On The Money: White House looks to avoid shutdown | Plan for short-term spending bill gains support | Trump warns Fed against rate hike | Mnuchin blames Dems in part for deficit | Warren wants probe into consumer bureau name change

Happy Tuesday 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.

See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.

Write us with tips, suggestions and news: slane@thehill.com, vneedham@thehill.com, njagoda@thehill.com and nelis@thehill.com. Follow us on Twitter: @SylvanLane, @VickofTheHill, @NJagoda and @NivElis.

 

THE BIG DEAL--Trump teases shutdown while staff signals willingness to deal: President TrumpDonald John TrumpGraham to introduce resolution condemning House impeachment inquiry Support for impeachment inches up in poll Fox News's Bret Baier calls Trump's attacks on media 'a problem' MORE on Tuesday said it is "too early" to determine whether a partial government shutdown will be averted, even as his White House signaled it wants to avoid a funding lapse.  

"We'll see what happens," Trump told reporters at the White House when asked about the prospect of a shutdown. "It's too early to say."

ADVERTISEMENT

The president also stressed he is determined to get $5 billion for his long-desired wall along the southwest border.

"We need border security," he said.

 

Trump's provocative comments came after several signs of a potential deal emerged from the White House and Capitol on Tuesday.

 

LEADING THE DAY

Trump warns Fed against rate hike: 'Feel the market': President Trump on Tuesday early Tuesday called on the Federal Reserve to refrain from further interest rate hikes, citing a Wall Street Journal op-ed detailing why such a move would be harmful.

"I hope the people over at the Fed will read today's Wall Street Journal Editorial before they make yet another mistake. Also, don't let the market become any more illiquid than it already is. Stop with the 50 B's. Feel the market, don't just go by meaningless numbers. Good luck!" he tweeted.

Trump was also referring to the Fed's ongoing process of letting $50-billion worth of Treasury and mortgage bonds amassed during the recession mature each month.

Trump was referring to a Journal op-ed published on Monday titled "Time for a Fed Pause," which argued that Fed Chairman Jerome Powell should "ignore the politics, inside and outside the Fed, and follow the signals that suggest a prudent pause in raising rates."

 

Warren calls for probe into name change for consumer bureau: Sen. Elizabeth WarrenElizabeth Ann WarrenOvernight Health Care — Presented by Partnership for America's Health Care Future — ObamaCare premiums dropping for 2020 | Warren, Buttigieg shift stances on 'Medicare for All' | Drug companies spend big on lobbying Mellman: Trumping peace and prosperity On The Money: Waters clashes with Trump officials over 'disastrous' housing finance plan | Dems jump into Trump turf war over student loans | House passes bill targeting anonymous shell companies MORE (D-Mass.) has asked the Consumer Financial Protection Bureau's (CFPB) internal watchdog to investigate whether the Trump administration's pending name change for the agency violates federal law.

Warren asked Mark Bialek, inspector general for the Federal Reserve system and CFPB, in a Monday letter to open a probe into the cost, legality, rationale and impact of changing the agency's name.

"We are concerned that the name change effort imposes unnecessary and significant costs on taxpayers and the business community, deprives the CFPB of funds it can use to protect consumers, and violates legal requirements," Warren wrote in the Tuesday letter. I've got more on her request here.

 

The background:

 

Mnuchin blames Democrats in part for deficit: Treasury Secretary Steven MnuchinSteven Terner MnuchinOn The Money: Waters clashes with Trump officials over 'disastrous' housing finance plan | Dems jump into Trump turf war over student loans | House passes bill targeting anonymous shell companies Two new Trump executive orders will shape up Treasury and hold bureaucracy accountable Trump has floated Mnuchin, Conway for White House chief of staff: report MORE argued Tuesday that Democrats share responsibility for the recent ballooning of the federal budget deficit.

In an interview with Bloomberg, Mnuchin acknowledged that a federal spending bill passed early this year that included significant military spending increases played a role in the growing deficit, but suggested the fiscal shortfall was worsened by Democratic demands.

"In an effort to get the military spending -- which the president thought was critical and which I fully support -- given the issues we have all over the world and the under-investment we have had in the last eight years, this required bipartisan support and the Democrats required big increases in non-military spending," Mnuchin told the news outlet. "So that's a major component of deficit today."

Mnuchin added that President Trump is "definitely" focused on getting his Cabinet secretaries to cut back their budgets in an effort to contain the debt.

Mnuchin's remarks came less than a week after a Treasury Department report showed the U.S. budget deficit climbed to $205 billion in November, up 48 percent from the same month in 2017.

The department projected that the 2019 deficit would surpass $1 trillion and that the U.S. would need to borrow almost $1.2 trillion to pay its bills.

 

GOOD TO KNOW

 

ODDS AND ENDS

  • More than half of millennials fear that a lack of skills will limit their career advancement, according to a new survey from Prudential Financial.