On The Money: Senate passes disaster aid bill after deal with Trump | Trump to offer $16B aid package for farmers | House votes to boost retirement savings | Study says new tariffs to double costs for consumers
On The Money: Dems set Tuesday vote on Trump's emergency declaration | Most Republicans expected to back Trump | Senate plots to avoid fall shutdown drama | Powell heading before Congress
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.
THE BIG DEAL-Dems set up Tuesday vote to block Trump's emergency declaration: House Democrats are quickly moving to block President Trump's emergency declaration at the southwest border, scheduling a floor vote Tuesday on the disapproval resolution introduced Friday by Rep. Joaquin Castro (D-Texas).
Speaker Nancy Pelosi (D-Calif.) announced the plan Friday on a conference call with reporters, where she framed Trump's unilateral move as an "institutional assault" that defies the constitutionally dictated separation of powers and threatens the working of the country's democracy.
"The president's act is lawless and does violence to our constitution and therefore to our democracy," she said.
"We do not have a monarchy; we have a separation of powers in our country." The Hill's Mike Lillis has more here.
What we know:
- Castro's resolution, just one page long, would terminate Trump's emergency declaration, which aims to shift money from other programs to build the president's long promised border wall. He said there are more than 225 cosponsors on the bill, including one Republican, Rep. Justin Amash (Mich.).
- Republicans, however, appear ready to oppose the resolution in overwhelming numbers. Despite some public GOP criticisms of the emergency declaration - particularly Trump's plan to shift $3.6 billion away from military construction projects around the country - Republican lawmakers have little incentive to buck their White House ally on his signature issue of border security.
- Sen. Lindsey Graham (R-S.C.), a close ally of Trump, predicted Friday that a "handful" of Republicans will back the resolution to block the emergency declaration, but that enough GOP supporters would remain to sustain Trump's veto.
LEADING THE DAY
Senate plots to avoid fall shutdown brawl: Senators are hoping to get the government funding process back on track after the months-long fight over President Trump's U.S.-Mexico border wall.
Though Congress managed to avoid a partial funding lapse after Trump agreed to sign a deal last week, lawmakers face another deadline later this year to prevent a governmentwide shutdown that would strike roughly a year before the 2020 election
The Senate Appropriations Committee managed to pass all 12 individual fiscal 2019 funding bills with bipartisan support, but their work was derailed on the floor amid a standoff between the White House and Democrats, and infighting among Republicans, that led to multiple continuing resolutions and the longest shutdown in U.S. history. The Hill's Jordain Carney takes us inside the fiscal 2020 strategy.
Brown, Rubio trade barbs over 'dignity of work' as Brown mulls presidential bid: Sens. Sherrod Brown (D-Ohio) and Marco Rubio (R-Fla.) traded barbs Thursday over Brown's "dignity of work" mantra.
The feud came as Brown, who is said to be considering a presidential bid, continues his "Dignity of Work" tour that began in Cleveland and will take him to Iowa, New Hampshire, South Carolina and Nevada - four critical early primary states.
"For all work to have dignity, we must: Raise the federal minimum wage to $15 an hour. Ensure workers are paid the overtime they earn. Pass equal pay for equal work laws. Make it easier for workers to join a union," Brown tweeted Thursday morning.
"True dignity of work isn't achieved by just using government to command that low-paying jobs get more pay & benefits," Rubio responded shortly after.
"It is achieved by having policies that promote the creation of private sector jobs where the workers increased productivity results in higher wages & benefits," he added.
ON TAP NEXT WEEK
- The U.S. Chamber of Commerce and National Governors Association host the fourth annual Invest in America Summit, 12 to 4 p.m.
- The Senate Banking Committee will vote on 10 nominees to the Export-Import Bank, National Credit Union Administration, Federal Housing Finance Agency, Treasury Department and Department of Housing and Urban Development, 9:30 a.m.
- Federal Reserve Chairman Jerome Powell appears before the Senate Banking Committee to testify on the central bank's semiannual report to Congress, 10 a.m.
- The House Financial Services Committee holds a hearing entitled "Who's Keeping Score? Holding Credit Bureaus Accountable and Repairing a Broken System," 10 a.m.
- The House Small Business Committee holds a hearing entitled "Shutdown Lessons: SBA Capital Access Programs," 10 a.m.
- The House Financial Services Committee holds a hearing on diversity trends in the financial services industry, 2 p.m.
- Federal Reserve Chairman Jerome Powell appears before the House Financial Services Committee to testify on the central bank's semiannual report to Congress, 10 a.m.
- U.S. Trade Representative Robert Lighthizer appears before the House Ways and Means Committee to testify on U.S.-China trade relations, 10 a.m.
- The Brookings Institution hosts an event entitled "Productivity slowdown and wage stagnation: Causes and policy implications," 2 to 3:30 p.m.
- The Senate Budget Committee holds a hearing on the Budget Control Act and cap-adjusted spending, 2:30 p.m.
- The Senate Small Business and Entrepreneurship Committee holds a hearing on China and the future of American industry, 2:30 p.m.
- The Senate Banking Committee holds a hearing on legislative proposals on capital formation and corporate governance, 10 a.m.
- The Cato Institute hosts an event entitled "Trade and American Leadership: The Paradoxes of Power and Wealth from Alexander Hamilton to Donald Trump."
GOOD TO KNOW
- General Motors (GM) announced Friday that it will extend production at its Detroit plant until January 2020, scrapping earlier plans to halt manufacturing in June.
- A European Union official said "there is full support" from member states to hit back if President Trump imposes tariffs on cars and car parts, according to the AP.
- Federal Reserve officials will be touring country soon to learn how to achieve their policy objectives and to communicate decisions to the public, according to CNBC.
- Bloomberg News looks into why satisfying Democratic Sen. Elizabeth Warren's request to depose Wells Fargo chief Tim Sloan could be challenging.