Overnight Finance: Snowzilla's costs; Feds' health spending tops Social Security

HEALTHCARE SPENDING TOPS SOCIAL SECURITY FOR FIRST TIME: Spending on federal healthcare programs outpaced spending on Social Security for the first time in 2015, according to an expansive report from the congressional budget scorekeeper released Monday.

The government spent $936 billion last year on health programs including Medicare, Medicaid and subsidies related to the Affordable Care Act, a jump of 13 percent from 2014, according to the Congressional Budget Office. Spending on Social Security, in contrast, totaled $882 billion, the Congressional Budget Office (CBO) reported. The Hill's Sarah Ferris breaks it down: http://bit.ly/1OTxp6m.

SNOWZILLA COSTS NOT TOO SHABBY: Sure, $2.5 to $3 billion isn't chump change, but those estimates from Moody's Analytics of the toll of last weekend's storm are relatively low. That's because a mid-week storm would have been thrice as costly. The Hill's Vicki Needham explains why: http://bit.ly/1WLi0u2.

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POLS CAST ASPERSIONS ON INVERSIONS: Democratic presidential front-runners and Congress's tax policy chief all spoke out against a merger between and American and Irish company today. Called a tax inversion, the process allows a U.S.-based and an international company to merge and reincorporate overseas to duck American corporate taxes. The Hill's Naomi Jagoda tells us why there's been bipartisan condemnation: http://bit.ly/1SfBBSq

HAPPY MONDAY and welcome to Overnight Finance, where we're eager to emerge from hibernation after the blizzard. I'm Sylvan Lane, and here's your nightly guide to everything affecting your bills, bank account and bottom line.

Tonight's highlights include a commitment to monetary policy, lots of delayed committee hearings and some news about how the major trade deal will affect wages.

See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like our newsletter, you can subscribe to it here: http://www.thehill.com/signup/48.

REPORT CLAIMS PROMISE FOR TPP: An expansive Asia-Pacific trade agreement will boost the paychecks of U.S. workers, increase exports and grow the economy, according to a report released Monday by Peter Petri and Michael Plummer with the Peterson Institute for International Economics.

THE BREAKDOWN:

  • Raises U.S. annual incomes by $131 billion and annual exports by $357 billion -- a 9.1 percent increase -- in 2030, with similar gains to follow.
  • No effect on overall unemployment despite job changes.

But, that progress could get lost if the deal is delayed, according to the report. Vicki Needham breaks it down: http://bit.ly/1PNGRYN.

SNOW PROBLEM? NO PROBLEM FOR FED: This weekend's blizzard paralyzed D.C., closed schools and government offices and trapped a lot of cars. But that's not stopping the Federal Reserve from meeting tomorrow and Wednesday. The Hill's Peter Schroeder has more: http://bit.ly/1RIXgUr.

WAYS AND MEANS KICK-OFF DELAYED: The first House Ways and Means Committee hearing under new Chairman Kevin BradyKevin Patrick BradyLobbying groups ask Congress for help on Trump tariffs Republicans pour cold water on Trump's term limit idea Republicans' rendezvous with reality — their plan is to cut Social Security MORE (R-Texas), has been rescheduled for Tuesday, Feb. 2 at 10 a.m. The hearing was supposed to happen tomorrow, but got pushed back along with a slew of other hearings and votes due to snow. The panel's issues retreat will be rescheduled for that week.

NIGHTCAP: Donald TrumpDonald John TrumpAlaska Republican Party cancels 2020 primary Ukrainian official denies Trump pressured president Trump goes after New York Times, Washington Post: 'They have gone totally CRAZY!!!!' MORE doesn't have much in the way of concrete policy proposals for jobs, says Richard Wolffe on the trail in Iowa. His pitch? The Midas touch: http://bit.ly/1Vl5LDi

Write us with tips, suggestions and news: slane@thehill.comvneedham@thehill.compschroeder@thehill.com, and njagoda@thehill.com. Follow us on Twitter: @SylvanLane,  @VickofTheHill@PeteSchroeder, and @NJagoda.