Republicans and rankandfile members on capitol hill. Early this morning i was communicating with senior staffers in congress who are part of the socalled negotiations. They were perplexed about the president social media posting yesterday calling off the stimulus deal. Meanwhile Mitch Mcconnell reportedly saying he feels Speaker Pelosi has been disingenuous in terms of the piecemeal budget approach, calling for there to be more immediate stimulus. President trump says they would like to get more of a piecemeal approach, but it is unclear whether or not that will happen. David one thing that is clear is we will have a Vice President ial debate tonight. Is it going to be all about covid19 as a practical matter . Kevin that will likely be one of the 910 minute segments debate moderator susan page will likely discuss. She has not disclose the topic of the debate publicly or to either of the campaign. Meanwhile, the candidates as well as the moderater will be standing 12 feet three inches apart, and extension of three feet. This as negotiations between the various campaigns and the debate commission. Another difference between last weeks debate in ohio is all audience members will be required to wear masks. There were some in the audience last week who did not wear masks , but it goes to show the heightened awareness around covid19 given the outbreak we have seen at the white house. David we are looking forward to seeing you tonight. Thanks to Kevin Cirilli who will be joining us tonight for our special coverage of the Vice President ial debate at 8 30 eastern. For more on the stimulus bill and whether it is truly dead we welcome congressman french hill, republican from arkansas. Thank you for being with us. Are we going to get some form of stimulus or not . Hill great to be with you and hear kevins reporting from salt lake. Heres the story from my point of view. After nancy pelosi dragging her feet on trying to reach a middle ground in additional covid relief, i think the president snapped, sort of like Charlie Brown did when lucy once again pulled the ball away to kick a field goal and he fell flat on his back. I think the president was showing his frustration yesterday. I do not think you should walk away from the table. It is his focused approach with ms. Mcconnell on extending the Paycheck Protection Program, resolving the unemployment complication issue, to terminate their support in the senate for additional airline support, and making sure we have whatever public expenses covered. These are essential to reopening our economy. I was glad to see the president reverse course, focus on these narrow goals the republicans have had in congress. By the way, we have 23 democrats who wrote the speaker last week saying her approach was wrong, her strategy was wrong, and she needed to go for a more narrow proposal. David is that going to require nancy pelosi to cave if i can use that expression . She has been adamant in saying i do not want to take this piecemeal, i do not want to take off some of these problems, we have other problems. Rep. Hill here is my view. She can spin it any way she wants to. She is the master of the beltway spin job. My review is lets fix these things we have agreed upon in the house and senate. It is a more narrow number. She wanted to spend 3. 5 chile dollars, then she moved it to 2. 5 trillion. The senators are under 1 trillion and the president is around 1 trillion. If we need to do more we can do more after the election or the new year. This Paycheck Protection Program you have covered so diligently , in the last few months resolving the employment uncertainty, and in these issues, more flexibility for our governors, these help americans today. It can be done with consensus. Guy we have david we have a pandemic, the need to pull out of recession, an election at the same time. Tells about your constituents. Are they blaming republicans, democrats, or are they saying a pox on both of your houses, we need help and your dithering . Rep. Hill i think they are in the latter camp. They want both houses to come together and fix these narrow topics, the grounds on which there is consensus between the democrats and republicans. The economy is reopening. Our tax revenues in july were up 15 in arkansas. We see people going back to work. These are good things. There are narrow tailored things we should do to keep the economic recovery moving in the right direction and i think jay powell made that clear when he spoke in the er conference this week talking about these important compromise issues. Guy david exactly right. He said the danger is doing too little. At the same time, we now have covid19 front and center with the news about the president. Someday people at the white house. We are seeing it back up. How concerned are you that will hurt our economy once again . Rep. Hill i think what we have learned, if we knew in february and march what we know today, we would have managed this disease and the economy very differently. We would have recognized that we can treat this disease, we can prevent this disease by following these easy standards, and we can slow the infection rates. Following the cdc standards. End disease will probably up with no higher mortality than the flu. Some of the fear issues could be brought down over time. We have to learn to live with the virus, manage the virus as we get these therapeutics more in line and get the hope of a vaccine early in 2021. That is my view. I think americans have to recognize that fact, whether it is school, work, or travel. David s progress in a position to act on stimulus . Congress in a position to act on stimulus at this point . Rep. Hill 100 . Steny hoyer said we will give you 24 hours notice to get you back to washington and vote on a bill president could sign into law. That is why the senate, in my view, the senate can get a deal passed and they can work in the Judiciary Committee on a nomination. We can do more than one thing at a time. David thank you so much. That is republic and representative from arkansas french hill. Im happy to say nancy pelosi will join us tomorrow on balance of power at 12 00 with her take on where the stimulus tops are. Now it is time for a check on the markets with abigail doolittle. Where are we . Coming back from yesterday . Abigail we certainly are. Never a dull day. Yesterday President Trump had tweeted out the idea of ending a big stimulus package. At that the s p 500 dropped about 2 . However, if the markets were really concerned stimulus is off the table, we probably would have seen a bigger selloff, suggesting some folks mightve thought it was a negotiating tactic. Today we have markets bouncing slightly higher. Theets up 1. 3 percent on possibility of these skinny targeted stimulus deals. We also have bonds trading lower , supporting the idea we have a risk on tone. Jittery markets reacting to every headline. As a bit of noise, keeping in mind the longer term trend. Story that is interesting to keep in mind, helping markets recover. Prior to President Trumps tweet in the afternoon that did sink markets, at least yesterday afternoon, we had tech stocks weak on the day and after the close the house did put out a 400 plus page report recommending the breakup of big tech. Tech names had weighed on the market. Today we are seeing a bit of a bounceback. Apple and amazon are trading higher. Alphabet and facebook down just a bit. That is another story to keep in mind as just one of the many pieces of the puzzle, all this uncertainty going with markets, up, down, up, down. For now we have a fairly risk on day. David the markets are jittery. Im not sure is only the markets. Coming up, we continue our swing state look at michigan with its secretary of state jocelyn benson. Ons is balance of power Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. This week we are taking a look at the state of michigan as part of our swing state series leading up to the election. We welcome the secretary of state from michigan, jocelyn benson. Thank you for joining us. We have going through the states understanding the voting process. It is different in the middle of a pandemic. A lot of absentee ballots. What are you anticipating . Sec. Benson we are anticipating recordbreaking turnout. Im expecting more citizens to vote in michigan than ever in our states history, and more citizens have already voted or are voting by mail than ever before. David to take us through that, we talk to your counterpart in ohio and they said they have absentee ballots as well as voting on the day. What does michigan provide for voters . Sec. Benson that same structure. Citizens have three options. They can vote from home, they can vote early, or they can vote election day. They have multiple ways to return their ballots if they vote from home or pick up their ballot, and importantly we have installed secure drop boxes across the state to give citizens the opportunity to vote from home and return their ballot at their convenience. David we have heard a lot of litigation about the conditions rounding the absentee ballots. What are the formalities in michigan . What you need to do to have the absentee ballots counted . Sec. Benson you have to sign the envelope in which the ballot is placed. That signature does not have to be notarized, but it does have to be legible and match the signature we have on file. Importantly, the governor signed into law legislation that will require voters, if there is eva ballot in an envelope, missing a signature that does not match, to give the voter the opportunity to identify themselves and ensure no valid ballot is not counted, and find irregularities if they occur. David went as the ballot have to be in the possession of election official when does the ballot have to be in possession of Election Officials . Sec. Benson 8 00 p. M. On election day is our standard. There is litigation trying to figure out whether ballots sent prior to election day but received after should be counted , but im advising every voter to get their ballot in as soon as possible. We have installed over 1000 drop boxes. If citizens have their ballot in local drop boxes by 8 00 on election day, it will count. David we have seen litigation around the country, a Record Number of challenges. How are you doing in michigan . Sec. Benson i became an election law attorney 20 years ago, and since then we have seen an exponential increase around election day. To be a secretary of state with more litigation than before, it has become, there some credible allegation, a lot of it has become frivolous. A way to create uncertainty at a time when we need to be communicating to voters what the rules are to ensure their ballots are counted. David looking back to 2000, the Supreme Court invoked a federal constitution, some people thought took it away from florida. Do you think the questions, particularly involving michigan, will be resolved at the state level or will they end up at the federal level . Sec. Benson i think the voters in the state of michigan will determine every outcome in the state of michigan. That is my focus and my goal and our clerks goal and im confident that will be the ultimate result. David what kind of delays are we looking at . When you get that Record Number of votes, they can come in as late as 8 00 that night. Obviously you not counting them all in advance. Sec. Benson we are not allowed to. Clerks cannot begin tabulating ballots put voted absentee until 7 00 a. M. On election day. It is not possible for any infrastructure to be prepared to methodically tabulate all of those ballots in 12 hours. It will take time. It is ensuring accurate results and we will be updating the public every step of the way so citizens know exactly when they can expect the results from michigan. They will come that week, but they may not come until friday. People need to know that is a reflection of the process working. David you said you are expecting a record turnout. We talked your counterpart in ohio last week and he said yet a friendly back with you. This is part of what he had to say . I am sorry, we do not have it, he said it was a friendly back we will have a better turnout in ohio than in michigan and made some derogatory comments about my Football Team, the michigan wolverines. I will leave those to one side. Will you beat him and that back . Sec. Benson yes. He can say whatever he wants, but when michigan has higher turnout he will have to sing the ohio fight song at the Ohio State Football Team in the horseshoe and im looking forward to that and expecting every michigan voter to ensure that happens by voting this year. David are you concerned about the security of those drop boxes . Sec. Benson we are noting not just the actual security but efforts to undermine citizens faith in the security process by putting out misinformation, which we have had to deal with in michigan. We have protocols in place to ensure our drop boxes are secure , they are monitored and there is surveillance and every day people are removing the ballot from those drop boxes to ensure no ballots are left overnight. I am confident citizens can trust if they use their local drop box to return their ballot it will be counted. David it might be a late night for you november 3. Are you bringing extra people . What are you doing to make sure you have this all prepared . Sec. Benson we are. Noting in the spring when the pandemic hit, we were going to hit a more urgent shortage of poll workers than ever before. Recruited close to 30,000 new election workers in michigan. That is an extraordinary number that ensures we are ready to go and our precinct will be opened and fully staffed, as well as her absentee counting board to make sure the process runs as smoothly and efficiently as possible. David appreciate your time, madam secretary. Democratic secretary of state from michigan, jocelyn benson. We will have a special look at some of the swing states covered in our series, arizona, north carolina, and ohio. It will air friday evening at 9 30 p. M. Eastern time. We turn to Mark Crumpton for bloomberg first word news. Mark mike pence and Kamala Harris are set to face off in a debate in salt lake city. Ahead of the faceoff senator says she hasaign tested negative for covid19. Vice president pence is doctors say he has also tested negative. Both will participate in a 90 minute debate separated by 12 feet of space in the plexiglass shield. Neither they nor the moderator will wear masks. Tune into her special coverage of the Vice President ial debate tonight on Bloomberg Television and Bloomberg Radio at 8 30 p. M. In new york city. David westin will be hosting. Nancy pelosi has signaled democrats are willing to pass a standalone Airline Relief though. She spoke with the treasure terry secretary Steven Mnuchin she spoke with the treasury secretary Steven Mnuchin. Last week House Republicans blocked the democratic proposal to provide more than 20 billions for airlines and contractors. The British Government is getting ready to pull the plug on brexit trade talks. Bloomberg has learned the u. K. Will withdraw from negotiations with the eu next week if there is no clear deal insight. Boris johnson has said he wants the outlines of a deal to be clear by october 15. Eu officials have said they will not be pressured into making concessions and are prepared to call the prime ministers bluff if he does not compromise. Hurricane delta has slaved into mexico, not far from cancun. It weakened slightly before making landfall. Winds were near 150 miles per hour. There are fears delta could cause a deadly storm surge that would raise water levels by up to 12 feet. The hurricane is predicted to pick up strength as it moves over the gulf of mexico and takes aim meth united states. 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. Am Mark Crumpton. This is bloomberg. David this is balance of power on Bloomberg Television and radio. Time for the stock of the hour, check on the markets. A question for scarlet fu of how the markets pricing in the selection . There is a lot of news. Scarlet look at the last 24 hours. You can see it all in stock futures. The belief was president s diagnosis of covid would create urgency and focus minds on the need to strike a stimulus compromise. The decision to halt negotiations and that rally, but overnight the flurry of president ial tweets on specific handouts to airlines and Small Businesses out futures recovered. The piecemeal approaches halting the selloff. We know theres a lot of money sitting on the sidelines. 4. 4 trillion collecting nothing. We saw investors starting to put some of the money to work after the initial plunge in march. That money first went to big tech, now increasingly it is rotating to value stocks. As for how analysts are gaming out the election, a few scenarios favor the u. S. Dollar, which is already under pressure. Es told bloomberg the u. S. Seems to be focusing away from tech and equities to measures more household friendly. That will lead, he says, to more deficit spending. In the meantime rates have broken out of the recent tight range. The 10 year yields rising to as high as 79 basis point on the back of reflation hopes. World market says it is unlikely to reach 1 with markets convinced the Federal Reserve would likely step in to keep rates low. If you look at the odds of a joe biden victory, they are at a peak of 66 according to the betting market predictit. The thinking, as youve discussed, is that a democratic sweep would mean more fiscal spending, offsetting of not compensating for higher corporate taxes. That is neutral the shortterm positive. David one quick thought on eli lilly. They pressing forward on approval for emergency use of a therapy for covid19. Approv