OVERNIGHT MONEY: Pressure is on to pass a stopgap funding bill

Also on the docket, the Federal Reserve meets on Tuesday to discuss whether to curtail some of its massive $85 billion in monetary stimulus, which is designed to bolster economic growth. 

So, it's a potentially big week on the fiscal and monetary policy fronts. 

Meanwhile, President Obama on Monday accused Republicans of "the height of irresponsibility" for an "unwillingness to compromise" over the budget in a speech marking the fifth anniversary of the financial crisis.

"I cannot remember a time when one faction of one party promises economic chaos if it can't get 100 percent of what it wants," Obama said.

ADVERTISEMENT
"That's never happened before."

Amid the horrific shootings at the Washington Navy Yard on Monday, Obama pressed his case that Congress needs to pass a stopgap measure before the new fiscal year begins on Oct. 1 and think ahead to the budget debate next month. 

The White House is once again trying to pivot the conversation back to the economy as the recovery continues at at sluggish pace. 

Many business groups have urged Congress to move quickly on the short-term issues of funding the government and raising the debt ceiling and, instead, focus on the nation's long-term budget conundrum. 

But Congress is cutting it close again, with Democrats and Republicans accusing each other of twisting the issues into a political debate. 

"I've run my last election," said the president. "My only interest at this point is making sure the economy is moving the way it needs to."

To that end, Treasury Secretary Jack Lew will deliver an address to the Economic Club of Washington on Tuesday about the need for Washington to "avoid self-inflicted wounds that could impede economic growth." 

It is a speech he has made several times recently, but is even more relevant now with the looming deadline for most of this work to get done. 

He was up on Capitol Hill last week chatting with House leaders about passing clean stopgap and debt-ceiling measures. 


WHAT ELSE WE'RE WATCHING 

Talking taxes: On Tuesday, Sen. Mike Lee (R-Utah) will deliver a speech on tax reform at the American Enterprise Institute.


LOOKING AHEAD

Food stamp bill teed up: House Republicans on Monday introduced a food stamp reform bill that is expected to get debate and a vote on Thursday. 

The measure would cut $40 billion from the program over 10 years. 

The bill contains twice as much in cuts as the House Agriculture Committee originally sought for the program, and it was devised by a task force led by House Majority Leader Eric Cantor (R-Va.) after an integrated farm bill failed on the House floor this summer. 

The House later passed a bill just dealing with the rest of the farm bill, including crop subsidies and crop insurance, before the August recess.

Rep. Steve King (R-Iowa), who is whipping the food stamp bill, predicted that it would pass and that some compromise with the Senate will be found.

"It will pass and we will get a farm bill," he predicted.


LOOSE CHANGE

Tax treatment: Senate Finance Committee Chairman Max Baucus (D-Mont.) lured a host of corporate heavyweights to Butte on Monday for the chance to discuss the prospects for tax reform.

"There is no question, if we can reform the code it will help American competitiveness in the world," Baucus said at the Montana Economic Development Summit, according to The Associated Press. 

"These ambassadors represent some of our closest trading partners, and the more Montana products we sell overseas, the more good-paying jobs we’ll create here at home,” the Finance chairman added in a statement released by his office.

Google, Facebook, Boeing, FedEx and Ford are among the companies represented in Butte. 

Responding to the summit, Americans for Tax Fairness, a left-leaning group, said that many of the corporations pushing for tax reform already pay, by some accounts, a fairly low effective rate.

Whale of a problem: Former Federal Deposit Insurance Corporation Chairwoman Sheila Bair said Monday that the London Whale is "a gift that keeps on giving for Jamie Dimon and JPMorgan Chase" and that “they just can’t seem to get themselves out of it."

JPMorgan is facing at least $700 million in fines related to the trading scandal that has already cost the largest U.S. bank more than $6 billion in assets.

"I’m not familiar with the particular facts and circumstances there in terms of whether there could be further shareholder actions brought, but I do think this is something that speaks to a broader problem with enforcement policies," Bair said on Fox Business Network. 

"But I think it’s really, it's endemic of a larger policy issue we have with these banks even with good management — they’re just too big to manage, they’re too complex to manage, and that’s really an overall policy discussion that we haven’t had enough of in Washington.

"And it’s not just JPMorgan Chase," she continued. "They’re most of these mega banks. I just question if they're managed well by anyone."


ECONOMIC INDICATORS

Consumer Price Index (CPI): The Labor Department releases its August report measuring the prices of a fixed basket of goods and services purchased by consumers. CPI is the most widely cited inflation indicator and it is used to calculate cost-of-living adjustments for government programs. 

Housing Market Index: The National Association of Home Builders will release its September survey that gauges builder perceptions of current single-family home sales and sales expectations for the next six months.


WHAT YOU MIGHT HAVE MISSED

— Warren: Summers was 'not my first choice'

Markets pop as Summers exits

— Disapproval of ObamaCare reaches new high, poll finds

— Report: IRS Tax Gap projections could be more on the mark

Trade remains at forefront for lawmakers, business groups


Catch us on Twitter: @VickoftheHill, @peteschroeder, @elwasson and @berniebecker3

Tips and feedback, vneedham@thehill.com 

More in Overnight Finance

OVERNIGHT FINANCE: House GOP to offer three-week DHS stopgap

Read more »