On The Money — Presented by Job Creators Network — Fourth GOP senator opposes Cain for Fed | Weekly jobless claims fall to lowest level since 1969 | Kudlow says Trump may allow $125B in cuts if Congress doesn't act | Uber files for IPO

Happy Thursday 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— Fourth GOP senator comes out against Trump Fed pick Cain: A fourth Republican senator announced Thursday that he would oppose Herman Cain if President TrumpDonald John TrumpNew EPA rule would expand Trump officials' powers to reject FOIA requests Democratic senator introduces bill to ban gun silencers Democrats: Ex-Commerce aide said Ross asked him to examine adding census citizenship question MORE nominated him to the Federal Reserve Board, all but dooming his potential appointment.

Sen. Kevin CramerKevin John CramerTrump urged to quickly fill Pentagon post amid Iran tensions The Hill's Morning Report — Trump pushes Mexico for 'significantly more' as tariffs loom Overnight Health Care: Liberals rip Democratic leaders for writing drug pricing bill in secret | Dems demand answers from company that shelters migrant kids | Measles cases top 1,000 MORE (R-N.D.), a close Trump ally, told reporters that “if I had to vote right now, there's no way I could vote for” Cain. The president had floated the businessman for the Fed board last week.

Cramer’s opposition makes him the fourth Republican to denounce Cain’s potential nomination, effectively ending Cain's chance at confirmation. GOP Sens. Lisa MurkowskiLisa Ann MurkowskiGOP lawmakers want Mulvaney sidelined in budget talks Overnight Defense: Officials brief Congress after Iran shoots down drone | Lawmakers fear 'grave situation' | Trump warns Iran | Senate votes to block Saudi arms sales | Bombshell confession at Navy SEAL's murder trial The 7 GOP senators who voted to block all or part of Trump's Saudi arms sale MORE (Alaska), Cory GardnerCory Scott GardnerMcSally on Moore running for Senate again: 'This place has enough creepy old men' Hillicon Valley: Senate sets hearing on Facebook's cryptocurrency plans | FTC reportedly investigating YouTube over children's privacy | GOP senator riles tech with bill targeting liability shield | FAA pushed to approve drone deliveries Senate panel advances bill to protect government devices against cyber threats MORE (Colo.) and Mitt RomneyWillard (Mitt) Mitt RomneyThe Hill's Morning Report - Crunch time arrives for 2020 Dems with debates on deck Democratic challenger leads Tillis by 1 point in North Carolina poll The Memo: Can Trump run as an outsider? MORE (Utah) all came out against Cain on Wednesday.

With four of the 53 Senate Republicans opposed to Cain, he would not reach the necessary 51 votes for confirmation without getting support from Democrats, which is unlikely. I’ve got more on how we got here.

  • Cramer, a member of the Senate Banking Committee, cited the four allegations of sexual harassment made against Cain that helped derail his 2012 Republican presidential campaign.
  • “It's hard for me to get over the harassment allegations from the past,” Cramer said. “His showmanship doesn't bother me. His business experience, I think, is great. Simplifying the tax code is fine by me. But character still does matter."
  • Four women who worked for Cain at the National Restaurant Association, a Washington trade group he led from 1996 to 1998, accused him of sexual harassment. Cain has denied all of the allegations but reached financial settlements with two of his accusers. 

 

 

Cramer’s revelation came just hours after President Trump’s top economic adviser said that the White House was supporting Cain “at the moment.”

Larry Kudlow, director of the National Economic Council had said earlier Thursday during The Hill's Newsmaker Series that the president continued to support Cain despite the opposition from GOP senators the previous day.

"As the president said yesterday, he continues to support [Cain] and we’ll see how that turns out,” Kudlow said. “He’s in the process; we’ll let him go through it, the president insists on that.”

 

What comes next: It’s clear at this point that Cain isn’t able to be confirmed. One of Trump’s staunchest allies is opposed to him, and other senators further from Trump have expressed similar concerns about Cain’s nomination. The spotlight will now turn to Stephen Moore, the president’s other controversial Fed suggestion.

 

Recapping the week in Herman Cain news:

 

LEADING THE DAY

Weekly jobless claims fall to lowest level since 1969: The number of Americans who applied for unemployment benefits fell below 200,000 last week for the first time in nearly 50 years, according to federal data released Thursday.

The Labor Department reported Thursday that 196,000 people applied for unemployment insurance in the week ending April 6, the lowest level for initial jobless claims since October 1969.

The steep decline in jobless claims is the latest positive sign for the U.S. labor market, which has continued to add jobs and draw workers off the sidelines despite slowing economic growth. I break down the data for you here.

  • In the first week of April, 8,000 fewer Americans filed jobless claims than in the final week of March, when 204,000 unemployed members of the labor force applied for benefits.
  • April’s sharp drop in jobless claims brought the four-week average of weekly unemployment insurance applications down to 207,000, the lowest level since December 1969.

 

Kudlow: Trump may allow $125B in cuts if Congress doesn't act: President Trump has indicated that he would allow $125 billion in spending cuts to take place for both defense and nondefense spending if Congress does not agree to his spending plan, top White House adviser Larry Kudlow said Thursday.

“The president has indicated, if the spending caps going all the way back to the 2011 deal are not met, then we will sequester across-the-board, both defense and nondefense, excluding entitlements, but we will run by those rules,” Kudlow said during The Hill’s Newsmaker Series event in Washington. “That’s tough stuff. I think that’s appropriate.” Niv Elis breaks it down here.

  • Kudlow was referring to budget caps set in place in the 2011 Budget Control Act (BCA), a law that was meant to force bipartisan cooperation on budgeting by threatening steep cuts to both defense and nondefense spending.
  • Without legislation to raise the caps, 2020 defense spending would drop $71 billion and nondefense spending would drop $54 billion from current levels — about a 10 percent across-the-board cut.

 

More from Kudlow’s interview for The Hill’s Newsmaker Series:

  • Kudlow said that "Medicare for all," the Green New Deal and other Democratic proposals would shave 15 percent off the economy over a decade.
  • He also said he is “optimistic” about the chances of a U.S.-China trade deal, but wouldn’t predict when it would be finalized.

 

GOOD TO KNOW

 

ODDS AND ENDS

  • Federal prosecutors in California on Thursday announced charges against Michael Avenatti on 36 counts of perjury, fraud, failure to pay taxes and other financial crimes.