Optimism toward a vaccine. On the other hand, bonds, we have this quiet rally. The 10 year yield firmly in this range. Bonds are pricing for the possibility of nearterm challenges around virus spread, oil stocks are looking ahead. It is not clear which side is right. Theres going to be some interesting activity ahead. David thank you so much to abigail doolittle. Fast congressional action helped bring the u. S. Economy back. Theome now one of those at center of the debate over future stimulus, republican congressman patrick mchenry. He is Ranking Member of the finance committee. As i say, i think most people agree, congress acted big and fast and help bring the economy back. Now we are seeing wobbly notes. Do we need more stimulus to avoid a double dip in the economy . Rep. Mchenry yeah, i think we do and i think the Federal Reserve agrees. Art of our country and segments of our economy are doing quite well. You have other segments, like the Restaurant Industry for instance, that are just going to struggle for the coming months, given the nature of the virus. They are the ones that need a little assistance get to get through the darkest moments of winter. I think that is why we need to have a targeted package here, with targeted relief, and additional flexibility for state and local governments to get through this thing. David an important word you just said was little. Because we have on the one hand, Senate Majority leader Mitch Mcconnell, i think he said 500 billion. We have president elect biden saying it has to be 2. 2 trillion, more in the pellucid camp. Is there a possibility of a compromise on that . We had jamie dimon say it is childless for congress not to compromise on this. Rep. Mchenry yes, but also what i would say here is that the president and the secretary of the treasury were quite flexible in attempting to negotiate with nancy pelosi, she was playing politics in july, august, september, october. It was a president ial election year. Speaker pelosi played her political hand. Now she has fewer democrats in the house, still have a republican senate, but biting got elected. Part of her play was effective. Now that the election is over, i think we can come to a deal, and we can readily come to a deal on a smaller package. Not Something Like what pelosi put together, which was the grab bag every liberal idea they have had for the last half of a decade. It is a bunch of garbage. Most of that bill has nothing to do with the virus. Extraneousr political issues about Corporate Governance for instance. It has nothing to do with the virus. Down, lets get rational about this, and lets get to the table of and negotiate. Could we get this before the end of the year, and do we need to . We do see coronavirus coming back in a lot across across the country. Rep. Mchenry right, and that is why we need to have a modest package. I do not think we need something the size of the cares act, and i think Mitch Mcconnell is right in terms of the size. I think the Federal Reserve would concur. Things, i think, tell me and the fact that we are postelection and coming into weivided government that could come to terms in the month of december and get a small deal done. If you are going to hold out for 2 trillion, thats going to take until february to get a package of that size down, if he could even happen then. David donald trump has decided he is not participating anymore. That he is going to leave it up to congress. Is the president helping at this point . Let me be pointed about it. Is he helping by not conceding the election . Most people seem to agree that it is president elect biden. What is the advantage of the country of the president not recognizing it is time to move on . Well, each state certifies the election at different dates. So, over the next couple of days, over the next week, you will have each state certified their president ial election. Actually, theyre full election returns. An that is done, i think election is done. That is when i would get my certificate for reelection, for instance, and the house would receive that. Certificatesse down, and i think that is when it is done. Election,esidential you have a like doors that meet and formally do this, but over the last 150 years that has been a formality, roughly. So, i think once we have the election certificates, i think things are said and done and thats when you accept the results. David do you think the president will accept them . If he doesnt, will republicans such as yourself upon him to do that . Call upon him to do that . Rep. Mchenry i just said thats what i think we should do. Been one to critique the president on this action or that action, its just not my role to be a political talking head. I am a policymaker. I think, in terms of the Practical Impact under our system of laws and constitutional system, once you have that certificate of electorsand once those are certified as well and vote, then it is done. And you have to accept it under our legal and constitutional she. And i think he will. David i never want to talk with you without talking about the deficit. It looks like we are going to have a divided congress, and all likelihood. Is that going to be good for the deficit, in the sense of getting control of it . Well, hard to tell and this environment. We have got some really tough days ahead for the American People, given the nature of this virus. And we want to get to that, and we need to get back to a focused effort to pare down our debt and deficit in a rational way over the next generation. Hopeful think i am that a divided government can force that compromise, that bipartisan compromise necessary to put our government funding on a sustainable path. Regime. A ready taxation we had a growing economy back in february. The best economy of my lifetime. So, we need to get back to a Strong Economy and start peering down the spending of our federal government. I am hopeful that a divided government can do that. David how do you envision this vaccine news . It is certainly good news. Do we need an economic bridge to get us there . Rep. Mchenry i think so. I think we have to have a Firm Understanding of delivery methods and prioritization. I think that is a key thing for policymakers and for the general public to understand how this vaccine these vaccines will be distributed, how they will be prioritized, and start seeing the timeframe. I am very interested in ensuring that we have that continuity of delivery of delivery system. Economyeantime, our will struggle, just based off the nature of this virus. That we have as individuals to limit the spread, like Wearing Masks and social distancing and avoiding large public gatherings, those things are all rational, but that also has a severe impact on our economy. I dont think we are going to go back to full lockdowns like we did in march, but i do think we are going to be we are going to have a more constrained economy because the average American People are going to have a constrained interaction with other people. David congressman, great to have you with us. That is congressman patrick mchenry. Im happy to say we are going to have more with him on bloomberg radio. Coming up, dr. Steven corwin, head of the New York Presbyterian Hospital center, will give us his take on where we are in the coronavirus crisis. This is balance of power. David this is balance of power. Im david westin. We turned out to mark crumpton. Mark president Trumps Campaign wired the election Wisconsin Election Commission 3 million ahead of a request for a recount in the swing state that gave president elect joe biden a victory. The campaign is claiming absentee ballots were illegally issued and altered, and a recount would need to be completed by december 1. Tose democrats have voted stick with nancy pelosi as their leader and nominee for speaker. She must still when a majority of votes from the full house. She will have a slimmer majority next year, which complicates her path to securing support to win the gavel. Some pandemic aid programs are set to expire in the new year, leaving millions without the Government Support that helped keep them afloat. The biggest blow will likely come from the end of two Insurance Programs with roughly 12 Million People facing a late december cut off. That is according to a Study Released today by the century foundation. Postponesures that student mortgage payments and halted evictions have a yearend deadline. Union official says trade talks with the United Kingdom still face substantial work that might spill over into next week. The comments dampen hopes and deal could be approved when eu leaders meet on thursday. U. K. Left the e. U. On january 31, but a transition period runs until the end of next month. Both sides had hoped to get a trade deal by then. 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 am mark crumpton. This is bloomberg. David thanks very much. I spring week suffered from a massive surge in coronavirus cases, much of it centered in the northeast. Now we are seeing a new search. To get some perspective we welcome back to bloomberg dr. Steven corwin. He is ceo of New York Presbyterian Hospital. Ranked number one in the new york metropolitan area and number four nationwide. Avis your perspective. How does this compare with that whirlwind last march . Dr. Corwin well, last march and april you saw it concentrated in the north the northeast. Now you are seeing this across the entire country, which is worrisome in terms of how stretched we are going to be more particularly on issues like staffing. Recall that when new york went through this crisis, we received help from around the country. Thats not going to be available for many of the Health Systems now, because we are seeing it across the entire country. Testing and testing reagents are going to be stretched as well. I think it is somewhat different. Having said that, the demography is more favorable. Younger people tend to do better than old people. The mortality is less. The number of people requiring insulators throughout the country is less than when we first saw it in both march and april timeframe and the julyaugust timeframe. Those are somewhat comforting. I do think that, despite all of the rhetoric around maskwearing and so on, that people paying attention to mask wearing, social distancing, has helped. I think we are in somewhat better shape, there are different challenges. David what type of surgery you seeing in your Hospital Center . Nadir, we at the were at 2 of our peak. 10 15 and we expected to go up to about 25 of the peak, depending on exactly what happens over the thanksgiving holiday. Then, of course, dismiss time. We are preparing for it. We do have adequate ventilators. We do have adequate masks, ppe, etc. Ofdo worry about the number reagents we will have four adequate testing, but i feel we are in better shape than arch and april, and we are hopeful it will be less strenuous than march and april. Ofk, we have the likelihood the vaccines and only being approved, but starting to be distributed at the end of december and january, then hopefully ramping up by the aprilmay timeframe. You could see the goal line inside if we can get to the next few months. David follow that analogy. You see the goal line, had we not fumbled the ball . There are some people feel tired about wearing those masks. How long do we have to keep that up for we really have a have effective protection from the vaccine . Dr. Corwin i think youre looking at december, january, into february, hopefully in the februarymarch timeframe you are seeing widespread availability. If i can put a plug in, we must insist on mass vaccination. The effect on so many Different Industries and businesses, weve got to insist on mass vaccination. Weve got to make sure we educate our population. I would be the first in line for either the pfizer war during the vaccine. W. A. R. Moderna vaccine. With all of the negatives about how the administration has handled this, i think that operation warp speed was a success and the private sector really stepped up here in a major way. This is the shortest time to get a vaccine in history of vaccines. It is really a remarkable scientific accomplishment. David the question now is how the baton will be passed from Trump Administration to what everybody agrees is going to be the Biden Administration . What would you hope to see from a writing administration that would be different . Dr. Corwin the first thing is, i think this transition is critical. The initial distribution of the vaccine is going to be 20 million doses for 3 million doses. You are only talking about 15 million 15 million americans getting it. The difference between the Outgoing Administration and the Biden Administration becomes critical so that everybody is on the same page. How is he going to get distributed . What is the i test him i. T. System . Did the states have plans that make sense . How do you prioritize this . How do you make it equitable . That should be discussed right now. I know you spoke to the congressman before doing before. Yes, the election needs to be certified, that there is a clear winner here, and at the very least there should be widespread support for sharing of information and allowing for an effective transition to happen. If it turns out the president it is nowon, ok, then harm, no foul. But not doing this handoff is really critical. As you said, he dont want to fumble it when you are inside the goal line. David lets pursue that for a moment. We have heard from president elect biden that lives could be at stake, because we are not having that transition right now. Is that too dramatic . Know, i thinku that it is a little bit dramatic, but he is making the point that the quicker that we can come together on this in terms of the Vaccine Distribution and a common agreement on the playbook, i think the better off we are going to be. Lets stop arguing about the masks already. We are beyond that. Even the governor of north dakota said we have to wear masks. People that President Trump and president elect biden are working together to make sure this next few months is as painless as it can be in a painful situation. I think thats what he meant. I think that the thanksgiving holiday im sure you yourself my family is not particularly happy with the fact that everybody is going to be socially distancing, lets think about what thanksgiving really means. Thank god for our country, for your family, for your health. Lets not give each other covid over the thanksgiving and christmas holidays. David absolutely. It will be my wife and me and our two kids. Dr. Corwin you got it, that is your part. David always a pleasure to talk with you. That is dr. Steven corwin. Quick note, be sure to check out the highlights from the Bloomberg NewEconomy Forum on your terminal. This is balance of power. David this is balance of power. Im david westin. Boeing has been cleared to fly at 737 max again. Questions remain about how much demand covid has left in the skies. This is been a long time coming, and finally the faa has 737 maxthis the after it has been granted for 20 months. That is the longest grounding for any jet on record. Stocke seen boeings plunged by half. The grounding has caused company about 20 billion and taking more than 1000 max jets off of the order backlog. Boeing does expect to deliver about half of the jets in storage at the moment over the course of the next year. Our analysts think that will free up around 6 billion in cash. I should note here that there has been a lot of optimism that this is going to happen and boeing stock over the course of november was up 50 going into today. Thatso have to consider this does not make all of boeings problems go away. , alearance have some caveats wide swath of fixes. They are also requiring new training for pilots. Because of that new training, it does mean this jet we not before and by the Major Airlines for some time now. American has said it does intend to fly it first flight on december 29, united does not expect to do it until the first quarter. Southwest, the second quarter. Does remain a question as to how many jets they are actually going to need, given that the pandemic has sapped demand for air travel. Boeing has delivered 97 planes this year. Only 380 over the course of 2019. The grounding a big part of that. Obviously that grounding at this point is now over, what are people going to want to buy 737 maxs . David you so much for the report on boeing. , senator mike rounds of south dakota on the coronavirus and on the tradition transition to a Biden Administration and some of the decisions by the Trump Administration being made out the door. This is balance of power. Businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. David this is balance of Power Television and radio. I am david westin. We go to mark crumpton. Has a federal judge ordered the Trump Administration to stop expelling immigrant children who cross the border alone. That halts a policy that has resulted in ra