Anticipated to be a senate trial once lawmakers in the house vote to likely impeach President Trump. Should the democrats not be able to find opportunities to work the rules, that would mean it would be a partyline bill package, and anywhere from six to eight weeks for there to be a senate trial. Behind the scenes, all of the chatter is about the timetable of that. We are hearing this will spill over well into the First Quarter of next calendar year. David not good for anybody running a primary. Any sliver of bipartisan support even for rules might be encouraging. On the house side it looks like it is going straight down party lines. With ayesterday i spoke senior aide to a republican member of the senate who told me partyline, partyline, partyline. Could hear some republicans criticize rudy giuliani, but they will not break with the president. David thank you so much for the reporting from washington. Now lets go to london. We have got past the nato summit. What did you take away . Roz it is reminiscent of having family over for thanksgiving or christmas. Not everybody gets on, there are few arguments, but in the end your family, and that is what we got to at the end of the nato summit despite the disagreement and the tiff we saw between the leaders of canada and the u. S. , the nato statement itself was committed to the value of the alliance for all of the members. A couple of brief mentions of things like russia and china, which are a nod to the french president who has been urging a serious rethink of natos agreement, but nothing like the discord we have seen come from the meeting. David may be no news is good news. We had tips. Did we make we had tiffs. Maybe they did not blow up the alliance, but did they get anything done . Roz it was interesting to see the u. S. President who came to the meeting as a critic of nato and came to be one of its biggest supporters. He has decided it success is good for him at home. The u. S. Is a significant part of nato and has been a linchpin, not just financially but also from boots on the ground in several locations since the end of world war ii. When you look at states in Eastern Europe that are close to russia and concerned about russias interference and russias role, having the feeling the u. S. Is actively involved in their security is quite a comfort. Even though there may not of been tangibles in terms of the statement, it is a reaffirmation, but countries is quite a big deal. Rozd that is bloombergs matheson reporting from london. Now we go back to capitol hill. Laura davidson is there. We talk about a new report from the former Vice President about taxes. What does joe biden want to do . Laura the key is been among tax. He is saying that corporations will be paying at least some level of taxation. He is calling for overseas profits to be taxed at 21 and for a higher corporate rate in the u. S. He has a provision that appears to be aimed at Companies Like amazon and netflix that have paid no tax in the past couple of years so they use legal tax breaks to whittle their tax bill down. Even if youre able to do that you have to pay 10 . He is looking at corporations as a way to raise revenue. If you look at the size of his plan compared to Bernie Sanders or Elizabeth Warren, his plan will raise about 3 trillion. Sanders and warren are talking about raising 30 billion to 40 billion. David that is an income tax from joe biden. Senator warren proposing a wealth tax. A lot of lawyers think that is not constitutional. Youve a piece out that says maybe they have a way of arguing that does not require a constitutional amendment. Laura their legal minds on the left looking at how do we make sure the wealth tax is airtight. It could receive legal challenges. Up in the air on whether the Supreme Court could rule in favor. They are looking at ways of changing the Technical Details about when and how the taxes collected or doing Something Like the dutch have done where they assume you are making a certain amount of return and tax that. There a lot of options. Not clear any of them will work but you can bet people will be thinking through that. David an interesting subject. Thanks to Laura Davidson from capitol hill. Coming up at 6 15 eastern time, Elizabeth Warren will be sitting down with bloombergs Joe Weisenthal on daybreak asia. Now for a check on how the markets are reacting to todays top stories. You said it is like the flip side of yesterday. Abigial another day, a new trade headline. Markets react. Weve been seeing this all year since there was the thought of the phase i trade deal between the u. S. And china would going to place. One day there is a good headline, the next day there is a bad headline. The cynic in me cannot help but wonder if President Trump was doing some sort of negotiating tactic in terms of talking down the possibility of a trade deal, saying he does not see it happening any time this year. If something does come out, we will have an extra pop in sentiment and i do not know how much he is thinking about markets, by giving a lower base for a deal to come off of and be wellreceived. David there are does go different camps in the white house but they are spinning different ways. Are using disproportionate lift when we have good news on the tech side . Abigial that is an interesting question. Tied tos in particular the trade, a good proxy for it. Overall the chips are up in a big way, more than 30 . There are a number of dips. In may, a big dip, and then in ,ugust a depth, a smaller september into october, even smaller. It seems to be as investors are getting more used to it, it will be interesting to see if the current dip has more to go. Do your point, the nasdaq and the chips in particular are a good proxy in terms of what the Market Sentiment is around trade because the markets receive so much revenue around china and the supply side is so embedded. David if you do not like the answers, wait for tomorrow. We turn now to Mark Crumpton with bloombergs first word news. Cirilli told us, the House Judiciary Committee is holding its first hearing on whether to draw articles of impeachment against President Trump. Speaking at a meeting with italian Prime Minister giuseppe conte, mr. Trump called the inquiry a joke and unpatriotic. President trump it is a disgrace. Schiff, a loser, adam and then you have nancy pelosi who agreed with what he said which puts her into jeopardy. These people, youll miss question whether or not they love our country and that is a serious thing. Mark mr. Trump insisted he had done nothing wrong, saying his conduct did not rise to the level of high crimes and misdemeanors the constitution says merits impeachment. Rudy giuliani is explaining numerous calls he had with the white house and its Budget Office during ukraine dealings. Thewitter, giuliani said calls do not establish any topic and remember, i am the president s attorney. The House Intelligence Committee released a report tuesday showing calls between giuliani and the white house as well as the office of an attachment and get during key moments and the office of management and budget during key moments in the cane in the ukraine. Afghanistan sanctions have targeted Iranian Oil Exports and targeted the countrys Supreme Leader good there has been plenty of heated rhetoric. Still, the u. S. And china are moving closer to xray deal. Bloomberg gets closer to a trade deal. Bloomberg says of phase i one deals expected to be computed before december 15. There are outstanding issues, which tariffs to roll back, and how to guarantee chinas purchases of American Farm products. Global news 24 hours a day, on air and on quick take by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Crumpton. This is bloomberg. David thanks very much. Coming up, we speak to democratic michigan congresswoman Debbie Dingell fresh off of a delegation to the u. N. Climate conference in madrid. This is balance of power on Bloomberg Television and radio. David this is balance of power on bluebird television and radio. We have breaking news from pg e. Utility has reached a deal with wildfire victims. It will pay them 13. 5 billion. It will be a half stock and half cash for the wildfire victims. That is just breaking across the wire and pgn stock and pg e stock is up about 10 . We want to turn to climate. While nato members gathered in london, another group of World Leaders are gathering in madrid. The Climate Change conference is underway with representatives from more than 200 countries. Nancy pelosi led the u. S. Delegation, with which our next guest attended as a member of the House Committee on energy. We welcome Debbie Dingell coming to us from capitol hill. Thank you for joining us fresh off the trip. Lets talk about what is going on with climate. You have a proposal with other people from michigan about what we could do about the climate. Tell us about the bill. Rep. Dingell i have several bills. The one we introduced before thanksgiving is called 100 by 50. It would require 100 net carbon in the United States by 2050. You could offset carbon by purchasing a carbon offset. It is Technology Neutral but it is a goal we have to have in this country. I think a lot of industries are trying to get there. I am a mission girl. The Auto Industry im a michigan girl. The Auto Industry knows the electric industry is the industry of the future. When we were there, it reinforced we have to Work Together to get this done. David your a michigan native and you come from a family affiliated with the Auto Industry. There are a lot of michigan people joining this. You wrote in the Detroit Free Press that this could be an opportunity. 30 of Greenhouse Gas comes from the Auto Industry. Rep. Dingell transportation sector. David sorry. But we can be a leader in the world. Rep. Dingell i have been looking at it for a long time. I knew it when i was working at General Motors a number of years ago. I talked to the Auto Companies all of the time. There is a recognition of how much internal combustion engines, fossil fuels are contributing to the crisis we have and we need to get to a newer technology. The United States needs to lead. We need to stay the forefront of innovation and technology. Instead of doing circular firing squads, Everybody Needs to get at the table. Use American Ingenuity and develop the technology of the future that will make sure we still have mobility, we still have many other things that we are used to having. It is protecting our environment. Nobody can deny we have a problem when you see the wildfires, you hear a case of tornadoes, glaciers melting. In michigan we have once every 100 year floods every year. We have a crisis that has defined solutions. David talk to us about how that plays in your home state of michigan. The Auto Industry has gone through tough times. Do people hear what youre proposing as an opportunity for new jobs or to they regarded as a threat to lose what they have . Everybody knows we have a crisis and we have to do something about it. The Auto Industry themselves is now becoming competitive good who will offer more electric vehicles into the market, what are those going to be . Vehiclesother hydrogen that will replace the vehicle as we know it right now . One has recovered from 2008. Then anxiety of what happened in 2008 remains in the hearts and souls of everybody in a state like michigan or ohio. They also know there is an opportunity for new fields, for green jobs. They are trying to make sure they have the skills they will need for that. I think we have to be at the table. We have to have the environmentalists, the young people advocating, but labor and business have to be at the same table talking about it. How will we make sure it is a just transition, that communities that are poor are not hit disproportionately with cost that cannot afford. It is a tough challenge. It is a tough conversation. If we quit having a circular firing squad and start working together, we can be at the forefront. David we are talking with congresswoman Debbie Dingell, democrat from michigan. Give us a sense of the politics of michigan. Michigan went narrowly for President Trump in the last election, in part because of his direct pitch saying weve lost manufacturing jobs, people have not treated you with respect, i will treat you with respect. To the people of michigan believe the president is delivering what he promised . Rep. Dingell i think michigan is a very competitive state. It changes. Four months ago i did not think this. Right now, i think it is very competitive. Not sure who the president ial candidate will be. He could potentially win. It is a lifetime between now and next november. Anybody who takes for granted what could happen, three years ago i said he could win and many people do not believe me. A lot of people are very unhappy with the tone of the rhetoric and conversation in this country , but they see the economy as being ok. Is that economy going to stay that way . I think there are a lot of factors and a lifetime between now and next november. David talk to us about one other piece of legislation important for the people of michigan, and that is the usmca, the successor to nafta. Being held up. We heard may be progress being made. Some compromises that might get it through. Do you know about the compromises . Will it work . Will we get it done this year . Rep. Dingell i am somebody who has strongly believed we need a new nafta to point out, because nafta 1. 0 shipped jobs overseas and i still have closed factories that have not been repurposed. They are a symbol of what nafta 1. 0 did to our economy. Ive been with the speaker for the last few days. I know how hard she is working to get the new deal. It is my hope, ive said to people you cannot settle for anything. You have to make sure it is going to help our economy, it will help keep jobs in this country. I am one of the people that is very optimistic we can get a new deal. I would like to see it this year. Alls not the beall or end if it goes into next year. We need a new nafta. We need a good nafta that protects jobs and the economy in this country. Are allinally, we conscious of the fact that the House Judiciary Committee is meeting on impeachment. Go back to your constituents in southeast michigan. Is there appetite for removing the president from office . Rep. Dingell i have one of the most diverse districts in the country. I have had people i will tell you theres a great deal of passion about this issue by number of people, and other of people who are like wire are we only talking about this, we have to get other things done. We are. Just the issues we have been talking about you can see we are focused on other issues. In the ann arbor part of my district, this should have happened months ago. If youre in the downriver part of my district, people are concerned. Most people are not happy about the tone of conversation and rhetoric of division in this country, but there are people with strong feelings on both sides and i think my state, like the rest of the country is very divided on this issue, which worries me, because russia is trying to divide us and put us against each other and theyre trying to destabilize democracies around the world. We need to know. That is part what we are witnessing and have to protect against. David a powerful point. Congresswoman Debbie Dingell coming to us from capitol hill. Still ahead, expedia shares flying high after barry diller pushes out the company ceo and cfo. More in stock of the hour. That is coming up next. This is balance of power on Bloomberg Television and radio. It is time now for the stock of the hour. Expedia is the best performer in the s p 500 today, surging 6 after the company ceo and cfo resigned. Kailey leinz is here with more. Barry diller asserting his authority. Kailey asserting his authority and the market is be happy. A bit of a slap in the face if you are ceo when you step down and the stock shoots up. But expedia has been underperforming. The stock has been down 30 since the new seo took over. The new ceo took over. Sales growth in the Fourth Quarter will be less than 8 , which was down more than 14 at the start of 2018. That is what led to them stepping down. The board disagrees with the outlook. They disagreed on strategy and barry diller essentially pushing them out. David disagreed on strategy. Does barry diller have a better plan . Kailey it is the focus. The focus was on building the hotel presence internationally, but that is not where the growth is. Trying toheyre compete with the likes of airbnb. Because they were trying to compete with hotels the growth and flatline. Growth virgo revenue drop. The vice, diller and chairman will be overseeing the executives and driving strategy until they find a new longterm ceo. They will be focusing on the alternative accommodation. David can they really go toe to toe with airbnb . I think of them as having such a lead. Kailey they do. It is a competitive space and growing more competitive. When you look at expedia revenue is growing,es, vrbo but it is still far less than their core businesses. Is that going to be the future of the company . All the business will go to the wayside. It is expensive if you want to go in that area. It costs money to compete. David barry diller will not run the company. He is not a ceo anymore. To have any sense of who will . Does he have to go inside or outside . Kailey for ceo, the chief Strategy Officer stepping in. It is unclear. Investors are liking the idea area diller will be in charge. As a pretty good track record. David he is somebody to be reckoned with. Thanks to bloombergs kailey leinz. Up next, the historically crowded democratic field continues to winnow. What Kamala Harris is exit could been. We ask the Political Panel. That is next on balance of power on Bloomberg Television and radio. Nelson from new york david from new york, this is balance of power. We go now to Mark Crumpton for first word news. Mark Judiciary Committee is holding its first hearing on whether to draw articles of impeachment. Jerry nadler opened the hearing by saying mr. Trump has displayed what he called a clear pattern of misbehavior. Chairman nadler said the president welcomed interference in the 2016 election and demanded it for the 2020 election. Doug collins is that democrats are pursuing impeachment simply because they dont like President Trump. Mr. Trump fired back at canadas Prime Minister, justin trudeau, at the nato summit in london. , heresaptured on video how President Trump responded. , i called hims out on the fact that he has and hes not very happy about it. The president was referring to the amount of canadas gdp devoted to defense. And francis preparing for transit strikes. This will disrupt trade, buses, and airline services. In paris where workers unions are planning to march on thursday, there is possible violence and a warning for all businesses and restaurants to close. Their opinions as it will miss its target for reducing Greenhouse Gases by 2030. The European Environment Agency says today it is on course to cut its emissions of Carbon Dioxide and other planet warming pollutants by 30 in the next decade, compared to 1990 levels. The target has been a reduction of 40 . 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. Im Mark Crumpton, this is bloomberg. David thank you. The democratic field for president lost another contender yesterday when senator kamal ris suspended , harris senator Kamala Harris suspended her campaign. Our panel discusses. Match, let me start with you. How does it feel with one less person and how does it reconfigure where mayer support go . We dont know yet. There is a quick poll taken overnight showing 30 going to warren, 22 abide in. The overall 5 of pole, where harris was, those are hardcore supporters. I dont think those people thought much about their second choice. Theyre sticking with someone at 5 that they wanted. They will have to look at the rest of the field and make decisions. These first polls are probably not accurate. David in a different way of looking at it, i think they saw her as a moderate as opposed to the more progressive Elizabeth Warren or Bernie Sanders. Biden, orlp joe others perceived as moderates . I dont know. One of the problems with Kamala Harris was that we did not know what she was. A lot of her campaign was organized to not offend anyone. When you dont offend anyone you make nobody happy. I remember early on she was one of the first people who said she wanted to get rid of private health insurance. And she had to walk that back. Every time she was asked a tough question she would say lets have a conversation about that. So i dont know what lane she was in. I some people like cory booker are going to try to make a play for her supporters because someone like him is probably not going to make the debate stage in december unless he gets polls quickly that show him rising up. I think cory booker or Amy Klobuchar will be striving for the supporters. Ill really know what Kamala Harris stood for. We potentially found where Vice President biden stands for on terms of tackett taxes. Debate, if the next think six people at this point, will be focused on how we will pay for these . Because warren has her plan out. If you look at the difference between the magnitude of the plans, bidens plan adds up to 3. 2 trillion, which is a lot. Warrens plan adds up to about 35 trillion, which is an incredible number. And sanders is somewhere off the charts. The orders of magnitude and difference between those two plans could be a subject of heated discussion at the next couple of debates. In terms of how they pay for it, bidens tax plan today pays for the things that he is proposing to spend on. He will spend more on fighting Climate Change in Building Infrastructure and health care. But his plan to raise taxes on the wealthy and some corporations would pay for those things. By contrast, some of the bigger plans in the field are not paid for. David we are on a Political Panel with matt and brendan. We have a couple things democrats would like to spend money on, Climate Change and health care. When you speak to the american voter, particularly in swing , wisconsin and pennsylvania, how much do those two subjects resonate . Ive never found that paying for things is a powerful political message. When i look at what joe biden has put out its not about paying for what he put out, its politics. It gets back to joe biden to reclaiming the mental of populism. Thats what he stood for, fighting for the little guy. That has been threatens not only by donald trump but by the stove the rich politics of Elizabeth Warren and Bernie Sanders. I think this was an opportunity for him to come in and fight for the little guy and have a policy taxinglist corporations, which is relatively popular. At this point joe biden has not had a lot of policy proposals i can think of. You dont think of joe biden as having a plan for anything. I think this is more of a political move then it was for paying anything. And i think it was pretty smart. David its an interesting point, is the next election going to come down to who was the most populist . President trump is perceived as a populist, are we going to be out populisting donald trump . I dont think so. There are many ways of defining populist and it has been thrown around in different contexts. Generally it means offering the mass is something that seems itular to them, oftentimes can be something that they can deliver on. I think what is happening in the primaries is a debate between people who are offering things that are in norman, and almost certainly cannot be delivered. There was a story today about how hard it would be for senator warren or sanders to deliver on the promises they are making versus biden who is offering something more realistic. David is President Trump delivering on the promises he made to the people of wisconsin and michigan . Particularly with manufacturing . He promised he would do things differently and i dont know that anybody could argue that hes not done that. It depends on the audience youre talking about. If your focus is on base republican voters, i think they are happy with the way he has fought illegal immigration in china. To a positive event . I dont know. I dont agree with a lot of the policies. He largely ran not on post specific policies. His support is really divorced from his actions, its the way that he fights, his persona and upsets a lot of other people. Thats what they like and what they still like and why his support has been durable regardless of the policy outcomes. David we can agree on him delivering on doing it differently. Many thanks for Political Panel. Coming up tonight, elizabeth weisenthal atoe 6 18. At 6 18. The nato summit is over, with a fair amount of heat. We will talk to jane next. David this is balance, im david westin. Before she joined the Woodrow Wilson center as its first female director, president , and ceo, jane harman served nine turns in congress on the major security committees, including foreign relations. She comes to us from the wilson center. Its great to have you. Lets talk about nato. They have gone through their summit, what did we learn . Renting on intelligence, not Foreign Affairs, but nonetheless ranking on intelligence, not Foreign Affairs but nonetheless i care about. So what did we learn about the nonsummit . The 15th anniversary was in washington and the charter was finding washington signed in washington. This time two years ago, theresa may want to the celebration in london because she wanted to show that regardless of brexit, britain and nato would stay close allies. Coincided withit the brexit election next week. Lets put that out there. So i understand, the organizers this time wanted it to be a smaller deal. Not really a summit, an un summit, because they were worried about disruptive tactics by their own and President Trump, which they got in spades. David fair enough, last time they got together there were questions from President Trump and president macron put the ball in play by calling 80 brain dead. Nato brain dead. Jane these words are so unuseful. I think the brain dead comment referred to the request of the sident of turkey, everyone president dared one president rdogan, he wanted to declare the kurds, many of which were dear allies including europes allies in syria in the fight against isis, as enemies. This did not go well and so he got angry and i think that comment had more to do with him than anything about nato. David and we saw back and forth with mr. Trump and mr. Macron, and even today with president trudeau, President Trump called him toothpaste. Faced and then jane then they said he was a nice man. David substantively, what they need to be doing instead of sniping . Jane why wasnt anyone at nato asking that question . The right term is not brain dead , its brain cells, we all have a limited number. At any rate, they need to be focused on emerging threats against nato members. That seems to me as to why the alliance was founded. There is a common defense revision called article five. For those who forgot, after 9 11 nato invoked article five and came to the defense of the United States. We did not ask them to, they just did it. The only time article five had ever been invoked. So nato needs to focus on threats to the alliance, russia playe, and a little side between trump and president erdogan having to do with turkey purchasing an air Defense System from russia rather than having a system interoperable with nato. So they need to focus on threats from russia and china. China is building and owning much of the infrastructure in europe through its belt and roads initiatives. 5g, the building out next generation of Communications Technology in a way that may compete with western systems and threaten western security. Plus theres ai, intellectual property threats from china, that was on the agenda today, thats a good thing. Cyber threats are part of the new hybrid warfare. We dont fight with just battleships and people in uniform in uniform. Nato has to modernize. I have seen the Cyber Command effort in brussels, its ok, but i would not yet say that its capable of doing everything nato will have to do. About theng forward threats from the world. , now that theran u. S. Has unfortunately backed out of the p5 plus one nuclear agreement, iran is having protests and its rebuilding a centrifuge capability. None of which seems to be good news. We are sticking with jane harman, you mentioned the russian supplied missiles to turkey, which they are now testing. There are possible sanctions coming from capitol hill, the president may or may not enforce it. Whats the way out of this jam . How can we have russianmade missiles that may interface with f35s . Jane yeah. First of all this was bad behavior and provocative behavior by turkey. Theres no good reason turkey needed to purchase the system. There are air Defense Systems from the west that should have been purchased, if turkey is a nato ally in good standing. Giving a bone to russia was the wrong move, especially since russia is one of the threats to be protected against. So whats the way out . Away down from the precipice might be tricky agree not to deploy the system. They are testing it so whoops, maybe they will deploy it. We move f35 production out of turkey. Which is under consideration, but there are problems. Turkey has an airbase, i have been there, which we used to supply our war effort in the middle east. Im not sure where the f35 production is but i bet its near their. Near there. But turkey was wrong to do this and being condemned is certainly a step in the right direction. David and where should we look for leadership . It came from the United States and its not clear that President Trump is the leader of nato. Jane i was looking at the picture and i did not see President Trump in the middle. Maybe i did not look closely enough but hes large and i should have seen him. Thats different. The photo op has always been with the u. S. President in the middle. Emmanuel macron is making noises that he would like to lead europe forward. I think hes right to be angry at turkey. I agree with that. Is he going to be able to do that . I dont know. If use the de facto leader of europe, as Angela Merkel have been until recent setbacks, then maybe he is the leader of nato. I sure hope the alliance get support. David many things to jane harman. We will have more with her after coming up at 1 00. This is balance of power. David this is balance of power. On vale ergrass unveiled his plan. He spoke about it with alix steel. Lets ask about his outlook for 2020. Production will continue to grow. It was a different year because the growth was very strong. We will see an upward trend, next year wont be so high. The output will continue to grow over the next four years for sure. And adding more supplied to the global economy. Prices,will that do for if opec is not happy that theres a lot of nonopec Production Growth . Has thet believe opec capacity to affect price. They can slow demand and global weekendbut demand is Global Supply continues to grow. So we have a low price. Against a to protect low price scenario. This is the reason for pursuing efficiency. Part of that you might also say is why the oil auction last month did not go well. What is your read on that . Why did the oil majors not show up . I think brazil has to review its Regulatory Framework on oil. Its too complex. We have several things that are economy,in developing like the productions here oil companiesct ,an interfere with the contract and approving what can be focused on or not. Its very difficult to explain to other companies. So my question is, oil majors have shown up in the past, is something structurally different now in the energy world which is preventing an exxon or chevron and taking bigger stage . The auctions that involve as much as many as this one, this is the auction. Us offshorelow oilfields and we spent almost 70 billion. Its big money. ,nd when it comes to big money you have to think seriously about that. Speakings alix steel with the petr ceo. Coming up we haveobras more with jane harman on our radio show. With us will be rick davis the top official in john mccain 2008 president ial campaign. This is balance of power on Bloomberg Television and radio. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Scarlet this is etf iq where we focus on the access, risks, and rewards offered by Exchange Traded funds. 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