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: China tariffs will remain for 'substantial period of time' even with deal Pompeo presses for resolution to Gulf dispute On The Money: Trump issues first veto, warning of 'reckless' resolution | US hits Russia with new sanctions | Dems renew push for contractor back pay | Lawmakers seek probe into undocumented workers at Trump businesses 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 Patricia D'Alesandro PelosiRisk-averse Republicans are failing the republic The Hill's Morning Report - Trump, Dems put manufacturing sector in 2020 spotlight Trump, Saturday Night Live and why autocrats can't take a joke 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 DeFazioBoeing debacle shows need to investigate Trump-era corruption FAA comes under new scrutiny over Boeing decision The Hill's Morning Report - Trump, Senate GOP clash over Yemen, border security MORE (D-Ore.), who has offered similar bills in the past, and in the upper chamber by Sen. Brian SchatzBrian Emanuel Schatz Advocate says Trump administration's new proposal would do 'absolutely nothing' to alleviate student debt Hillicon Valley: Huawei official asks US to ease restrictions | Facebook loses top execs | Defense officials hit Google over China | Pro-Trump 'safe space' app pulled over security flaw | Senators offer bill on facial recognition technology Senators introduce bill to regulate facial recognition technology 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 PocanTwo lawmakers just debated the merits of Nickelback on the House floor 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 Sanders, Ocasio-Cortez back 'end the forever war' pledge MORE (D-Wis.) and Pramila JayapalPramila JayapalOn The Money: Trump issues emergency order grounding Boeing 737 Max jets | Senate talks over emergency resolution collapse | Progressives seek defense freeze in budget talks Progressives seek defense freeze in budget talks House Dems reintroduce the Dream Act MORE (D-Wash.), and prominent freshman Rep. Alexandria Ocasio-CortezAlexandria Ocasio-CortezOcasio-Cortez fires back at Jamie Dimon after CEO dismisses Green New Deal Inslee: We want world to know 'there is still intelligent life in the US' The importance of moderate voters 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