OVERNIGHT MONEY: Budget work continues

The division among Senate Democrats over Obama’s budget was evident during a Budget panel hearing with the Office of Management and Budget's Jeff Zients on Thursday. 

Liberals blasted him for proposed cuts to Social Security benefits, while others argued that the changes are needed to provide any hope of managing the burgeoning mandatory spending side of the budget. 

Zients told the panel that it is part of compromise with Republicans. 

“It’s just as wrong as can be to have made that choice,” said Sen. Sheldon WhitehouseSheldon WhitehouseLive coverage: FBI chief, Justice IG testify on critical report GAO to look into Trump's reduction of carbon social costs Overnight Energy: Pruitt used security detail to run errands | Dems want probe into Pruitt's Chick-fil-A dealings | Yellowstone superintendent says he was forced out MORE (D-R.I.). “I don’t care where it came from. ... Anything I can do to be a foe of that I intend to do.”

Sen. Jeff MerkleyJeffrey (Jeff) Alan MerkleySenate passes 6B defense bill Amnesty International rips family separation policy: 'This is nothing short of torture' Merkley leads Dem lawmakers to border amid migrant policy outcry MORE (D-Ore.) questioned why the administration had not examined other options to fix Social Security. 

Maybe a good mantra for Congress on budgeting is: Everything will be all right in the end ... if it's not all right, then it's not yet the end.


Talking taxes: A group of congressional Republicans will gather in the Capitol on Friday to talk about a broad range of issues — from comprehensive tax reform, President Obama’s 2014 budget request and concerns about the healthcare reform law. 

Slated to speak are House Majority Leader Eric CantorEric Ivan CantorThe Hill's Morning Report — Sponsored by CVS Health — Trump’s love-hate relationship with the Senate Race for Republican Speaker rare chance to unify party for election Scalise allies upset over Ryan blindside on McCarthy endorsement MORE (R-Va.) and Sen. Orrin HatchOrrin Grant HatchLive coverage: FBI chief, Justice IG testify on critical report On The Money: Trump imposes B in tariffs on China | China blasts 'fickle' Trump, promises payback | Trump to name consumer bureau director next week Trump announces tariffs on billion in Chinese goods MORE (R-Utah), ranking member of the Senate Finance Committee, along with Reps. Kevin BradyKevin Patrick BradyOn The Money: Trump imposes B in tariffs on China | China blasts 'fickle' Trump, promises payback | Trump to name consumer bureau director next week Trump announces tariffs on billion in Chinese goods Congress faces rising pressure to fix tax law MORE (R-Texas) and Devin Nunes (R-Calif.), of the House Ways and Means Committee, and Reps. Tom Price (R-Ga.) and Reid RibbleReid James RibbleWith Trump, conservatives hope for ally in 'War on Christmas' GOP rushes to embrace Trump House stays Republican as GOP limits losses MORE (R-Wis.), of the House Budget Committee. Grover Norquist, president of Americans for Tax Reform, will also speak.

CFTC budget: A House Appropriations subcommittee will examine the budget for the Commodity Futures Trading Commission with Chairman Gary Gensler and CFTC Commissioner Scott O'Malia on Friday. The president's budget calls for a 50 percent increase in funding for the agency, to $315 million. The boost would be covered by fees charged to firms the agency oversees. 


Africa exports: A bipartisan trio of senators introduced legislation on Thursday designed to dramatically increase U.S. exports to Africa and, in turn, create more jobs here. 

Sens. Dick DurbinRichard (Dick) Joseph DurbinLive coverage: FBI chief, Justice IG testify on critical report Hugh Hewitt to Trump: 'It is 100 percent wrong to separate border-crossing families' Opioid treatment plans must include a trauma-informed approach MORE (D-Ill.), John BoozmanJohn Nichols BoozmanOvernight Defense: Top general defends Afghan war progress | VA shuffles leadership | Pacific Command gets new leader, name | Pentagon sued over HIV policy Senate panel unanimously approves water infrastructure bill Senate GOP urges Trump administration to work closely with Congress on NAFTA MORE (R-Ark.) and Chris CoonsChristopher (Chris) Andrew CoonsHillicon Valley: Trump hits China with massive tech tariffs | Facebook meets with GOP leaders over bias allegations | Judge sends Manafort to jail ahead of trial | AT&T completes Time Warner purchase Dem senator: Trump Jr. may have given 'false testimony' about meeting with foreign nationals Overnight Finance: House sends Dodd-Frank rollbacks to Trump | What's in the bill | Trump says there is 'no deal' to help ZTE | Panel approves bill to toughen foreign investment reviews MORE (D-Del.) are seeking to improve U.S. competitiveness throughout the continent by requiring better coordination between federal agencies to boost business activity to Africa. 

“Increasingly I am hearing the U.S. has given up on Africa as a market. While we’re building institutions, China and others are building markets and we’re being left behind,” Durbin said. “This bill will put the restoration of American competitiveness in Africa at the forefront of our business and development goals..”

Hong Kong travel: Sen. Mazie HironoMazie Keiko HironoDem senator calls GOP 'gutless' for not doing more to stop family separations Dems accuse Interior of holding up key grants Conservative justices signal willingness to uphold travel ban MORE (D-Hawaii) is pressing for Hong Kong to become eligible to participate in the Visa Waiver Program (VWP), which smooths international travel to the United States. 

"The U.S. travel industry applauds Senator Hirono for identifying a simple fix that would help pave the way for Hong Kong to be considered for the VWP," said Roger Dow, president and CEO of the U.S. Travel Association.

"It is important for Congress to continue to look for opportunities, such as the one presented by Senator Hirono, to drive increased visitation and spending in the United States. America and Americans will only benefit."

Nearly 129,000 travelers from Hong Kong visited the United States in 2011. 

Hot seat: House Republican lawmakers have subpoenaed the private emails of Thomas PerezThomas Edward PerezClinton’s top five vice presidential picks Government social programs: Triumph of hope over evidence Labor’s 'wasteful spending and mismanagement” at Workers’ Comp MORE, the nominee to head up the Labor Department, ahead of his confirmation hearing next week. 

House Oversight Committee Chairman Darrel Issa (R-Calif.) wants to take a look at some emails as part of an investigation into a deal Perez made with the city of St. Paul, Minn., to withdraw a lending discrimination lawsuit before it could be heard by the Supreme Court. 

As part of the agreement, the Justice Department didn't join two whistleblower lawsuits against the city that might have meant the return of millions in damages to the federal government.


Retail Sales: The Commerce Department will release its March report measuring the total sales of retail stores. Sales figures are widely followed as the most timely indicator of broad consumer spending patterns, which represent 70 of economic activity.    

Producer Price Index (PPI): The Labor Department will release its March report that tracks the prices of goods at the wholesale level. The market tracks PPI closely because it represents prices for goods that are ready to sell to consumers.  

Business Inventories: The Commerce Department will release its February report on sales and inventory from all three stages of the manufacturing process: manufacturing, wholesale and retail.

Michigan Sentiment: Thomson Reuters/University of Michigan will release its measure of consumer sentiment for April.  


—  Baucus: 'Middle ground' needed on taxes

— Lew highlights clear differences on tax reform policy

— Baucus: 'Disappointed' Obama budget has chained CPI

— Top Republican backs Obama on entitlement cuts

— Top House Democrat: 'I'm not for the Obama budget'

— White House backs conference committee as path to debt deal

— Top Dem appropriator joins Obama's call for food aid reform

— FHFA will extend refinance program through 2015

— Pelosi walks tightrope on Social Security cuts

— SEC accused of dawdling on JOBS Act enabling rules

— Hagel: No Obama order to gut Pentagon

— Business groups: ‘Ample’ visas needed in immigration bill

— Senate vote emboldens House lawmakers in push for online sales tax

— President Obama's budget includes $943 million bailout for FHA

Jobless benefits claims plummet by 42,000

— SEC names new economic analysis coordinator

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