Trump Says He’ll Meet Putin Again | Balance of Power 10/16/2025
Summary
Market Outlook: The podcast highlighted a decline in major indices, with the Dow, S&P, and NASDAQ all experiencing drops, attributed to the faltering AI-fueled rally and regional banks' performance.
Banking Sector: Regional banks like Zions Bankcorp and Western Alliance Bankcorp saw significant declines, impacting overall market sentiment, while Bank of New York Mellon and Schwab reported mixed earnings results.
Government Shutdown: The ongoing government shutdown, now in its 16th day, remains unresolved, with discussions around Obamacare subsidies as a potential bargaining chip to end the standoff.
Defense Investments: Discussions with Nadia, President of the European Investment Bank, focused on defense spending and investments in Europe, particularly in response to the ongoing conflict in Ukraine.
Geopolitical Tensions: President Trump's conversation with Vladimir Putin and the upcoming meeting with Ukrainian President Zelenskyy are pivotal in shaping the future of the Ukraine conflict and defense strategies.
Economic Indicators: The podcast noted fluctuations in commodity prices, with gold and silver seeing significant increases, while Bitcoin experienced a decline.
Political Dynamics: The political landscape is tense, with Senate Majority Leader John Thune's offer of a vote on Obamacare subsidies being a focal point in negotiations to end the government shutdown.
Transcript
♪ ANNOUNCER: LIVE FROM WASHINGTON, D.C. THIS IS "BALANCE OF POWER" WITH JOE: MATH -- JOE MATHIEU. JOE: DAY 16 OF THE SHUTDOWN AND THERE MAY BE A GLIMMER OF HOPE. SENATE MAJORITY LEADER JOHN THUNE PROMISES DEMOCRATS A VOTE ON OBAMACARE SUBSIDIES. WE’RE GOING TO GET THE LATEST FROM JACK FITZPATRICK AT BLOOMBERG GOVERNMENT. HE’S LIVE ON THE HILL TODAY. PRESIDENT TRUMP IS ON THE LINE RIGHT NOW WITH VLADIMIR PUTIN. AS UKRAINE CALLS FOR TOMAHAWK MISSILES, WE’RE GOING TO TALK ABOUT DEFENSE SPENDING AND INVESTMENTS ACROSS THE CONTINENTAL WHEN WE SIT DOWN WITH NADIA, THE PRESIDENT OF THE EUROPEAN INVESTMENT BANK, WITH US IN STUDIO ON THIS I.M.F. WEEK IN WASHINGTON. AND WE’LL HAVE A LOT MORE WITH REPUBLICAN STRATEGIST MARK SHORT, HE’S GOT HIS SIGHTS ON THE SHUTDOWN, AS DOES OUR POLITICAL PANEL. CHARLIE PELLETT BRINGS US UP TO DATE. THE THURSDAY TRADE. WHAT DO YOU I HAVE? CHARLIE: A LOT OF RED ON THE SCREEN. WITH THE DOW, THE S&P, NASDAQ, ALL DECLINING. NASDAQ 100 INDEX BACK IN THE GREEN, YES, WE’RE OFF SESSION LOWS. S&P RIGHT NOW DOWN 14, 6657. THAT IS A DROP OF .2%. WALL STREET’S A.I.-FUELED RALLY SPUTTERING AS A PAIR OF REGIONAL BANKS TUMBLED. RIGHT NOW THE DOW IS DOWN 92, A DROP OF .2%. NASDAQ LOWER BY 12, A DECLINE THERE OF .1%. THOSE REGIONAL BANKS ARE ZION’S BANK CORPS AND ALSO WESTERN ALLIANCE BANK CORPS. THE 10-YEAR YIELD, 3.99% ON YOUR 10-YEAR. THE TWO-YEAR, 3.44%. GOLD IS AT $4281 THE OUNCE. SURGING ANOTHER $73. UP 1.8%. SILVER, 5684 THE OUT OF BOUNDS, UP 1.5%. AND BITCOIN RIGHT NOW, 109,000, THAT’S A DROP OF 1.9%. SO THE DOW, THE S&P, NASDAQ, ALL IN THE RED. AMONGST SOME OF THE OTHER BANKS REPORTING EARNINGS, BANK OF NEW YORK MELON’S THIRD QUARTER PROFIT RUN TOESED ANALYSTS’ PREDICTIONS. SHARES OF THE BANK RIGHT NOW, THEY ARE TRADING LOWER BY .6%. SCHWAB ALSO OUT WITH EARNINGS, UP .7%. AND U.S. BANK CORPS, LITTLE CHANGED ON THE DAY, UP UNDER .1%. AGAIN, RECAPPING, STOCKS LOWER WITH THE S&P DOWN 22, NOW DOWN .3%. "BALANCE OF POWER" CONTINUES RIGHT NOW. BACK WE GO TO WASHINGTON. ONCE AGAIN, YOUR HOST, HERE HE IS, JOE MATHIEU. JOE: ALL RIGHT, WE THANK YOU AS ALWAYS. CHARLIE WILL HAVE MORE IN 20 MINUTES’ TIME AS WE WATCH WALL STREET TOGETHER HERE ON "BALANCE OF POWER." THANKS FOR JOINING US. WE’RE LIVE IN WASHINGTON AS ALWAYS. ON BLOOMBERG TV AND RADIO. AND GOOD TO HAVE YOU ALONG AS WE CONSIDER NOW DAY 16 OF A GOVERNMENT SHUTDOWN THAT DOES NOT SHOW SIGNS OF STOPPING. AND OF COURSE THAT’S BEEN THE HEADLINE SINCE THIS ALL STARTED. BUT GOD FORBID THERE BE A GLIMMER OF HOPE. IT DOES SEEM LIKE WE COULD HAVE FAST-FORWARDED TO THIS MOMENT AS THE SENATE MAJORITY LEADER GOES ON MSNBC TO MAKE A GUARANTEE THAT DEMOCRATS WILL GET A VOTE ON OBAMACARE SUBSIDIES. WE HAD SPOKEN REPEATEDLY WITH DEMOCRATIC LAWMAKERS TO SEE IF THAT PROMISE OF AN UP OR DOWN VOTE WOULD BE ENOUGH TO GET THEM TO SIGN ON TO A CONTINUING RESOLUTION THAT WOULD REOPEN THE GOVERNMENT. SOME SAID YES, MAYBE, DEPENDS WHAT FORM. WHAT ARE WE HEARING? OF COURSE JOHN THUNE SAYS THAT HAS BEEN THE OFFER AT LEAST QUIETLY ALL ALONG. HE SAID IT OUT LOUD THIS MORNING ON MSNBC. LISTEN. >> I’VE TOLD THEM. I SAID, WE’RE WILLING TO HAVE A CONVERSATION. IF YOU NEED A VOTE, WE CAN GUARANTEE YOU GET A VOTE BY A DATE CERTAIN. AT SOME POINT DEMOCRATS HAVE TO TAKE YES FOR AN ANSWER. BUT I AGREE TOTALLY. WE ARE ALL ABOUT GETTING HEALTH INSURANCE DOWN, MAKING IT AFFORDABLE TO MORE PEOPLE. >> I HEAR YOU SAYING ABOUT THE PROGRAM THAT NEEDS REFORMS, IT SOUNDS LIKE YOU’RE GUARANTEEING THAT THERE WILL BE A NEGOTIATION ON THIS. >> WHAT I’M SAYING IS THERE IS A PATH FORWARD, I BELIEVE. >> YES OR NO? >> IT HAS TO INCLUDE REFORMS. AND, YOU KNOW, CAN I GUARANTEE AN OUTCOME? NO. JOE: CANNOT GUARANTEE AN OUTCOME BUT CAN APPARENTLY GUARANTEE A VOTE. DOES THIS START TO TURN THE GEARS? MAYBE NOT. BUT WE DO CHECK IN WITH JACK FITZPATRICK. HE’S TALKING TO LAWMAKERS FIRSTHAND AND BRINGS US THE LATEST NOW FROM CAPITOL HILL. BLOOMBERG GOVERNMENT CONGRESS REPORTER, JACK, I KNOW YOU’VE PROBABLY HEARD THIS BEFORE BUT FOR SOME FOLKS IT’S NEW AND IT MIGHT BE REASSURING TO DEMOCRATS. DOES JOHN THUNE’S POSTURE HELP THE STANDOFF? REPORTER: WELL, THAT’S THE RIGHT QUESTION. IT’S A MATTER OF JOHN THUNE’S POSTURE AND THE SPECIFIC WORDING HE’S USING. WE HAD NOT HEARD FROM THE MAJORITY LEADER OUT LOUD ON TV SAYING, YES, HE CAN GUARANTEE A VOTE IN THE FUTURE. THAT IS NOT ENOUGH FOR A LOT OF DEMOCRATS. THAT DOESN’T MEET THE STANDARD SET BY HAKEEM JEFFRIES. GENERALLY IT DOESN’T SOUND LIKE THAT’S ENOUGH TO MOVE US TOWARD AN END TO THE SHUTDOWN BUT IT DOES REPRESENT A BIT OF A CHANGE. AT LEAST IN RHETORIC, AT LEAST IN WHAT REPUBLICANS FEEL THEY NEED TO MAKE SURE THEY’RE SAYING CLEARLY. IT LOOKS LIKE THERE’S A BIG GAP STILL BETWEEN WHAT REPUBLICANS WANT AND WHAT DEMOCRATS ARE TRYING TO GET OUT OF THEM. BUT IF YOU’RE LOOKING FOR SOME TEA LEAVES, IF YOU’RE LOOKING FOR A LITTLE BIT OF MOVEMENT TO SEE IF ONE SIDE HAS THE MOMENTUM OVER THE OTHER, IT CERTAINLY IS NOTABLE TO SEE THE REPUBLICAN MAJORITY LEADER SAY HE’S COMFORTABLE SAYING THERE ABSOLUTELY COULD BE A VOTE ON THIS POLICY DEMAND THAT DEMOCRATS ARE MAKING. EVEN THOUGH HE WANTS IT TO BE SEPARATE FROM THE VOTE TO END THE SHUTDOWN. JOE: GOT IT. IN THE MEANTIME, WE’RE GOING TO DO DAILY VOTING ON THE REPUBLICAN C.R. I PRESUME THAT’S BEEN THE STRATEGY ESSENTIALLY EACH DAY, WORKING DAY, THAT JOHN THUNE HAS HAD THE MEMBERSHIP HERE. AND I ASK YOU THAT KNOWING THAT THE PRESIDENT HAS COVERED A NUMBER OF PAYCHECKS FOR ACTIVE DUTY MILITARY, FOR FEDERAL LAW ENFORCEMENT, THEY’VE ALSO HELPED TO RE-ENFORCE FUNDING FOR THE WYC PROGRAM. CAUSING A LOT OF PEOPLE TO SAY, HEY, THERE’S CLEARLY NO INFLEXION POINT THAT’S GOING TO GET EVERYONE TO THE TABLE AND WE COULD HAVE A RECORD SETTER HERE. THE PRESIDENT HAS ONLY COVERED ONE PAY CYCLE FOR MILITARY PAYCHECKS. DO YOU KNOW FOR STARTERS THAT THAT MONEY WILL BE DELIVERED AND IS THERE A PLAN FOR WHAT HAPPENS IN TWO WEEKS? REPORTER: THE WORDING FROM THE WHITE HOUSE IN THE IMMEDIATE TERM IS SO CLEAR THAT REGARDLESS OF WHATEVER LEGAL QUESTIONS ABOUT IT, IT DOES SEEM THAT THIS PAYCHECK IS BEING COVERED. BUT YOU’RE VERY RIGHT TO ASK ABOUT THE NEXT PAYCHECK BECAUSE BOTH SIDES HAVE BEEN DIGGING IN IN PREPARATION FOR A LONG SHUTDOWN AND TWO WEEKS FROM NOW IT MAY NOT BE OVER AND THE ANNOUNCEMENTS FROM THE WHITE HOUSE AND WHAT WE’VE SEEN FROM THE TRUMP ADMINISTRATION BROADLY ON MAKING SURE TROOPS ARE BEING PAID DOES NOT NECESSARILY COVER THAT. SO THERE MAY BE A WHOLE NEW ROUND OF LOGISTICAL AND LEGAL QUESTIONS ABOUT HOW THEY CAN MOVE MONEY AROUND. THERE’S LAYER UPON LAYER OF BE A STRAKS HERE THAT MAKES IT DIFFICULT TO PREDICT BUT YOU’RE RIGHT THAT THIS SHUTDOWN COULD GO FOR ANOTHER TWO WEEKS AND THAT RAISES THE QUESTION OF TROOP PAY ALL OVER AGAIN. JOE: DO YOU SAY TWO WEEKS BECAUSE OF OPEN ENROLLMENT ON THE FIRST OF NOVEMBER? IS THAT THE NEXT SORT OF STOP ON THE CALENDAR THAT MIGHT FORCE A CONVERSATION? REPORTER: THE FACT THAT IT ALLIANCE ROUGHLY WITH ANOTHER ROUND OF QUESTIONS ABOUT TROOP PAY IS KIND OF CONVENIENT OR INCONVENIENT DEPENDING ON YOUR PERSPECTIVE. BUT YES, DEMOCRATS ARE REALLY FOCUSED ON NOVEMBER 1 AND THE LEAD UP TO NOVEMBER 1. OPEN ENROLLMENT IS NOVEMBER 1. THE EXPECTATION OF LETTERS FROM HEALTH INSURANCE COMPANIES THAT COULD WARRANT AN INCREASED PREMIUMS NEXT YEAR IS ANOTHER POLITICAL PRESSURE POINT. SO AS WE AT LEAST GET CLOSER TO NOVEMBER 1, THAT REALLY IS THE KEY TO THE DEMOCRATIC STRATEGY AND WHEN YOU HEAR MEMBERS TALK THIS MUCH ABOUT NOVEMBER 1, IT IS CLEAR THEY ARE PREPARING FOR A SHUTDOWN THAT COULD GO IN EXCESS OF A MONTH. JOE: SURE SOUNDS LIKE IT. BATTING DOWN THE HATCHES WAS THE WORD FROM RUSS VOUGHT. GIVE US A TASTE OF THE CULTURE. YOU’RE UP THERE. WHAT’S GOING ON? ARE LAWMAKERS HANGING AROUND THEIR OFFICES ARE THEY ALL AT BULL FEATHERS DRINKING BEERS? WHAT DO YOU DO WHEN IT’S WEEKS ON END OF A SHUTDOWN WITH NO OFF-RAMP IN SITE? REPORTER: IT’S VERY DIFFERENT IN THE HOUSE AND SENATE, OBVIOUSLY. IN THE SENATE THEY’RE VOTING OVER AND OVER AGAIN. IT’S GROUNDHOG’S DAY. THEY HAVE TO MAKE IT TO VOTES, THEY HAVE TO MAKE IT THROUGH SCRUMS OF REPORTERS WHO ARE ASKING IF THERE’S ANY CHANGE IN THEIR POSITION. IT IS QUITE REPETITIVE BECAUSE THIS IS 10 VOTES NOW THAT ARE FAILED ON THE REPUBLICAN C.R. I THINK WE’RE AT SEVEN THAT FAILED ON THE DEMOCRATIC MEASURE. IT’S VERY REPETITIVE. NOT A LOT OF PROGRESS AND THEN IN THE HOUSE YOU HAVE DEMOCRATS MAKING A POINT TO BE HERE SAYING, WE’RE READY TO WORK. BUT VERY, VERY QUIET, ALMOST EERILY QUIET IN THE HOUSE. OVERALL, COMPARED TO PAST SHUTDOWNS, THIS IS A STRANGELY REPETITIVE BUT QUIET ONE IN WHICH THERE REALLY ARE NOT SIGNIFICANT NEGOTIATIONS AND BACK-ROOM HORSE TRADING GOING ON. JOE: DOES SPEAKER JOHNSON KEEP EVERYBODY OUT THEN? UNTIL FURTHER NOTICE? WILL THEY BE BACK NEXT WEEK? REPORTER: HE SEEMS DETERMINED TO KEEP THEM OUT UNTIL THE SHUTDOWN IS OVER. THAT’S WHAT HE SAID OVER AND OVER AGAIN. CLEARLY DEMOCRATS THINK THAT IS A PRESSURE POINT, WHEN YOU SEE THE FOCUS ON REPRESENTATIVE-ELECT >> I HALLUCINATE HAVE A WHO HAS STILL NOT -- GRIHALVA WHO HAS STILL NOT BEEN SWORN IN. THE ACCUSATIONS THAT JOHNSON IS DOING THIS TO HOLD UP PROGRESS ON THE MEASURE TO REQUIRE THE RELEASE OF JEFFREY EPSTEIN DOCUMENTS, IT MAY GET MORE AND MORE UNCOMFORTABLE FOR HIM TO MAINTAIN THAT POSITION AS TIME GOES ON. BUT HE HAS NOT WAVERED, HE HAS SAID THERE’S NO NEGOTIATING, NO WORK TO BE DONE UNLESS THE SHUTDOWN ENDS. AND I DON’T SEE ANY SIGNS OF HIM CHANGING HIS MIND AT THIS POINT. JOE: THERE YOU HAVE IT FROM JACK FITZPATRICK. TAKE IT TO THE BANK FOR NOW. 16 DAYS OF THE SHUTDOWN NOW. WAVE BEEN TALKING THIS -- WE’VE BEEN TALKING ABOUT THIS WEEK BEFORE IT HAPPENED WHEN THE VOTES TAKE PLACE, WE’LL OF COURSE LET YOU KNOW. THE OTHER MAJOR STORY THAT WE’RE FOLLOWING TODAY BRINGS US TO THE OTHER END OF PENNSYLVANIA AVENUE. DONALD TRUMP ON TRUTH SOCIAL JUST BEFORE WE CAME TO AIR, THIS IS NOW ALMOST TWO HOURS AGO, I AM SPEAKING TO PRESIDENT PUTIN NOW, HE WROTE. WE DID GIVE A HEADLINE A BIT EARLIER THAT THEY WERE EXPECTED TO SPEAK TODAY. THE CONVERSATION HE SAYS IS ONGOING. A LENGTHY ONE. AND I WILL REPORT THE CONTENTS AS WILL PRESIDENT PUTIN AT ITS CONCLUSION. THIS CALL COULD STILL BE UNDER WAY. WE DON’T KNOW. THERE WAS A QUESTION ABOUT TOMAHAWKS ALONG WITH OTHER DEFENSIVE WEAPONRY THAT CAME FROM PRESIDENT EXCELLENCE CHEMIST HE’S GOING TO BE MEETING WITH -- ZELENSKYY. HE’S GOING TO BE MEETING WITH PRESIDENT TRUMP TOMORROW. THIS 48-HOUR PERIOD COULD BE CRITICAL IN DETERMINING THE NEXT PHASE OF THE WAR IN UKRAINE. AND IT’S COMING AGAINST THE BACK DROP, OF COURSE, OF CALLS FOR ADDITIONAL DEFENSE INVESTMENTS ACROSS THE CONTINENT WHICH IS WHY IT’S A PLEASURE TO BE ABLE TO SPEND SOME TIME WITH NADIA. THE PRESIDENT OF THE EUROPEAN INVESTMENT BANK WHICH I WANT YOU TO THINK OF AS THE FINANCIAL ARM IF YOU WILL OF THE EUROPEAN UNION. IT’S GREAT TO HAVE YOU WITH US ON BLOOMBERG TV AND RADIO. THANK YOU FOR BEING HERE. WELCOME TO WASHINGTON. I HOPE YOUR MEETINGS HAVE BEEN GOING WELL. >> YES, THEY’RE GOING REALLY WITH VERY INTERESTING. IT’S ALWAYS A PLEASURE TO BE BACK HERE ON BLOOMBERG. JOE: ACCORDING TO OUR REPORTING, THE EUROPEAN UNION HAS A FIVE-YEAR PLAN TO REARM AND RESTRAIN RUSSIA. TO WHAT EXTENT IS THE E.I.B. INVOLVED IN THAT BROAD INVESTMENT THAT WILL CLEARLY TAKE YEARS TO REALIZE? >> INDEED. THE EUROPEAN INVESTMENT BANK AS THE FINANCING ARM OF THE EUROPEAN UNION HAS AN IMPORTANT ROLE TO PLAY IN STEPPING UP EUROPE’S CAPABILITIES IN THE AREA OF SECURITY AND DEFENSE. THERE ARE MANY DIFFERENT NEEDS. WE ARE VERY WELL PLACED TO FINANCE SOME KEY LARGE INFRASTRUCTURES, CRITICAL INFRASTRUCTURE, MILITARY FACILITIES, ALSO RESEARCH, PRODUCTION CAPACITY, FOR EXAMPLE, DRUG MANUFACTURING. AND ALSO SUPPORT, FINANCIAL SUPPORT TO SMALL AND MEDIUM SIZED COMPANIES IN THE SUPPLY CHAIN OF LARGE EUROPEAN CONTRACTORS. IT IS UNFORTUNATE. I THINK THAT WE ARE LIVING THIS SITUATION BUT EUROPE HAS A VERY CLEAR VISION OF WHERE TO GO, THE EUROPEAN INVESTMENT BANK IS HELPING GET THERE. JOE: IT’S INTERESTING, WE’RE SEEING A LOT OF THESE SMALLER DEFENSE COMPANIES, IN SOME CASES STARTUPS, THAT ARE RE-INVENTING THE WAY THAT WE LOOK AT THIS AND IN SOME CASES CHALLENGING THE OLD LINE, BIG DEFENSE CONTRACTORS, WHEN IT COMES TO DIFFERENT CONTRACTS. YOU MENTIONED DRONES, WHICH IS SOMETHING THAT IS A BIG DEAL HERE IN THE CONVERSATION ABOUT DEFENSE TECHNOLOGY. THAT THE E.I.B. IS READY TO INVEST MILLIONS OF EUROS IN EUROPE’S DRONE DEFENSES. HOW WOULD THAT BE DOLLED OUT AND HOW ARE YOU LOOKING AT THAT AS A CONTINENTAL, AS OPPOSED TO A COLLECTION OF COUNTRYS? >> RIGHT NOW WE HAVE A VERY ROBUST PIPELINE OF MORE THAN 30 FLAGSHIP PRODUCTS IN THE DIFFERENT AREAS I MENTIONED. BUT WE’RE FOLLOWING VERY ATTENTIVELY THE UPCOMING MEETING OF LEADERS, OF PRIME MINISTERS AND PRESIDENTS THAT WILL TAKE PLACE NEXT WEEK. THE EUROPEAN COUNCIL MEETING. TO SEE WHAT IS THEIR VISION PRECISELY WHEN IT COMES TO RE-ENFORCING THE EASTERN BORDER OF THE E.U. ALSO DRONE MANUFACTURING AND PROTECTION AGAINST ENEMY DRONES, ETC. AND WE WILL BE READY TO HELP AND SUPPORT IN THOSE AREAS WHERE WE HAVE MOST VALUE ADDED. JOE: I CAN TELL YOU THAT THE PRESIDENT’S PHONE CALL WITH VLADIMIR PUTIN HAS JUST ENDED. MIGHT WANT TO TAKE A LOOK AT WHAT HE’S WRITING HERE. HE SAID, WE JUST CONCLUDED THE TELEPHONE CALL AND IT WAS A VERY PRODUCTIVE ONE, SAYS PRESIDENT TRUMP PRESIDENT TRUMP. PRESIDENT PUTIN CONGRATULATED ME AND THE UNITED STATES ON THE GREAT ACCOMPLISHMENT OF PEACE IN THE MIDDLE EAST. SOMETHING THAT HE SAID HAS BEEN DREAMED OF FOR CENTURIES. HE GOES ON TO TRY TO CONNECT THE MIDDLE EAST TO THE WAR IN UKRAINE HERE. EVEN MENTIONS THE FIRST LADY. SAYS THEY SPENT A LOT OF TIME TALKING ABOUT TRADE, BETWEEN RUSSIA AND THE U.S. WHEN THE WAR WITH UKRAINE IS OVER. AND SAID THAT AT THE CONCLUSION OF THE CALL, WE AGREED THAT THERE WILL BE A MEETING OF OUR HIGH-LEVEL ADVISORS NEXT WEEK. THE UNITED STATES’ INITIAL MEETINGS WILL BE HELD BY SECRETARY OF STATE MARCO RUBIO TOGETHER WITH VARIOUS OTHER PEOPLE TO BE DESIGNATED, A MEETING LOCATION TO BE DETERMINED AND THEN HE SAYS HE AND PUTIN WILL MEET IN AN AGREED-UPON LOCATION. BUDAPEST, HUNGARY, TO SEE IF WE CAN BRING THIS INGLORIOUS WAR TO AN END. HE REFERS TO THE ZELENSKYY MEETING TOMORROW IN WHICH HE WILL DISCUSS HIS CONVERSATION WITH PRESIDENT PUTIN. SO WE HAVE ANOTHER MEETING. DOES THIS KIND OF TALK SOUND PRODUCTIVE TO YOU OR MORE OF THE SAME? >> WELL, I THINK IT’S VERY GOOD TO CALL THIS AN INGLORIOUS WAR. THIS IS PUTIN’S WAR. A WAR OF AGGRESSION. A WAR OF CHOICE. FROM THE EUROPEAN UNION’S PERSPECTIVE, WE WANT THIS WAR TO FINISH AS SOON AS POSSIBLE. SO WHATEVER, YOU KNOW, CAN GET US TO A FAIR AND STABLE PEACE, OF COURSE, IT HAS TO BE FAIR AND STABLE IF WE WANT IT TO BE PERMANENT, SHOULD BE WELCOMED, OF COURSE. JOE: WHEN WE CONSIDER THE NEED FOR ENERGY AND THE WAR OVER RUSSIAN OIL, WHICH I THINK IS ITS OWN STORY ALTOGETHER, WOULD THE E.I.B. HELP COVER UKRAINIAN PURCHASES OF U.S. L.N.G. IF THAT HELPED TO END THE WAR SOONER? >> WE ARE ACTUALLY -- WE HAVE JUST SIGNED A $300 MILLION DEAL WITH UKRAINE. I HAD A MEETING WITH THE PRIME MINISTER YESTERDAY. AND WE’RE LOOKING INTO OPTIONS TO STEP IT UP EVEN. SO THAT THEY CAN REPLENISH THEIR GAS RESERVES FOR THE WINTER. WE ARE ALSO SUPPORTING UKRAINE WHEN IT COMES TO REBUILDING CRITICAL INFRASTRUCTURES, INCLUDING TRANSPORT AND ENERGY. AND WE ARE SUPPORTING UKRAINE WHEN IT COMES TO REBUILDING THE DAILY -- SUPPORTING THE DAILY LIVES OF UKRAINIANS. SO THAT THEY CAN LIVE LIVES THAT ARE AS NORM AS POSSIBLE IN THESE TOTALLY EXTRAORDINARY AND TERRIBLE CIRCUMSTANCES REPRESENT BUILDING HOSPITALS, SCHOOLS, KINDERGARTENS, PROTECTING THE INFRASTRUCTURE SO CHILDREN CAN GO TO SCHOOL. I THINK THIS IS ESSENTIAL IF WE WANT TO PROTECT A STRONG BASIS FOR THE RECOVERY ONCE THE WAR IS OVER. JOE: SO MUCH WE CAN TALK ABOUT THAT IS DEPRESSING. THE IDEA OF REBUILDING IS THE DEFINITION OF OPTIMISM. I’D LOVE TO HEAR HOW FAR YOU ALLOW YOURSELF TO NOT ONLY THINK ABOUT IT, BUT TO PLAN FOR IT, BECAUSE OBVIOUSLY THIS IS A WAR THAT COULD END SOON AND AN ENORMOUS AMOUNT OF WORK WILL BE DONE AND MONEY REQUIRED FROM GOVERNMENTS AND PRIVATE INDUSTRY, HOW FAR YOU HAVE PLANNED THIS OUT? >> I AM VERY GRATEFUL FOR YOUR QUESTION AND I’M GOING TO ALSO SMILE. YOU KNOW, AND I SAY -- I ACTUALLY THINK -- I AM VERY CONFIDENT THAT UKRAINE WILL BOUNCE BACK VERY STRONGLY ONCE THE WAR IS OVER. BECAUSE I HAVE SEEN THE DETERMINATION, THE RESILIENCE, THE COMMITMENT OF UKRAINIANS. I HAVE ALSO SEEN THE VERY STRONG INFRASTRUCTURES OF THE COUNTRY AND WE HAVE BEEN SUPPORTING THEM FOR MORE THAN TWO YEARS TO MAKE SURE THAT THE COUNTRY HAS A STRONG BASIS ON WHICH TO BUILD THIS RECONSTRUCTION AND ALSO TO PAVE THE WAY FOR A SUCCESSFUL SUCCESSION TO THE EUROPEAN UNION. I AM CONFIDENT. WE JUST NEED PUTIN TO STOP THE WAR AND THEN WE CAN MOVE ON TO A NEW PHASE WHICH CAN BE MORE CONSTRUCTIVE. JOE: IS REBUILDING UKRAINE YEARS OR DECADES? >> I TEND TO THINK IT’S YEARS. ACTUALLY. BECAUSE WE ARE TALKING ABOUT A COUNTRY THAT CONTINUES TO LIVE A QUITE NORMAL LIFE, YOU KNOW, IN THESE CIRCUMSTANCES. THE GOVERNMENT HAS MANAGED TO KEEP A FINANCIAL MANAGEMENT, WHICH RESPONDS TO A NORMAL BUDGET, TO A NORMAL ADMINISTRATION. DESPITE, OF COURSE, THE IMMENSE NEEDS THAT ARE RELATED TO THE WAR. AND SO I THINK THAT THE SOONER WE CAN MOVE TO THE NEXT PHASE, THE BETTER. JOE: THAT IS OBVIOUSLY A BEST CASE SCENARIO, I GUESS, AT THIS POINT. WHEN IT COMES TO EUROPEAN COMMITMENTS LIKE THE ONE THAT WE MENTIONED FOR BUYING U.S. L.N.G., DO YOU WANT TO SEE A MATCHING COMMITMENT FROM THE UNITED STATES OR DO YOU THINK THE ADMINISTRATION HAS DONE WHAT IT CAN AT LEAST FINANCIALLY SPEAKING? >> WELL, RIGHT NOW I THINK WE’LL HAVE TO FOE DMUS SUPPORTING UKRAINE -- FOCUS ON SUPPORTING UKRAINE AND OBVIOUSLY MILITARY SUPPORT IS OF THE ESSENCE. EUROPEAN COUNTRIES ARE CLEARLY STEPPING UP THEIR SUPPORT, NOT ONLY TO PROTECT OURSELVES, TO PROTECT THE EUROPEAN UNION, BUT ALSO TO SUPPORT UKRAINE. COUNTRIES ARE TAKING QUITE NOVEL MEASURES TO PROVIDE THIS SPORT AND I THINK THIS IS THE ESSENTIAL THING SO THAT WE CAN SEE AN END TO THE WAR AND THEN WE WILL HAVE TO SEE HOW EVERYBODY CONTRIBUTES TO SUPPORTING THE RECOVERY OF THE COUNTRY. JOE: FASCINATING TO SPEND SOME TIME WITH YOU, PRESIDENT. THANK YOU SO MUCH FOR BEING WITH US TODAY IN WASHINGTON. HERE ON BLOOMBERG. I HOPE THE REST OF YOUR I.M.F. WEEK IS PRODUCTIVE. >> THANK YOU. JOE: STAY IN TOUCH WITH US AND COME SEE US AGAIN BECAUSE THIS IS A STORY THAT’S VERY IMPORTANT TO US AND ONE THAT’S NOT LIKELY GOING AWAY ANY TIME SOON. PRESIDENT TRUMP’S CALL WITH VLADIMIR PUTIN HAS JUST ENDED. WE’LL HAVE MUCH MORE ON THIS AHEAD. REMEMBERING THAT AT THIS TIME TOMORROW WE’LL BE TALKING ABOUT HIS MEETING IN THE OVAL OFFICE WITH PRESIDENT ZELENSKYY. I’M JOE: JOE MATHIEU IN WASHINGTON. OUR POLITICAL PANEL NEXT HERE ON BALANCE "BALANCE OF POWER" IN WASHINGTON. THE PHONE CALL HAS ENDED WITH VLADIMIR PUTIN, THAT IS TRUMP AND PUTIN BACK ON THE LINE TODAY, JUST 24 HOURS BEFORE PRESIDENT TRUMP HOSTS ZELENSKYY IN THE OVAL OFFICE. YES, ZELENSKYY’S HERE TOMORROW. HAVING MADE THE ASK FOR TOMAHAWK MISSILES. DON’T KNOW IF THE PRESIDENT TALKED ABOUT THE TOMAHAWKS AS HE SAID HE WOULD. BUT WE DID GET A READOUT ON THE CALL FROM THE PRESIDENT. ON TRUTH SOCIAL AND IT’S A DOOZY OF A POST. I WON’T GO THROUGH THE WHOLE THING AGAIN. WHAT A MOMENT TO BE HERE BY THE WAY WITH THE PRESIDENT OF THE EUROPEAN INVESTMENT BANK, JUST AS THAT NOTE HIT. THANKS AS WELL TO NADIA FOR HER CLUTCH ANALYSIS. AT THE CONCLUSION OF THE CALL, PRESIDENT TRUMP SAYS, AND I DON’T HAVE A RUN TIME ON YOU BUT IT LOOKS LIKE IT COULD HAVE GONE TWO HOURS BASED ON THE POSTS THAT CAME BEFORE AND IMMEDIATELY AFTER. WE AGREE THERE WILL BE A MEETING OF OUR HIGH LEVEL ADVISORS NEXT WEEK. WE’VE GOT TWO MEETINGS HERE. HIGH LEVEL ADVISORS, INITIAL MEETINGS LED BY SECRETARY OF STATE MARCO RUBIO, WITH VARIOUS OTHER PEOPLE HE SAYS TO BE DESIGNATED. A MEETING LOCATION TO BE DETERMINED. PRESIDENT PUTIN AND WILL THEN MEET IN AN AGREED-UPON LOCATION. BUDAPEST, HUNGARY. TO SEE IF WE CAN BRING THIS INGLORIOUS WAR BETWEEN RUSSIA AND UKRAINE TO AN END. VICTOR ORBAN RISING. TODAY. RICK DAVIS, IS HERE. ALONGSIDE AISHA MILLS, DEMOCRATIC STRATEGIST. GREAT YOU HAVE TO BOTH WITH US TODAY. RICK, VICTOR ORBAN WHO OF COURSE APPEARED AT CPAC HERE IN WASHINGTON, D.C., A COUPLE OF YEARS AGO, A FRIEND OF THE PRESIDENT, HAS SOMEHOW CORRALLED THIS MEETING FOR HIS BACKYARD OR MAYBE DONALD TRUMP ASKED FOR HIM TO DO THIS. WHAT WILL ANOTHER MEETING BRING TO ENDING THIS WAR? >> YEAH, I WOULDN’T BE SURPRISED THAT VLADIMIR PUTIN DIDN’T ASK FOR IT, TO BE IN BUDAPEST. I THINK THAT’S SORT OF MOSCOW, YOU KNOW, IN THE NATO. SO WE KNOW VICTOR ORBAN’S BEEN OPPOSED TO MUCH OF THE SUPPORT NATO HAS GIVEN TO UKRAINE. SO CERTAINLY NOT A VERY GOOD INDICATION JUST FROM THE SYMBOLISM OF IT ALL TO UKRAINE. THINK THAT SOMEHOW THEY’RE GOING TO GO TO A NEUTRAL LOCATION, HUNGARY IS ANYTHING BUT A NEUTRAL LOCATION TO THE UKRAINIANS. AND OF COURSE WE SAW THE LAST MEETING, THAT DONALD TRUMP CREATED EXPECTATIONS FOR A DEAL WITH VLADIMIR PUTIN IN ALASKA. WAS A MASSIVE BUST. NO MATTER WHAT THE SPIN WAS. IT TURNED OUT TO BE, YOU KNOW, MAYBE ONE OF THE WORST SUMMITS IN PRESIDENTIAL HISTORY. PUTIN WALKED AWAY WITH A LOT OF FANFARE AND THE PRESIDENT SORT OF COW TO OF KOWTOWED TO HIM AND ASKED NOTHING IN RETURN. I WOULD EXPECT THE WHITE HOUSE AND NEGOTIATORS LIKE SECRETARY OF STATE WOULD REALLY EXPECT SOMETHING IN RETURN BEFORE THIS MEETING TAKES PLACE. A MUCH MORE TRADITIONAL SUMMIT WHERE THE OUTCOME IS PRE-ORDAINED AND THAT THE OPTICS ARE THE ONLY THING LEFT. JOE: I DON’T KNOW YOUR THOUGHTS ON THIS, BUT IF YOU’RE PRESIDENT ZELENSKYY, DID YOU JUST GET A CHILL DOWN YOUR SPINE? >> I AM AN AMERICAN AND I JUST GOT A CHILL DOWN MY SPINE. THE FACT THAT THE PRESIDENT IS LITERALLY FREELANCING WITH FOREIGN POLICY RIGHT NOW SHOULD GIVE US ALL PAUSE AND WE SHOULD HAVE GRAVE CONCERNS ABOUT WHAT HE’S DOING ON THE PHONE WITH VLADIMIR PUTIN FOR TWO HOURS. THIS TO ME DOES NOT SOUND LIKE DIPLOMACY. IT REALLY SOUNDS LIKE HE’S BEING COACHED ON HOW TO BE A DICTATOR. AND THE FACT THAT, YOU KNOW, HE KIND OF IS DOING THIS AND WE’RE ALL TALKING ABOUT IT LIKE IT’S NORMAL TO ME IS REALLY WHAT IS MOST DANGEROUS. ESPECIALLY -- WE’RE IN THE MIDDLE -- THERE’S A LIVE WAR THAT’S HAPPENING RIGHT NOW. YOU KNOW, EVERY TIME WE SEE TRUMP COZY UP WITH PUTIN, IT IS JUST A REMINDER THAT HE IS MORE ALIGNED WITH AUTOCRATS THAN HE IS WITH ACTUAL AMERICANS. AND SO I AM COMPLETELY JUST MIFFED BY THE FACT THAT THIS IS HAPPENING, THAT HE IS ON TRUTH SOCIAL POST BEING IT. AND THAT -- POSTING ABOUT IT AND THAT SOMEHOW WE’RE ALL SUPPOSED TO FEEL SOME COMFORT OR RESOLVE IN THE WAY THAT OUR DIPLOMATIC DEALINGS ARE HAPPENING. BECAUSE THIS IS NOT OK. AND MORE IMPORTANTLY, THE WAY THAT, YOU KNOW, TRUMP CONTINUES TO COZY UP WITH AND HAVE ALL OF THESE OFF-THE-WALL, AD HOC CONTACTS WITH DICTATORS AND AUTOCRATS REALLY SHOULD MAKE US FEARFUL ABOUT THE KIND OF LEADERSHIP THAT WE SEE HIM IMPLEMENTING HERE IN THIS COUNTRY. JOE: THIS IS THURSDAY, RICK. THE MEETING OR THE PHONE CALL I SHOULD CALL IT WITH VLADIMIR PUTIN, WHAT WILL FRIDAY BRING WITH PRESIDENT ZELENSKYY? WE ALL KNOW THAT DONALD TRUMP CANS TO LATE FROM ONE SIDE TO THE OTHER PRETTY - -- CAN OSCILATE FROM ONE SIDE TO THE OTHER PRETTY QUICKLY. >> YEAH, EVERYBODY’S EXPECTATION WAS TRUMP HAD LANDED IN THE CORNER OF ZELENSKYY WITH THE MEETING TOMORROW, AND THE UKRAINIAN PEOPLE AND WE’RE GOING TO TRY TO GET SOMETHING DONE. WITH RUSSIA. NICE OPTICS AROUND THE IDEA OF GIVING HOMHAWK WEAPONS TO UKRAINE THAT CAN -- TOMAHAWK WEAPONS TO UKRAINE THAT CAN REACH M MOSCOW. HE SPENT VERY LITTLE TIME RELITIGATING WITH PUTIN THE IDEA OF, YOU KNOW, A PEACE DEAL RIGHT AWAY. AND NOW WE HAVE COMPLETELY A REVERSAL OF THAT, SEEMINGLY. I MEAN, I DON’T WANT TO SPEAK TOO HASTILY THAT SOMEHOW TOMORROW’S MEETING WITH ZELENSKYY ISN’T GOING TO BE A GOOD ONE. SLEPSKY WANTS A TEAL -- ZELENSKYY WANTS A DEAL TOO, RIGHT? ZELENSKYY WANTS PEACE AND THAT -- WHETHER YOU LIKE IT OR NOT, THAT’S GOING TO RUN THROUGH DONALD TRUMP. AND SO ZELENSKYY’S GOT HIS OWN CAPABILITIES TO INFLUENCE THE PRESIDENT. AND CERTAINLY IS ON THE RIGHT SIDE. SO LET’S SEE WHAT HAPPENS. BUT KEEP YOUR FINGERS CROSSED BECAUSE THE ONLY THING WORSE THAN A GOVERNMENT SHUTDOWN IS ZELENSKYY IN THE OVAL OFFICE. [LAUGHTER] JOE: WOW. DOES THIS MEAN NO TOMAHAWKS OR WE HAVE TO WAIT UNTIL TOMORROW? >> I THINK YOU HAVE TO WAIT. LOOK, DONALD TRUMP’S AN UNPREDICTABLE CHARACTER. HE MAISHA MAKES THE POINT THAT YOU DON’T KNOW WHAT YOU’RE GOING TO GET WHEN YOU OPEN UP THAT BOX AND I REFRAIN FROM SAYING HE’S A BOX OF CHOCOLATE. YET AT THE SAME TIME THE WHEELS HAVE BEEN IN MOTION AT THE DEFENSE DEPARTMENT TO QUEUE UP TOMAHAWKS AND SO THE IDEA THAT THIS COULD BE SOMETHING THAT COULD GET DONE WAS I THINK PRETTY ACCEPTABLE TO THE DEFENSE ESTABLISHMENT. SO WE’LL SEE. I’M NOT RULING IT OUT. AND I’M NOT RULING OUT OTHER SUPPORT THAT WE COULD GIVE TO THE EUROPEANS IN ORDER TO HELP SUPPORT THE WAR AT THIS STAGE. JOE: AISHA, C.C. ASKED THE QUESTION, DOES THIS COME TO WHOMEVER SPEAKS TO TRUMP LAST, WHO WINS THE WAR? >> I MEAN, IS THIS MIDDLE SCHOOL? I DON’T KNOW, GUYS. I JUST THINK THAT ALL OF THIS IS JUST COMPLETELY FRIGHTENING AND PREPOSTEROUS, THAT THIS IS HOW WE’RE LITERALLY TALKING ABOUT -- WE’RE NOT TALKING ABOUT PEACE. OR THE UKRAINIAN PEOPLE OR THE STABILITY OF EUROPE. WHICH ARE REALLY THE CONVERSATIONS WE SHOULD BE HAVING. WE’RE TALKING ABOUT WHETHER OUR PRESIDENT LIKES A GUY. IT’S COMPLETELY, YOU KNOW, NERVE RACKING TO ME. SO I DO HOPE THAT THIS GOES WELL. BUT FRANKLY, I AM NOT DHAFT IT WILL. JOE: WE’RE TALKING ABOUT, OF COURSE, THE WAR IN UKRAINE BUT THERE ARE A LOT OF QUESTIONS ABOUT THE PRESIDENT’S FOREIGN POLICY THIS WEEK WITH REVELATIONS YESTERDAY NOW CONFIRMED, IT WAS FIRST A REPORT IN THE WALL "WALL STREET JOURNAL," ACKNOWLEDGED BY THE WHITE HOUSE, THAT PRESIDENT TRUMP HAS APPROVED A COVERT C.I.A. OPERATION INSIDE VENTILATORS. THEY ARE APPARENTLY NOT ARM -- VENEZUELA. THEY ARE NOT ARMED BUT BUSY THERE -- ENGAGED, BUT BUSY THERE. WE’VE NOW BLOWN UP A HALF DOZEN BOATS COMING OUT OF VENEZUELA, SAID TO BE COVERING DRUGS. THE MADURO GOVERNMENT IS OUTRAGED BY THIS WHOLE THING BUT WHAT DO WE THINK THE C.I.A. IS UP TO THERE IF NOT MAPPING TARGETS FOR WHAT COULD BE AN ATTACK BY THE UNITED STATES? >> I THINK IT’S WRONG TO SPECULATE ON WHAT POTENTIAL C.I.A. OPERATORS ARE DOING IN A HOSTILE COUNTRY. THE REALITY IS THERE’S A LIKELY OPPOSITION THERE -- LIVELY OPPOSITION THERE THAT NEEDS HELP BEING ORGANIZED AND SUPPORTED. SO IT COULD BE SOMETHING AS BENIGN AS, YOU KNOW, DOMESTIC POLITICS. AND YET ON THE OTHER HAND, THIS PRESIDENT SEEMS TO BE ON A WAR-FOOTING WITH VENEZUELA. NOT HAS HE ATTACKED THESE DRUG RUNNERS COMING OUT OF VENEZUELA, BUT THEY’VE ALSO MOVED A LOT OF BIG MILITARY ASSETS, SUBMARINES AND FRIGATES AND DESTROYERS, INTO THE CARIBBEAN TO BE STAGED NEAR VENEZUELA. I DON’T THINK WE SHOULD DISCOUNT THAT HE’S PREPARED TO PULL THE TRIGGER ON ANY KIND OF KINETIC EFFORT TO ENGAGE THE VENEZUELANS. I GUESS THE QUESTION THAT I WOULD RAISE IS, WHAT’S THE OUTCOME THINK? MEAN, WHAT HAS BEEN ASKED OF THE VENEZUELANS AND THE MADURO ADMINISTRATION IN ORDER TO SOLVE THIS PROBLEM? BECAUSE IT IS NOW A SHOOTING WAR AND THE QUESTION IS, OVER WHAT? >> EXACTLY. JOE: A GREAT QUESTION. AISHA, THE PRESIDENT SAID YESTERDAY, I AUTHORIZED IT FOR TWO REASONS. OF COURSE HE COULD HAVE TAKEN A PASS ON THIS QUESTION. HE SAID, VENEZUELA LEADERS EMPTIED THEIR PRISONS INTO THE UNITED STATES OF AMERICA. THAT’S ONE AND TWO. WE HAVE A LOT OF DRUGS COMING IN FROM VENEZUELA. IS HE SEEKING REGIME CHANGE OR SOMETHING ELSE? >> HERE’S THE ISSUE THAT I HAVE. CERTAINLY WE WANT TO MAKE SURE THAT THERE ARE NOT DRUG CARTELS FLOODING THE UNITED STATES. OF COURSE. WE CERTAINLY WOULDN’T WANT THAT. MY CONCERN IS IS THAT THIS PRESIDENT IS MAKING REALLY BROAD BLANKET STATEMENTS WITH ABSOLUTELY ZERO EVIDENCE. IT’S ALLEGED THAT THESE BOATS THAT HE’S SHOOTING UP ARE PRESUMABLY, YOU KNOW, BRINGING DRUGS OR WHATEVER IT IS. BUT DO WE HAVE REAL EVIDENCE AND PROOF OF THAT? CONGRESS DOESN’T KNOW WHAT’S GOING ON. THE PRESIDENT HAS NOT ISSUED US ANYTHING THAT REALLY WILL HELP THE AMERICAN PUBLIC UNDERSTAND DEFINITIVELY WHY VENEZUELA IS SUDDENLY THE BIGGEST THREAT TO THE UNITED STATES, THAT WARRANTS THIS TYPE OF ACTION. AND THAT’S MY CONCERN. IS THE COMPLETE AND TOTAL LACK OF TRANSPARENCY, FRANKLY, JUST, YOU KNOW, TAKE HIS WORD FOR IT BECAUSE HE, YOU KNOW, BELLOED OUT SOMETHING AND WE KNOW THAT MUCH OF WHAT HE HAS TO SAY IS MISINFORMATION, DISINFORMATION, HALF-TRUTHS AND A LOT OF LIKE, YOU KNOW, POKING OUT HIS CHEST AND MAKING DECLARATIONS THAT WE DON’T NECESSARILY HAVE A LOT OF EVIDENCE TO BACK UP. AND SO I WOULD JUST LIKE TO UNDERSTAND MORE FROM THIS ADMINISTRATION. IF IT MATTERS THAT ARE THEY CARRY THIS OUT, WHY? JOE: A LOT OF QUESTIONS WITH OUR PANEL THAT HAVE YET TO BE ANSWERED. AISHA MILLS AND RICK DAVIS. MANY THANKS TO BOTH OF YOU FOR YOUR INSIGHTS. MORE AHEAD WITH MARK SHORT. BEGINS. CONNECTING THE DOTS HERE BETWEEN WASHINGTON AND WALL STREET EVERY DAY ON "BALANCE OF POWER." THANKS FOR JOINING US ON BLOOMBERG TV AND RADIO. THE PHONE CALL HAS ENDED, IF YOU’RE JUST JOINING US. DONALD TRUMP SPENT TIME WITH VLADIMIR PUTIN TALKING ABOUT THE WAR IN UKRAINE. IT WASN’T IN PERSON THIS TIME. THEY WERE ON THE PHONE AND IT APPEARS AT LEAST BASED ON THE TRUTH SOCIAL POSTS THAT THAT CALL WAS APPROACHING TWO HOURS IN LENGTH. THE PRESIDENT BACK ON SOCIAL MEDIA TO ANNOUNCE THE CONCLUSION OF THE PHONE CALL. AND THERE IS SOME NEWS HERE. IT DOES NOT INVOLVE TOMAHAWKS OR EVEN A POTENTIAL END OF THE WAR, BUT ANOTHER ROUND OF MEETINGS. HIGH-LEVEL ADVISORS, HE SAYS, WILL MEET NEXT WEEK. LOCATION AND ATTENDANCE, OTHER THAN THE SECRETARY OF STATE, TO BE DETERMINED. BUT HE SAYS PRESIDENT PUTIN AND I WILL THEN MEET IN AN AGREED-UPON LOCATION, BUDAPEST, HUNGARY, TO SEE IF WE CAN BRING THIS INGLORIOUS WAR BETWEEN RUSSIA AND UKRAINE TO AN END. REMEMBERING, OF COURSE, THAT HE MEETS WITH SLAT MIR EXCELLENCE -- VOLODYMYR ZELENSKYY TOMORROW MORNING IN THE OVAL OFFICE. HELPING US QUANTIFY THAT PROGRESS IF POSSIBLE IS BLOOMBERG’S WHITE HOUSE CORRESPONDENT ON THE CASE TODAY AND WITH US HERE IN OUR WASHINGTON BUREAU. LAUREN, IT’S GREAT TO SEE YOU. THIS MEETING TOMORROW WAS ALREADY HIGH STAKES. IF YOU’RE PRESIDENT ZELENSKYY, READING THIS PROBABLY DOESN’T GIVE YOU A LOT OF HOPE THAT TOMAHAWKS ARE ON THE WAY. >> YEAH. CONSIDERING THAT THIS IS THE WAR THAT TRUMP WANTS TO RESOLVE, PERHAPS MAYBE THERE COULD BE AN OPENING FOR ZELENSKYY TO PUSH. TRUMP HAS TALKED ABOUT HOW THIS INFLOORIOUS WAR AS HE PUT IT TODAY IS THE LAST REMAINING ONE THAT HE REALLY WANTS TO SOLVE. AND SO MAYBE SOMETHING WILL BE DIFFERENT, MAYBE CONDITIONS HAVE CHANGED. THAT WAS ONE OF THE BIG QUESTIONS, CAR THE WHITE HOUSE PRESS SECRETARY WAS ON FOX NEWS AND SHE BASICALLY SAID THAT, YOU KNOW, TRUMP AND PUTIN TALKED ABOUT TRADE, SOMETHING MAY BE HAPPENING ESSENTIALLY. AND TO WHAT EXTENT TRUMP CAN USE THIS CALL WITH PUTIN AS LEVERAGE WITH ZELENSKYY TO ULTIMATELY BRING EVERYONE TO THE TABLE. CLEARLY SOMETHING HAS HAD TO CHANGE. SOMETHING HAS SHIFTED. TRUMP OBVIOUSLY DOESN’T ALSO WANT A REPLAY OF WHAT HAPPENED IN ALASKA WHERE HE BROUGHT PUTIN OUT, THERE WAS A FLYOVER, CAMERAS, ETC. AND THEN NOT A WHOLE LOT CAME FROM IT. ARE WE JUST GOING TO GET ANOTHER ROUND OF TWO-WEEK EXTENSIONS FOR THIS THING THAT NEVER ACTUALLY HAPPENED? PROBABLY NOT. SO WHETHER OR NOT TOMAHAWKS ARE ON THE MENU TOMORROW, T.B.D. BUT IF I WERE ZELENSKYY IN THE VERY LEAST, I’D BE PUSHING FOR THAT, BECAUSE THERE COULD BE AN OPENING THERE. JOE: THEY’RE GOING TO HAVE THE OPPORTUNITY IN THE OVAL, REMEMBERING THAT THEIR FIRST MEETING IN THE OVAL OFFICE DIDN’T GO SO WELL. THERE WAS A FOLLOW-ON VISIT TO THE WHITE HOUSE THAT ZELENSKYY THOUGHT WAS QUITE PRODUCTIVE IN FACT. THE WHOLE NARRATIVE, THOUGH, THAT DONALD TRUMP HAD SORT OF SHIFTED ALLEGIANCES TO SORT OF EMPATHIZE WITH UKRAINE BASED ON HIS FRUSTRATION WITH VLADIMIR PUTIN DOESN’T SEEM TO BE ECHOED IN THIS POST. YOU WONDER WHAT KIND OF A PHONE CALL -- THIS WASN’T WHAT PUTIN HAD TO TELL HIM. >> THE WORDS BEING USE READY VERY PRUSKT AND THAT’S -- VERY PRODUCTIVE AND THAT’S ALL WE KNOW. WE ALSO KNOW THAT TRUMP GOES BACK AND FORTH ON THINGS LIKE THIS. LOOK HOW HE REACTS TO CHINA. WE HAVE VERY GOOD PHONE CALLS AND THEN TARIFF THREATS AND THINGS FOLLOWING THROUGH WITH TARIFFS. IT -- THINGS FALLING THROUGH WITH TARIFFS. IT CHANGES MOMENT TO MOMENT BASED ON THESE DISCUSSIONS AND I THINK FOR WHAT IT’S WORTH, PUTIN’S BREAK THROUGH WITH THE FIRST LADY WITH RETURNING THE UKRAINIAN CHILDREN THAT RUSSIA TOOK DURING THE WAR, I THINK THAT THAT POSSIBLY CREATED SOME GOODWILL WITH TRUMP TOWARD PUTIN THAT PAVED THIS PHONE CALL AND THEN PUSHED FORWARD. SO I THINK THAT THAT MIGHT BE SOMETHING THERE. BUT AGAIN, I THINK WE’LL JUST HAVE TO SEE. JOE: YOU MENTIONED THE SUMMIT IN ALASKA. RICK DAVIS REFERRED TO THAT AS THE LEAST SUCCESSFUL SUMMIT IN PRESIDENTIAL HISTORY OR ONE OF THEM. BUT THERE WAS REALLY -- THERE WAS NO FRAMEWORK TO TAKE AWAY AND REMEMBER THEY DECIDED SPONTANEOUSLY AT THE BEGINNING OF A GLOBAL NEWS CONFERENCE TO TAKE NO QUESTIONS SO WE REALLY DON’T KNOW WHAT CAME FROM THE LIMOUSINE OR BRIEF MEETING THAT THEY HAD. >> BUT THERE WAS A FLYOVER AND THAT’S WHAT MATTERS. JOE: MAYBE THERE WILL BE IN BUDAPEST. BUT THE QUESTION THAT WE’RE ASKING IS, WILL THERE BE ANYTHING HAMMERED OUT IN ADVANCE? AS YOU MIGHT HAVE SEEN IN A TRADITIONAL PRESIDENTIAL SUMMIT WHERE THE TERMS HAVE BEEN ALREADY LAID OUT AND THE MEETING IS REALLY A FORMALITY. >> YOU WOULD THINK THAT, SO NEXT WEEK WE KNOW AT LEAST THAT THERE IS A HIGH LEVEL MEETING OF ADVISORS BETWEEN TRUMP AND PUTIN. THEIR ADVISORS ARE MEETING NEXT WEEK, LOCATION UNKNOWN. AND WHILE WE KNOW THAT TRUMP AND PUTIN WILL MEET IN BUDAPEST, THAT TIMING SUN KNOWN. ONE WOULD ASSUME -- IS UNKNOWN. ONE WOULD ASSUME THE TRADITIONAL DIPLOMATIC PROCESS OF THE HIGH LEVEL ADVISORS HASHING THINGS OUT AHEAD OF TIME WOULD THEN LAY THE GROUNDWORK FOR SOME SORT OF AGREEMENT GOING FORWARD. BUT OF COURSE THIS IS A THREE-LEGGED STOOL AND UKRAINE NEEDS TO BE INVOLVED. NOTHING ABOUT UKRAINE WITHOUT UKRAINE. AT LEAST WAS THE BIDEN ADMINISTRATION’S PHRASING THERE. SO TO WHAT EXTENT THE U.S. AND RUSSIA CAN HASH SOMETHING OUT WITHOUT UKRAINE STANDS TO BE SEEN. AND I THINK ALSO THAT MAKES THE TIMING OF ZELENSKYY’S VISIT TO THE WHITE HOUSE TOMORROW QUITE GOOD AND QUITE ADVANTAGEOUS. AND TRUMP FOR, YOU KNOW, WHATEVER PEOPLE WANT TO SAY ABOUT THE DEALS THAT ARE MADE AND THE TYPES OF DEALS THAT THEY ARE, HE DOES HAVE A WAY OF KIND OF PUSHING THROUGH AND CREATING CONDITIONS TO YIELD RESULTS THAT WOULD NOT HAVE EXISTED OTHERWISE. I MEAN, LOOK AT THE HOSTAGE RELEASE IN ISRAEL AND GAZA AND HAMAS. TO BE CLEAR, THE SUBSEQUENT SITUATION THAT HAS OCCURRED IS, YOU KNOW, VERY MUCH KIND OF UP IN THE AIR AND WHAT THAT DEAL LOOKS LIKE IS A LITTLE TENUOUS. BUT SOMETHING DID HAPPEN THERE. AND SO WHEN IT COMES TO ANY SORT OF SUBSTANTIVE DEAL BETWEEN THE U.S. AND RUSSIA AND UKRAINE, I THINK THE NEXT 48 HOURS ARE GOING TO BE REALLY INSTRUCTIVE. JOE: GREAT TO HAVE YOU WITH US HERE COVERING THE WHITE HOUSE FOR US AT BLOOMBERG. LAUREN WITH THE TRUTH SOCIALS FLYING AND OF COURSE THE MEETING WE WERE WAITING FOR, IT HAS NOW CONCLUDED. GREAT TO HAVE YOU BACK AS ALWAYS. I’M JOE MATHIEU IN WASHINGTON. SPEAKING OF, BY THE WAY, THE WAR IN GAZA AND THE TENUOUS CEASEFIRE THAT LAUREN REFERS TO, THE PRESIDENT JUST POSTING AGAIN ON TRUTH SOCIAL ABOUT HAMAS. HE’S BEEN BUSY ON A NUMBER OF FRONTS HERE. IF HAMAS CONTINUES TO KILL PEOPLE IN GAZA, HE WRITES, WHICH WAS NOT THE DEAL, WE WILL HAVE NO CHOICE BUT TO GO IN AND KILL THEM. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. THE PRESIDENT’S BEEN ASKED REPEATEDLY RECENTLY IF THAT WOULD INVOLVE AMERICAN BOOTS ON THE GROUND AND SO FAR THE ANSWER HAS BEEN NO. BUT IT’S UNCLEAR HOW HE MIGHT PURSUE THESE GOALS IN THE MEANTIME. IT’S DAY 16 OF THE GOVERNMENT SHUTDOWN. WE’VE BEEN REPLIENDING YOU -- REMINDING YOU OF THIS AND JACK FITZPATRICK GAVE US A PRETTY GOOD READOUT AT THE TOP OF THE HOUR. THERE IS HOPE ABOUT BACK ROOM CONVERSATIONS, THAT’S BEEN THE CASE FOR DAYS NOW, BUT THERE’S ALSO HOPE THAT JOHN THUNE IS NOW ESSENTIALLY GUARANTEEING A VOTE TO EXTEND OBAMACARE SUBSIDIES. THIS IS SOMETHING THAT IS NOT NEW ACCORDING TO THUNE OR THE SPEAKER OF THE HOUSE, MIKE JOHNSON. HE SPOKE TO REPORTERS EARLIER TODAY. LET’S LISTEN. >> HE OFFERED TO CHUCK SCHUMER A VOTE ON OBAMACARE SUBSIDIES AND SCHUMER SAID NO. THAT HAPPENED. ASK LEADER THUNE ABOUT IT. BECAUSE THEY WANTED A GUARANTEED OUTCOME. HERE’S WHY WE CAN’T DO THAT LET ME SAY THIS VERY CLEARLY AND FOR EVERYONE AGAIN. OK. THE OBAMACARE SUBSIDY ISSUE IS NOT THE ISSUE OF TODAY. IT IS A SUBSIDY THAT EXPIRES DECEMBER 31. WE WERE ALWAYS PLANNING TO CONTINUE THE DEBATE AND DISCUSSION ABOUT THAT ISSUE IN OCTOBER AND NOVEMBER. IRONICALLY, DEMOCRATS ARE TAKING THE TIME OFF THE CLOCK FOR US TO DO THAT. JOE: OK SO JOHN THUNE GOT EVERYBODY’S HOPES UP ON MSNBC THIS MORNING, OF ALL NETWORKS NOW. SPEAKER JOHNSON IS THERE TO MAYBE PUT A LITTLE COLD WATER ON THIS. MAYBE NOTHING HAS CHANGED. THAT’S WHY WE WANT TO TALK TO MARK SHORT. FORMER CHIEF OF STAFF TO VICE PRESIDENT MIKE PENCE. HE WAS ALSO THE LIAISON TO CONGRESS. CONGRESSIONAL DIRECTOR IN THE ORIGINAL TRUMP ADMINISTRATION. MARK SHORT, WELCOME BACK. IT’S GREAT TO SEE YOU. ARE WE CLOSER TO THIS BEING RESOLVED OR -- >> THAT I THEY’RE CLOSER JUST BECAUSE OF A TIMELINE. JOE: SO NO, NOT REALLY. >> NOT SO MUCH BECAUSE OF THE POLICIES. LOOK, I THINK THIS HAS ALWAYS BEEN THE -- WE’VE TALKED ABOUT THIS. EVENTUALLY I THINK REPUBLICANS WILL CAVE ON THE OBAMACARE SUBSIDIES. AND THAT WAS ALWAYS THE WAY THAT THIS IS GOING TO RESOLVE ITSELF. BECAUSE THE TIMELINE OF THIS. BUT I THINK SPEAKER JOHNSON’S RIGHT. IT’S ALWAYS BEEN ON THE TABLE AS FAR AS A VOTE. IT’S INTERESTING THAT DEMOCRATS DIDN’T JUMP ON THAT AND I THINK THE REASON IS BECAUSE I THINK THEY’RE FEELING MORE AND MORE CONFIDENT IN THEIR OWN POSITION HERE. WHICH IS A SURPRISE BECAUSE I THINK TRADITIONALLY WHEN REPUBLICANS HAVE FORCED SHUTDOWNS, EVENTUALLY THE AMERICAN PEOPLE SAY, WHO FORCED THIS AND THEY DON’T GET REWARDED FOR IT. I THINK IN THIS CASE DEMOCRATS FORCED THE SHUTDOWN BUT I THINK THEY’RE FEELING THAT THEY’RE GOING TO WIN ON THE OBAMACARE SUBSIDIES ISSUE SO A VOTE BEING GIVEN NOW IS NO LONGER SUFFICIENT FOR THEM. JOE: WHEN YOU WERE LEGISLATIVE DIRECTOR IN THE FIRST TRUMP TERM, YOU WOULD HAVE BEEN MAKING PHONE CALLS THIS WEEK SAYING, WE GOT THE TROOPS PAID, WE’VE GOT FEDERAL LAW ENFORCEMENT, WE GOT MONEY FOR W.I.C. THESE ARE REALLY INTERESTING MOVES THAT THE ADMINISTRATION HAS BEEN MAKING TO SAY, WELL IN THE WORDS OF RUSS VOUGHT, WE’RE HUNKERING DOWN FOR A LONG ONE. >> I THINK THEY ARE BECAUSE I ALSO THINK THE ADMINISTRATION ACTUALLY IS SORT OF, YOU KNOW, ENGAGED A LEVEL ABOVE CONGRESS. THE PRESIDENT IS IN ISRAEL STRIKING HISSER TO DIKES. THE PRESIDENT’S -- DEALS. THE PRESIDENT’S LOOKING FOR THE NEXT NEGOTIATION IN UKRAINE. HE’S LOOKING FOR HIS TRADE DEAL WITH XI COMING UP IN NOVEMBER. SO I THINK THAT THEY’RE AT A WHOLE DIFFERENT LEVEL AND CONGRESS IS BENEATH THEM SO WHY GET MEYERED IN THAT RIGHT NOW? I THINK THERE ISN’T AS MUCH INTEREST IN THE WHITE HOUSE TO ENGAGE. IT ALSO SLOWS DOWN A NEGOTIATION TO RESOLVE THE SHUTDOWN. JOE: IT DOES, RIGHT? YOU HAVE MIKE JOHNSON SAYING THIS COULD BE THE LONGEST EVER. IS THAT WHERE YOUR HEAD IS? >> I’M NOT SURE IT’S THE LONGEST EVER BECAUSE I STILL THINK THAT THE NEXT SORT OF BACK STOP ON THIS IS NOVEMBER 1, WHEN THE ANNOUNCEMENTS OF THE NEW INSURANCE PREMIUM GOES OUT. SO I THINK THAT THAT’S GOING TO BE A PRESSURE POINT. JOE: DO REPUBLICAN GOVERNORS START CRYING AT THAT POINT? >> I THINK PROBABLY SO. TO GO BACK, WHEN WE FAILED IN OUR EFFORT TO REPEAL OBAMACARE, ONE OF THE MOST UNTOLD STORIES OF THAT IS IT WAS REALLY REPUBLICAN GOVERNORS BECAUSE SO MANY OF THE OBAMACARE SUBSIDIES, THEY WERE GETTING MEDICAID FUNDING, THEY DID NOT WANT THAT TO STOP. AND THEY WERE CALLING LEGISLATORS ASKING THEM NOT TO VOTE TO REPEAL OBAMACARE. JOE: THAT’S A REALLY IMPORTANT STORY TO RECALL. THIS COULD BE HAPPENING AGAIN RIGHT NOW. >> ABSOLUTELY. YEAH. I THINK THERE WILL BE A LOT OF PRESSURE FROM REPUBLICAN GOVERNORS. I THINK THERE’S ENOUGH REPUBLICAN MEMBERS WHO REPRESENT DISTRICTS, LOOK AT MARJORIE TAYLOR GREENE, FOR INSTANCE. WHO HAS BEEN OUT THERE SAYING THAT WE NEED TO EXTEND THE SUBSIDIES. I PERSONALLY THINK IT’S A TERRIBLE POLICY. I THINK THAT THE DEMOCRATS WERE REALLY SHREWED IN WINNING OVER INSURANCE COMPANIES BY PROMISING SUBSIDY THANKS THAT STARTED AT 400% OF POVERTY LEVEL AND NOW WE’RE ABOVE THAT. TO BE PROVIDING SUBSIDIES. BUT I THINK POLITICALLY THERE’S ENOUGH REPUBLICANS WILLING TO GO ALONG WITH IT THAT THAT’S STILL GOING TO BE THE OUTCOME OF THIS. JOE: WITH CONDITIONS, RIGHT? REPUBLICANS OBVIOUSLY ARE SOMETHING ON PAPER THAT’S GOING TO SAY IT -- OBVIOUSLY HAVE SOMETHING ON PAPER THAT’S GOING TO SAY AN NUMBER CAP OF $200,000, A POINT OF EXPIRATION? THE IDEA WAS AT SOME POINT THESE WOULD NOT BE MADE PERMANENT ALTHOUGH A LOT OF DEMOCRATS WANTED IT TO BE. >> THAT’S WHAT WE HAVE RIGHT NOW. THERE’S A POINT OF EXPIRATION DURING THE COVID. THIS WAS LEGISLATED TO EXTEND THEM FOR TWO YEARS. SO I THINK THAT, YOU KNOW, THE HARDEST THING TO DO IS END THE GOVERNMENT PROGRAM. SO I THINK THAT EVEN THOUGH YOU MIGHT HAVE A TEMPORARY END DATE, IT WILL BE HARD TO SEE THE POLITICAL MUSCLE TO END IT AT THAT POINT TOO. JOE: DEMOCRATS SAY DONALD TRUMP MADE THE 2017 TAX CUTS PERMANENT, WHY CAN’T WE MAKE THIS PERMANENT? >> WELL, AGAIN, I THINK THAT DEMOCRATS CREATED A GOVERNMENT-RUN HEALTH CARE SYSTEM THAT’S BEEN A TOTAL DISASTER, THAT CONTINUES TO CREATE MORE AND MORE AND MORE GOVERNMENT FUNDING. I DON’T THINK PEOPLE ARE HAPPY WITH IT BUT THEY’VE CREATED A SYSTEM WHERE IT’S TOO EXPENSIVE IF WE DON’T EXTEND THE SUBSIDIES. AND THAT’S JUST THE ONGOING PROBLEM THAT WE’RE IN NOW. JOE: JOHN THUNE’S DOING MORE THAN PROMISING OBAMACARE VOTES AND WE’VE GOT JUST ABOUT A MINUTE LEFT HERE. HE’S GOING TO HAVE A VOTE ON THE NDAA POTENTIALLY BY THE END OF THE DAY. WHAT DO YOU MAKE OF THAT STRATEGY TO SEE IF WE CAN GET DEMOCRATS TO COME TO THE FLOOR TO VOTE FOR SOMETHING? >> I THINK IT’S REALLY SMART BECAUSE EITHER YOU’RE SAYING, HEY, WE WANT TO CONTINUE WITH GOVERNMENT FUNDING OR CONTINUE THE BUSINESS OF THE SENATE, OR WE’RE GOING TO SHUT DOWN. SO I THINK IT’S SMART FOR THEM TO KEEP PUTTING FORWARD VOTES OF THAT NATURE, WHETHER IT’S FUNDING D.O.D. OR NDAA. I THINK THOSE ARE SMART MOVES. JOE: DOES THAT SHAKE A COUPLE OF DEMOCRATS LOOSE? >> IT COULD. I THINK IT COULD SHAKE THEM LOOSE ON THESE INDIVIDUAL BILLS. I THINK THAT THE C.R. IS NOT GOING TO BE SOLVED UNTIL YOU GET AROUND THE NUMBER FIRST AND YOU GET A PUSH ON THE SUBSIDIES. JOE: WE’RE GOING TO BE IN TURKIYE STILL TALKING ABOUT THIS, RIGHT? DON’T ANSWER THAT. MARC SHORT, REPUBLICAN STRATEGIST ON "BALANCE OF POWER" ON BLOOMBERG TV AND RADIO. I’M JOE MATHIEU IN WASHINGTON. WE’LL HAVE THE LATEST ON THE SHUTDOWN, DAY 16, AND LOOK AHEAD TO TOMORROW’S MEETING WITH PRESIDENT ZELENSKYY WHEN WE MEET ON THE LATE EDITION OF "BALANCE OF POWER" AT 5:00 P.M. EASTERN. STAY WITH US HERE ON BLOOMBERG. ♪
Trump Says He’ll Meet Putin Again | Balance of Power 10/16/2025
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♪ ANNOUNCER: LIVE FROM WASHINGTON, D.C. THIS IS "BALANCE OF POWER" WITH JOE: MATH -- JOE MATHIEU. JOE: DAY 16 OF THE SHUTDOWN AND THERE MAY BE A GLIMMER OF HOPE. SENATE MAJORITY LEADER JOHN THUNE PROMISES DEMOCRATS A VOTE ON OBAMACARE SUBSIDIES. WE’RE GOING TO GET THE LATEST FROM JACK FITZPATRICK AT BLOOMBERG GOVERNMENT. HE’S LIVE ON THE HILL TODAY. PRESIDENT TRUMP IS ON THE LINE RIGHT NOW WITH VLADIMIR PUTIN. AS UKRAINE CALLS FOR TOMAHAWK MISSILES, WE’RE GOING TO TALK ABOUT DEFENSE SPENDING AND INVESTMENTS ACROSS THE CONTINENTAL WHEN WE SIT DOWN WITH NADIA, THE PRESIDENT OF THE EUROPEAN INVESTMENT BANK, WITH US IN STUDIO ON THIS I.M.F. WEEK IN WASHINGTON. AND WE’LL HAVE A LOT MORE WITH REPUBLICAN STRATEGIST MARK SHORT, HE’S GOT HIS SIGHTS ON THE SHUTDOWN, AS DOES OUR POLITICAL PANEL. CHARLIE PELLETT BRINGS US UP TO DATE. THE THURSDAY TRADE. WHAT DO YOU I HAVE? CHARLIE: A LOT OF RED ON THE SCREEN. WITH THE DOW, THE S&P, NASDAQ, ALL DECLINING. NASDAQ 100 INDEX BACK IN THE GREEN, YES, WE’RE OFF SESSION LOWS. S&P RIGHT NOW DOWN 14, 6657. THAT IS A DROP OF .2%. WALL STREET’S A.I.-FUELED RALLY SPUTTERING AS A PAIR OF REGIONAL BANKS TUMBLED. RIGHT NOW THE DOW IS DOWN 92, A DROP OF .2%. NASDAQ LOWER BY 12, A DECLINE THERE OF .1%. THOSE REGIONAL BANKS ARE ZION’S BANK CORPS AND ALSO WESTERN ALLIANCE BANK CORPS. THE 10-YEAR YIELD, 3.99% ON YOUR 10-YEAR. THE TWO-YEAR, 3.44%. GOLD IS AT $4281 THE OUNCE. SURGING ANOTHER $73. UP 1.8%. SILVER, 5684 THE OUT OF BOUNDS, UP 1.5%. AND BITCOIN RIGHT NOW, 109,000, THAT’S A DROP OF 1.9%. SO THE DOW, THE S&P, NASDAQ, ALL IN THE RED. AMONGST SOME OF THE OTHER BANKS REPORTING EARNINGS, BANK OF NEW YORK MELON’S THIRD QUARTER PROFIT RUN TOESED ANALYSTS’ PREDICTIONS. SHARES OF THE BANK RIGHT NOW, THEY ARE TRADING LOWER BY .6%. SCHWAB ALSO OUT WITH EARNINGS, UP .7%. AND U.S. BANK CORPS, LITTLE CHANGED ON THE DAY, UP UNDER .1%. AGAIN, RECAPPING, STOCKS LOWER WITH THE S&P DOWN 22, NOW DOWN .3%. "BALANCE OF POWER" CONTINUES RIGHT NOW. BACK WE GO TO WASHINGTON. ONCE AGAIN, YOUR HOST, HERE HE IS, JOE MATHIEU. JOE: ALL RIGHT, WE THANK YOU AS ALWAYS. CHARLIE WILL HAVE MORE IN 20 MINUTES’ TIME AS WE WATCH WALL STREET TOGETHER HERE ON "BALANCE OF POWER." THANKS FOR JOINING US. WE’RE LIVE IN WASHINGTON AS ALWAYS. ON BLOOMBERG TV AND RADIO. AND GOOD TO HAVE YOU ALONG AS WE CONSIDER NOW DAY 16 OF A GOVERNMENT SHUTDOWN THAT DOES NOT SHOW SIGNS OF STOPPING. AND OF COURSE THAT’S BEEN THE HEADLINE SINCE THIS ALL STARTED. BUT GOD FORBID THERE BE A GLIMMER OF HOPE. IT DOES SEEM LIKE WE COULD HAVE FAST-FORWARDED TO THIS MOMENT AS THE SENATE MAJORITY LEADER GOES ON MSNBC TO MAKE A GUARANTEE THAT DEMOCRATS WILL GET A VOTE ON OBAMACARE SUBSIDIES. WE HAD SPOKEN REPEATEDLY WITH DEMOCRATIC LAWMAKERS TO SEE IF THAT PROMISE OF AN UP OR DOWN VOTE WOULD BE ENOUGH TO GET THEM TO SIGN ON TO A CONTINUING RESOLUTION THAT WOULD REOPEN THE GOVERNMENT. SOME SAID YES, MAYBE, DEPENDS WHAT FORM. WHAT ARE WE HEARING? OF COURSE JOHN THUNE SAYS THAT HAS BEEN THE OFFER AT LEAST QUIETLY ALL ALONG. HE SAID IT OUT LOUD THIS MORNING ON MSNBC. LISTEN. >> I’VE TOLD THEM. I SAID, WE’RE WILLING TO HAVE A CONVERSATION. IF YOU NEED A VOTE, WE CAN GUARANTEE YOU GET A VOTE BY A DATE CERTAIN. AT SOME POINT DEMOCRATS HAVE TO TAKE YES FOR AN ANSWER. BUT I AGREE TOTALLY. WE ARE ALL ABOUT GETTING HEALTH INSURANCE DOWN, MAKING IT AFFORDABLE TO MORE PEOPLE. >> I HEAR YOU SAYING ABOUT THE PROGRAM THAT NEEDS REFORMS, IT SOUNDS LIKE YOU’RE GUARANTEEING THAT THERE WILL BE A NEGOTIATION ON THIS. >> WHAT I’M SAYING IS THERE IS A PATH FORWARD, I BELIEVE. >> YES OR NO? >> IT HAS TO INCLUDE REFORMS. AND, YOU KNOW, CAN I GUARANTEE AN OUTCOME? NO. JOE: CANNOT GUARANTEE AN OUTCOME BUT CAN APPARENTLY GUARANTEE A VOTE. DOES THIS START TO TURN THE GEARS? MAYBE NOT. BUT WE DO CHECK IN WITH JACK FITZPATRICK. HE’S TALKING TO LAWMAKERS FIRSTHAND AND BRINGS US THE LATEST NOW FROM CAPITOL HILL. BLOOMBERG GOVERNMENT CONGRESS REPORTER, JACK, I KNOW YOU’VE PROBABLY HEARD THIS BEFORE BUT FOR SOME FOLKS IT’S NEW AND IT MIGHT BE REASSURING TO DEMOCRATS. DOES JOHN THUNE’S POSTURE HELP THE STANDOFF? REPORTER: WELL, THAT’S THE RIGHT QUESTION. IT’S A MATTER OF JOHN THUNE’S POSTURE AND THE SPECIFIC WORDING HE’S USING. WE HAD NOT HEARD FROM THE MAJORITY LEADER OUT LOUD ON TV SAYING, YES, HE CAN GUARANTEE A VOTE IN THE FUTURE. THAT IS NOT ENOUGH FOR A LOT OF DEMOCRATS. THAT DOESN’T MEET THE STANDARD SET BY HAKEEM JEFFRIES. GENERALLY IT DOESN’T SOUND LIKE THAT’S ENOUGH TO MOVE US TOWARD AN END TO THE SHUTDOWN BUT IT DOES REPRESENT A BIT OF A CHANGE. AT LEAST IN RHETORIC, AT LEAST IN WHAT REPUBLICANS FEEL THEY NEED TO MAKE SURE THEY’RE SAYING CLEARLY. IT LOOKS LIKE THERE’S A BIG GAP STILL BETWEEN WHAT REPUBLICANS WANT AND WHAT DEMOCRATS ARE TRYING TO GET OUT OF THEM. BUT IF YOU’RE LOOKING FOR SOME TEA LEAVES, IF YOU’RE LOOKING FOR A LITTLE BIT OF MOVEMENT TO SEE IF ONE SIDE HAS THE MOMENTUM OVER THE OTHER, IT CERTAINLY IS NOTABLE TO SEE THE REPUBLICAN MAJORITY LEADER SAY HE’S COMFORTABLE SAYING THERE ABSOLUTELY COULD BE A VOTE ON THIS POLICY DEMAND THAT DEMOCRATS ARE MAKING. EVEN THOUGH HE WANTS IT TO BE SEPARATE FROM THE VOTE TO END THE SHUTDOWN. JOE: GOT IT. IN THE MEANTIME, WE’RE GOING TO DO DAILY VOTING ON THE REPUBLICAN C.R. I PRESUME THAT’S BEEN THE STRATEGY ESSENTIALLY EACH DAY, WORKING DAY, THAT JOHN THUNE HAS HAD THE MEMBERSHIP HERE. AND I ASK YOU THAT KNOWING THAT THE PRESIDENT HAS COVERED A NUMBER OF PAYCHECKS FOR ACTIVE DUTY MILITARY, FOR FEDERAL LAW ENFORCEMENT, THEY’VE ALSO HELPED TO RE-ENFORCE FUNDING FOR THE WYC PROGRAM. CAUSING A LOT OF PEOPLE TO SAY, HEY, THERE’S CLEARLY NO INFLEXION POINT THAT’S GOING TO GET EVERYONE TO THE TABLE AND WE COULD HAVE A RECORD SETTER HERE. THE PRESIDENT HAS ONLY COVERED ONE PAY CYCLE FOR MILITARY PAYCHECKS. DO YOU KNOW FOR STARTERS THAT THAT MONEY WILL BE DELIVERED AND IS THERE A PLAN FOR WHAT HAPPENS IN TWO WEEKS? REPORTER: THE WORDING FROM THE WHITE HOUSE IN THE IMMEDIATE TERM IS SO CLEAR THAT REGARDLESS OF WHATEVER LEGAL QUESTIONS ABOUT IT, IT DOES SEEM THAT THIS PAYCHECK IS BEING COVERED. BUT YOU’RE VERY RIGHT TO ASK ABOUT THE NEXT PAYCHECK BECAUSE BOTH SIDES HAVE BEEN DIGGING IN IN PREPARATION FOR A LONG SHUTDOWN AND TWO WEEKS FROM NOW IT MAY NOT BE OVER AND THE ANNOUNCEMENTS FROM THE WHITE HOUSE AND WHAT WE’VE SEEN FROM THE TRUMP ADMINISTRATION BROADLY ON MAKING SURE TROOPS ARE BEING PAID DOES NOT NECESSARILY COVER THAT. SO THERE MAY BE A WHOLE NEW ROUND OF LOGISTICAL AND LEGAL QUESTIONS ABOUT HOW THEY CAN MOVE MONEY AROUND. THERE’S LAYER UPON LAYER OF BE A STRAKS HERE THAT MAKES IT DIFFICULT TO PREDICT BUT YOU’RE RIGHT THAT THIS SHUTDOWN COULD GO FOR ANOTHER TWO WEEKS AND THAT RAISES THE QUESTION OF TROOP PAY ALL OVER AGAIN. JOE: DO YOU SAY TWO WEEKS BECAUSE OF OPEN ENROLLMENT ON THE FIRST OF NOVEMBER? IS THAT THE NEXT SORT OF STOP ON THE CALENDAR THAT MIGHT FORCE A CONVERSATION? REPORTER: THE FACT THAT IT ALLIANCE ROUGHLY WITH ANOTHER ROUND OF QUESTIONS ABOUT TROOP PAY IS KIND OF CONVENIENT OR INCONVENIENT DEPENDING ON YOUR PERSPECTIVE. BUT YES, DEMOCRATS ARE REALLY FOCUSED ON NOVEMBER 1 AND THE LEAD UP TO NOVEMBER 1. OPEN ENROLLMENT IS NOVEMBER 1. THE EXPECTATION OF LETTERS FROM HEALTH INSURANCE COMPANIES THAT COULD WARRANT AN INCREASED PREMIUMS NEXT YEAR IS ANOTHER POLITICAL PRESSURE POINT. SO AS WE AT LEAST GET CLOSER TO NOVEMBER 1, THAT REALLY IS THE KEY TO THE DEMOCRATIC STRATEGY AND WHEN YOU HEAR MEMBERS TALK THIS MUCH ABOUT NOVEMBER 1, IT IS CLEAR THEY ARE PREPARING FOR A SHUTDOWN THAT COULD GO IN EXCESS OF A MONTH. JOE: SURE SOUNDS LIKE IT. BATTING DOWN THE HATCHES WAS THE WORD FROM RUSS VOUGHT. GIVE US A TASTE OF THE CULTURE. YOU’RE UP THERE. WHAT’S GOING ON? ARE LAWMAKERS HANGING AROUND THEIR OFFICES ARE THEY ALL AT BULL FEATHERS DRINKING BEERS? WHAT DO YOU DO WHEN IT’S WEEKS ON END OF A SHUTDOWN WITH NO OFF-RAMP IN SITE? REPORTER: IT’S VERY DIFFERENT IN THE HOUSE AND SENATE, OBVIOUSLY. IN THE SENATE THEY’RE VOTING OVER AND OVER AGAIN. IT’S GROUNDHOG’S DAY. THEY HAVE TO MAKE IT TO VOTES, THEY HAVE TO MAKE IT THROUGH SCRUMS OF REPORTERS WHO ARE ASKING IF THERE’S ANY CHANGE IN THEIR POSITION. IT IS QUITE REPETITIVE BECAUSE THIS IS 10 VOTES NOW THAT ARE FAILED ON THE REPUBLICAN C.R. I THINK WE’RE AT SEVEN THAT FAILED ON THE DEMOCRATIC MEASURE. IT’S VERY REPETITIVE. NOT A LOT OF PROGRESS AND THEN IN THE HOUSE YOU HAVE DEMOCRATS MAKING A POINT TO BE HERE SAYING, WE’RE READY TO WORK. BUT VERY, VERY QUIET, ALMOST EERILY QUIET IN THE HOUSE. OVERALL, COMPARED TO PAST SHUTDOWNS, THIS IS A STRANGELY REPETITIVE BUT QUIET ONE IN WHICH THERE REALLY ARE NOT SIGNIFICANT NEGOTIATIONS AND BACK-ROOM HORSE TRADING GOING ON. JOE: DOES SPEAKER JOHNSON KEEP EVERYBODY OUT THEN? UNTIL FURTHER NOTICE? WILL THEY BE BACK NEXT WEEK? REPORTER: HE SEEMS DETERMINED TO KEEP THEM OUT UNTIL THE SHUTDOWN IS OVER. THAT’S WHAT HE SAID OVER AND OVER AGAIN. CLEARLY DEMOCRATS THINK THAT IS A PRESSURE POINT, WHEN YOU SEE THE FOCUS ON REPRESENTATIVE-ELECT >> I HALLUCINATE HAVE A WHO HAS STILL NOT -- GRIHALVA WHO HAS STILL NOT BEEN SWORN IN. THE ACCUSATIONS THAT JOHNSON IS DOING THIS TO HOLD UP PROGRESS ON THE MEASURE TO REQUIRE THE RELEASE OF JEFFREY EPSTEIN DOCUMENTS, IT MAY GET MORE AND MORE UNCOMFORTABLE FOR HIM TO MAINTAIN THAT POSITION AS TIME GOES ON. BUT HE HAS NOT WAVERED, HE HAS SAID THERE’S NO NEGOTIATING, NO WORK TO BE DONE UNLESS THE SHUTDOWN ENDS. AND I DON’T SEE ANY SIGNS OF HIM CHANGING HIS MIND AT THIS POINT. JOE: THERE YOU HAVE IT FROM JACK FITZPATRICK. TAKE IT TO THE BANK FOR NOW. 16 DAYS OF THE SHUTDOWN NOW. WAVE BEEN TALKING THIS -- WE’VE BEEN TALKING ABOUT THIS WEEK BEFORE IT HAPPENED WHEN THE VOTES TAKE PLACE, WE’LL OF COURSE LET YOU KNOW. THE OTHER MAJOR STORY THAT WE’RE FOLLOWING TODAY BRINGS US TO THE OTHER END OF PENNSYLVANIA AVENUE. DONALD TRUMP ON TRUTH SOCIAL JUST BEFORE WE CAME TO AIR, THIS IS NOW ALMOST TWO HOURS AGO, I AM SPEAKING TO PRESIDENT PUTIN NOW, HE WROTE. WE DID GIVE A HEADLINE A BIT EARLIER THAT THEY WERE EXPECTED TO SPEAK TODAY. THE CONVERSATION HE SAYS IS ONGOING. A LENGTHY ONE. AND I WILL REPORT THE CONTENTS AS WILL PRESIDENT PUTIN AT ITS CONCLUSION. THIS CALL COULD STILL BE UNDER WAY. WE DON’T KNOW. THERE WAS A QUESTION ABOUT TOMAHAWKS ALONG WITH OTHER DEFENSIVE WEAPONRY THAT CAME FROM PRESIDENT EXCELLENCE CHEMIST HE’S GOING TO BE MEETING WITH -- ZELENSKYY. HE’S GOING TO BE MEETING WITH PRESIDENT TRUMP TOMORROW. THIS 48-HOUR PERIOD COULD BE CRITICAL IN DETERMINING THE NEXT PHASE OF THE WAR IN UKRAINE. AND IT’S COMING AGAINST THE BACK DROP, OF COURSE, OF CALLS FOR ADDITIONAL DEFENSE INVESTMENTS ACROSS THE CONTINENT WHICH IS WHY IT’S A PLEASURE TO BE ABLE TO SPEND SOME TIME WITH NADIA. THE PRESIDENT OF THE EUROPEAN INVESTMENT BANK WHICH I WANT YOU TO THINK OF AS THE FINANCIAL ARM IF YOU WILL OF THE EUROPEAN UNION. IT’S GREAT TO HAVE YOU WITH US ON BLOOMBERG TV AND RADIO. THANK YOU FOR BEING HERE. WELCOME TO WASHINGTON. I HOPE YOUR MEETINGS HAVE BEEN GOING WELL. >> YES, THEY’RE GOING REALLY WITH VERY INTERESTING. IT’S ALWAYS A PLEASURE TO BE BACK HERE ON BLOOMBERG. JOE: ACCORDING TO OUR REPORTING, THE EUROPEAN UNION HAS A FIVE-YEAR PLAN TO REARM AND RESTRAIN RUSSIA. TO WHAT EXTENT IS THE E.I.B. INVOLVED IN THAT BROAD INVESTMENT THAT WILL CLEARLY TAKE YEARS TO REALIZE? >> INDEED. THE EUROPEAN INVESTMENT BANK AS THE FINANCING ARM OF THE EUROPEAN UNION HAS AN IMPORTANT ROLE TO PLAY IN STEPPING UP EUROPE’S CAPABILITIES IN THE AREA OF SECURITY AND DEFENSE. THERE ARE MANY DIFFERENT NEEDS. WE ARE VERY WELL PLACED TO FINANCE SOME KEY LARGE INFRASTRUCTURES, CRITICAL INFRASTRUCTURE, MILITARY FACILITIES, ALSO RESEARCH, PRODUCTION CAPACITY, FOR EXAMPLE, DRUG MANUFACTURING. AND ALSO SUPPORT, FINANCIAL SUPPORT TO SMALL AND MEDIUM SIZED COMPANIES IN THE SUPPLY CHAIN OF LARGE EUROPEAN CONTRACTORS. IT IS UNFORTUNATE. I THINK THAT WE ARE LIVING THIS SITUATION BUT EUROPE HAS A VERY CLEAR VISION OF WHERE TO GO, THE EUROPEAN INVESTMENT BANK IS HELPING GET THERE. JOE: IT’S INTERESTING, WE’RE SEEING A LOT OF THESE SMALLER DEFENSE COMPANIES, IN SOME CASES STARTUPS, THAT ARE RE-INVENTING THE WAY THAT WE LOOK AT THIS AND IN SOME CASES CHALLENGING THE OLD LINE, BIG DEFENSE CONTRACTORS, WHEN IT COMES TO DIFFERENT CONTRACTS. YOU MENTIONED DRONES, WHICH IS SOMETHING THAT IS A BIG DEAL HERE IN THE CONVERSATION ABOUT DEFENSE TECHNOLOGY. THAT THE E.I.B. IS READY TO INVEST MILLIONS OF EUROS IN EUROPE’S DRONE DEFENSES. HOW WOULD THAT BE DOLLED OUT AND HOW ARE YOU LOOKING AT THAT AS A CONTINENTAL, AS OPPOSED TO A COLLECTION OF COUNTRYS? >> RIGHT NOW WE HAVE A VERY ROBUST PIPELINE OF MORE THAN 30 FLAGSHIP PRODUCTS IN THE DIFFERENT AREAS I MENTIONED. BUT WE’RE FOLLOWING VERY ATTENTIVELY THE UPCOMING MEETING OF LEADERS, OF PRIME MINISTERS AND PRESIDENTS THAT WILL TAKE PLACE NEXT WEEK. THE EUROPEAN COUNCIL MEETING. TO SEE WHAT IS THEIR VISION PRECISELY WHEN IT COMES TO RE-ENFORCING THE EASTERN BORDER OF THE E.U. ALSO DRONE MANUFACTURING AND PROTECTION AGAINST ENEMY DRONES, ETC. AND WE WILL BE READY TO HELP AND SUPPORT IN THOSE AREAS WHERE WE HAVE MOST VALUE ADDED. JOE: I CAN TELL YOU THAT THE PRESIDENT’S PHONE CALL WITH VLADIMIR PUTIN HAS JUST ENDED. MIGHT WANT TO TAKE A LOOK AT WHAT HE’S WRITING HERE. HE SAID, WE JUST CONCLUDED THE TELEPHONE CALL AND IT WAS A VERY PRODUCTIVE ONE, SAYS PRESIDENT TRUMP PRESIDENT TRUMP. PRESIDENT PUTIN CONGRATULATED ME AND THE UNITED STATES ON THE GREAT ACCOMPLISHMENT OF PEACE IN THE MIDDLE EAST. SOMETHING THAT HE SAID HAS BEEN DREAMED OF FOR CENTURIES. HE GOES ON TO TRY TO CONNECT THE MIDDLE EAST TO THE WAR IN UKRAINE HERE. EVEN MENTIONS THE FIRST LADY. SAYS THEY SPENT A LOT OF TIME TALKING ABOUT TRADE, BETWEEN RUSSIA AND THE U.S. WHEN THE WAR WITH UKRAINE IS OVER. AND SAID THAT AT THE CONCLUSION OF THE CALL, WE AGREED THAT THERE WILL BE A MEETING OF OUR HIGH-LEVEL ADVISORS NEXT WEEK. THE UNITED STATES’ INITIAL MEETINGS WILL BE HELD BY SECRETARY OF STATE MARCO RUBIO TOGETHER WITH VARIOUS OTHER PEOPLE TO BE DESIGNATED, A MEETING LOCATION TO BE DETERMINED AND THEN HE SAYS HE AND PUTIN WILL MEET IN AN AGREED-UPON LOCATION. BUDAPEST, HUNGARY, TO SEE IF WE CAN BRING THIS INGLORIOUS WAR TO AN END. HE REFERS TO THE ZELENSKYY MEETING TOMORROW IN WHICH HE WILL DISCUSS HIS CONVERSATION WITH PRESIDENT PUTIN. SO WE HAVE ANOTHER MEETING. DOES THIS KIND OF TALK SOUND PRODUCTIVE TO YOU OR MORE OF THE SAME? >> WELL, I THINK IT’S VERY GOOD TO CALL THIS AN INGLORIOUS WAR. THIS IS PUTIN’S WAR. A WAR OF AGGRESSION. A WAR OF CHOICE. FROM THE EUROPEAN UNION’S PERSPECTIVE, WE WANT THIS WAR TO FINISH AS SOON AS POSSIBLE. SO WHATEVER, YOU KNOW, CAN GET US TO A FAIR AND STABLE PEACE, OF COURSE, IT HAS TO BE FAIR AND STABLE IF WE WANT IT TO BE PERMANENT, SHOULD BE WELCOMED, OF COURSE. JOE: WHEN WE CONSIDER THE NEED FOR ENERGY AND THE WAR OVER RUSSIAN OIL, WHICH I THINK IS ITS OWN STORY ALTOGETHER, WOULD THE E.I.B. HELP COVER UKRAINIAN PURCHASES OF U.S. L.N.G. IF THAT HELPED TO END THE WAR SOONER? >> WE ARE ACTUALLY -- WE HAVE JUST SIGNED A $300 MILLION DEAL WITH UKRAINE. I HAD A MEETING WITH THE PRIME MINISTER YESTERDAY. AND WE’RE LOOKING INTO OPTIONS TO STEP IT UP EVEN. SO THAT THEY CAN REPLENISH THEIR GAS RESERVES FOR THE WINTER. WE ARE ALSO SUPPORTING UKRAINE WHEN IT COMES TO REBUILDING CRITICAL INFRASTRUCTURES, INCLUDING TRANSPORT AND ENERGY. AND WE ARE SUPPORTING UKRAINE WHEN IT COMES TO REBUILDING THE DAILY -- SUPPORTING THE DAILY LIVES OF UKRAINIANS. SO THAT THEY CAN LIVE LIVES THAT ARE AS NORM AS POSSIBLE IN THESE TOTALLY EXTRAORDINARY AND TERRIBLE CIRCUMSTANCES REPRESENT BUILDING HOSPITALS, SCHOOLS, KINDERGARTENS, PROTECTING THE INFRASTRUCTURE SO CHILDREN CAN GO TO SCHOOL. I THINK THIS IS ESSENTIAL IF WE WANT TO PROTECT A STRONG BASIS FOR THE RECOVERY ONCE THE WAR IS OVER. JOE: SO MUCH WE CAN TALK ABOUT THAT IS DEPRESSING. THE IDEA OF REBUILDING IS THE DEFINITION OF OPTIMISM. I’D LOVE TO HEAR HOW FAR YOU ALLOW YOURSELF TO NOT ONLY THINK ABOUT IT, BUT TO PLAN FOR IT, BECAUSE OBVIOUSLY THIS IS A WAR THAT COULD END SOON AND AN ENORMOUS AMOUNT OF WORK WILL BE DONE AND MONEY REQUIRED FROM GOVERNMENTS AND PRIVATE INDUSTRY, HOW FAR YOU HAVE PLANNED THIS OUT? >> I AM VERY GRATEFUL FOR YOUR QUESTION AND I’M GOING TO ALSO SMILE. YOU KNOW, AND I SAY -- I ACTUALLY THINK -- I AM VERY CONFIDENT THAT UKRAINE WILL BOUNCE BACK VERY STRONGLY ONCE THE WAR IS OVER. BECAUSE I HAVE SEEN THE DETERMINATION, THE RESILIENCE, THE COMMITMENT OF UKRAINIANS. I HAVE ALSO SEEN THE VERY STRONG INFRASTRUCTURES OF THE COUNTRY AND WE HAVE BEEN SUPPORTING THEM FOR MORE THAN TWO YEARS TO MAKE SURE THAT THE COUNTRY HAS A STRONG BASIS ON WHICH TO BUILD THIS RECONSTRUCTION AND ALSO TO PAVE THE WAY FOR A SUCCESSFUL SUCCESSION TO THE EUROPEAN UNION. I AM CONFIDENT. WE JUST NEED PUTIN TO STOP THE WAR AND THEN WE CAN MOVE ON TO A NEW PHASE WHICH CAN BE MORE CONSTRUCTIVE. JOE: IS REBUILDING UKRAINE YEARS OR DECADES? >> I TEND TO THINK IT’S YEARS. ACTUALLY. BECAUSE WE ARE TALKING ABOUT A COUNTRY THAT CONTINUES TO LIVE A QUITE NORMAL LIFE, YOU KNOW, IN THESE CIRCUMSTANCES. THE GOVERNMENT HAS MANAGED TO KEEP A FINANCIAL MANAGEMENT, WHICH RESPONDS TO A NORMAL BUDGET, TO A NORMAL ADMINISTRATION. DESPITE, OF COURSE, THE IMMENSE NEEDS THAT ARE RELATED TO THE WAR. AND SO I THINK THAT THE SOONER WE CAN MOVE TO THE NEXT PHASE, THE BETTER. JOE: THAT IS OBVIOUSLY A BEST CASE SCENARIO, I GUESS, AT THIS POINT. WHEN IT COMES TO EUROPEAN COMMITMENTS LIKE THE ONE THAT WE MENTIONED FOR BUYING U.S. L.N.G., DO YOU WANT TO SEE A MATCHING COMMITMENT FROM THE UNITED STATES OR DO YOU THINK THE ADMINISTRATION HAS DONE WHAT IT CAN AT LEAST FINANCIALLY SPEAKING? >> WELL, RIGHT NOW I THINK WE’LL HAVE TO FOE DMUS SUPPORTING UKRAINE -- FOCUS ON SUPPORTING UKRAINE AND OBVIOUSLY MILITARY SUPPORT IS OF THE ESSENCE. EUROPEAN COUNTRIES ARE CLEARLY STEPPING UP THEIR SUPPORT, NOT ONLY TO PROTECT OURSELVES, TO PROTECT THE EUROPEAN UNION, BUT ALSO TO SUPPORT UKRAINE. COUNTRIES ARE TAKING QUITE NOVEL MEASURES TO PROVIDE THIS SPORT AND I THINK THIS IS THE ESSENTIAL THING SO THAT WE CAN SEE AN END TO THE WAR AND THEN WE WILL HAVE TO SEE HOW EVERYBODY CONTRIBUTES TO SUPPORTING THE RECOVERY OF THE COUNTRY. JOE: FASCINATING TO SPEND SOME TIME WITH YOU, PRESIDENT. THANK YOU SO MUCH FOR BEING WITH US TODAY IN WASHINGTON. HERE ON BLOOMBERG. I HOPE THE REST OF YOUR I.M.F. WEEK IS PRODUCTIVE. >> THANK YOU. JOE: STAY IN TOUCH WITH US AND COME SEE US AGAIN BECAUSE THIS IS A STORY THAT’S VERY IMPORTANT TO US AND ONE THAT’S NOT LIKELY GOING AWAY ANY TIME SOON. PRESIDENT TRUMP’S CALL WITH VLADIMIR PUTIN HAS JUST ENDED. WE’LL HAVE MUCH MORE ON THIS AHEAD. REMEMBERING THAT AT THIS TIME TOMORROW WE’LL BE TALKING ABOUT HIS MEETING IN THE OVAL OFFICE WITH PRESIDENT ZELENSKYY. I’M JOE: JOE MATHIEU IN WASHINGTON. OUR POLITICAL PANEL NEXT HERE ON BALANCE "BALANCE OF POWER" IN WASHINGTON. THE PHONE CALL HAS ENDED WITH VLADIMIR PUTIN, THAT IS TRUMP AND PUTIN BACK ON THE LINE TODAY, JUST 24 HOURS BEFORE PRESIDENT TRUMP HOSTS ZELENSKYY IN THE OVAL OFFICE. YES, ZELENSKYY’S HERE TOMORROW. HAVING MADE THE ASK FOR TOMAHAWK MISSILES. DON’T KNOW IF THE PRESIDENT TALKED ABOUT THE TOMAHAWKS AS HE SAID HE WOULD. BUT WE DID GET A READOUT ON THE CALL FROM THE PRESIDENT. ON TRUTH SOCIAL AND IT’S A DOOZY OF A POST. I WON’T GO THROUGH THE WHOLE THING AGAIN. WHAT A MOMENT TO BE HERE BY THE WAY WITH THE PRESIDENT OF THE EUROPEAN INVESTMENT BANK, JUST AS THAT NOTE HIT. THANKS AS WELL TO NADIA FOR HER CLUTCH ANALYSIS. AT THE CONCLUSION OF THE CALL, PRESIDENT TRUMP SAYS, AND I DON’T HAVE A RUN TIME ON YOU BUT IT LOOKS LIKE IT COULD HAVE GONE TWO HOURS BASED ON THE POSTS THAT CAME BEFORE AND IMMEDIATELY AFTER. WE AGREE THERE WILL BE A MEETING OF OUR HIGH LEVEL ADVISORS NEXT WEEK. WE’VE GOT TWO MEETINGS HERE. HIGH LEVEL ADVISORS, INITIAL MEETINGS LED BY SECRETARY OF STATE MARCO RUBIO, WITH VARIOUS OTHER PEOPLE HE SAYS TO BE DESIGNATED. A MEETING LOCATION TO BE DETERMINED. PRESIDENT PUTIN AND WILL THEN MEET IN AN AGREED-UPON LOCATION. BUDAPEST, HUNGARY. TO SEE IF WE CAN BRING THIS INGLORIOUS WAR BETWEEN RUSSIA AND UKRAINE TO AN END. VICTOR ORBAN RISING. TODAY. RICK DAVIS, IS HERE. ALONGSIDE AISHA MILLS, DEMOCRATIC STRATEGIST. GREAT YOU HAVE TO BOTH WITH US TODAY. RICK, VICTOR ORBAN WHO OF COURSE APPEARED AT CPAC HERE IN WASHINGTON, D.C., A COUPLE OF YEARS AGO, A FRIEND OF THE PRESIDENT, HAS SOMEHOW CORRALLED THIS MEETING FOR HIS BACKYARD OR MAYBE DONALD TRUMP ASKED FOR HIM TO DO THIS. WHAT WILL ANOTHER MEETING BRING TO ENDING THIS WAR? >> YEAH, I WOULDN’T BE SURPRISED THAT VLADIMIR PUTIN DIDN’T ASK FOR IT, TO BE IN BUDAPEST. I THINK THAT’S SORT OF MOSCOW, YOU KNOW, IN THE NATO. SO WE KNOW VICTOR ORBAN’S BEEN OPPOSED TO MUCH OF THE SUPPORT NATO HAS GIVEN TO UKRAINE. SO CERTAINLY NOT A VERY GOOD INDICATION JUST FROM THE SYMBOLISM OF IT ALL TO UKRAINE. THINK THAT SOMEHOW THEY’RE GOING TO GO TO A NEUTRAL LOCATION, HUNGARY IS ANYTHING BUT A NEUTRAL LOCATION TO THE UKRAINIANS. AND OF COURSE WE SAW THE LAST MEETING, THAT DONALD TRUMP CREATED EXPECTATIONS FOR A DEAL WITH VLADIMIR PUTIN IN ALASKA. WAS A MASSIVE BUST. NO MATTER WHAT THE SPIN WAS. IT TURNED OUT TO BE, YOU KNOW, MAYBE ONE OF THE WORST SUMMITS IN PRESIDENTIAL HISTORY. PUTIN WALKED AWAY WITH A LOT OF FANFARE AND THE PRESIDENT SORT OF COW TO OF KOWTOWED TO HIM AND ASKED NOTHING IN RETURN. I WOULD EXPECT THE WHITE HOUSE AND NEGOTIATORS LIKE SECRETARY OF STATE WOULD REALLY EXPECT SOMETHING IN RETURN BEFORE THIS MEETING TAKES PLACE. A MUCH MORE TRADITIONAL SUMMIT WHERE THE OUTCOME IS PRE-ORDAINED AND THAT THE OPTICS ARE THE ONLY THING LEFT. JOE: I DON’T KNOW YOUR THOUGHTS ON THIS, BUT IF YOU’RE PRESIDENT ZELENSKYY, DID YOU JUST GET A CHILL DOWN YOUR SPINE? >> I AM AN AMERICAN AND I JUST GOT A CHILL DOWN MY SPINE. THE FACT THAT THE PRESIDENT IS LITERALLY FREELANCING WITH FOREIGN POLICY RIGHT NOW SHOULD GIVE US ALL PAUSE AND WE SHOULD HAVE GRAVE CONCERNS ABOUT WHAT HE’S DOING ON THE PHONE WITH VLADIMIR PUTIN FOR TWO HOURS. THIS TO ME DOES NOT SOUND LIKE DIPLOMACY. IT REALLY SOUNDS LIKE HE’S BEING COACHED ON HOW TO BE A DICTATOR. AND THE FACT THAT, YOU KNOW, HE KIND OF IS DOING THIS AND WE’RE ALL TALKING ABOUT IT LIKE IT’S NORMAL TO ME IS REALLY WHAT IS MOST DANGEROUS. ESPECIALLY -- WE’RE IN THE MIDDLE -- THERE’S A LIVE WAR THAT’S HAPPENING RIGHT NOW. YOU KNOW, EVERY TIME WE SEE TRUMP COZY UP WITH PUTIN, IT IS JUST A REMINDER THAT HE IS MORE ALIGNED WITH AUTOCRATS THAN HE IS WITH ACTUAL AMERICANS. AND SO I AM COMPLETELY JUST MIFFED BY THE FACT THAT THIS IS HAPPENING, THAT HE IS ON TRUTH SOCIAL POST BEING IT. AND THAT -- POSTING ABOUT IT AND THAT SOMEHOW WE’RE ALL SUPPOSED TO FEEL SOME COMFORT OR RESOLVE IN THE WAY THAT OUR DIPLOMATIC DEALINGS ARE HAPPENING. BECAUSE THIS IS NOT OK. AND MORE IMPORTANTLY, THE WAY THAT, YOU KNOW, TRUMP CONTINUES TO COZY UP WITH AND HAVE ALL OF THESE OFF-THE-WALL, AD HOC CONTACTS WITH DICTATORS AND AUTOCRATS REALLY SHOULD MAKE US FEARFUL ABOUT THE KIND OF LEADERSHIP THAT WE SEE HIM IMPLEMENTING HERE IN THIS COUNTRY. JOE: THIS IS THURSDAY, RICK. THE MEETING OR THE PHONE CALL I SHOULD CALL IT WITH VLADIMIR PUTIN, WHAT WILL FRIDAY BRING WITH PRESIDENT ZELENSKYY? WE ALL KNOW THAT DONALD TRUMP CANS TO LATE FROM ONE SIDE TO THE OTHER PRETTY - -- CAN OSCILATE FROM ONE SIDE TO THE OTHER PRETTY QUICKLY. >> YEAH, EVERYBODY’S EXPECTATION WAS TRUMP HAD LANDED IN THE CORNER OF ZELENSKYY WITH THE MEETING TOMORROW, AND THE UKRAINIAN PEOPLE AND WE’RE GOING TO TRY TO GET SOMETHING DONE. WITH RUSSIA. NICE OPTICS AROUND THE IDEA OF GIVING HOMHAWK WEAPONS TO UKRAINE THAT CAN -- TOMAHAWK WEAPONS TO UKRAINE THAT CAN REACH M MOSCOW. HE SPENT VERY LITTLE TIME RELITIGATING WITH PUTIN THE IDEA OF, YOU KNOW, A PEACE DEAL RIGHT AWAY. AND NOW WE HAVE COMPLETELY A REVERSAL OF THAT, SEEMINGLY. I MEAN, I DON’T WANT TO SPEAK TOO HASTILY THAT SOMEHOW TOMORROW’S MEETING WITH ZELENSKYY ISN’T GOING TO BE A GOOD ONE. SLEPSKY WANTS A TEAL -- ZELENSKYY WANTS A DEAL TOO, RIGHT? ZELENSKYY WANTS PEACE AND THAT -- WHETHER YOU LIKE IT OR NOT, THAT’S GOING TO RUN THROUGH DONALD TRUMP. AND SO ZELENSKYY’S GOT HIS OWN CAPABILITIES TO INFLUENCE THE PRESIDENT. AND CERTAINLY IS ON THE RIGHT SIDE. SO LET’S SEE WHAT HAPPENS. BUT KEEP YOUR FINGERS CROSSED BECAUSE THE ONLY THING WORSE THAN A GOVERNMENT SHUTDOWN IS ZELENSKYY IN THE OVAL OFFICE. [LAUGHTER] JOE: WOW. DOES THIS MEAN NO TOMAHAWKS OR WE HAVE TO WAIT UNTIL TOMORROW? >> I THINK YOU HAVE TO WAIT. LOOK, DONALD TRUMP’S AN UNPREDICTABLE CHARACTER. HE MAISHA MAKES THE POINT THAT YOU DON’T KNOW WHAT YOU’RE GOING TO GET WHEN YOU OPEN UP THAT BOX AND I REFRAIN FROM SAYING HE’S A BOX OF CHOCOLATE. YET AT THE SAME TIME THE WHEELS HAVE BEEN IN MOTION AT THE DEFENSE DEPARTMENT TO QUEUE UP TOMAHAWKS AND SO THE IDEA THAT THIS COULD BE SOMETHING THAT COULD GET DONE WAS I THINK PRETTY ACCEPTABLE TO THE DEFENSE ESTABLISHMENT. SO WE’LL SEE. I’M NOT RULING IT OUT. AND I’M NOT RULING OUT OTHER SUPPORT THAT WE COULD GIVE TO THE EUROPEANS IN ORDER TO HELP SUPPORT THE WAR AT THIS STAGE. JOE: AISHA, C.C. ASKED THE QUESTION, DOES THIS COME TO WHOMEVER SPEAKS TO TRUMP LAST, WHO WINS THE WAR? >> I MEAN, IS THIS MIDDLE SCHOOL? I DON’T KNOW, GUYS. I JUST THINK THAT ALL OF THIS IS JUST COMPLETELY FRIGHTENING AND PREPOSTEROUS, THAT THIS IS HOW WE’RE LITERALLY TALKING ABOUT -- WE’RE NOT TALKING ABOUT PEACE. OR THE UKRAINIAN PEOPLE OR THE STABILITY OF EUROPE. WHICH ARE REALLY THE CONVERSATIONS WE SHOULD BE HAVING. WE’RE TALKING ABOUT WHETHER OUR PRESIDENT LIKES A GUY. IT’S COMPLETELY, YOU KNOW, NERVE RACKING TO ME. SO I DO HOPE THAT THIS GOES WELL. BUT FRANKLY, I AM NOT DHAFT IT WILL. JOE: WE’RE TALKING ABOUT, OF COURSE, THE WAR IN UKRAINE BUT THERE ARE A LOT OF QUESTIONS ABOUT THE PRESIDENT’S FOREIGN POLICY THIS WEEK WITH REVELATIONS YESTERDAY NOW CONFIRMED, IT WAS FIRST A REPORT IN THE WALL "WALL STREET JOURNAL," ACKNOWLEDGED BY THE WHITE HOUSE, THAT PRESIDENT TRUMP HAS APPROVED A COVERT C.I.A. OPERATION INSIDE VENTILATORS. THEY ARE APPARENTLY NOT ARM -- VENEZUELA. THEY ARE NOT ARMED BUT BUSY THERE -- ENGAGED, BUT BUSY THERE. WE’VE NOW BLOWN UP A HALF DOZEN BOATS COMING OUT OF VENEZUELA, SAID TO BE COVERING DRUGS. THE MADURO GOVERNMENT IS OUTRAGED BY THIS WHOLE THING BUT WHAT DO WE THINK THE C.I.A. IS UP TO THERE IF NOT MAPPING TARGETS FOR WHAT COULD BE AN ATTACK BY THE UNITED STATES? >> I THINK IT’S WRONG TO SPECULATE ON WHAT POTENTIAL C.I.A. OPERATORS ARE DOING IN A HOSTILE COUNTRY. THE REALITY IS THERE’S A LIKELY OPPOSITION THERE -- LIVELY OPPOSITION THERE THAT NEEDS HELP BEING ORGANIZED AND SUPPORTED. SO IT COULD BE SOMETHING AS BENIGN AS, YOU KNOW, DOMESTIC POLITICS. AND YET ON THE OTHER HAND, THIS PRESIDENT SEEMS TO BE ON A WAR-FOOTING WITH VENEZUELA. NOT HAS HE ATTACKED THESE DRUG RUNNERS COMING OUT OF VENEZUELA, BUT THEY’VE ALSO MOVED A LOT OF BIG MILITARY ASSETS, SUBMARINES AND FRIGATES AND DESTROYERS, INTO THE CARIBBEAN TO BE STAGED NEAR VENEZUELA. I DON’T THINK WE SHOULD DISCOUNT THAT HE’S PREPARED TO PULL THE TRIGGER ON ANY KIND OF KINETIC EFFORT TO ENGAGE THE VENEZUELANS. I GUESS THE QUESTION THAT I WOULD RAISE IS, WHAT’S THE OUTCOME THINK? MEAN, WHAT HAS BEEN ASKED OF THE VENEZUELANS AND THE MADURO ADMINISTRATION IN ORDER TO SOLVE THIS PROBLEM? BECAUSE IT IS NOW A SHOOTING WAR AND THE QUESTION IS, OVER WHAT? >> EXACTLY. JOE: A GREAT QUESTION. AISHA, THE PRESIDENT SAID YESTERDAY, I AUTHORIZED IT FOR TWO REASONS. OF COURSE HE COULD HAVE TAKEN A PASS ON THIS QUESTION. HE SAID, VENEZUELA LEADERS EMPTIED THEIR PRISONS INTO THE UNITED STATES OF AMERICA. THAT’S ONE AND TWO. WE HAVE A LOT OF DRUGS COMING IN FROM VENEZUELA. IS HE SEEKING REGIME CHANGE OR SOMETHING ELSE? >> HERE’S THE ISSUE THAT I HAVE. CERTAINLY WE WANT TO MAKE SURE THAT THERE ARE NOT DRUG CARTELS FLOODING THE UNITED STATES. OF COURSE. WE CERTAINLY WOULDN’T WANT THAT. MY CONCERN IS IS THAT THIS PRESIDENT IS MAKING REALLY BROAD BLANKET STATEMENTS WITH ABSOLUTELY ZERO EVIDENCE. IT’S ALLEGED THAT THESE BOATS THAT HE’S SHOOTING UP ARE PRESUMABLY, YOU KNOW, BRINGING DRUGS OR WHATEVER IT IS. BUT DO WE HAVE REAL EVIDENCE AND PROOF OF THAT? CONGRESS DOESN’T KNOW WHAT’S GOING ON. THE PRESIDENT HAS NOT ISSUED US ANYTHING THAT REALLY WILL HELP THE AMERICAN PUBLIC UNDERSTAND DEFINITIVELY WHY VENEZUELA IS SUDDENLY THE BIGGEST THREAT TO THE UNITED STATES, THAT WARRANTS THIS TYPE OF ACTION. AND THAT’S MY CONCERN. IS THE COMPLETE AND TOTAL LACK OF TRANSPARENCY, FRANKLY, JUST, YOU KNOW, TAKE HIS WORD FOR IT BECAUSE HE, YOU KNOW, BELLOED OUT SOMETHING AND WE KNOW THAT MUCH OF WHAT HE HAS TO SAY IS MISINFORMATION, DISINFORMATION, HALF-TRUTHS AND A LOT OF LIKE, YOU KNOW, POKING OUT HIS CHEST AND MAKING DECLARATIONS THAT WE DON’T NECESSARILY HAVE A LOT OF EVIDENCE TO BACK UP. AND SO I WOULD JUST LIKE TO UNDERSTAND MORE FROM THIS ADMINISTRATION. IF IT MATTERS THAT ARE THEY CARRY THIS OUT, WHY? JOE: A LOT OF QUESTIONS WITH OUR PANEL THAT HAVE YET TO BE ANSWERED. AISHA MILLS AND RICK DAVIS. MANY THANKS TO BOTH OF YOU FOR YOUR INSIGHTS. MORE AHEAD WITH MARK SHORT. BEGINS. CONNECTING THE DOTS HERE BETWEEN WASHINGTON AND WALL STREET EVERY DAY ON "BALANCE OF POWER." THANKS FOR JOINING US ON BLOOMBERG TV AND RADIO. THE PHONE CALL HAS ENDED, IF YOU’RE JUST JOINING US. DONALD TRUMP SPENT TIME WITH VLADIMIR PUTIN TALKING ABOUT THE WAR IN UKRAINE. IT WASN’T IN PERSON THIS TIME. THEY WERE ON THE PHONE AND IT APPEARS AT LEAST BASED ON THE TRUTH SOCIAL POSTS THAT THAT CALL WAS APPROACHING TWO HOURS IN LENGTH. THE PRESIDENT BACK ON SOCIAL MEDIA TO ANNOUNCE THE CONCLUSION OF THE PHONE CALL. AND THERE IS SOME NEWS HERE. IT DOES NOT INVOLVE TOMAHAWKS OR EVEN A POTENTIAL END OF THE WAR, BUT ANOTHER ROUND OF MEETINGS. HIGH-LEVEL ADVISORS, HE SAYS, WILL MEET NEXT WEEK. LOCATION AND ATTENDANCE, OTHER THAN THE SECRETARY OF STATE, TO BE DETERMINED. BUT HE SAYS PRESIDENT PUTIN AND I WILL THEN MEET IN AN AGREED-UPON LOCATION, BUDAPEST, HUNGARY, TO SEE IF WE CAN BRING THIS INGLORIOUS WAR BETWEEN RUSSIA AND UKRAINE TO AN END. REMEMBERING, OF COURSE, THAT HE MEETS WITH SLAT MIR EXCELLENCE -- VOLODYMYR ZELENSKYY TOMORROW MORNING IN THE OVAL OFFICE. HELPING US QUANTIFY THAT PROGRESS IF POSSIBLE IS BLOOMBERG’S WHITE HOUSE CORRESPONDENT ON THE CASE TODAY AND WITH US HERE IN OUR WASHINGTON BUREAU. LAUREN, IT’S GREAT TO SEE YOU. THIS MEETING TOMORROW WAS ALREADY HIGH STAKES. IF YOU’RE PRESIDENT ZELENSKYY, READING THIS PROBABLY DOESN’T GIVE YOU A LOT OF HOPE THAT TOMAHAWKS ARE ON THE WAY. >> YEAH. CONSIDERING THAT THIS IS THE WAR THAT TRUMP WANTS TO RESOLVE, PERHAPS MAYBE THERE COULD BE AN OPENING FOR ZELENSKYY TO PUSH. TRUMP HAS TALKED ABOUT HOW THIS INFLOORIOUS WAR AS HE PUT IT TODAY IS THE LAST REMAINING ONE THAT HE REALLY WANTS TO SOLVE. AND SO MAYBE SOMETHING WILL BE DIFFERENT, MAYBE CONDITIONS HAVE CHANGED. THAT WAS ONE OF THE BIG QUESTIONS, CAR THE WHITE HOUSE PRESS SECRETARY WAS ON FOX NEWS AND SHE BASICALLY SAID THAT, YOU KNOW, TRUMP AND PUTIN TALKED ABOUT TRADE, SOMETHING MAY BE HAPPENING ESSENTIALLY. AND TO WHAT EXTENT TRUMP CAN USE THIS CALL WITH PUTIN AS LEVERAGE WITH ZELENSKYY TO ULTIMATELY BRING EVERYONE TO THE TABLE. CLEARLY SOMETHING HAS HAD TO CHANGE. SOMETHING HAS SHIFTED. TRUMP OBVIOUSLY DOESN’T ALSO WANT A REPLAY OF WHAT HAPPENED IN ALASKA WHERE HE BROUGHT PUTIN OUT, THERE WAS A FLYOVER, CAMERAS, ETC. AND THEN NOT A WHOLE LOT CAME FROM IT. ARE WE JUST GOING TO GET ANOTHER ROUND OF TWO-WEEK EXTENSIONS FOR THIS THING THAT NEVER ACTUALLY HAPPENED? PROBABLY NOT. SO WHETHER OR NOT TOMAHAWKS ARE ON THE MENU TOMORROW, T.B.D. BUT IF I WERE ZELENSKYY IN THE VERY LEAST, I’D BE PUSHING FOR THAT, BECAUSE THERE COULD BE AN OPENING THERE. JOE: THEY’RE GOING TO HAVE THE OPPORTUNITY IN THE OVAL, REMEMBERING THAT THEIR FIRST MEETING IN THE OVAL OFFICE DIDN’T GO SO WELL. THERE WAS A FOLLOW-ON VISIT TO THE WHITE HOUSE THAT ZELENSKYY THOUGHT WAS QUITE PRODUCTIVE IN FACT. THE WHOLE NARRATIVE, THOUGH, THAT DONALD TRUMP HAD SORT OF SHIFTED ALLEGIANCES TO SORT OF EMPATHIZE WITH UKRAINE BASED ON HIS FRUSTRATION WITH VLADIMIR PUTIN DOESN’T SEEM TO BE ECHOED IN THIS POST. YOU WONDER WHAT KIND OF A PHONE CALL -- THIS WASN’T WHAT PUTIN HAD TO TELL HIM. >> THE WORDS BEING USE READY VERY PRUSKT AND THAT’S -- VERY PRODUCTIVE AND THAT’S ALL WE KNOW. WE ALSO KNOW THAT TRUMP GOES BACK AND FORTH ON THINGS LIKE THIS. LOOK HOW HE REACTS TO CHINA. WE HAVE VERY GOOD PHONE CALLS AND THEN TARIFF THREATS AND THINGS FOLLOWING THROUGH WITH TARIFFS. IT -- THINGS FALLING THROUGH WITH TARIFFS. IT CHANGES MOMENT TO MOMENT BASED ON THESE DISCUSSIONS AND I THINK FOR WHAT IT’S WORTH, PUTIN’S BREAK THROUGH WITH THE FIRST LADY WITH RETURNING THE UKRAINIAN CHILDREN THAT RUSSIA TOOK DURING THE WAR, I THINK THAT THAT POSSIBLY CREATED SOME GOODWILL WITH TRUMP TOWARD PUTIN THAT PAVED THIS PHONE CALL AND THEN PUSHED FORWARD. SO I THINK THAT THAT MIGHT BE SOMETHING THERE. BUT AGAIN, I THINK WE’LL JUST HAVE TO SEE. JOE: YOU MENTIONED THE SUMMIT IN ALASKA. RICK DAVIS REFERRED TO THAT AS THE LEAST SUCCESSFUL SUMMIT IN PRESIDENTIAL HISTORY OR ONE OF THEM. BUT THERE WAS REALLY -- THERE WAS NO FRAMEWORK TO TAKE AWAY AND REMEMBER THEY DECIDED SPONTANEOUSLY AT THE BEGINNING OF A GLOBAL NEWS CONFERENCE TO TAKE NO QUESTIONS SO WE REALLY DON’T KNOW WHAT CAME FROM THE LIMOUSINE OR BRIEF MEETING THAT THEY HAD. >> BUT THERE WAS A FLYOVER AND THAT’S WHAT MATTERS. JOE: MAYBE THERE WILL BE IN BUDAPEST. BUT THE QUESTION THAT WE’RE ASKING IS, WILL THERE BE ANYTHING HAMMERED OUT IN ADVANCE? AS YOU MIGHT HAVE SEEN IN A TRADITIONAL PRESIDENTIAL SUMMIT WHERE THE TERMS HAVE BEEN ALREADY LAID OUT AND THE MEETING IS REALLY A FORMALITY. >> YOU WOULD THINK THAT, SO NEXT WEEK WE KNOW AT LEAST THAT THERE IS A HIGH LEVEL MEETING OF ADVISORS BETWEEN TRUMP AND PUTIN. THEIR ADVISORS ARE MEETING NEXT WEEK, LOCATION UNKNOWN. AND WHILE WE KNOW THAT TRUMP AND PUTIN WILL MEET IN BUDAPEST, THAT TIMING SUN KNOWN. ONE WOULD ASSUME -- IS UNKNOWN. ONE WOULD ASSUME THE TRADITIONAL DIPLOMATIC PROCESS OF THE HIGH LEVEL ADVISORS HASHING THINGS OUT AHEAD OF TIME WOULD THEN LAY THE GROUNDWORK FOR SOME SORT OF AGREEMENT GOING FORWARD. BUT OF COURSE THIS IS A THREE-LEGGED STOOL AND UKRAINE NEEDS TO BE INVOLVED. NOTHING ABOUT UKRAINE WITHOUT UKRAINE. AT LEAST WAS THE BIDEN ADMINISTRATION’S PHRASING THERE. SO TO WHAT EXTENT THE U.S. AND RUSSIA CAN HASH SOMETHING OUT WITHOUT UKRAINE STANDS TO BE SEEN. AND I THINK ALSO THAT MAKES THE TIMING OF ZELENSKYY’S VISIT TO THE WHITE HOUSE TOMORROW QUITE GOOD AND QUITE ADVANTAGEOUS. AND TRUMP FOR, YOU KNOW, WHATEVER PEOPLE WANT TO SAY ABOUT THE DEALS THAT ARE MADE AND THE TYPES OF DEALS THAT THEY ARE, HE DOES HAVE A WAY OF KIND OF PUSHING THROUGH AND CREATING CONDITIONS TO YIELD RESULTS THAT WOULD NOT HAVE EXISTED OTHERWISE. I MEAN, LOOK AT THE HOSTAGE RELEASE IN ISRAEL AND GAZA AND HAMAS. TO BE CLEAR, THE SUBSEQUENT SITUATION THAT HAS OCCURRED IS, YOU KNOW, VERY MUCH KIND OF UP IN THE AIR AND WHAT THAT DEAL LOOKS LIKE IS A LITTLE TENUOUS. BUT SOMETHING DID HAPPEN THERE. AND SO WHEN IT COMES TO ANY SORT OF SUBSTANTIVE DEAL BETWEEN THE U.S. AND RUSSIA AND UKRAINE, I THINK THE NEXT 48 HOURS ARE GOING TO BE REALLY INSTRUCTIVE. JOE: GREAT TO HAVE YOU WITH US HERE COVERING THE WHITE HOUSE FOR US AT BLOOMBERG. LAUREN WITH THE TRUTH SOCIALS FLYING AND OF COURSE THE MEETING WE WERE WAITING FOR, IT HAS NOW CONCLUDED. GREAT TO HAVE YOU BACK AS ALWAYS. I’M JOE MATHIEU IN WASHINGTON. SPEAKING OF, BY THE WAY, THE WAR IN GAZA AND THE TENUOUS CEASEFIRE THAT LAUREN REFERS TO, THE PRESIDENT JUST POSTING AGAIN ON TRUTH SOCIAL ABOUT HAMAS. HE’S BEEN BUSY ON A NUMBER OF FRONTS HERE. IF HAMAS CONTINUES TO KILL PEOPLE IN GAZA, HE WRITES, WHICH WAS NOT THE DEAL, WE WILL HAVE NO CHOICE BUT TO GO IN AND KILL THEM. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. THE PRESIDENT’S BEEN ASKED REPEATEDLY RECENTLY IF THAT WOULD INVOLVE AMERICAN BOOTS ON THE GROUND AND SO FAR THE ANSWER HAS BEEN NO. BUT IT’S UNCLEAR HOW HE MIGHT PURSUE THESE GOALS IN THE MEANTIME. IT’S DAY 16 OF THE GOVERNMENT SHUTDOWN. WE’VE BEEN REPLIENDING YOU -- REMINDING YOU OF THIS AND JACK FITZPATRICK GAVE US A PRETTY GOOD READOUT AT THE TOP OF THE HOUR. THERE IS HOPE ABOUT BACK ROOM CONVERSATIONS, THAT’S BEEN THE CASE FOR DAYS NOW, BUT THERE’S ALSO HOPE THAT JOHN THUNE IS NOW ESSENTIALLY GUARANTEEING A VOTE TO EXTEND OBAMACARE SUBSIDIES. THIS IS SOMETHING THAT IS NOT NEW ACCORDING TO THUNE OR THE SPEAKER OF THE HOUSE, MIKE JOHNSON. HE SPOKE TO REPORTERS EARLIER TODAY. LET’S LISTEN. >> HE OFFERED TO CHUCK SCHUMER A VOTE ON OBAMACARE SUBSIDIES AND SCHUMER SAID NO. THAT HAPPENED. ASK LEADER THUNE ABOUT IT. BECAUSE THEY WANTED A GUARANTEED OUTCOME. HERE’S WHY WE CAN’T DO THAT LET ME SAY THIS VERY CLEARLY AND FOR EVERYONE AGAIN. OK. THE OBAMACARE SUBSIDY ISSUE IS NOT THE ISSUE OF TODAY. IT IS A SUBSIDY THAT EXPIRES DECEMBER 31. WE WERE ALWAYS PLANNING TO CONTINUE THE DEBATE AND DISCUSSION ABOUT THAT ISSUE IN OCTOBER AND NOVEMBER. IRONICALLY, DEMOCRATS ARE TAKING THE TIME OFF THE CLOCK FOR US TO DO THAT. JOE: OK SO JOHN THUNE GOT EVERYBODY’S HOPES UP ON MSNBC THIS MORNING, OF ALL NETWORKS NOW. SPEAKER JOHNSON IS THERE TO MAYBE PUT A LITTLE COLD WATER ON THIS. MAYBE NOTHING HAS CHANGED. THAT’S WHY WE WANT TO TALK TO MARK SHORT. FORMER CHIEF OF STAFF TO VICE PRESIDENT MIKE PENCE. HE WAS ALSO THE LIAISON TO CONGRESS. CONGRESSIONAL DIRECTOR IN THE ORIGINAL TRUMP ADMINISTRATION. MARK SHORT, WELCOME BACK. IT’S GREAT TO SEE YOU. ARE WE CLOSER TO THIS BEING RESOLVED OR -- >> THAT I THEY’RE CLOSER JUST BECAUSE OF A TIMELINE. JOE: SO NO, NOT REALLY. >> NOT SO MUCH BECAUSE OF THE POLICIES. LOOK, I THINK THIS HAS ALWAYS BEEN THE -- WE’VE TALKED ABOUT THIS. EVENTUALLY I THINK REPUBLICANS WILL CAVE ON THE OBAMACARE SUBSIDIES. AND THAT WAS ALWAYS THE WAY THAT THIS IS GOING TO RESOLVE ITSELF. BECAUSE THE TIMELINE OF THIS. BUT I THINK SPEAKER JOHNSON’S RIGHT. IT’S ALWAYS BEEN ON THE TABLE AS FAR AS A VOTE. IT’S INTERESTING THAT DEMOCRATS DIDN’T JUMP ON THAT AND I THINK THE REASON IS BECAUSE I THINK THEY’RE FEELING MORE AND MORE CONFIDENT IN THEIR OWN POSITION HERE. WHICH IS A SURPRISE BECAUSE I THINK TRADITIONALLY WHEN REPUBLICANS HAVE FORCED SHUTDOWNS, EVENTUALLY THE AMERICAN PEOPLE SAY, WHO FORCED THIS AND THEY DON’T GET REWARDED FOR IT. I THINK IN THIS CASE DEMOCRATS FORCED THE SHUTDOWN BUT I THINK THEY’RE FEELING THAT THEY’RE GOING TO WIN ON THE OBAMACARE SUBSIDIES ISSUE SO A VOTE BEING GIVEN NOW IS NO LONGER SUFFICIENT FOR THEM. JOE: WHEN YOU WERE LEGISLATIVE DIRECTOR IN THE FIRST TRUMP TERM, YOU WOULD HAVE BEEN MAKING PHONE CALLS THIS WEEK SAYING, WE GOT THE TROOPS PAID, WE’VE GOT FEDERAL LAW ENFORCEMENT, WE GOT MONEY FOR W.I.C. THESE ARE REALLY INTERESTING MOVES THAT THE ADMINISTRATION HAS BEEN MAKING TO SAY, WELL IN THE WORDS OF RUSS VOUGHT, WE’RE HUNKERING DOWN FOR A LONG ONE. >> I THINK THEY ARE BECAUSE I ALSO THINK THE ADMINISTRATION ACTUALLY IS SORT OF, YOU KNOW, ENGAGED A LEVEL ABOVE CONGRESS. THE PRESIDENT IS IN ISRAEL STRIKING HISSER TO DIKES. THE PRESIDENT’S -- DEALS. THE PRESIDENT’S LOOKING FOR THE NEXT NEGOTIATION IN UKRAINE. HE’S LOOKING FOR HIS TRADE DEAL WITH XI COMING UP IN NOVEMBER. SO I THINK THAT THEY’RE AT A WHOLE DIFFERENT LEVEL AND CONGRESS IS BENEATH THEM SO WHY GET MEYERED IN THAT RIGHT NOW? I THINK THERE ISN’T AS MUCH INTEREST IN THE WHITE HOUSE TO ENGAGE. IT ALSO SLOWS DOWN A NEGOTIATION TO RESOLVE THE SHUTDOWN. JOE: IT DOES, RIGHT? YOU HAVE MIKE JOHNSON SAYING THIS COULD BE THE LONGEST EVER. IS THAT WHERE YOUR HEAD IS? >> I’M NOT SURE IT’S THE LONGEST EVER BECAUSE I STILL THINK THAT THE NEXT SORT OF BACK STOP ON THIS IS NOVEMBER 1, WHEN THE ANNOUNCEMENTS OF THE NEW INSURANCE PREMIUM GOES OUT. SO I THINK THAT THAT’S GOING TO BE A PRESSURE POINT. JOE: DO REPUBLICAN GOVERNORS START CRYING AT THAT POINT? >> I THINK PROBABLY SO. TO GO BACK, WHEN WE FAILED IN OUR EFFORT TO REPEAL OBAMACARE, ONE OF THE MOST UNTOLD STORIES OF THAT IS IT WAS REALLY REPUBLICAN GOVERNORS BECAUSE SO MANY OF THE OBAMACARE SUBSIDIES, THEY WERE GETTING MEDICAID FUNDING, THEY DID NOT WANT THAT TO STOP. AND THEY WERE CALLING LEGISLATORS ASKING THEM NOT TO VOTE TO REPEAL OBAMACARE. JOE: THAT’S A REALLY IMPORTANT STORY TO RECALL. THIS COULD BE HAPPENING AGAIN RIGHT NOW. >> ABSOLUTELY. YEAH. I THINK THERE WILL BE A LOT OF PRESSURE FROM REPUBLICAN GOVERNORS. I THINK THERE’S ENOUGH REPUBLICAN MEMBERS WHO REPRESENT DISTRICTS, LOOK AT MARJORIE TAYLOR GREENE, FOR INSTANCE. WHO HAS BEEN OUT THERE SAYING THAT WE NEED TO EXTEND THE SUBSIDIES. I PERSONALLY THINK IT’S A TERRIBLE POLICY. I THINK THAT THE DEMOCRATS WERE REALLY SHREWED IN WINNING OVER INSURANCE COMPANIES BY PROMISING SUBSIDY THANKS THAT STARTED AT 400% OF POVERTY LEVEL AND NOW WE’RE ABOVE THAT. TO BE PROVIDING SUBSIDIES. BUT I THINK POLITICALLY THERE’S ENOUGH REPUBLICANS WILLING TO GO ALONG WITH IT THAT THAT’S STILL GOING TO BE THE OUTCOME OF THIS. JOE: WITH CONDITIONS, RIGHT? REPUBLICANS OBVIOUSLY ARE SOMETHING ON PAPER THAT’S GOING TO SAY IT -- OBVIOUSLY HAVE SOMETHING ON PAPER THAT’S GOING TO SAY AN NUMBER CAP OF $200,000, A POINT OF EXPIRATION? THE IDEA WAS AT SOME POINT THESE WOULD NOT BE MADE PERMANENT ALTHOUGH A LOT OF DEMOCRATS WANTED IT TO BE. >> THAT’S WHAT WE HAVE RIGHT NOW. THERE’S A POINT OF EXPIRATION DURING THE COVID. THIS WAS LEGISLATED TO EXTEND THEM FOR TWO YEARS. SO I THINK THAT, YOU KNOW, THE HARDEST THING TO DO IS END THE GOVERNMENT PROGRAM. SO I THINK THAT EVEN THOUGH YOU MIGHT HAVE A TEMPORARY END DATE, IT WILL BE HARD TO SEE THE POLITICAL MUSCLE TO END IT AT THAT POINT TOO. JOE: DEMOCRATS SAY DONALD TRUMP MADE THE 2017 TAX CUTS PERMANENT, WHY CAN’T WE MAKE THIS PERMANENT? >> WELL, AGAIN, I THINK THAT DEMOCRATS CREATED A GOVERNMENT-RUN HEALTH CARE SYSTEM THAT’S BEEN A TOTAL DISASTER, THAT CONTINUES TO CREATE MORE AND MORE AND MORE GOVERNMENT FUNDING. I DON’T THINK PEOPLE ARE HAPPY WITH IT BUT THEY’VE CREATED A SYSTEM WHERE IT’S TOO EXPENSIVE IF WE DON’T EXTEND THE SUBSIDIES. AND THAT’S JUST THE ONGOING PROBLEM THAT WE’RE IN NOW. JOE: JOHN THUNE’S DOING MORE THAN PROMISING OBAMACARE VOTES AND WE’VE GOT JUST ABOUT A MINUTE LEFT HERE. HE’S GOING TO HAVE A VOTE ON THE NDAA POTENTIALLY BY THE END OF THE DAY. WHAT DO YOU MAKE OF THAT STRATEGY TO SEE IF WE CAN GET DEMOCRATS TO COME TO THE FLOOR TO VOTE FOR SOMETHING? >> I THINK IT’S REALLY SMART BECAUSE EITHER YOU’RE SAYING, HEY, WE WANT TO CONTINUE WITH GOVERNMENT FUNDING OR CONTINUE THE BUSINESS OF THE SENATE, OR WE’RE GOING TO SHUT DOWN. SO I THINK IT’S SMART FOR THEM TO KEEP PUTTING FORWARD VOTES OF THAT NATURE, WHETHER IT’S FUNDING D.O.D. OR NDAA. I THINK THOSE ARE SMART MOVES. JOE: DOES THAT SHAKE A COUPLE OF DEMOCRATS LOOSE? >> IT COULD. I THINK IT COULD SHAKE THEM LOOSE ON THESE INDIVIDUAL BILLS. I THINK THAT THE C.R. IS NOT GOING TO BE SOLVED UNTIL YOU GET AROUND THE NUMBER FIRST AND YOU GET A PUSH ON THE SUBSIDIES. JOE: WE’RE GOING TO BE IN TURKIYE STILL TALKING ABOUT THIS, RIGHT? DON’T ANSWER THAT. MARC SHORT, REPUBLICAN STRATEGIST ON "BALANCE OF POWER" ON BLOOMBERG TV AND RADIO. I’M JOE MATHIEU IN WASHINGTON. WE’LL HAVE THE LATEST ON THE SHUTDOWN, DAY 16, AND LOOK AHEAD TO TOMORROW’S MEETING WITH PRESIDENT ZELENSKYY WHEN WE MEET ON THE LATE EDITION OF "BALANCE OF POWER" AT 5:00 P.M. EASTERN. STAY WITH US HERE ON BLOOMBERG. ♪