually the only ones who keep it typically is the president, the president's spouse, children up to 16. outgoing presidents have extend

former treasury secretary steven mnuchin raised 2.5 billion dollars at his new gig, libor -- gate, libertytrategic capital, mostly investing in sovereign wealth funds in the middle east. this is bloomberg. ♪ guy: tough time in the metals market coming through all types of angles, the pressure, dave joining us to break it down. dave: u.s. steel said they would spend $3 billion on a new u.s. mill. one of their competitors is doing the same thing, a two point $7 billion spending plan in their case, looking at ohio, pennsylvania, west virginia to build, and you understand why because the prices have gone up. you are talking a 25% increase over that time. and along with those prices, they set a record last month, but quite the pullback since then, as much as 35% from the high. u.s. steel raised that concern. it is now intensifying as a result of what nucor is up to. alix: thank you, dave wilson, for that. vaccines. covid vaccines for kids could be on the horizon. gregory poland will be joining us for his take. this is bloomberg. ♪ >> the story is not over because more data is coming in and will

and from that moment on, secretary mnuchin, the secretary of the treasury, was up here over and over again negotiating with the speaker of the house on just how much more it was going to take for her to be part of the debt limit. now, here we are in almost october, nine months through the year. republicans really haven't been able asked in any serious way up until now this year how to set parameters for government spending. we'd like to spend less. the other side would like to spend more. but no republicans -- zero republicans -- were involved -- have been involved in plan to eliminate important parts of the 2017 tax bill that clearly were producing the kind of economic rums read hoped for at the beginning -- results we'd hoped for at the beginning. pandemic. no republicans were part of the plan to spend right at $2 trillion in the march covid relief bill, even though we really saw our economy already coming back. and, by the way, no surprise, when you spend $2 trillion, inflation is one of the things you're going to get when you put that much money into the economy on top of what we

saying, i don't think anybody in washington thought it would come to this, this is a portrait in mnuchinactually in maximum of the biden collapse of the border in his policies border agents are completely overwhelmed they need serious help but border patrol agents continuously told us for four to five years that the government not under trump but now need more resources and they feel abandoned that they're not getting the help that they need in the governor of texas is saying the white house is botching it as badly as it did afghanistan wended abandoned americans behind caroline's. what do you say to this. >> you are absolutely right this is the result of not having a coherent strategy along the border in the congressman's right they continue to not put in place policies that will address the border crisis that they created. there is a playbook and policies you can put in place today that will curb the thousands and hundreds of thousands of illegal migrants coming across the border they refused to do that and they continue to process them in continuo forward strategy of a failed border p

. >> which i think everybody would agree upon but i don't think secretary mnuchin was one of the signees. >> he did speak with senator mcconnell about this problem but did not sign onto this letter. >> that leaves republicans in the position to agree to anything that raises the debt ceiling. so what does their version from the path to here look like >> reporter: they say they can avoid a government shutdown by stripping the debt limit provision out of any short-term funding bill in fact mcconnell introduced a bill today to do just that the second thing, democrats should be able to use it on their own by using the same process they're using to pass that spending bill the process is incredibly complicated and could take a couple of weeks to complete and they would still need republican support to help it get out of committee and get to the floor this is an entirely political exercise but has huge consequences. >> oh, absolutely. we appreciate it for the latest in today >>> just under an hour until the fed decision at 2:00 p.m. eastern and we have an all-star panel on deck. first, general m

i'll tell you what secretary mnuchin said. that answer is more memorable to me. this was a couple years ago, obviously at least a couple years ago now. he was testifying in front of the house ways and means committee on which i serve. i asked him, what would the specific tangible consequences be if we failed to raise our debt ceiling? and he kind of -- for a couple seconds he just kind of paused and said, congressman, the consequences would be so dire, just so unimaginable, that it's really hard to articulate just how bad it would be. # even he had difficulty going into the sort of ramifications that would have. mr. neguse: i'm not surprised. mr. boyle: i was going to remind everyone, as the gentleman knows, this was president trump's appointed treasury secretary who was saying this. it's every economist that thinks it's unthinkable our nation would turn its back on our obligations and you ask them what happened if they do, the first thing they say is the stock market crashes. the stock market crashes. in fact, it would be so bad that the stock market would crash

fiscally responsible to extend secret service detail to all of trump's adults children and steve mnuchin for months and months and months beyond -- >> caller, are you a republican? >> caller: on occasion. but it's really hard to find decent republicans nowadays. >> okay. >> caller: we do have one here in illinois. adam kinzinger, who has been trying to keep the party straight. but it's obviously now the maga party. >> so you're continuing with your argument. >> caller: yes. it is not fiscally responsible. would republicans be okay with hunter biden getting secret service detail for month on end after biden leaves office? i doubt it. >> thomas, democratic caller. what do you think should happen in washington? should the senate republicans join democrats, enough of them, to raise the debt ceiling and fund the government through december? >> caller: i really think that we'll get things done with the republican party. as long as they're in control and get what they want, they got four supreme court justices. they raised the debt, they didn't stop the war like they promised. they promised to

treasury secretary steven mnuchin has started a multibillion-dollar private equity fund.has raised about two and a half billion dollars. most of the money is from middle east sovereign wealth funds including saudi arabia's public investment funds. it was launched of this year with a focus on technology, financial services and fintech. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this is bloomberg. shery: take another look at cryptocurrencies right now. we are seeing them headed down as we continue to see the broader market selloff. it coin headed for the 100 day moving average, which sets around the mid-40,000 levels. we have seen el salvador's president saying the country has bought the dip. we had some crypto related news including robinhood testing a crypto wallet. our next guest runs moneylion, backed by names including jp morgan and nomura. they're planning a cryptocurrency rollout enabling users to buy and sell cryptocurrency within the app. they're plan

secretary mnuchin certainly set that, reaching out repeatedly to democrat leadership on these issues. although it should be noted given the strident blame game now by speaker pelosi on the debt ceiling, i remember february, 2018, where she, leader hoyer, whip clyburn, and 116 other house democrats voted to default on america's debt to shut down the government and refuse disaster relief to devastated communities across america. one of the democrat leaders even said, quote, republicans control the house, the senate, and the white house. the responsibility to govern rests squarely on their shoulders. well, right now the democrats control the house, the senate, and the white house, the responsibility to govern rests squarely on their shoulders. i agree the congress should not play political games with the debt ceiling or ignore the danger of making permanent the temporary covid relief with spending that will bankrupt our nation in the future. democrats control everything. the house, senate, and presidentcy. they can easily pass the debt ceiling by including it in their $3.5 trillion tax h

mnuchin made himself in foursa hours of offi and especially in the pandemic, and i would hope that we could expect thatt in the biden administration, and especially in the accountability of the billions spent. and h of the c.a.r.e.s. act tha has been spent, and none of the american rescue money has been spent to help an actual household eyet. and moree concerning is the conviction plan, and in il arkansas, of the 2 million money allocated in december, a mere 1.4 million, 70 debasis points has been distributed, and i will discuss this more in my questions, and i yield back, madam chair. >> thank you very much. o i want to welcome today's distinguished witness and former colleague of ours the honorable martha fudge who is the secretary of theea u.s. departmt of housing and urban development. this is secretary fudge's first time to appear before this committee in the current capacity and we welcome her testimony today, and without objection,t the written statemet will be made part of the statement. m you will have five minutes to summarize the testimony. you should see y a timer on the t

and from that moment on, secretary mnuchin, the secretary of the treasury, was up here over and overgain negotiating with the speaker of the house on just how much more it was going to take for her to be part of the debt limit. now, here we are in almost october, nine months through the year. republicans really haven't been able asked in any serious way up until now this year how to set parameters for government spending. we'd like to spend less. the other side would like to spend more. but no republicans -- zero republicans -- were involved -- have been involved in plan to eliminate important parts of the 2017 tax bill that clearly were producing the kind of economic rums read hoped for at the beginning -- results we'd hoped for at the beginning. pandemic. no republicans were part of the plan to spend right at $2 trillion in the march covid relief bill, even though we really saw our economy already coming back. and, by the way, no surprise, when you spend $2 trillion, inflation is one of the things you're going to get when you put that much money into the economy on top of what we'd

mnuchin's treasury did everything they could do to accommodate the chinese government, the chinese military> yeah. >> how would you characterize his relationship with china? i guess it's just about -- figures it's a place where you can make money you dispute that, but i guess would you criticize ray dalio and the blackrock, the blackstones for enabling china in some of the -- what you would call an evil regime in some of their actions? >> well, you know, look, we -- tony blinken's state department and the mike pompeo state department both classified china and their government as committing gross human rights violations, genocide, and crimes against humanity and yet, when we here on wall street start talking about china, we talk about how ray's been there since 1984. i wonder what he thought about the 1989 tee anman square massacre i wonder how he feels about investing and enabling a government that is not a responsible global actor and that the u.s. state department classifies as something that we shouldn't be investing in, and yet, the treasury and the commerce department, you knows go oth

until they were prematurley shut -- prematurely shut down by secretary mnuchin. these played a role in stabilizing it last year. our committee is exmrorg ways -- exploring ways to support workers and small businesses as well as state and local governments the next time there is a crisis. amid democrats' continued efforts to ensure that relief reaches communities across the country and that our economy is strong for the future, republicans continue to operate recklessly, even now, republicans are threatening to throw the economy into unnecessary turmoil by blocking legislation to suspend the debt ceiling. it's completely unacceptable for republicans to hold our nation's economy hostage. especially in the middle of this continuing public health crisis. and when fully 1/4 of the increase is contributed -- attributed to trump's tax scam for the rich. secretary yellen, chair powell, i expect to hear more on these issues and what will happen if republicans force the country to default. i also look forward to discussing your ongoing work to respond to the pandemic today

bush and steven mnuchin who worked under donald trump, republican secretaries of the treasury, both of them visited with senator mcconnell to make the case about the need to extend the debt ceiling. they understand, as i think all of us do, how important it is that the united states of america does not default on its debt and it is about time that my republican colleagues listened to them. now let me say a word about the $3.5 trillion reconciliation bill. there has been a lot of talk lately about the need to compromise. well, let me be clear. to a very significant degree, that has already taken place. of the 11 democratic members of the senate budget committee, nine understood the need for a $6 trillion bill which would finally address the unmet needs, the long-ignored needs of the working families of our country, as well as begin the process of tackling the existential threat of climate change. my guess is that at least 40 out of the 50 members of the democratic caucus supported the $6 trillion proposal. we compromised big time. we cut that proposal or agreed to cut that proposal almo

stephen mnuchin was missing from the list. >> and all the others were democrats.likely event we didn't raise the debt ceiling. they don't like to talk about it it's very in15 my point is, if it's so bad, why haven't they done this already they got the votes there is nothing we couldn't stop if we didn't want to. >> democrats go along, they said when republicans wanted to pass the trump tax cuts, that they needed the democrats to play along in raising the debt ceiling. even though democrats were against that legislation, they still went along with it to raise the debt ceiling is that true >> the problem is the price that they charge, joe this is the way it always is with the democrats they've usually voted against debt ceiling increases when republicans are in control they always made it clear, they're available. if we're willing to grow government enough and make the underlying problem worse by enough, then they'll go along with that. yeah, there has been times they've voted for that. >> so it's a cugill. >> for every year in the senate, i want to take at least on

secretary mnuchin made himself look -- i hope we can expect that from the biden administration. it is imperative that secretary yellen is here to ensure accountability, for the trillions of dollars the government spent over the last year. alarmingly only 11% of the nine billion dollars provided to hug over the cares act has been spent to date. and none of the american rescue plan money has been used to help an actual household yet. even more concerning is the grossness management of the a victory and rental assistance program, in my home state of arkansas, of the 200 billion dollars allocated by congress in december, a mere 1.4 million, 70 basis points, has been distributed. wow i yield back, madam chair. >> thank you very much. i want to welcome to's distinguish witness and former colleague, the honorable marcia fudge, who is the secretary of the u.s. department of housing intervene development. this is secretary fudge's first time appearing before this committee in our current capacity. and we welcome her testimony today. without objection, your written statement will be made

not expect her to answer or speak for herdi nor did i expec secretary carson to speak for secretary mnuchin. and i know he couldn't. he could barely defend why he took 16.4% of hud's budget before he got started. i'd like to remind my colleagues that she has only been in this position for about six months. so let me educate my colleagues and those listening. she has crisscrossed the united states for housing. she came to the state of ohio and met with a bipartisan team of housing experts. let me also say to allocate 100% of the ulrental housing funds t state and local government, we should be saying thank you. in my district alone having them receive the money, now that part my colleagues got correct. we should be applauding her for getting all the dollars there for rental assistance. now, it went to the state and local governments to do that. let me share with you and paraphrase what she said to state and local governments in thein capitol city of ohio with including our mayor sitting there. she saiddu allocate the funds. allocate the funds and help these individuals who are in need. lethe

deputy commissioner o'donnell, last year during a committee's budget hearing with former secretary mnuchin i asked him about treasury's funding request for expanding call-back functions at the irs in the coming years. allowing the irs call taxpayers to call taxpayers back instead of staying on hold for an extended period of time would be a common sense improvement that most taxpayers would applaud and i believe it has great potential to also improving services for taxpayers with limited english proficiency, yet in 2019 the irs was only able to answer 29% of the 100 million calls it received, which indicates that the irs also has staff capacity problems with its call features. so would you please tell us how the irs plans to use both annual discretionary funding and multi-year mandatory funding to increase staff capacity and improve technology systems at the irs for better taxpayer service and specifically with regard to the call back functions and are there any plans on how to use these systems to improve services for limited english proficient taxpayers? >> thank you for your question con