MAJOR FUNDING FOR REPORTERS ROUNDTABLE WITH DAVID CRUZ PRESENTED BY BARNABAS HEALTH.

LET'S BE HEALTHY TOGETHER.

>> WHAT IS IN THE BIG,.

A WRITER FOR POLITICO AND AN AUTHOR OF THE NEW JERSEY PLAYBOOK.

WE WILL TALK TO THEM IN A FEW MINUTES.

WE BEGIN WITH REAL STUFF GOING ON, WHILE VARIOUS TRAUMAS PLAY OUT ELSEWHERE.

THE FEDERAL BUDGET.

THE PRESIDENT'S BIG, BEAUTIFUL BILL, AS HE CALLS IT IS STARTING THROUGH CONGRESS.

THE IMPLICATIONS FOR NEW JERSEY COULD BE SIGNIFICANT.

PETER CHATAIN IS A SENIOR POLICY ANALYST WITH NEW JERSEY POLICY PERSPECTIVE, AMONG MANY PROGRESSIVES SOUNDING THE ALARM ABOUT WHAT THE PRESIDENT'S SPENDING PLAN COULD MEAN TO NEW JERSEY.

GOOD TO SEE YOU.

WELCOME.

PETER: THANK YOU, DAVID.

GOOD TO BE HERE.

DAVID: WHY ARE REPUBLICAN LAWMAKERS FROM NEW JERSEY TELLING US THEY SAVED MEDICAID AND SOCIAL SECURITY AND ARE FIGHTING FRAUD, WASTE, AND ABUSE?

WHAT DO THEY KNOW THAT YOU DON'T?

PETER: IF WE LOOK AT THE CUTS THAT HAVE BEEN PROPOSED IN THE BILL MOVING THROUGH CONGRESS, THE NONPARTISAN CONGRESSIONAL BUDGET OFFICE ESTIMATES NATIONALLY 14 MILLION PEOPLE WILL LOSE THEIR HEALTH INSURANCE.

IT IS THE ONLY WAY THEY CAN CUT THE AMOUNT OF FUNDING THEY ARE TALKING ABOUT IN THE $800 BILLION -- LIKE THE NUMBERS ARE SO BIG.

YOU CANNOT EVEN CONCEIVE OF THEM.

WE ARE TALKING ABOUT IF NEW JERSEY, POTENTIALLY, 200,000 PEOPLE.

BEING PUT OFF OF HEALTH INSURANCE.

AS A RESULT OF THIS BILL.

THERE ARE NO TWO WAYS ABOUT IT.

THE CATEGORIZATION OF IT AS WASTE, FRAUD, AND ABUSE IS ENTIRELY SPECIOUS.

THIS IS KICKING OFF A SUBSTANTIAL PORTION OF THE MEDICAID EXPANSION POPULATION FROM MEDICAID ENTIRELY, SAYING THEY SHOULD NOT HAVE HEALTH INSURANCE.

DAVID: IS THIS THE MOST GLARING THING OUT OF THE BUDGET YOU HAVE SEEN AS YOU HAVE GONE THROUGH IT, POTENTIAL CUTS TO MEDICAID?

PETER: THE MEDICAID CUTS ARE THE BIGGEST PART, IN PART BECAUSE THEY ARE WHERE THE BIGGEST CUTS ARE COMING FROM.

BUT THERE ARE LOTS OF PROBLEMS WITH THE BILL.

ONE OF THE BIGGEST IS SNAPPED FOOD ASSISTANCE.

IT BENEFITS HUNDREDS OF THOUSANDS OF NEW JERSEY RESIDENTS.

THE FEDS ARE ESSENTIALLY PROPOSING TO CUT THE AMOUNT OF THE FED SPENT AND PASS THE COSTS ON TO STATES PUTTING NEW JERSEY ON THE HOOK FOR $200 MILLION FOR A PROGRAM THAT PREVIOUSLY WAS ENTIRELY FEDERALLY FUNDED.

THERE ARE NO REASONS FOR THE CUTS.

OTHER THAN TO FUND THE TRUMP TAX CUTS WHICH ARE DISPROPORTIONATELY GOING TO WEALTHIER RESIDENTS.

DAVID: WHAT IN DOLLARS WOULD BE THE IMPACT OF THE FEDERAL CUTS TO MEDICAID?

THE FEDS PAY A LARGE PART OF THE MEDICAID BILL FOR NEW JERSEY.

WHAT DOES IT MEAN IN ROW NUMBER DIFF THE CUT STAND?

-- IN REAL NUMBERS IF THE CUTS STAND?

I KNOW THERE ARE NOT A LOT OF SPECIFICS, BUT IF THIS COMETH IN THIS.

WHAT WE KNOW ABOUT THOSE NUMBERS?

PETER: ABOUT $3.6 BILLION WILL BE LOST BY THE END OF THE 10 YEAR WINDOW FOR THE VOTE.

IT'S A HUGE CHUNK OF THE ROUGHLY $15 BILLION NEW JERSEY RECEIVES FROM THE FEDERAL GOVERNMENT TO MEDICAID.

MEDICAID HAS ALWAYS BEEN A DEAL BETWEEN STATES AND THE FEDS.

WE SHARE COSTS FOR THE PROGRAM BECAUSE WE WANT PEOPLE TO HAVE HEALTH INSURANCE, PARTICULARLY, LOW INCOME RESIDENTS.

BY PULLING OUT THE RUG ON THE FEDERAL FUNDING, THEY ARE ESSENTIALLY BACKING OUT OF THEIR INTO THE DEAL AND PASSING THE COSTS ONTO STATES.

I WILL SAY, AS PEOPLE LOSE COVERAGE, WHICH IS THE ONLY WAY THEY CAN MEET THE COST TARGETS FOR THE BILL, THE -- THOSE FOLKS WILL BE SHORT.

THEY WILL STILL HAVE TO GO TO THE HOSPITAL.

THEY WON'T STOP GETTING SICK AND NEEDING HEALTH CARE.

THEIR COSTS WILL BE PASSED ON TO OUR HEALTH CARE SYSTEM THE WAY IT WAS IN THE PRE-AFFORDABLE CARE ACT DAYS WHEN LOTS OF PEOPLE WERE SEEKING UNCOMPENSATED CARE.

HOSPITALS ARE TALKING ABOUT POTENTIALLY CLOSING.

THEY DID NOT PAY FOR BASIC SERVICES.

DAVID: TELLS A STATE OPTIONS ARE TO GET IT FROM THE SURPLUS?

PETER: ONE IMPORTANT STATE OPTION HERE IS TO BUILD UP OUR SURPLUS TO PROTECT AGAINST SOME OF THESE CUTS AND HELP ENSURE NEW JERSEY RESIDENTS AREN'T HARMED BY THE FEDERAL CUTS.

MEANING, THE STATE WILL HAVE TO FIGURE OUT A WAY TO FIND SOME SERVICES IN ORDER TO MAKE SURE THE STATE DOES NOT FALL BACKWARDS IN TERMS OF UNINSURED RATE, OVERALL HEALTH, MAKING SURE PEOPLE DON'T GO HUNGRY.

IT IS SOMETHING THE STATE WILL HAVE TO DO.

IT IS SOMETHING TO REALLY THINK ABOUT, BOTH WITH THIS BUDGET AND THE NEXT.

DAVID: IN THIS BUDGET, PROPOSED CUTS WILL MEAN, WHAT ARE WE EXPECTING IN NEW JERSEY?

WHAT IS THE BILLION IMPACT GOING TO BE ON THE STATE BUDGET?

WHICH, IN TURN THEY WILL TRY TO GET FROM A SURPLUS YOU SAY THEY NEED TO BEEF UP.

WILL IT COST $1 BILLION, $2 BILLION?

PETER: THAT IS ONE OF THE TRICKY THINGS ABOUT THIS BILL.

MANY OF THE CUTS ARE BACKLOADED.

THEY WON'T HAPPEN THE SECOND THE BILL PASSES.

THEY WILL HAPPEN IN WORK REQUIREMENTS.

REQUIRED IN DECEMBER, 2026 AND THEN ADDITIONAL CUTS MIGHT COME AFTER.

A LOT OF THE CUTS WON'T NECESSARILY HIT THE SACK AT THE BILL PASSES.

SOME WON'T.

-- NECESSARILY HIT THE SACK AT THE BILL PASSES.

SOME WON'T.

THERE IS A LOT OF UNCERTAINTY.

BETWEEN WHEN IT PASSED AND WHEN THE HOUSE VOTED THEY ADDED NEW CHANGES THAT COULD HAVE A HUGE IMPACT IN A LOT OF STATES.

WE DO NOT KNOW UNTIL IT IS OVER.

THAT IS WHY IT IS IMPORTANT TO START SAVING UP NOW.

WE CAN SEE SOMETHING BAD WILL HAPPEN.

WE SHOULD BE PREPARED FOR WHAT IS COMING DOWN THE PIKE BECAUSE NOT JUST THE FEDERAL CUTS THAT COULD HAPPEN, BUT ALSO, POTENTIAL RECESSION, WHICH IS NOT OUT OF THE REALM OF POSSIBILITY GIVEN THE ALL -- GIVEN ALL OF THE TARIFFS AND OTHER ECONOMIC TURMOIL.

DAVID: HOW, IF IT HAS, HAS THIS IMPACTED THE STATE BUDGET PROCESS?

IT IS POSSIBLE I COULD HAVE BEEN ACTIVELY AVOIDING THIS TOPIC.

HAS IT BEEN PARTICULARLY QUIET THIS BUDGET SEASON?

ARE THEY ON HOLD IN SOME WAY, WAITING TO SEE WHAT HAPPENS WITH THE FEDERAL BUDGET?

PETER: BUDGET SEASON DOES NOT USUALLY START IN EARNEST ANYWAY UNTIL JUNE.

IT IS A LAST-MINUTE PROCRASTINATION PATTERN.

I THINK THE ASSEMBLY PRIMARY IS PROBABLY HOLDING UP A CERTAIN AMOUNT OF CONVERSATION.

BUT I THINK THE PLAN IS FOR THE BUDGET TO PROCEED AS THOUGH THE FEDERAL CHANGES ARE HAPPENING.

TO ACT AS THOUGH NOTHING HAS CHANGED.

IT IS A LITTLE BIT LIKE RUNNING FULL SPEED AHEAD KNOWING THERE IS A CLIFF IN FRONT OF YOU, JUST KEEPING ON COURSE.

BUT THAT SEEMS TO BE THE PLAN.

TO ACT AS THOUGH THIS IS JUST A NORMAL YEAR'S BUDGET.

THE REVENUE PROJECTIONS FOR THE COMING FISCAL YEAR ARE MOSTLY OK.

IT'S ALL OK FOR NOW.

BUT THE BOTTOM COULD FALL AUDITING SECOND.

DAVID: LET ME ASK YOU THIS.

YOU STARTED TALKING ABOUT IT BEFORE.

I WANTED SPECIFICS ON THE ARGUMENT THAT THE CUTS AND 7 -- CUTS TO SOCIAL PROGRAMS ARE BEING MADE TO PAY FOR TAX CUTS FOR THE WEALTHY.

WHAT ARE YOU TALKING ABOUT SPECIFICALLY?

WHAT ARE THE TAX CUT PLANS INCLUDED IN THE BUDGET?

SO FOLKS CAN KNOW WHO AND WHAT IT IS THEY WILL BE PAYING FOR WITH THE CUTS TO SOCIAL PROGRAMS?

PETER: ONE OF THE BIGGEST CUTS IS TO PEOPLE IN THE HIGHEST INCOME BRACKET.

PEOPLE EARNING OVER $1 MILLION, $3 MILLION, $5 MILLION A YEAR WILL BE GETTING A SUBSTANTIAL AMOUNT BACK THROUGH THIS BILL.

IN THE HUNDREDS OF THOUSANDS OF DOLLARS.

MOST PEOPLE WILL HAVE ALMOST NO IMPACT FROM THIS.

PEOPLE WHO ARE IN THE BOTTOM 40% OF INCOMES WILL ACTUALLY SEE LESS MONEY IN THEIR POCKETS BECAUSE OF ALL OF THE CUTS.

THE OTHER SPECIFIC CHANGES ARE LIKE CHANGES IN THE CORPORATE TAX CODE, TO MAKE IT MORE FAVORABLE.

PROFITABLE CORPORATIONS, PARTICULARLY, MULTINATIONALS.

DIFFERENT TAX ADVANTAGES FOR WHAT ARE CALLED PASS-THROUGH BUSINESSES.

THESE ARE INDIVIDUAL HIRERS, OFTEN FROM A HAVE SPECIFIC LLCS JUST FOR THEM THAT ALLOWS THEM TO SAVE, TO REDUCE THEIR TAX LIABILITY.

IT IS PRIMARILY FOR EXTREMELY WEALTHY PEOPLE.

DAVID: WE WILL KEEP AN EYE ON THAT.

PETER CHEN ALWAYS GET TO HAVE YOU ONE.

PANEL, GAGGIS, FRIEDMAN, JOHNSON, GOOD TO SEE YOU ALL.

WE HAVE BEEN A THE LAST FEW WEEKS.

WE HAVE A LOT OF CATCHING UP TO DO AND YOU HAVE TO HELP US.

WE WILL START WITH YOU, MATT.

IS THE STATE BUDGET A BIG STORY?

I GUESS IF THE BUDGET BLOWS UP IT WILL BE THE NEXT GOVERNOR WHO GETS IT, RIGHT?

MATT: PART OF THE REASON IT SEEMED QUIET IS BECAUSE IT IS REALLY OVERSHADOWED BY THIS PRIMARY FOR GOVERNOR.

WITH A DEPLETED PRESS CORPS WE HAVE, IT IS HARD TO COVER BOTH IN DETAIL.

REALLY THERE IS ONLY ONE OR TWO REPORTERS IN THIS STATE REALLY DEDICATED TO COVERING THE STATE BUDGET AND THE REST OF US ARE RUNNING AROUND COVERING THE PRIMARY.

AND ALSO, I MEAN, YOU HAVE A HARD DEADLINE OF JUNE 30 TO GET THE BUDGET DONE.

THERE IS STILL SO MUCH UNCERTAINTY ABOUT THE BUDGET BILL, THE FEDERAL BUDGET BILL.

AT THAT POINT, WHERE USE SUPPOSED TO DO?

THERE'S A HUGE SURPLUS BUILT INTO THIS THING.

PRESUMABLY, THIS COULD AT LEAST COME UP FOR A WHILE, COVER SOME CUTS COMING OUT OF MEDICAID.

JOE: -- DAVID: DOES IT SOUND A LITTLE BIT LIKE WHEN YOU LISTEN TO, PARTICULARLY THE DEMOCRATS, THAT THEY ARE KIND OF DISTANCING THEMSELVES FROM THE BUDGET AND THE BUDGET PROCESS?

OR AM I JUST TRYING TO HEAR THINGS.

I THINK SO.

-- MATT: I THINK SO.

THERE ARE A LOT OF UNPOPULAR CUTS IN DOES COME AT HIGHER ED, VARIOUS PROGRAMS.

A LOT OF THE PROGRAMS FOR VULNERABLE GROUPS, VULNERABLE PEOPLE, I WAS JUST READING ABOUT A PROGRAM FOR THE DISABLED THAT IS FACING CUTS.

IT'S HARD, WHEN YOU ARE FACING A TOUGH BUDGET, TO BE A PARTY TRYING TO PROTECT THESE PEOPLE, WITH THE DEMOCRATS.

FEDERAL CUTS YOU'RE TRYING TO GET AT THE STATE LEVEL.

REGARDING THE FEDERAL CUTS, AND HOW NEW JERSEY WILL BE GREAT WITH MEDICAID CUTS.

I KNOW FOR SURE ONE AREA NEW JERSEY COVERS THAT, I BELIEVE, THIS WOULD AFFECT IS UNDOCUMENTED CHILDREN.

THEY CAN GET ON MEDICAID HERE.

MY UNDERSTANDING OF THE BILL IS THAT WOULD MAKE IT THAT FUNDING MIGHT BE CUT.

THAT'S PART OF A LARGER PATTERN I HAVE NOTICED NOW WITH POLITICS.

THEY HAVE GOTTEN MUCH MORE HARD-LINE.

IMMIGRATION, WE USE TO AGREE, KIDS ARE KIDS.

THEIR IMMIGRATION STATUS IS NO FAULT OF THEIR OWN.

NOW IT SEEMS TO BE THE TREND.

WHETHER THINGS LIKE STATE TUITION, STATE FINANCIAL AID, EVEN REPUBLICAN ASSEMBLY MINUTES NOT ALLOWING DOCUMENTED -- UNDOCUMENTED KIDS TO ATTEND PUBLIC SCHOOL IN NEW JERSEY.

IT'S NOT LET'S LAY OFF KIDS NOW.

IT'S A WHOLE NEW TONE IN THE DEBATE.

IT'S A NEW LEVEL OF PUNISHMENT.

I FEEL LIKE KIDS USED TO BE LIKE, OK. DAVID: OK. BRENT, PETER SUGGESTED THE ASSEMBLY PRIMARY MAY BE SOMEWHAT IMPACTED BY THE BUDGET PROCESS.

DOES WHAT HAPPENED IN THE PRIMARY HAVE ANY IMPACT, DO YOU THINK?

BRENT: THE ELECTION SEASON OBVIOUSLY PLAYS A ROLE.

THERE MIGHT BE SOME DEALS WAITING TO BE MADE.

THINGS LIKE FIGURING OUT HOW THE BUDGET WOULD AFFECT THE ASSEMBLY RACES BECAUSE THERE IS TALK OF TAX INCREASES, THOUGH MAYBE NOT AS MUCH AS THERE WAS IN THE PAST.

THEY ARE KIND OF ONE HAND OR THE OTHER.

THIS BUDGET SEASON FEELS LIKE WE STILL DON'T KNOW EVERYTHING THAT WILL GO ON.

IT IS LOOKING LIKE NEXT YEAR WILL REALLY BE WHERE THE HAMMER FALLS.

DAVID: LET'S TALK ABOUT THE PRIMARY.

DAYS TO GO BEFORE EARLY VOTING BEGINS.

JOANNA, WHAT IS YOUR STORY OF THE GOVERNOR'S RACE SO FAR?

IS THERE AN OVERRIDING THEME YOU WOULD USE IF YOU HAD TO WRITE YOUR STORY TODAY?

JOANNA: WE SAW THE ONSET OF ATTACK ADS COMING OUT OF THE DEMOCRATIC PRIMARY.

IT HAS BEEN A PRETTY TEPID PRIMARY SEASON.

3 -- I WOULD SAY THERE ARE THREE LEADING CONTENDERS.

MIKEY CHERYL IS HOLDING THE LEAD.

BEHIND HER IS THE JERSEY CITY MAYOR AND THE NORTH CITY MAYOR.

-- NEW YORK CITY MAYOR.

THEY'RE SPITTING THE CAMPAIGN.

THEY ARE TRYING TO KNOCK CHERYL DOWN FROM THAT LEAD.

THERE WILL BE LOW VOTER TURNOUT AND IT'S ANYBODY'S RACE DEPENDING ON WHO SHOWS UP THAT DAY.

SOME ATTACK ADS ARE COMING UP TRYING TO CHALLENGE CHERYL'S INTEGRITY, BRINGING INTO QUESTION SOME COMMENTS SHE MADE FROM THE STOCK MARKET.

SHE, OF COURSE, EVERYBODY HAS BEEN FOLLOWING, IS NO LONGER TRADING IN THE STOCK MARKET.

SHE HAS KIND OF GOTTEN HERSELF OUT OF THAT.

THAT IS SOMETHING SHE HAS HAD TO EXPLAIN.

THEY ARE TRYING TO KNOCK DOWN THE LEAD.

THAT IS WHAT IS HAPPENING.

DAVID: MATT, WHAT HAVE WE MISSED?

IS BARAKA SEARCHING?

IS MIKEY CHERYL STILL A STRONG FAVORITE?

WHAT'S SHE IS THE FAVORITE BUT I WOULD NOT SAY A STRONG FAVORITE.

ALMOST EVERY DEMOCRATIC CANDIDATE HERE HAS A PAST.

TWO THINGS HAVE SURPRISED ME ABOUT THE RACE SO FAR.

IT MAKES ME THINK THAT MY ENGAGEMENT, AND OBVIOUSLY, THIS IS MY JOB, I THOUGHT THAT RAS BARAKA WOULD HAVE MORE OF A SURGE AFTER HIS ARREST.

HIS CAMPAIGN HAD ALREADY BEEN SURGING A BIT BUT I DID NOT SEE ANY MOVEMENT THAT ALL OF A SUDDEN MADE HIM THE FAVORITE IN THE RACE AND THERE WAS A LOT OF SPECULATION THAT WOULD HAPPEN BECAUSE HE GOT SO MUCH MEDIA ATTENTION IN THIS CASE, STANDING UP TO THE TRUMP ADMINISTRATION, AND FRANKLY, BEING TARGETED BY THEM.

I THINK IT IS PRETTY CLEAR THAT THAT ARREST SHOULD NOT HAVE HAPPENED.

IT IS, FRANKLY, SCARY THAT IT DID.

EVEN IF IT WAS A PUBLICITY STUNT ON HIS PART.

SECONDLY, I HAVE BEEN SURPRISED BY THE FAILURE ON THE REPUBLICAN SIDE TO REALLY, BEFORE THE TRUMP ENDORSEMENT, CATCH ANY MOMENTUM OF THE MAGA CROWD.

LET'S BE HONEST.

LOOK AT HIS RHETORIC AND EVERYTHING IN TERMS OF STYLE, SAYING ANYTHING, SAYING SHOCKING THINGS ALL THE TIME.

THROWING RED MEAT TO THE BASE.

HE WAS THE MORE TRUMPY CANDIDATE AND NOW THERE HAS BEEN A LOT OF WORK TO UNDO THAT.

BUT HE NEVER REALLY HAD, I GUESS, THE RESOURCES TO APPEAL.

IN TERMS OF THE REPUBLICAN ESTABLISHMENT, ELECTED REPUBLICANS IN NEW JERSEY, THEY DID NOT LIKE THE FACT HE SPENT 10 YEARS ON THE AIR OFTEN TRASHING THEM.

IT DID NOT AND NEVER HIM TO THEM.

A LOT OF PEOPLE -- IT DID NOT END H -T MAKE THEM LIKE HIM.

DAVID: I GOT A LOT OF QUESTIONS ABOUT SPADEY AND HIM SEEING -- SEEMING SMARMY OR DISRESPECTFUL.

I FEEL LIKE HE HAD A MINUTE AND IT DISSIPATED.

I GUESS THE TRUMP ENDORSEMENT DID NOT HELP.

SOMETHING ABOUT HIM PEAKED EARLY, I FEEL.

WHAT'S I AM JUST SURPRISED HE DID NOT CONTINUE THAT MOMENTUM.

DID I JUST USE MOMENTUM?

I HATE USING THAT WORD.

I FEEL LIKE IT IS IMPOSSIBLE TO QUANTIFY SO IT IS HARD FOR US TO TO DEFY WHAT WE ARE TALKING ABOUT.

DAVID: WHAT DO YOU THINK OF STEVE FULOP?

HE IS JUST AS MUCH A HUDSON COUNTY MAYOR AS ANYONE ELSE.

HE HANDPICKS PEOPLE AND HAS HIS SCANDALS.

AND THEN ONCE AGAIN STEVE FULOP IS THE GUY GOING AGAINST THE MACHINE WITH THE HELP OF $10 MILLION FUNDED BY DEVELOPER 10 HOSPITAL EXECUTIVES AND ALL THAT.

IT HAS BEEN FUNNY.

I THINK HE HAS RUN A VERY DETAILED CAMPAIGN AND YOU HAVE TO GIVE HIM CREDIT FOR THAT.

HE HAS STRUCK A LOT OF THE RIGHT MESSAGES AND THE SAME WAY BARAKA HAS AS THE ANTI-TRUMP AGGRESSIVENESS A LOT OF DEMOCRATS WANT.

VERSUS THE JOSH GOTTHEIMER.

LET'S BE BIPARTISAN.

THE MIKEY CHERYL.

LET'S TRIANGULATE OUR POSITIONS HERE.

IN THAT SENSE, IT RESONATED.

BUT IT IS STILL MIKIE CHERILL -- SHERILL.

DAVID: THIS IS THE MOST INTERESTING AND COMPETITIVE RATES YOU HAVE COVERED IN THE STATE.

>> YES.

WE DON'T KNOW WHAT WILL HAPPEN.

SHERILL IS THE FRONTRUNNER, BUT NOT AMAZINGLY HIGH.

DIFFERENT THINGS ARE SHOWN VULNERABLE.

TONE OUT -- TURNOUT WILL BE LOW.

IF YOU ASK ANY DEMOCRATIC INSIDER WHO WILL WIN MOST OF YOU -- THEN WE'LL TELL YOU THERE IS A CHANCE ANY OF THEM COULD WIN EVEN IF MIKIE SHERRILL IS UPFRONT.

DAVID: SOMEBODY WORKING CLOSELY WITH MIKIE SHERRILL SAID TO ME IF SHE UNDERPERFORMS BY FIVE POINTS AND SOMEBODY LIKE FULOP OVER PERFORMED BY FIVE POINTS IT COULD CHANGE THE WHOLE OUTCOME HERE.

CAN WE EVEN BEGIN TO FOLLOW THE MONEY, BRENT?

THERE IS SO MUCH OF IT.

I THINK THERE IS A REPORTING DEADLINE COMING MAY BE WEEK FOR THE SUPER PACS.

SO MUCH MONEY.

WE WILL NEVER BE ABLE TO FOLLOW IT UNTIL, WHAT, MONTHS LATER, RIGHT?

BRENT: IT'S TOUGH.

THERE'S A LOT OF MONEY JUST ON THE CANDIDATE SIDE COMING.

AND THEN EVEN MORE.

IT WILL PROBABLY BE RECORD-BREAKING ON OUTSIDE SPENDING.

ESPECIALLY WITH SO MANY CANDIDATES, IT'S TOUGH TO KEEP ON TOP OF.

BUT THERE IS CERTAINLY A LOT OF IT.

DAVID: JOANNA, YOU HAVE BEEN SLOGGING THROUGH HOURS OF NEGATIVE ADS FOR THE STORY YOU ARE WORKING ON TARGETING MIKIE SHERRILL.

BUT SHE IS FIGHTING BACK WITH HER OWN NEGATIVE ADS.

DO YOU THINK VOTERS ARE IMPACTED?

JOANNA: THAT IS THE QUESTION I HAVE.

WHAT IS THE IMPACT?

I HAVE SPOKEN TO POLLSTERS AND FOLKS THAT HAVE BEEN DOING THIS A LONG TIME.

SOMETIMES, WHEN YOU MUDDY THE WATERS ENOUGH YOU TURN OFF VOTERS.

ESPECIALLY IN A PRIMARY.

THEY SAY, WE ARE -- THEY ARE ALL CORRUPT.

I DON'T WANT TO PICK ONE.

THEY CAME IN WITH NEGATIVE ADS PRETTY LATE IN THE GAME IN THIS PRIMARY.

IT HAS ONLY BEEN A COUPLE WEEKS.

I DO NOT KNOW IF THEY WILL HAVE MUCH IMPACT.

I THINK THAT MIKIE SHERRILL HAS PROBABLY THE MOST NAME RECOGNITION AT THIS POINT.

BUT LOOK AT SOUTH JERSEY.

STEVE SWEENEY HAS A SOLID HOLD THERE BUT NOT ENOUGH TO WIN THE PRIMARY AS OF NOW.

DAVID: MATT, ONCE TRUMP BACKED TO THE RALLY, THE AIR WENT OUT OF THAT RACE ON THE REPUBLICAN SIDE, RIGHT?

MATT: ONLY A WEEK AND A HALF -- OUT I THINK SPADEA IS ONLY 50% FUNDED IN HIS CAMPAIGN AND SO THAT DOES NOT LOOK LIKE IT'S CATCHING FIRE FOR HIM.

BETWEEN THE TRUMP ENDORSEMENT AND HIS LACK OF RESOURCES TO GET BIG SUSTAINED MESSAGES OUT FOR A LONG TIME AND HE JUST STARTED AIRING AN AD.

NEW JERSEY GLOBE REPORTED HE IS SPENDING A LOT OF MONEY ON IT EXPLAINING WHY, THE TRUMP ENDORSEMENT, WHY HE DID NOT GET IT BUT IT DOES NOT MATTER.

A LOT OF PEOPLE I TALKED TO SAY THAT IT'S ODD TO DO THIS LATE IN THE PRIMARY.

WHEN YOU ARE EXPLAINING, YOU ARE LOSING.

THAT TYPE OF THING.

BUT, WE CAN BE SURPRISED.

WE HAVE BEEN SURPRISED BEFORE.

I HAVE NOT SEEN ANY ELEMENTS OF IT COMING TOGETHER FOR HIM.

A COUPLE WEEKS AGO HE HAD A RALLY WITH MICHAEL FLYNN.

WHO IS REALLY, VERY FAR RIGHT, CONSPIRACY THEORIST.

A LOT OF THE SAME THEMES BILL SPADEA USED IN HIS CAREER AND YOU LOOK AT THE CROWD AND I COUNTED ABOUT A HUNDRED PEOPLE AND THAT MIGHT BE GENEROUS.

THAT CAME RIGHT BEFORE THE TRUMP ENDORSEMENT.

THAT'S WHERE THIS IS GOING.

CIATTARELLI HAD A VERY SMOOTH PATH THE ENTIRE PRIMARY.

HIS PEOPLE AND HIS ALLIES IN THE SUPER PAC GROUP HAVE USED A VERY SMART STRATEGY IN TERMS OF KEEPING ON TRUMP'S GOOD SIDE WITH EVERYTHING.

THEY FIGURED, DEMOCRATS WILL GO AFTER THEM OVER TRUMP IN THE GENERAL ELECTION BUT EVEN IF THEY DISAVOWED HIM, THEY WOULD HAVE DONE THAT.

I THINK THAT IS TRUE.

THEY HAVE TO DO IT.

DAVID: GENERALLY SAYS HE WILL -- CIATTARELLI SAYS HE WILL WEAR THE TRUMP ENDORSEMENT PROBABLY IN THE FALL.

SHOULD HE?

>> TRUMP, EVEN THOUGH HE PERFORMED BETTER HERE THAN HE HAS IN THE PAST HE STILL LOST.

HE IS STILL RELATIVELY UNPOPULAR.

IT DEPENDS ON WHERE THE ECONOMY IS COME SEPTEMBER, OCTOBER.

AS MATT SAID AND MOST REPUBLICAN INSIDERS WILL TELL YOU THEY WILL CALL HIM A TRUMP CANDIDATE NO MATTER WHAT.

THEY WILL MAKE SURE HE IS TIED TO TRUMP.

IF HE DOES IT HIMSELF OR DOES IT TO HIMSELF IT MIGHT NOT MATTER.

DAVID: JOANNA CAN YOU HAVE ME A QUICK SYNOPSIS?

YOU WERE AT THE PGM MEETING ON ELECTRICITY RATES.

TELL PEOPLE WHAT THE PJM ACRONYM IS AND WHY IT WAS IMPORTANT TO GO TO THE MEETING AT WHAT HAPPENED.

IN 20 SECONDS.

JOANNA: IN 20 SECONDS, PGM IS THE REGIONAL GRID OPERATOR.

THEY RUN OPTIONS THAT SET THE MARKET RATES, CONTRIBUTE TO THE MARKET RATES THAT PS EMG AND ATLANTIC CITY ELECTRIC AND ALL OTHER CITIES IN NEW JERSEY CHARGE.

WE ARE GOING TO SEE AN INCREASE FOR CUSTOMERS JUNE 1.

THERE HAS BEEN A LOT OF PUSHBACK ABOUT PGM AUCTIONS AND HOW THEY ARE RUN FOR IT SOME -- HOW THEY ARE RUN.

SOME NEW JERSEY LAWMAKERS SAY THERE IS CONCLUSION.

THEY ARE CALLING FOR CANCELLATION OF THE OPTION TO RENEW THE RATES.

IT'S A COMPLICATED ISSUE.

THE LONG AND SHORT OF IT IS WE ARE ABOUT TO FEEL PAIN IN TWO DAYS.

THERE ARE A LOT OF ACTIVISTS OUT THERE CALLING FOR MORE ENERGY TO COME ONLINE, RENEWABLE ENERGY, CLEAN ENERGY.

ANY ENERGY AT THIS POINT TO HELP DRIVE THE COSTS DOWN.

THAT'S THE SHORTEST ANSWER I CAN GIVE YOU.

DAVID: NOTHING YOU SAID WILL HELP US THIS SUMMER.

WE WILL VACATE THE PREMISES NOW.

JOANNA, MATT, BRENT, GOOD TO SEE YOU.

THAT WAS REPORTED ROUNDTABLE THIS WEEK.

THANK YOU, PETER FOR JOINING US.

THE PRIMARIES ARE HERE, FOLKS.

STAY TUNED.

WE ARE ON BLUE SKY NOW.

FOLLOW US THERE AT DAVID CRUZ IN J. SUBSCRIBED TO THE TEST SUBSCRIBED TO THE -- SUBSCRIBED BE NJ NEWS YOUTUBE CHANNEL.

>> FUNDING PROVIDED BY RWJ BARNABAS HEALTH.

LET'S BE HEALTHY TOGETHER.