On The Money: Mnuchin urges Congress to raise debt limit 'as soon as possible' | NY officials subpoena Trump Org's longtime insurer | Dems offer bill to tax financial transactions

On The Money: Mnuchin urges Congress to raise debt limit 'as soon as possible' | NY officials subpoena Trump Org's longtime insurer | Dems offer bill to tax financial transactions
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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.

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THE BIG DEAL--Mnuchin asks Congress to raise debt ceiling 'as soon as possible'   Treasury Secretary Steven MnuchinSteven Terner MnuchinTrump says he'll decide on foreign aid cuts within a week Democrats push judge for quick action on Trump tax returns lawsuit Five key players in Trump's trade battles MORE is urging congressional leaders to raise the federal debt limit "as soon as possible" as the department begins accounting maneuvers to prevent a default.

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Mnuchin wrote in a March 4 letter to top lawmakers that the Treasury Department had begun a "debt issuance suspension period" to avoid missing a debt payment, and asked for swift action to raise the cap on federal debt.

"I respectfully urge Congress to protect the full faith and credit of the United States by acting to increase the statutory debt limit as soon as possible," Mnuchin wrote to Speaker Nancy PelosiNancy PelosiGOP group calls on Republican senators to stand up to McConnell on election security in new ads The Hill's Morning Report - Trump hews to NRA on guns and eyes lower taxes Hobbled NRA shows strength with Trump MORE (D-Calif.) and seven other congressional leaders. I've got more here on Mnuchin's request and what it means.

 

The backdrop:

 

The state of play: Members of both parties are eager to prevent the U.S. from defaulting on its debt, which could trigger a global economic meltdown. Even so, it's unclear how party leaders plan to raise the debt ceiling and whether it will be entangled in testy government funding negotiations.

 

ON TAP TOMORROW

 

LEADING THE DAY

New York state officials subpoena Trump Org's longtime insurance broker: State officials in New York have subpoenaed the longtime insurer for the Trump Organization, Aon, over claims that the Trump Organization and President Trump himself were involved in efforts to inflate the company's assets for insurance purposes.

The New York Times reports that Aon received a subpoena Monday, a sign of a state investigation into Trump's business ties.

The New York State Department of Financial Services, which has no prosecutorial power of its own but can refer potential instances of illegality to state attorneys, is reportedly overseeing the investigation.

The Trump Organization did not immediately return a request for comment from The Hill.

 

Dems offer legislation to tax financial transactions: Democrats on Tuesday introduced legislation in the House and Senate to tax financial transactions, as lawmakers in the party examine various ways to raise more revenue.

Legislation was introduced in the House by Rep. Peter DeFazioPeter Anthony DeFazioHouse Democrats inch toward majority support for impeachment Trump bashes Mueller for 'ineptitude,' slams 'sick' Democrats backing impeachment Pelosi denies she's 'trying to run out the clock' on impeachment MORE (D-Ore.), who has offered similar bills in the past, and in the upper chamber by Sen. Brian SchatzBrian Emanuel Schatz'Medicare for All' complicates Democrats' pitch to retake Senate Criminal justice reform should extend to student financial aid Booker, Durbin and Leahy introduce bill to ban death penalty MORE (D-Hawaii).

The House bill has the backing of a number of members of the Congressional Progressive Caucus, including the group's co-chairs, Reps. Mark PocanMark William PocanOmar says US should reconsider aid to Israel Trump crosses new line with Omar, Tlaib, Israel move Liberal Democrat eyes aid cuts to Israel after Omar, Tlaib denied entry MORE (D-Wis.) and Pramila JayapalPramila JayapalLawmakers urge DNC to name Asian American debate moderator Medicare for all: fears and facts House Democrats urge Trump to end deportations of Iraqis after diabetic man's death MORE (D-Wash.), and prominent freshman Rep. Alexandria Ocasio-CortezAlexandria Ocasio-CortezOcasio-Cortez blasts Electoral College as a 'scam' Trump slams Tlaib after press conference on Israel ban: I don't buy her tears Scaramucci calls on GOP to save country from Trump 'depredations' MORE (D-N.Y.).

Under the legislation, sales of stocks, bonds and derivatives would be taxed at a rate of 0.1 percent. The tax would apply to sales made in the U.S. or by U.S. persons, and initial securities issuances and short-term debt would be exempt. The Joint Committee on Taxation has estimated that a similar tax would raise $777 billion over 10 years. The Hill's Naomi Jagoda breaks it down here.

 

GOOD TO KNOW

 

ODDS AND ENDS