Bloomberg Surveillance Bloomberg Surveillance TV: December 3rd, 2025
12 snips
Dec 3, 2025 
Maya MacGuineas, President of the Committee for a Responsible Federal Budget, discusses the looming risks of tariffs impacting $2.5 trillion in revenue and the potential for unfunded fiscal proposals. Dana D'Auria, Co-Chief Investment Officer at Envestnet Solutions, analyzes the recent market sell-off, framing it as a normal correction amid AI valuation concerns. Thomas Hoenig, former President of the Kansas City Fed, emphasizes the critical need for a consensus-driven Fed chair and questions the impact of Fed policies on longer-term yields amidst political pressures.
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Tariff Revenue Is A Fragile Budget Pillar
- Maya MacGuineas warns tariff revenue could vanish and severely worsen the deficit outlook.
- She says tariffs projected to raise ~$2.5 trillion over a decade are unlikely to persist in current form.
Replace Tariffs With Smarter Revenue
- If tariff revenue falls, MacGuineas urges replacing it with smarter, pro-growth revenue options.
- She recommends considering efficient revenue approaches rather than relying on shifting tariff policy.
Subsidy Extensions Could Worsen Deficits
- Extending enhanced Obamacare subsidies would add about $350 billion and likely lack offsets.
- MacGuineas warns short-term extensions without offsets worsen fiscal outcomes in a year-end deal environment.