Where the world of politics meets the world of business. I owe you a word of explanation. We had some technical problems. For those of you on television, you got to see some charts for a bit. Now we are off and running. The first president ial debate takes place in ohio tonight. Kevin cirilli is on the scene in cleveland. Great to have you there. Before we get into the substance of what might be discussed, set the stage. Who will be there, what kind of arena is it, what are the rules moderator chris wallet Chris Wallace will have to enforce . Kevin 90 minutes, uninterrupted , the first time President Trump and go but it will go headtohead and both are giving clues about their strategy based upon who they are surrounding themselves with. Room given then social distance guidelines. Congressman tim ryan, a central democrat, and another centrist democrat in battleground states of ohio and pennsylvania will be meanwhile,den, and we are learning some conservatives in the farright movement of the party are also going to be with President Trump , people like senator marsha blackburn, one of the key members of the Senate Judiciary committee that will take up the nomination of judge amy Coney Barrett, as well as congressman jim jordan, another ultraconservative in the freedom caucus, someone who has deep political ties to the president s chief of staff mark meadows in terms of negotiating on that stimulus. We are gathering the strategies as joe biden tries to make a play for centrist and President Trump tries to rally that working class base. David that is fascinating. I had not known that before he just told it to me. If we read into that, that means the debate has shifted to the right, that means joe biden is going toward the center. There is no coincidence you have conor lamb, just across the border in pittsburgh. You have tim ryan as well. Centrist democrats. Republicans are going to the right. That might suggest where the debate is shifting. Kevin precisely. We are also gathering after the debate joe biden will be embarking on an ohio pennsylvania train tour. He has a storied history with amtrak in terms of traveling from delaware to washington, d. C. During his time in the senate. It is all about the working Class Coalition he is trying to win back. He is outperforming Hillary Clinton amongst africanamericans. He is outperforming Hillary Clinton amongst White College educated women. Ands underperforming her, President Trump is outperforming his 2016 levels, amongst white workingclass men. That is why the Biden Campaign is feeling emboldened to make inroads to constituencies that traditionally, based on last cycle, democrats have struggled with. David we look forward to hearing your reporting throughout the day and the night. That is Kevin Cirilli, chief washington correspondent. All week we are looking at ohio as part of our swing state series leading up to the election. It is no coincidence the first debate tonight is taking place important ohiow has been in many elections. That is something kyle contact explained to us. Kyle for a long time no state better reflected the National Voting than ohio did. Ohio typically voted a little more republican, and ohio has also voted for the winning Electoral College candidate 29 of the last 31 elections, going back to 1896. David now we welcome our bloomberg political contributor rick davis from stone core capital. Put together ohio with the broader question of what the nation will be seeing tonight. To what extent is it important both of these candidates appeal to ohio because to some extent ohio does represent what they need to do nationwide. That it is a good point ohio is not necessarily included and a lot of the conversations around the battleground states because there are so many battleground states in play. Ohio has always pulled close between trump and joe biden, and the workingclass suburbs like what Kevin Cirilli was just talking about with areas like youngstown is a hotbed for trumpism in the country. Trump will want to play there hard, and tonight you will see his message try to appeal not to the white suburban itll class women that are in play in most of the state, but to try to get his base rallied up amongst the bluecollar workers of ohio. David he has several subjects he can choose from. We have a lot on the agenda. What is best for him . The economy and the manufacturing jobs . Is it his nominee to the Supreme Court, or Something Else . Rick he will stress the manufacturing jobs. He has been doing that on the campaign trail in michigan and pennsylvania and will again in ohio. He wants to take credit for the things he was able to do in his administration. Regardless of whether there was an increase in manufacturing jobs, he will claim he is committed to it. The argument is stressed because of the downturn from the coronavirus. I think he will stay away from where we are today, but talk about what he has been able to accomplish the first two years of his administration. David from the other side of the stage, what does joe biden need to keep the subject on . Rick joe biden has his own jobs plan. He will not let trump out jobs create him. You will see him arguing for that. He is also going to say the economy is in shambles with almost 30 Million People unemployed. He has a plan to put them back to work. I think he will attack the jobs issue in a slightly different way. He will spend a lot of time talking about the Public Health problems associated with covid and not just the fact we are in the middle of a pandemic, but our Health System needs to be reinforced to support it. You will see him talking to suburban voters about health care tonight. David i would be surprised if there was not a side crack about President Trumps taxes. Does biden have to resist the temptation to spend a lot of time on that subject . Rick i think joe biden will have to spend an enormous men of time resisting donald trump all night long. If he can get a word in edge wise will be a success. The key for the biden camp as they do not engage trump and they let trump be trump, but in the meantime joe biden communicates directly to the voters in his own style and substance. It is more like a candidate appearance where both are the stage than a debate tonight. David it is a fascinating point you make your if you look back through history, it is the affe ct a candidate more than the cells more than the substance. It is what gestures they make, what their face looks like, when they look at their watch. That works affect best for joe biden . We know what President Trump will look like. Rick we all remember al gore sign in george h. W. Bush looking at his watch, sarah palin winking. Nonverbal cues about how the night is going will make news. It is hard to tell. Joe biden may throw out a couple of technical points to reinforce the claim he is not senile, which is what donald trump has been saying all month since the convention. There is going to be a lot of opportunities for each of them to game out the night. You usually cannot tell until the next date what impact they will have. David we will all be watching that debate closely and you will be with us. There is also business may be getting done on capitol hill as they talk about maybe a fourth round of stimulus. There is apparently discussion between nancy pelosi and secretary mnuchin. I wonder whether those two could get a deal done. We talked with Chuck Grassley last week and he said the white house and nancy pelosi agree to something and they have a problem with republican senators. This is what Chuck Grassley said. Grassley this used to be the white house versus closely. Now the present versus nancy pelosi. Now the white house as we can go to 1. 5 trillion. He should be careful because i do not think that bilby get through the United States senate. David is the biggest hurdle the white house or republicans in the senate . Rick sender grassley knows his stuff and i would not doubt he has his ear to the floor of the senate as to what republicans are willing to take. I would say there are republicans up for reelection in tight races where they would join with the democrats on a deal if the Trump Administration and nancy pelosi agree. As much as i agree republicans want a smaller stimulus than what nancy pelosi is selling, if the Trump Administration, secretary mnuchin, nancy pelosi agree, i cannot imagine a scenario where those republicans up for reelection do not vote yes. That is Bloomberg Contributor rick davis. He will be part of our debate covered started tonight at 8 30 on Bloomberg Television and bloomberg radio. Coming up, one of the topics in the debate will be race and violence in our cities. We talk with an expert of racial justice, professor monica bell of yale. Ons is balance of power Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. We turned to Mark Crumpton for bloomberg first word news. Mark President Trump and joe biden go headtohead for the first time tonight in the opening president ial debate in cleveland. Only a tiny fraction of voters say the debate is likely to change their minds. In a new poll from monmouth university, 87 say they are not likely to be swayed on the debate. Only 3 say it is very likely. President trump sons are defending their father against the New York Times reporting that he avoided paying income tax. In separate interviews on fox, eric trump and donald trump, jr. Set their fathers Companies Pay millions of dollars and other taxes. They acknowledge he has used depreciation, tax credits, and other provisions of the tax code to reduce his personal tax bill. Trumpmes reported mr. Paid 750 in federal income tax in 2016 and 2017 and pay no income tax at all in 10 of the previous 15 years thanks to massive losses by his businesses. Boris johnson is dismissing reports of concern among his conservative Party Colleagues that he is still not fully recovered from covid19. The british Prime Minister said he is fitter than he was before. The Prime Minister became seriously ill and require treatment and intensive care after testing positive for coronavirus in march. He spent about a month away from his duties at the peak of the u. K. Outbreak. A wildfire in northern californias wine country has now more than tripled in size. The blaze has forced thousands of evacuations and is threatening properties in a region devastated by fires just three years ago. The fire is located north of san francisco. It has burned more than 36,000 acres. 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 . David the deaths of george floyd and Breonna Taylor have led to months of protests and civil unrest, bringing to the floor the nation struggle to overcome 400 years of racism and putting on the agenda for tonights debate the subject of race violence in our cities. We welcome a student of the quest for racial justice, monica bell is associate professor of law and sociology at Rail University at Yale University and has written this is specifically on the agenda tonight. Not a surprise what has gone on in this country. You have studied this. What are the fundamental issues that need to be addressed, whether they will be or not on the debate stage. Monica one of the fundamental issues we have to understand is these problems of Police Racism and Police Violence and the experience of particularly black communities, but not only black communities with respect to policing have deep historical and structural roots. We need to hear solutions from the candidates that do not run officersaining police out of overt racism. We have to understand these problems are baked into the fundamental structure of Police Departments, so we need to see Structural Solutions that touch not just policing, but also multiple structures through which black communities especially, but also brown communities and other marginalized communities are oppressed and left out of our democracy. David by and large, policing has been left to local government to handle. Obviously with some issues in federal. Housing is different. Much of what youre talking about is a housing issue, not just a policing issue . Monica of course these issues intersect. One of the challenges as a lawyer and a sociologist is the dominance of policing and housing operate on multiple levels. It is true Police Governance is primarily local and there are 18,000 plus Police Departments in our nation. The federal government also has a massive role to play in the priorities of policing. With respect to housing, the situation is somewhat more a lot ofed, although decisionmaking in terms of housing, are also quite local. There are cooperative agreements between the federal government and state and local governments around housing. It is true that historically, largely for many different ofhanisms, the establishment of, the Fair Housing Act 1968, and the massive federal housing infrastructure predating that, the federal government has long had a serious role to play in housing. The federal government set up thereated Public Housing are distinctions. Impulsese fundamental of my work is not to see one problem is proceeding the other. Your wayt desegregate out of harsh policing. You also cannot police your way around the persistence of housing segregation. Basically we have to operate on all of these issues at the same time and recognize the interconnections between housing, education, policing, etc. Youd from your study, what expect or hope to hear from President Trump on the one hand and former Vice President biden the other hand. They seem to have different approaches. Monica absolutely. One of the things that has been fascinating to me as a student of policing and federal policing policy during the trump we have seen over the past decade or so a greater embrace by people on the right of recognizing the deep libertarian issues that emerge out of policing and the criminal justice system. There is a pretty massive embrace by people on the right ecarceration, police reform, etc. We have started to see a coalition emerging prior to the ascendance of President Trump, who has taken, almost an anachronistic position with respect to law and order issues and with respect to policing. Actively encouraging police to be brutal toward people who they ways has setn some back the conversation in Police Unions about what sorts of accepted. Uld be i expect we will see a Strong Defense of status quo policing by President Trump while also embracing other sorts of david what you hope to hear from joe biden . Hear is aat i hope to recognition that the problems of Public Safety we face in our nation are not problems they to be fixed by police alone. Guy thank you david thank you so much. A pleasure to have you with us. I hope you come back for a much longer discussion. That is monica bell, associate professor of law at yell law school and a sociology professor as well as yale. Still ahead, we will talk to tom perez, chair of the Democratic National committee come on the day of the big debate. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Time for a check on the markets with scarlet fu. Not so great, not so bad. Scarlet so much for the month end rally that had been taking shape. The nasdaq also giving up some of its recent gains. It had just finished its best to day advances since april. The nasdaq with relative outperformance today. It strength the last two days is a sign of defensive posturing. The catalysts are many. New york daily virus positive rate top 3 for the first time in months just as schools reopen. ,o movement on fiscal stimulus even with nancy pelosi and Steven Mnuchin speaking this morning and committing to agree to speak some more tomorrow. House democrats released their latest action plan, a 2. 2 trillion package, much farther much smaller than the 3. 4 trillion act they passed. You can see the 1200 check. 20 of the plant will be your mark for state and local government and this is a hard no for republicans. 10 for education. Few economists are expecting any deal to be struck before elections. You saw j. P. Morgan and Goldman Sachs economist cut their fourthquarter gdp forecast as a result. Looking at the trading activity, it is light before tonights debate and for the bigs jobs report on friday, which would be the last jobs report before the election. Energy is the worst performing group to date and this is as oil prices sink. They are now down below 40 a barrel. If you look at a longerterm chart for the year, you can say pray much it has been holding in a range and is falling below its recent support. There is supply in russia and libya when concern is growing demand will be slow to recover given that european nations are talking about increasing travel restrictions. David i notice financials are having a tough time except for square. Scarlet square getting upgrade. It is not in the s p 500, it is in the russell, but it is a Financial Payment Services company a lot of people thought would suffer in the face of the pandemic but Wolfe Research says square is getting market share faster than before the pandemic because its cash app, which is a banking platform, is getting a lot of ground, growing 40 in the second quarter, up from 22 in the first quarter. Could be a beneficiary from the pandemic, especially for government stimulus is approved. David thanks to scarlet fu. Jp morgan treasuries lost money and have gotten penalized. This is bloomberg. David this is balance of power on Bloomberg Television and radio. Im david westin. It is time for first word news with Mark Crumpton. Is seeingyork state an uptick in its coronavirus cases. Cuomo says 20w zip codes across new york have average positive test rate of about 5 . That is about five times the statewide average. Enforcevernments must compliance of social distancing guidelines and mask wearing. He also said our actions determines what happens. He also said new york is not responsible for ne financial losses because during the pandemic. Journalist bob woodward says that election day could trigger a series of events. He spoke with bloomberg this morning. My take on what will happen on november 3 is anything can happen. Win, can win, biden can there can be total confusion and chaos, for not just days but maybe weeks, about who will be the next president. Mark mr. Woodward recorded hours of interviews with President Trump for his latest bestseller called rage. The president s nominee for the Supreme Court is on capitol hill today. Amy Coney Barrett is meeting with Mitch Mcconnell call and key republican senators in preparation for her fast track confirmation hearing. Democrats warned that her nomination threatens the protections of the Affordable Care act. Kentuckys attorney general has agreed to release the recordings of the secret grand jury proceedings that considered charges against three officers involved in the Fatal Shooting of Breonna Taylor. Last week, the grand jury issued charges against one of the officers for endangering taylors neighbors. None of the officers were charged in the killing of taylor, who was shot five times after officers knocked down her door to serve a narcotics warrant in march. Global news 24 hours a day, onair, 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 so much. Theay, taxes were back on front page of the nations newspapers, not because of the different tax policies of the candidates, but because of the New York Times report on President Trumps two decades of tax returns that it says he paid little to no taxes at all. For an expert on what we are learning, we welcome Steven Rosenthal from the urban brookings tax policy center. In 25 spent some 25 years years practicing tax law. About 100 years ago, i am not a tax lawyer. Common claimsse that with rich developers, you see returns like this. Steven thank you for having me on. No, i dont agree with your characterization. Trump is an outlier. I have practice for quite a long time and i have never seen tax lawsuits for such a sustained period. Trump generates tax lawsuits, millions a year, sometimes hundreds of millions of dollars a year. That ishe accomplishes really baffling. It is a combination best i could figure out is just being a staggering loser in his business operations, combined with his aggressiveness. Of afew people are as big loser as he and as aggressive as he. I have not seen other taxpayers or wealthy individuals who manage to zero out their taxes for decades. Sense about Tax Accounting versus cash in. Is it possible that President Trump was showing huge tax losses when he was making money in terms of the cash he was taking in that he could keep . Trumps lossesf throughed up, generated borrowing, spending that money and then taking deductions of other peoples moneys. Trumps operations are often very leveraged, and often has lots of lawsuits, some of which are accelerated depreciation, things of that sort, but moreover just losing money. Tax law generally requires taxpayers to reverse out their losses for taxes if the debt is forgiven. Trump has managed to take the ductions at the front end and sidestep the income from forgiveness of debt at the backend. While he is running his operations into the ground and taking large amounts of deductions, he manages to avoid picking up any income when his loans are forgiven, or any income to pay tax on if you operations that he has had that have been successful. Theoyalties from apprentice for example. David is it possible that we are almost asking for this kind of behavior . Is this more of an indictment of the tax code and how it is set up, the loopholes, deductions, ways to get around things, that we have set up . Isven i think that overstating the case, blaming congress too much. The world is a complicated place. Global transactions, structures of information technology, sharing, supply chains its a very complicated thing. You are always going to have to always be somel taxpayers that will try to stretch rules and exploit them beyond where they should fit. I would say that we will always have problems but we are in a difficult situation now because the irs budget has been constrained. The irs does not do a good job of auditing aggressive taxpayers. Even for outliers like President Trump, we need to have a robust enforcement to make sure the tax system does not erode and people become more aggressive. But i take your point. Congress could write rules that are simpler and easier to but unfortunately, there is not much of a constituency for supplication. Constituencyt of and lobbying groups for complications and special provisions. It is a combination of factors. David it brings us to the debate and what may be discussed on that stage. When President Trump came to office, he made tax is one of his priorities. Certainly had a large tax cut but also talked about tax simplification. I believe that he said that we could file taxes on one index card. Is there a route for a candidate to say we can improve the tax system fundamentally . Isven i am optimistic there a route, but unfortunately, i think it will take us having devastating restructuring of our economy first in the demand to do things right. Reform was described as tax cuts for everybody. There was not much simplification in anything that he did. There was some elimination of deductions for states and local taxes. That simplified a little, by preventing people from keeping track of their state and local tax the ductions. But that was not a true supplication, just taking away things, choices from people who i believe deserve a little more latitude. David lets talk about that state and local tax. Its a big issue in the northeast. It has it places like new york, connecticut, new jersey hard. What is the rationale for it . Does it make sense to have limitations deductions . Steven from my perspective, i think limitations are wrong handed. I Wish Congress had left in place the local state and tax reduction. State and local tax reductions help states and Localities Fund their operations. Services that they use the revenue to support our for low income taxpayers. , schools, roads, disproportionately use their revenues to help low income taxpayers. However, it benefits high income taxpayers in the sense that they get a deduction. That always struck me as rough justice, hoping to soften the blow. Those who object to the state and local tax i do not but the ones that do say that the one claiming that the duction are the highest income taxpayers. But if they are not getting the full benefit of their tax expenditures, going disproportionately to the lowest income taxpayers, we ought to offer them some relief, just like we do for charitable contributions in the hope that high income taxpayers will support low income taxpayers. David always great to have you with us. Steven rosenthal, senior fellow at the urban brookings tax policy center. Coming up, tom perez, chair of the Democratic NationalCommittee Comes to us from the site of the debate for thoughts on what he thinks joe biden needs to deliver tonight. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. Will get itsnation first opportunity to see the two candidates for president , donald trump and joe biden on the debate stage. For the view from the democrat side, we welcome tom perez, chairman of the Democratic National committee. Thank you for being with us. Give us a sense of what joe biden needs to get accomplished tonight. Tom i think joe biden will talk about his vision for america. How do we address these three now . S we are facing right the pandemic, the economic collapse, the civil rights challenges. The failures of this president are in stark contrast to joe bidens vision. He sees the world through the lens of scranton, pennsylvania. He sees people across america struggling to deal with the coronavirus. 200,000 deaths. This president has given up. Health care will be a big discussion tonight. Health care is on the ballot november 3. It is on the docket of the Supreme Court november 10. There will be a lot of discussion about that. In the middle of a pandemic, donald trump wants to do away with coverage for people with preexisting conditions. Joe biden wants to do the opposite, make sure we address the pandemic, expand access to health care coverage, build back america better by investing in our human capital, by building an economy that works for everyone. These are the things that joe biden will talk about. Diametrically two different visions of america. Joe biden believes everyone should have a fair shake. He believes that zip codes should not determine destiny. Joe biden has peoples backs. I am here in cleveland. People in ohio, michigan, pennsylvania remember that barack obama and joe biden saved the auto industry. Republicans wanted it to die. David that leads me exactly to the question i know that joe biden wants to appeal to every single american, but who is his core audience . Maybe the manufacturing workers in ohio, michigan, wisconsin . Or is it particularly women in the suburbs, around cleveland, dayton, cincinnati . Who is his core target audience tonight . Joe biden has said i want to be the president for everyone. He is the uniter in chief. His vision for america when you talk about undressing the covid crisis in a real way, that is talking to everyone. Covid does not discriminate. It has touched so many people. It has disproportionately touched people of color but it does not discriminate in the sense that everyone has been affected in one way shape or form. When joe biden is talking about how to address the covid crisis, he is speaking to everyone. When he is talking about health care, there are so many people with preexisting conditions, these are the issues that he is speaking about. There are so many people right now who want a leader that can bring us together. I am sitting here in a state where sharon brown a progressive kasich, thed john former republican governor of the state of ohio, both support joe biden. I bring that up because it really illustrates, the Biden Coalition is diverse and growing. Very as we know, ohio is key in president ial races, particularly for the republicans. No republican has won the presidency without ohio. What are the chances joe biden can win in ohio . There was a survey just today that had him down by seven points. What are you seeing . Tom the polls that have the most rigor have had this as a dead heat. The last two that i saw had biden up two. That is a margin of error, junkball race. L race. Bal donald trump came into ohio multiple times and said there will never be a plant closure. Those are not my words, those are Donald Trumps words. Iters here in ohio remember was barack obama and joe biden who saved the auto industry. Donald trump lied. You go to lordstown, ohio and ask the people who used to work at the chevy plant. Remember donald told you not to sell your home . Guess what . They have to sell their homes now. Joe biden will keep his promise. His northstar are the people in youngstown, toledo, scranton, those industrial midwestern places. That is why he is doing well here. David i want to sneak in one tied to the senate race. In particular, Lindsey Graham. We have this nomination now of amy Coney Barrett which is pretty controversial and i read perhaps that it was helping his opponent raise funds. Is the dnc putting money into that race . Tom that is another dead heat race. I know Jamie Harrison very well. He has something that Lindsey Graham lacks, integrity. What is interesting about that race is the former, i think, ceo of michelin, who used to be the finance chair of Lindsey Graham, is one of Jamie Harrisons strongest supporters. Saidoke in an ad that Jamie Harrison is someone that you can trust. We need people in South Carolina, folks have said, we will put the interests of South Carolina first. Lindsey graham has become a lackey for donald trump. His absence of integrity look at what he said in 2016 about the nomination of mary garland. Me, in auote president ial campaign year, you should let people decide. Those are Lindsey Grahams words. Now four years later, those words are out the window. Voters want integrity in their leaders. David he actually said you can use my words against me. Tom i stand corrected. [laughter] david senator graham will have a big platform avenue they have these confirmation hearings. Last time, it did not hurt him much when he took a strong stance for justice kavanaugh. Is there an advantage for him because he will get a nationwide stage or at least hearings . Tom during those four days, we will talk about how health care is on the ballot november 3. Health care is literally on the docket of the Supreme Court november 10. Back in 2017, a guy named john mccain had the courage to cast a does deciding vote that saved the Affordable Care act. That used to be Lindsey Grahams good buddy. Now, Lindsey Graham is here trying to do away with access to health care. Make no mistake, they are trying to ram this nomination through because they want to undo the Affordable Care act. Voters are going to see for those four days that health care is on the ballot. If they have a preexisting conditions, they should be worried. Lindsey graham wants to lead the effort to do away with that coverage. I welcome the conversation. David good luck to you in the debate tonight. Tune in tonight for our special coverage of the debate, kicking up at 8 00 new york time. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. New york city has posted a daily coronavirus positive test rate of over 3 for the first time in months. Governor andrew cuomo has been speaking about that problem. Lets get more from michael mckee. Not good news for new york city. Mike not good news for new york city although the mayor of new york city, bill de blasio, and Governor Cuomo said it was a containable problem. Codes, out of 146 in the new york area there is a tribute question for you there has been a spike in cases. ,any are religious communities and they are tying many of these cases to the religious schools in those areas. They are making a concerted effort to send in test entries people, get people in those areas to socially distance and wear masks. , that could bring down the caseload. A sevenday moving average is just over 1 . It is that average that counts in terms of whether or not you would close schools under the system they have set up. Schools are not closing, in fact, today is the first day for many kids. They are open for the time being. David a pretty unfortunate day for this to happen because of so much trepidation opening up schools. You say they are urging people to wear masks and socially ce, but are we doing specific targeting for those areas, with Public Health officials . They are doing a lot of things. Many of these neighborhoods are orthodox neighborhoods. They have been even sending out messages in yiddish telling people about the safety precautions. The mayor says they may consider imposing fines on people not wear masks. If a Police Officer hands you a mask and you refuse, they could find you but they did not specify how much. David also talking about the economic losses from revenue, addressing the economic loss. Mike not just the state of new york, but the administration has been against large payouts to states for covid reimbursements. They see some of the money being used for things like pension fund shortfalls and things like that. Cuomo says he will take the fight to trump and says, if the president loses and the democrats take over the senate, the problem will be solved. If not, they will have to do more work. New york city itself faces a 13. 5 billion shortfall which the mayor said could result in 22,000 layoffs. Cuomo said that if it came to that point, he would send in the National Guard to pick up the garbage. David in our second hour, we will speak with chris coons of delaware. This is bloomberg. So youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Vonnie it is 1 00 p. M. In new york, 6 00 p. M. In london, and 1 00 a. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. Here are the top stories we are following on the bloomberg and around the world. Nancy pelosi and treasury secretary mnuchin sit down to discuss the latex stimulus proposal. Investors trying to gauge the worth of these negotiations as talks reach a critical juncture. Theulus talks ahead of first president ial debate between President Trump and joe biden. The two are set to spar on topics like the Supreme Court and the handling of the coronavirus pandemic. Of york city daily rate positive tests more than 3 for the first time in months in particular areas. This comes as the virus has already battered the city. A 40 6000 closures and jump in bankruptcy filings across the region