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Nineteen Years Since 9/11 Terrorist Attacks; Rio Tinto's CEO Resigns over Appalling Situation Where the Company Destroyed Sacred Aboriginal Sites in Australia; Slimmed Down Stimulus Bill Could Not Get Past U.S. Senate. Aired 9-10a ET
Aired September 11, 2020 - 09:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[09:00:00]
RICHARD QUEST, CNN BUSINESS ANCHOR: It is nine o'clock in the morning on the East Coast of the United States. Today is Friday, September 11 -- 9/11.
The flag is flying at half-staff over the White House. It's the day that the world remembers and commemorates those who lost their lives. It's 19
years since the 9/11 terrorist attacks, when nearly 3,000 people, 2,977, were killed by terrorists in New York City, Washington, D.C., and outside
of Shanksville, Pennsylvania.
During the course of this day, President Trump and Joe Biden in their various ways will both be amongst those paying respects.
It will be an hour in which we will join those events and those moments of silence taking place.
There is also the business agenda of the day, which we'll also be getting to. For instance, serious stuff, Microsoft is warning that the hackers who
are responsible for hacking the 2016 U.S. Presidential election are at it again.
Rio Tinto's CEO resigns over an appalling situation where the company destroyed sacred aboriginal sites in Australia.
And a slimmed down stimulus bill couldn't get past the U.S. Senate. It is only several weeks before the election.
All of that in the next hour. This is FIRST MOVE.
ANNOUNCER: This is CNN Breaking News.
QUEST: It's a solemn day in the United States and it is a day that is also remembered around the world; 9/11 is, of course, how we describe it, but
that doesn't really bring home the enormity, the gravity of the crimes that were committed and the awful toll that it took. Three thousand people
killed, many thousands more traumatized by the events of that day.
Now, observances are under way in Lower Manhattan, where the towers once stood. Two hijacked jets crashed into both towers. The events have been
scaled back, of course due to the COVID-19 pandemic. So instead of the very solemn moment of the roll call of those who perished, instead it's been
prerecorded.
There are also observances taking place at other places in Pennsylvania, at the pentagon and the like. And now the first of those commemorative
moments. A moment of silence, this time, and the first moment of silence that we'll be hearing today comes for those on board UA 175, which struck
the South Tower.
The first moment of silence that we will be joining in for. This one commemorates when United Airlines Flight 175 struck the South Tower, as it
did so, we remember the 343 firefighters who lost their lives, the 23 New York City police officers, the 37 Port Authorities.
As the day and the hour continues, at 9:37 we will pause for silence to remember those on American Airlines 77 that struck the Pentagon, and before
the end of the program, we will go for another moment of silence for the fall of the South Tower in New York City.
[09:05:06]
QUEST: There are of course commemorations taking place in Pennsylvania in Shankville where one of the planes went down, UA 93. Ryan nobles is there
and joins me now. The significance, of course, of the day is sacrosanct. It comes, of course, at a U.S. Presidential Election, by dint of calendar,
every four years. How are we commemorating it today?
RYAN NOBLES, CNN WASHINGTON CORRESPONDENT: Well, Shanksville is going to get a lot of attention here today, Richard. Both President Trump is
expected to be here in about a half an hour and will take part in a ceremony that will take place commemorating the moment that United Flight
93 crashed here in Shanksville, Pennsylvania.
And then later this afternoon, his opponent in the race for President, the former Vice President Joe Biden will also be here to pay his respects.
President Trump expected to deliver very brief remarks here where he will talk about the heroism of the group of people on board that plane to help
bring it down and prevent the further loss of life.
He'll also lay a wreath in honor of the victims of that tragedy. Of course, this Memorial, this solemn place here in Pennsylvania dedicated to the
lives of those who lost their lives that day and the bravery and the determination that they had to prevent the further loss of life, and we
expect President Trump to talk about that.
This is going to be much different than the ceremony has been in past years. There will be far fewer people here than there normally are. As you
can see behind me, they have spaced out the chairs to allow for social distancing.
They're asking everyone to wear masks, because, of course, Richard, as we remember that day, 19 years ago, we are still in the midst of a pandemic
and that will be still on the minds of everyone as we remember what happened here 19 years ago -- Richard.
QUEST: Ryan Nobles. Thank you, Ryan, joining us from Pennsylvania, and Ryan makes a good point, of course the pandemic has changed the way the
commemorations will take place, but not the fact that they will, of course, take place.
Ryan, thank you. We'll check in with you again in a little bit.
And so while the next commemoration we have is just I said, just at 37 past the hour. We'll be there for that, of course, in Washington.
Now while we move forward, let's return to our business agenda, and it's appropriate in a sense, because the story we're covering now is with
Microsoft warning that the hackers are at it again.
The democratic process in the United States, which of course has survived so many attacks, literal and physical and digital, now Donie O'Sullivan is
with me. What exactly is Microsoft saying is happening? And I think it's important, why are we hearing it from Microsoft and not, say, the F.B.I.?
DONIE O'SULLIVAN, CNN BUSINESS REPORTER: Yes, that's a very good question, Richard. So what Microsoft is saying here is that basically, the same
Russian hackers that are tied to Russian military intelligence that broke into the Democratic Party in 2016 and leaked the e-mails tied to the
Clinton campaign and everything else are basically back at it again, which shouldn't really come as a surprise to know.
That's these hackers' jobs, to collect intelligence and also sometimes leak sort of information. They're saying specifically that these Russian hackers
targeted national and state parties here in the U.S. And also political consultants working for Republicans and Democrats.
Now, to your question, this does track with what the Director of National Intelligence has said in the U.S. They warned that Russia, China and Iran
are all trying to interfere in some way with the election. And Microsoft also announced yesterday that Chinese and Iranian hackers are also
targeting campaigns and entities tied to the election.
In some ways, Microsoft obviously has a unique position. They have an insight into a lot of what is happening on the internet, and they obviously
work closely with U.S. Intelligence entities.
We were told that Microsoft briefed the U.S. Intelligence Community on these findings. And you know, Richard, I think it's also very possible that
Microsoft isn't telling the full story here. I would imagine that this would have all been done with the U.S. government's blessing and it's
possible there are other attacks that they're not mentioning.
QUEST: But Donie, I see the purpose in Microsoft saying this, but I don't see what anybody does as a result of it. One assumes that the digital
barricades are up as much as they can be. So what is one expected to do, now we know that they're at it again?
O'SULLIVAN: Yes, so one thing that Microsoft did also yesterday was it shared sort of some technical indicators, which other companies, other
cybersecurity companies and campaigns can use these indicators to see if they've also been breached or if there's been attacks from these same type
of attackers.
One thing I guess that this does serve is an important reminder. As you mentioned, you know, you would expect and hope that the Biden campaign and
Trump campaign have all of their digital defenses up, particularly after 2016.
[09:10:18]
O'SULLIVAN: But one thing which was interesting that we saw from hackers across the board, from China, Iran and Russia, was targeting of personal e-
mail addresses. And if you remember, that's how they got into Hillary Clinton campaign chairman's, John Podesta's e-mails in 2016, it was
actually his personal e-mail account rather than his campaign e-mail account only seen. Microsoft says targeting of those personal accounts. So
I think it's a good reminder for campaign staff and people generally that your work e-mail might be secure, but make sure you have security on your
personal accounts, too.
QUEST: Donie O'Sullivan covering that. Extraordinary story.
Now, Rio Tinto's chief executive has resigned. It's about the destruction over sacred aboriginal sites in Australia. Rio Tinto claims they didn't
know these sites were important to the indigenous people, but they went ahead anyway and blasted them as a way to increase the iron ore capacity,
iron ore mining.
Rio Tinto is the second largest mining company in the world. Anna Stewart is with me. Rio Tinto says that they did not know about how significant
these sites were. Do we buy that?
ANNA STEWART, CNN REPORTER: Well, not really, because that was said in a Parliamentary Inquiry in Australia which also revealed that they actually
hired lawyers days before the demolition of these ancient sites to protect them against any last-minute injunctions.
There were also years of aboriginal groups opposing the decision that they were going to expand this iron ore mining site as well. And frankly,
Richard, it's not just what happened in the many, many failings there, but also the response to it.
The CEO took two weeks to make any kind of public statement after this fiasco and the remedy just a few weeks ago that they were going to dock
executive pay did not satisfy investors. They felt that didn't get nearly near the root of the problem of governance, but also Richard, of
communication between the headquarters here in London where the Board room sits and that site in Western Australia over 9,000 miles away.
QUEST: But, Anna, the chief exec is only gone, not out of any great morality that it was the wrong thing to do, but because investors in
Australia said they weren't going to tolerate it.
STEWART: Yes, and you've got to question what will this do? What will it achieve? You have to go, given the huge pressure that has been mounting
over recent days and weeks, will it really address the big issue here of governance? Perhaps not.
Actually, one major pension fund in Australia, HESTA came out with a statement just today saying, "Changes in senior leadership should not
distract the need for an independent and transparent review of all current agreements between the company and traditional owners."
Many investors will be thrilled to see a change at the top. This is what they've been pushing for, for the last few days, the few weeks. Some will
be worried, though. This was a CEO that delivered great returns in recent years and there's no obvious replacement -- Richard.
QUEST: Anna Stewart in London. Anna, we thank you. Now, another backlash, this time for Disney and its release of "Mulan." Now, the movie credits --
thanked authorities from Xinjiang region, thanks Xinjiang officials, however, the Chinese government is accused of human rights abuses in the
area.
Now, of course, it's got criticism online. Selina Wang is in Hong Kong.
This is a very interesting one, isn't it? Disney must have known when they -- maybe they didn't know, I don't know. I say must have, but when they put
those credits and thanking those officials for "Mulan," there would be people who would say, hang on, not so fast?
SELINA WANG, CNN CORRESPONDENT: Richard, there have been growing calls for Disney to respond to why they chose to film there and why they chose to
thank them in the credits. As you mentioned, this backlash here -- growing backlash is because in those final film credits, they did thank a
government agency in China that is accused of human rights abuses in Xinjiang.
This is where the United States alleged that as many as two million Uyghurs and other Muslims minorities are detained. China has repeatedly denied
those allegations, but that being said, that has not stopped these growing calls for boycotts.
The CFO, Christine McCarthy finally coming out with some sort of response saying that, quote, "Mulan" has primarily shot in almost entirely in New
Zealand and in an effort to accurately depict some of the unique landscape and geography of the country of China for this historical period drama, we
filmed scenery in 20 different locations in China."
[09:10:08]
WANG: She added that it is common knowledge that in China, in order to film somewhere, you need to get approval from the Publicity Department and that
is standard practice, to then acknowledge those national and local governments that allowed you to film there.
But she did also admit that this has, quote, "led to a lot of issues for Disney," to say the very least. Richard, as you know, China is an
incredibly important market for Hollywood. It was predicted to be the largest market, in fact, surpassing the U.S. pre-COVID and Disney has
invested $200 million in making "Mulan."
But despite that massive investment, the reviews have been lackluster in China on China's popular review -- movie reviewing site, Douban, "Mulan"
only received a 4.7 out of 10.
People were saying it had a lot of stereo types in it. The plot was disorganized, as well as lacking any charisma from the actors. And this is
when Disney was really banking on "Mulan" to lift its revenue after Disney's revenue has been hit by the coronavirus pandemic and it took the
controversial move of releasing it for streaming on Disney Plus first in the U.S.
QUEST: Selina Wang. Selina, thank you. Now to stories that are making news around the world.
The top U.S. Infectious Disease expert, Dr. Anthony Fauci, has been warning Americans not to get complacent when it comes to the virus. He says the
pandemic is not going to ease, despite a decrease in cases in the majority of states.
Dr. Fauci says everyone should prepare to hunker down, in his words, and that the situation will likely get worse again in autumn and in winter.
More than a hundred wildfires are still burning in the Western United States where at least 15 people have now died. The largest fires are in
California and Oregon. In California alone, more than a million hectares have been burned. People are having a hard time breathing in Oregon. More
than 10 percent of the population has now been evacuated from their homes.
Coming up, as we continue this day, this Friday, Peloton, it's a newish name on the block that's made a huge impact with its online exercise regime
with its bicycles. The numbers are very impressive. We'll have the President of the company after the break to talk about how long this can
last. In a moment.
(COMMERCIAL BREAK)
[09:20:29]
QUEST: Today is 9/11 and of course, in the United States and the rest of the world, we remember the events of 9/11, nineteen years ago.
Particularly, of course, those on Wall Street will be remembering, the Stock Exchange, a mere matter of blocks from where the Twin Towers of the
World Trade Center stood, and of course, you'll remember -- well, those of us of a certain age certainly remember the market being closed for several
days after 9/11.
This was an attack on democracy. It was an attack on our capitalist way of life in all its vagrancies and that's what happened. So today, of course,
on Wall Street they were also remembering the events of two decades ago.
The financial community paid tribute to U.S. stocks. Let's look at the markets and remind ourselves how they are set to open. Really, it's sort of
a wait and see. They are up, which is after three or four days of downs, is an achievement in its right. But this is the market dipping the toe, trying
to test the ground to see whether the selling that we had seen over the last few days is really built in and finished.
Now, the NASDAQ fell two percent. The NASDAQ itself is down 3.5 percent for the week so far. The S&P and the Dow fell sharply, too. So that's the way
they looked on yesterday's close.
And the thinking is whether or not the sellers have had their day, it is time now for the bottom fishes and the buyers to come back in again.
In Europe, mixed views on that. The FTSE is up, not much. Paris is barely off the bottom. Zurich is having a good day. Xetra DAX is not. The pound --
we should look at the pound because Sterling most definitely remains under pressure.
The issue of a hard Brexit is coming back with the U.K. government deciding with its shenanigans over the internal market build, but it is worth also
remembering Europe is basically saying that it's not going to walk away. It won't give the U.K. the pleasure of seeing them walk away from the
negotiations. The ECB has not stepped in to help the Euro.
And in Asia, stocks closed higher. Chinese stocks were amongst the best gainers.
This is interesting, Peloton. Now Peloton has reported extremely strong earnings. It is the maker -- when I say home exercise equipment, that
doesn't really do Peloton justice. It's an extremely highly sophisticated piece of technology, a bicycle which you can join online classes, in which
you can become involved with other users.
So it's a subscription model on top of a hardware. Eleven percent, it is up in premarket because it made a profit. It's launching a new bike as well.
William Lynch is the President and Director at Peloton. He joins me now.
So this is very impressive. You made a profit in triple digits, percentage- wise. You have made subscription numbers that are impressive. I'm not unduly flattering you, is because what I want to know, what my grandmother
used to say, what have you done for me lately? What's next? How do you keep that going?
WILLIAM LYNCH, PRESIDENT AND DIRECTOR, PELOTON: Good morning, Richard. The company has been about growth since its inception and we plan to continue
to grow. I think the biggest news actually was the announcement of new products. And what we announced was a price drop on the original bike that
has been such a catalyst for growth to, and I'll quote you, $1,895.00 or $49.00 a month with financing.
We introduced a new bike with a swivel screen that allows you not only to do the cardio with cycling, but also a lot of strength classes on the floor
and we think that opens up a whole new market for us, looking for cardio and strength.
And we announced an entry level treadmill which is much lower priced, $2,495.00. That actually may be the best value in fitness, this product.
And all that is about opening up to more accessible, lower price points, more accessible markets, and so we feel like it is early days and we feel
very good about our growth prospects per the guidance we gave.
[09:25:05]
QUEST: All right, so when I look at the new things that you're launching, the swivel and all of that, the strength aspects, your competitors like
Mirror, that is their sort of home court, isn't it? That you're doing exercises in front of, say, a mirror.
So to some extent is this your response to competition?
LYNCH: No, we definitely see competitors entering the market, Richard. We feel like it's always been our aim to offer the widest variety of content
through the Peloton membership. We think that $39.00 a month membership is actually the crown jewel of the company and so we're now in ten fitness
modalities where we offer yoga, meditation, outdoor audio runs, and strength.
We've been investing in terms of strength for over two years in terms of content. I think we have the widest library in strength, and it is why
strength is actually the fastest growing in terms of engagement used fitness vertical that we offer.
So this has been more about us wanting to offer variety, us continuing to infuse more and more value in that $39.00 a month and members are using it
and they're seeing the value.
QUEST: When the pandemic is over, I know you've answered the question a million times about, you know, will people still continue to use Peloton?
Will they still be prepared to subscribe to $39.00 a month? And what is your reason for optimism? Obviously you have that optimism, but what is
your reason for thinking that when full-scale gyms become available again, people still will be willing to substitute or add the cost of Peloton onto
existing memberships?
LYNCH: Well, fundamentally, it's the better -- we think it's the better mousetrap and this was true before we were growing over 100 percent over
the pandemic. Certainly, COVID has been tailwinds for us, Richard. There's no question.
But it is better equipment with better instruction at a better value, frankly, if you look on average, people use the service 25 times a month,
again, for $39.00 that's less than $1.50 a class -- at a better place, home. Nothing beats the convenience of home.
And so, you know, like other disruptive concepts and Amazon and online shopping, it's just we think the better way, the better experience. And so
we think that wins long-term. There's 80 million people who pay on average $54.00 a month in the U.S. for gym memberships. We have 3.1 million
memberships and so we think it is early days for Peloton.
QUEST: That's early days is the fascinating part. That is what is driving your stock price. If you look at it simply on the basis of an earnings per
share and revenue and margins, that's what's pushing it higher and the analysts all say it will go higher still. Not that I'm punting the stock.
LYNCH: No comment, but thanks for that.
QUEST: Well, I'm just curious, are you sitting on a Peloton? Are you sitting on one? You look like you might be sitting on something? Are you?
LYNCH: I would be sweating. No, I did use Peloton this morning. I'm a -- I think I am a member, not only the President, I'm one of our most rabid
users and I love the experience. And as the community gets bigger, more people on the leaderboard high-fiving. As our music catalogue has gone
bigger with more options of fun. If you like classic rock, if you like pop, if you like hip-hop, if you like country.
It is just, the service keeps getting better and better. So, I'm definitely a user. I'm not on one now, though.
QUEST: No, it's just the way you were sitting higher up, and I wondered, well -- anyway, there we are. Having done that all, I shall elegantly
retreat. Thank you, William Lynch, for joining us.
This is FIRST MOVE. It is CNN.
After the break, it is a busy day. It is also a very sad and solemn day because we do remember those who were killed, murdered, to put it crudely,
murdered in the 9/11 attacks.
(COMMERCIAL BREAK)
[09:32:27]
QUEST: Here are pictures coming to us this morning from outside the Pentagon. The U.S. Defense Secretary Esper is just speaking at the moment.
And in five minutes, at the Pentagon, there will be another of those moments of silences that we will be joining when it happens. That's in
about four minutes from now.
The California startup company, it's called Lucid Motors -- let's return to our business agenda -- has unveiled an electric sedan. It says the Lucid
Air will rival Tesla's Model S. It will boast as the fastest, most efficient and most aerodynamic electric vehicle on the market.
Peter Rawinson is with me. CEO of Lucid, former Vice President of Vehicle Engineering at Tesla.
So, when? When, sir? That's when we want to know. When does it drive off into the garage and out of the garage?
PETER RAWINSON, CEO, LUCID MOTORS: We just complete our new factory in Arizona and we were about to start production early in '21, spring '21,
making the best car in the world in Casa Grande, Arizona.
QUEST: All right, you used to work for Tesla. Tell me why it's better than Tesla's Model S.
RAWINSON: Well, we're not really targeting Model S as a competitor. We're targeting the Grande Mark, Mercedes, Audi, and BMW. This is an S Class
Mercedes competitor in the true luxury space.
It has unsurpassed range, over 500 miles of range, and it does that through our in-house ultra-efficient technology. It's the most aerodynamic car in
its class in the world and it's got incredible performance, standing quarter, 9.9 seconds. There simply isn't an electric car in this luxury
class.
QUEST: There isn't one maybe anywhere yet in the class that you're referring to, but you won't have it to yourself for very long, will you? I
mean, everybody is going to be in on this. Do you have the pockets deep enough to be able to compete over the long-term?
RAWINSON: Well, I think that's a bit of a myth. There's been a disappointing response from the traditional automakers. Model S has been in
production now for over eight years and there really hasn't been a compelling competitor come from the traditional car companies.
Porsche has come with Taycan last year. It had a very disappointing range of only 200 miles. What we've seen is that Tesla is in this pre-eminent
position of technology and no one else has come close to date.
It's been a disappointing response and it's kind of a myth that all of these other EVs are coming. Right now, this is the right space, luxury
space. We're the only player in this arena.
[09:35:19]
QUEST: Peter, how much will it cost? What will I need to own one?
RAWINSON: Well, Lucid Air will start from beneath $80,000.00 and that model will be available in '22. The range then goes up to Touring, which is from
$95,000.00. Air Grand Touring, which is a superb machine, very high spec, with a range of over 517 miles and that will be from $139,000.00, but we're
launching with the top of the line Green Edition, a limited edition Green Edition, and that's all in at $169,000.00.
QUEST: A bargain. Put me down for three. Peter Rawinson. You will forgive us. We'll leave it there. Thank you, sir.
RAWINSON: Thank you.
QUEST: We need to leave it there because we are going back in a moment to Washington, D.C. This time it's to the Pentagon. We'll be going as we
return to the events commemorating 9/11.
We've already seen today in New York a moment of silence, which commemorates when the first plane -- there's the U.S. Defense Secretary
speaking. He is due to stop in just about 30 to 40 seconds from now as there's a second moment of silence.
This time, we remember the exact point in time that American Airlines Flight 77 struck the Pentagon when that happened 19 years ago, today, 184
people died when the plane hit the building.
It's coming up to 37 minutes past 9:00 on the Eastern Coast of the United States. Standing for a moment of silence. We should join in, too.
UNIDENTIFIED MALE: Present arms.
Ladies and gentlemen, this concludes today's observance. Thank you for joining us this morning.
QUEST: Let's go and take a break.
(COMMERCIAL BREAK)
[09:42:01]
QUEST: On this most solemn of days, the reflecting pause, the north and the south at the World Trade Center, the site of course where the Twin Towers
stood, were brought down 19 years ago today. A day of commemoration and we will be following it throughout the day.
So to return now to our business agenda, AstraZeneca says it should be on track to get authorization or at least approvals for its vaccines by the
end of the year. This is despite the fact that the Phase 3 trials have been suspended after one person in the U.K. has become seriously ill.
Elizabeth Cohen is with us. Elizabeth, do we know -- I mean, they're being very tight-lipped for obvious reasons, but do we know one crucial fact, I'm
guessing that the person who has fallen ill did get the vaccine and not the placebo, otherwise it wouldn't be in this situation?
ELIZABETH COHEN, CNN SENIOR MEDICAL CORRESPONDENT: Right. AstraZeneca hasn't said, Richard, but I think it's pretty logical to assume that this
person got the vaccine. If they had gotten the placebo, there wouldn't be any worries that this would be connected to the vaccine. So I think it's
logical to assume that this person got the vaccine.
And when this was announced earlier this week, there were various voices coming out trying to make it sound like this was a common occurrence for a
vaccine trial to hit pause because someone has gotten ill. But I have spoken with vaccinologists, these are medical doctors who have run vaccine
trials for decades now and they said, you know what, this is unusual.
Of course, when you're doing a trial with 30,000 people, somebody at some point is going to get sick, somebody is going to get cancer, somebody is
going to have a heart attack. But they said typically it's deemed that the illness -- there's no way it could be related to the vaccine and the trial
does not pause.
They said it is unusual to have even one pause as we've seen with AstraZeneca or two pauses, which is actually what we have seen with
AstraZeneca. This is now the second time they've had to pause. They did not talk about the first pause back in July, but recently they brought it up
again.
So this is an unusual occurrence.
QUEST: Which begs the question why they are optimistic that they can still get approvals by the end of the year. That would suggest a fairly quick
resolution of this current hiccup.
COHEN: It would, and we don't know that there is going to be a fairly quick resolution. I mean, Dr. Fauci has said this is unfortunate, I hope that
this get resolved and they move on. But you don't know. And I think that's a very honest answer. You just don't know.
And so I don't know if this expression exists in other parts of the world, but in the U.S., we say that and a dime will get you a cup of coffee,
meaning this optimism that we're hearing, I don't take that as any kind of a guarantee.
So they're optimistic. That doesn't really mean much. I take it with not a grain of salt, but a shaker of salt. And Richard, you're the business guy.
Maybe you can tell us is there a reason that a company would want to sound rosy about something when in fact there is a fair amount of unknown here?
[09:45:24]
QUEST: Very good point, Elizabeth. Because if course, it all goes wrong or at least, you're not able to match it, then you've only built in
disappointment. Elizabeth Cohen, we'll talk more about this. This one is going to run and run. Thank you for joining us.
The latest attempt by the U.S. Republicans to get a stimulus package through has fallen in the Senate. This time it was the Democrats that voted
it down. Manu Raju is with me.
Now, hang on a second. Why were -- I mean, Republicans -- why were they unable to get this through the Senate? Why? I mean, this was a skinny bill
to start with. It was by no means anything as generous as has been suggested by the Democrats.
MANU RAJU, CNN SENIOR CONGRESSIONAL CORRESPONDENT: Yes, and that's the reason why. Democrats want a lot more. They're divided with the Democrats
over the size, the scope, and a lot of the details here.
This bill was roughly $500 billion with stimulus money. It provided $105 billion money for schools and added jobless benefits to the tune of $300.00
a week. Democrats wanted much more, $600.00 a week. They wanted much more for schools, they wanted $405 billion. The provisions that the Republicans
pushed the Democrats didn't like, such as providing lawsuit protections against companies, against schools, against healthcare workers. Democrats
wanted their own proposals.
But what the House Democrats are pushing is something to the tune of at least $2.2 trillion. So they are so significantly divided over just how
much is needed at this point of the recovery as the economy is still struggling here in the United States.
So as a result, the Republicans put forward their plan knowing that it would not get 60 votes in the Senate to succeed in order to make the
election year argument that they tried and try to blame the Democrats for blocking it -- Richard.
QUEST: Yes, but if you can't get it through, look, the House side was clearly more generous, the Democrats side. That bill was too generous. One
Republican voted against it.
I get the feeling here, Manu, as the U.S. barrels towards Election Day and voting is beginning now, there are a lot of people who need some help and
it's not coming any time soon.
RAJU: Yes, and you know, particularly people who are facing eviction. There's millions of renters around the United States who were saved by the
last stimulus that prevented, that imposed a Federal Eviction Moratorium.
Now, that Eviction Moratorium expired at the end of July and a lot of renters are concerned about having missed payments, about getting removed
from their homes. What the Democrats have pushed for is to provide rental assistance in addition to extending that Moratorium.
The Trump administration has tried to do some things administratively without Congress, but there's only so much they could do. So there are a
lot of people suffering who could lose the places where they are living, the places they are renting. They are not getting the additional jobless
benefits to the tune of $600.00 a week, also those direct payments that were in the March stimulus, up to $1,200.00 to some individuals and
families. That's gone as well.
So it could lead to significant problems for so many Americans, but Washington is nowhere near getting a deal and this likely will get punted
until after November -- Richard.
QUEST: Thank you. Manu Raju with an update on the stimulus package. Thank you.
Now, President Trump put a deadline for a TikTok deal to be done. That deadline is running out and the deal has not been done.
After the break.
(COMMERCIAL BREAK)
[09:51:08]
QUEST: President Trump has arrived at Shanksville, Pennsylvania, where the next moment of silence will take place in just seven minutes from now.
President Trump has ruled out, as we return -- President Trump has ruled out giving TikTok more time to make a deal. He said it's not going to
happen. Paul La Monica is with me. Where do we stand? Where at the moment do we stand in terms of is a deal going to be done in time?
PAUL LA MONICA, CNN BUSINESS REPORTER: Yes, I think we have to wait and see. There's a September 15th deadline for a deal and there's also
September 20th, where the U.S. would cut off companies from doing any, you know, transactions with TikTok and its Chinese parent, ByteDance.
I think the question is, is this just posturing from the President and we know he's a negotiator, will he be willing to extend the deadline again?
Because I think it's probably in Trump's best interest, especially if he wants to court some of the millennial and Gen-Z voters to not ban TikTok
outright, but to find someone willing to buy it.
So we have got the reports that Microsoft might be teaming up with Walmart to purchase the assets. Oracle is interested. Twitter is interested. There
are plenty of big U.S. companies that want TikTok and there's obvious value.
QUEST: Paul La Monica. Paul, thank you. Paul La Monica on the TikTok deal, which we'll watch closely.
Now, we'll leave it for the moment. Let me update you with where the markets stand this morning.
The markets are in that position where they are betwixt and between, looking at the way in which they are trading today. The Dow is just up 164
points at the moment. So it started on a relatively strong note.
The other major markets are also higher during the course of their morning. As for what we will be looking towards over the next hour or so, there will
be another moment of silence that's due to come up. That is time of course -- now, they're going to be remembering those who perished in Pennsylvania.
There is still, of course, the final moment of silence which takes place -- well, the various moments of silence as we remember the individual towers
as they collapsed, all happening 19 years ago today.
The President is in Pennsylvania. We will hear from the moment of silence. That will take place in just four minutes from now.
"Connect the World" is coming up next. I'm Richard Quest in London. I wish you a very good day.
[09:59:11]
JIM SCIUTTO, CNN ANCHOR: Good morning to you. I'm Jim Sciutto.
POPPY HARLOW, CNN ANCHOR: And I'm Poppy Harlow. Nineteen years ago, today, on 9/11, two thousand nine hundred seventy seven Americans were killed in
the deadliest terror attack on U.S. soil.
Let's listen to this moment of silence when the South Tower fell.
HARLOW: Right now, the ceremony under way in Pennsylvania also to remember those who were killed.
END
