On The Money: Trump leaves GOP in turmoil with shutdown looming | Trump names Mulvaney acting chief of staff | China agrees to 3-month freeze of auto tariffs | Dem to seek Deutsche Bank records of Trump's personal finances

Happy Friday and welcome back to On The Money. I'm Sylvan Lane, and here's your nightly guide to everything affecting your bills, bank account and bottom line.

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THE BIG DEAL--Trump leaves GOP in turmoil with shutdown looming: Republicans are girding themselves for a partial government shutdown, just in time for Christmas.

The partial shutdown has grown likelier, they say, because of President TrumpDonald John TrumpVeterans groups demand end to shutdown: 'Get your act together' Brown launches tour in four early nominating states amid 2020 consideration Pence on border wall: Trump won't be ‘deterred’ by Dem ‘obstruction’ MORE's comments at a White House meeting with congressional Democrats earlier this week gladly agreeing to accept blame for a shutdown over his demands for $5 billion in wall funding.

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Two days later, the GOP has no plan for keeping the government open -- or for escaping blame for a partial shutdown.

  • The House held its last vote of the week Thursday and will not be back in session until Wednesday -- just two days before the deadline for keeping the government open.
  • GOP leaders have talked about moving a funding bill that includes the $5 billion in funding for a wall. They've even said they believe they could get the votes for the legislation.
  • But the fact that they have not brought a bill to the floor suggests they lack the votes, since passing the bill could give them more leverage in the fight with Democrats.

The Hill's Alexander Bolton, Juliegrace Brufke and Niv Elis tells us what's ahead as we close in on a shutdown.

 

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LEADING THE DAY

Mulvaney to be acting chief of staff for Trump: President Trump on Friday named budget director Mick Mulvaney as his acting White House chief of staff, capping off a week of frenzied speculation about who would take over the key West Wing role.

Trump said in a pair of Twitter posts that Mulvaney would start at the beginning of next year after outgoing chief of staff John KellyJohn Francis KellyMORE leaves his post.

"Mick has done an outstanding job while in the Administration," Trump wrote. "I look forward to working with him in this new capacity as we continue to MAKE AMERICA GREAT AGAIN!"

It is the second time the Office of Management and Budget (OMB) director has taken on a high-profile administration role in an acting capacity. He had led the Consumer Financial Protection Bureau since November 2017 after its previous director, Obama holdover Richard CordrayRichard Adams CordraySupreme Court should do what Congress won’t: Rein in the Bureau of Consumer Financial Protection Congress must restrain power of new consumer financial director Five challenges facing new consumer bureau chief MORE, left the post. The new permanent director was sworn in this week.

 

China agrees to 3-month freeze of additional 25 percent tariff on US-made autos: China has reportedly agreed to stop imposing an additional 25 percent tariff on automobiles manufactured inside the United States as part of President Trump and Chinese President Xi Jinping's planned three-month tariff freeze.

NBC News reported that China's foreign ministry had declared on its website that the country will halt the 25 percent tariff on more than 140 auto parts and vehicles manufactured inside the U.S. as the two countries work to reach a broader deal on trade practices.

Trump and Xi reached an agreement for a 90-day truce on tariff actions at the beginning of December, which is set to take effect January 1.

 

Schiff plans to obtain Deutsche Bank records of Trump's personal finances: Rep. Adam SchiffAdam Bennett SchiffThe Memo: Trump’s troubles pile higher Hopes fade for bipartisan bills in age of confrontation Dems zero in on Trump and Russia MORE (D-Calif.) told The New Yorker that he plans to subpoena information on President Trump's personal business transactions from Deutsche Bank regarding allegations that the president's financial interests in Russia are affecting his foreign policy positions.

Schiff, who will chair the House Intelligence Committee come January, said he believes answers to whether Trump was involved in money laundering with Russia lie in records held by the German-owned bank, which Trump banked with extensively during the 1990s.

"Is that why Trump is so pro-Russian? Is his financial interest guiding his foreign policy?" Schiff asked in an interview with the magazine.
"We are going to be looking at the issue of possible money laundering by the Trump Organization, and Deutsche Bank is one obvious place to start," he continued.

 

GM offering 2,700 jobs to workers set to be laid off: General Motors announced Friday that 2,700 out of the 3,300 factory jobs slated for elimination at four American plants will be transferred to other plants in the country.

That would allow most of the 3,330 factory workers whose jobs were being eliminated a chance to continue working for the automaker, although they may need to relocate.

The eliminated jobs were part of GM's announcement in November to cut 15,000 jobs and close four U.S. plants.

"Our focus remains on providing interested employees options to transition including job opportunities at other GM plants," GM Chairman and CEO Mary Barra said. "We remain committed to working with local government officials, our unions and each individual to find appropriate opportunities for them."

 

GOOD TO KNOW

 

ODDS AND ENDS