00:00Ultimately, he's the decision maker. And if he will accept some of the things we asked, which we think the American people are for on health care and on rescissions, he can avoid a shutdown. But there are still large differences between us.
00:46Following President Trump's meeting with top congressional leaders is Bloomberg's Eric Wasson.
00:50Eric, it's good to see you and thanks for being here.
00:52We just heard from the congressional leaders.
00:55They came out, spoke to reporters at the White House.
00:57And Chuck Schumer says that the president can avoid a shutdown but, quote, differences remain.
01:03Just give us the stakes here.
01:04How likely is it that the government is going to shut down this week?
01:08I would say it's more likely than not.
01:10Vice President Vance came out and says he thinks we're heading to a shutdown unless Democrats drop their demands.
01:15Republicans certainly feel they have the upper hand.
01:18The House has passed a no-strings-attached, seven-week stopgap spending bill.
01:22It will keep the government open through November 21st.
01:24Democrats are blocking that.
01:26Democrats feel that they need to get this message out on health care, rising costs,
01:30or how they want to frame the midterm election.
01:31There's very little incentive for them to suddenly drop those demands this early in the game.
01:36I think we're going to probably see a very short government shutdown.
01:38But even a short government shutdown will affect markets because the Bureau of Labor Statistics will be completely shut down
01:43and the October 3rd Friday jobs report will be delayed.
01:47Overall, markets tend to think shutdowns will get resolved.
01:50It won't have a big impact on the economy.
01:52But White House Budget Director Russ Vogt has talked about mass firings of the federal government,
01:57non-essential workers, if there's a shutdown.
01:58So the impact of a shutdown could be greater than we've seen in the past.
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