Happy Wednesday 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--Lawmakers race to pass border deal: Lawmakers are rushing to pass a bipartisan border deal that would prevent a looming government shutdown and resolve the long-standing impasse over President Trump
Donald John TrumpFive takeaways from the Democratic debate As Buttigieg rises, Biden is still the target Leading Democrats largely pull punches at debate MORE's border wall.
Democratic leaders said they expect the House to pass the funding package Thursday night, giving senators across the Capitol a little more than 24 hours to vote and send it to Trump for his expected signature. Parts of the government will shut down on Saturday if a new funding bill has not been signed into law.
Lawmakers had yet to even see legislation on Wednesday evening, meaning many in Congress are likely to cast votes on the bill without reading many of its details. Democrats said they planned to unveil the legislation Wednesday night. The Hill's Scott Wong and Niv Elis give us the state of play here.
What we know:
- Democrats are broadly supportive of the legislation, which has also won the support of Senate GOP leaders.
- But the top two Republicans in the House -- Minority Leader Kevin McCarthy
Kevin Owen McCarthySaagar Enjeti expresses concern over MSNBC hosting debate after Weinstein scandal Former Speaker Boehner's official portrait unveiled Saagar Enjeti blasts alleged Epstein cover-up by media MORE (Calif.) and Minority Whip Steve Scalise
Stephen (Steve) Joseph ScaliseChris Wallace: Trump testifying 'would be akin to Prince Andrew testifying about his relationship with Jeffrey Epstein' Fox's Neil Cavuto rips into Trump over attacks on Chris Wallace's impeachment coverage This week: Round 2 of House impeachment inquiry hearings MORE (La.) -- said Wednesday they would not commit to voting for the deal until they got a chance to read the bill's text. - Conservatives unveiled a stopgap bill to give them more time to read the deal
- Dozens of Republicans are expected to vote no on the deal, with one leadership ally predicting there could be as many as 140 GOP defections during the Thursday roll call. That would mean, rather than a big bipartisan vote in the House, newly empowered Democrats largely would be responsible for pushing the funding bill across the finish line.
All eyes on the White House: Trump has been critical of the legislation, and while he is expected to sign it, he has not confirmed that he would. He called Democrats "stingy" for failing to deliver the $5.7 billion he had been demanding for his border wall, but said earlier Wednesday that a shutdown "would be a terrible thing."
How the wall gets built: Trump could declare a state of emergency to access defense funds or take steps to retool general operations funds from the Department of Homeland Security. If Trump does that, it'll likely spur many lawsuits and concern from Congress.
Conservative pressure: But Freedom Caucus Chairman Mark Meadows
Mark Randall MeadowsMichelle Obama presents Lin-Manuel Miranda with National Portrait Award Sondland testimony looms over impeachment hearings this week Democrats seize on new evidence in first public impeachment hearing MORE (R-N.C.), one of Trump's closest allies in Congress, said the president would be committing "political suicide" of he doesn't do what he can to fund the wall.
If Trump "takes other methods to obtain funding for additional border security measures, then I think there's very little political liability from conservatives," Meadows said.
Negotiators brush off concerns: The bicameral leaders of the conference committee -- the group that negotiated the deal -- dismissed concerns about rushing the legislation.
- Rep. Kay Granger
Norvell (Kay) Kay GrangerCongress hunts for path out of spending stalemate This week: House kicks off public phase of impeachment inquiry Lawmakers dismiss fresh fears of another government shutdown MORE (Texas), the top House GOP negotiator, briefed her colleagues in a closed-door meeting on the details of the agreement and has been personally updating her fellow GOP appropriators, Republican lawmakers said. - "We've got a deadline coming up. ... They basically know what's in the bills," said Senate Appropriations Committee Chairman Richard Shelby
Richard Craig ShelbyOvernight Defense — Presented by Boeing — Senate eyes sending stopgap spending bill back to House | Sondland delivers bombshell impeachment testimony | Pentagon deputy says he didn't try to block official's testimony Senate eyes forcing House to vote again on stopgap as deadline looms On The Money: House passes monthlong stopgap | Broader spending talks stall | Judge orders Democrats to give notice if they request Trump's NY tax returns | Progressives ramp up attacks on private equity MORE (R-Ala.), one of the key negotiators. - House Appropriations Committee Chairwoman Nita Lowey
Nita Sue LoweyOn The Money: House passes monthlong stopgap | Broader spending talks stall | Judge orders Democrats to give notice if they request Trump's NY tax returns | Progressives ramp up attacks on private equity House passes stopgap as spending talks stall Key GOP senator: 'We need a breakthrough' on spending talks MORE (D-N.Y.), Shelby's counterpart in the talks, similarly warned that the only other course would be yet another short-term continuing resolution.
ON TAP TOMORROW
- The Senate Banking Committee holds a confirmation hearing on the nominations of Bimal Patel, of Georgia, to be an assistant secretary of the Treasury; Todd M. Harper to be a member of the National Credit Union Administration Board; Rodney Hood to be a member of the National Credit Union Administration Board; and Mark Calabria to be Director of the Federal Housing Finance Agency, 10 a.m.
LEADING THE DAY
Push to include contractor back pay in funding deal hits GOP roadblock: An effort to include back pay for contractors in the government funding deal is running into GOP opposition.
Senate Minority Leader Charles Schumer
Charles (Chuck) Ellis SchumerTensions rise in Senate's legislative 'graveyard' 2020 Republicans accuse Schumer of snubbing legislation Schumer: Leadership trying to work out competing surprise medical bill measures MORE (D-N.Y.) said Democrats were trying to get the 17 conferees to approve adding back pay stemming from the longest shutdown in U.S. history into the legislative text of the government funding agreement.
"Thousands of federal contractors have not been reimbursed from the 35-day shutdown. This issue is still hanging in the balance," Schumer said. "No one should stand in the way of that. It's just not fair to them. They were hostages."
- A Democratic source familiar with the negotiations said Senate Majority Leader Mitch McConnell
Addison (Mitch) Mitchell McConnellOvernight Health Care: Fireworks on health care expected at Dem debate | Trump FDA pick dodges on vaping ban | Trump to host meeting on youth vaping Friday | AMA calls for immediate vaping ban GOP senator blocks vote on House-passed Violence Against Women Act On The Money: Senate scraps plan to force second shutdown vote | Trump tax breaks for low-income neighborhoods draw scrutiny | McConnell rips House Dems for holding up trade deal MORE (R-Ky.) was objecting to including the back pay for contractors. - A spokesman for McConnell directed questions about the issue to the Office of Management and Budget.
- A source familiar with the legislation said the administrative cost for implementing the new back pay requirements would be almost as high as the pay out to contractors impacted by the partial government shutdown.
Bipartisan Senators reintroduce legislation to slap new sanctions on Russia: A bipartisan group of senators is renewing their effort to slap new sanctions on Russia over its 2016 election interference and activities in Ukraine and Syria.
The bill, spearheaded by Sens. Bob Menendez
Robert (Bob) MenendezSenate passes legislation supporting Hong Kong protesters Graham blocks resolution recognizing Armenian genocide after Erdoğan meeting Trump encounters GOP resistance to investigating Hunter Biden MORE (D-N.J.) and Lindsey Graham
Lindsey Olin GrahamGraham: Report on alleged surveillance abuse in 2016 to be released Dec. 9 McConnell hopes Senate impeachment trial 'not too lengthy a process' Hillicon Valley: Progressives oppose funding bill over surveillance authority | Senators call for 5G security coordinator | Facebook gets questions over location tracking | Louisiana hit by ransomware attack MORE (R-S.C.), includes a wide array of new financial penalties targeting Russia's energy sectors, financial institutions and "political figures, oligarchs, and family members and other persons that facilitate illicit and corrupt activities, directly or indirectly, on behalf of Vladimir Putin."
In addition to sanctions, it would also require a two-thirds vote for the United States to leave NATO and force the State Department to determine if Russia is a state sponsor of terrorism.
Jordain Carney breaks it down here.
Senate Banking panel kicks off talks on data security bill: The leaders of the Senate Banking Committee on Wednesday kicked off a push to write stricter data collection and security standards for financial institutions.
Sen. Mike Crapo
Michael (Mike) Dean CrapoEleven GOP senators sign open letter backing Sessions's comeback bid GOP requests update on criminal referrals prompted by 2018 Kavanaugh probe Nearing finish line, fight for cannabis banking bill shifts to the Senate MORE (R-Idaho), the panel's chairman, and Sen. Sherrod Brown
Sherrod Campbell BrownHillicon Valley: Commerce extends Huawei waiver | Senate Dems unveil privacy bill priorities | House funding measure extends surveillance program | Trump to tour Apple factory | GOP bill would restrict US data going to China Senate Democrats unveil priorities for federal privacy bill On The Money: Trump asks Supreme Court to block Dem subpoena for financial records | Kudlow 'very optimistic' for new NAFTA deal | House passes Ex-Im Bank bill opposed by Trump, McConnell MORE (Ohio), the ranking Democrat, on Wednesday asked for input on ways to give consumers more control of personally identifiable information collected by financial firms and regulators.
Data security, privacy and collection issues are among the top bipartisan priorities for the Banking Committee, which has broad oversight over U.S. banks, lenders, insurers, traders and credit reporting agencies.
Crapo and Brown's call for feedback is one of the first steps toward proposing a bipartisan bill to address those concerns.
GOOD TO KNOW
- The bipartisan deal to keep the federal government open and avert a government shutdown this week was forged in part by the first female leadership duo in charge of the House Appropriations Committee.
- The heads of Apple, IBM and Walmart are among the new members of a White House advisory board on workforce issues, the Commerce Department announced Wednesday.
- The Securities and Exchange Commission (SEC) alleged in a lawsuit filed Wednesday that a former lawyer for Apple participated in insider trading.
- Rick Dearborn, President Trump's former deputy chief of staff, is launching the Pass USMCA Coalition to advocate for Trump's trade agreement with Mexico and Canada.
- Treasury Secretary Steven Mnuchin
Steven Terner MnuchinHillicon Valley: Google to limit political ad targeting | Senators scrutinize self-driving car safety | Trump to 'look at' Apple tariff exemption | Progressive lawmakers call for surveillance reforms | House panel advances telecom bills Trump says he's 'looking at' Apple tariff exemption during tour of Texas plant Trump tax breaks for low-income neighborhoods draw scrutiny MORE on Wednesday indicated that trade talks in Beijing have gone well as representatives for the U.S. and China seek to strike a deal.
ODDS AND ENDS
- President Trump on Wednesday touted a Gallup poll released this week, tweeting that it was "Nice!" that "69% of our great citizens expect their finances to improve next year, a 16 year high."
