On The Money: Trump signs stopgap spending bill | Shutdown fight delayed to November | Deutsche Bank reveals it has two individual tax returns tied to House subpoena | House Dems demand documents on Ukraine aid

On The Money: Trump signs stopgap spending bill | Shutdown fight delayed to November | Deutsche Bank reveals it has two individual tax returns tied to House subpoena | House Dems demand documents on Ukraine aid
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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.

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THE BIG DEAL--Trump signs stopgap, funding government into November. President TrumpDonald John TrumpTrump opens new line of impeachment attack for Democrats Bloomberg to spend 0M on anti-Trump ads in battleground states New witness claims first-hand account of Trump's push for Ukraine probes MORE on Friday signed a stopgap funding measure to keep the government running until Nov. 21, an eight-week extension into the new fiscal year that begins early next week.

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The legislation, which passed in the House last week and the Senate on Thursday, keeps 2019 funding levels in place while Democrats and Republicans look to hammer out a broader spending deal.

Controversy over Trump's proposed border wall has stalled new spending bills.

 

The state of play:

 

What's next? Congress hunts for offramp from looming shutdown fight: Lawmakers are looking for an offramp from a stalemate over how to prevent a shutdown fight in the coming weeks. 

Congress reset the clock Thursday with a continuing resolution (CR) to fund the government through Nov. 21, buying themselves an extra eight weeks to negotiate a longer-term spending deal.

But the step forward belies larger troubles about how to fund the government from late November through Sept. 30, 2020. The Hill's Jordain Carney tells us about the road ahead

 

LEADING THE DAY

Deutsche Bank reveals it has two tax returns tied to Trump: Deutsche Bank revealed Friday that it has the tax returns of two individuals that are covered under subpoenas from House committees investigating President Trump's finances.

The bank made the disclosure in a court filing, shedding more light on one of the cases involving efforts to obtain information about Trump's tax returns and financial information.

The tax returns in Deutsche Bank's possession were redacted in a court filing to protect the names of the individuals involved, but the filing narrows down the list of possible candidates, acknowledging that they are individual tax returns and not for Trump corporations or businesses.

"Based on Deutsche Bank's current knowledge and the results of the extensive searches that have already been conducted, the Bank has in its possession tax returns (in either draft or as-filed form) responsive to the Subpoenas for two individuals, not entities, named in the Subpoenas," the court filing reads. The Hill's Tal Axelrod fills us in here.

 

House Democrats demand White House turn over docs on Ukraine aid: The chairs of two House panels are demanding that the White House turn over documents and information about military aid withheld from Ukraine amid scrutiny over President Trump's interactions with the country.

House Budget Committee Chairman John YarmuthJohn Allen YarmuthOvernight Defense: Erdoğan gets earful from GOP senators | Amazon to challenge Pentagon cloud contract decision in court | Lawmakers under pressure to pass benefits fix for military families Lawmakers under pressure to pass benefits fix for military families Kentucky Democrat: McConnell's agenda driven by 'power without a purpose' MORE (D-Ky.) and Appropriations Chairwoman Nita LoweyNita Sue LoweyOn The Money: Trump appeals to Supreme Court to keep tax returns from NY prosecutors | Pelosi says deal on new NAFTA 'imminent' | Mnuchin downplays shutdown threat | Trump hits Fed after Walmart boasts strong earnings Lawmakers aim for agreement on top-line spending by next week White House prepared to support December CR MORE (D-N.Y.) sent a letter to the White House Office of Management and Budget (OMB) on Friday demanding information about the efforts.

Yarmuth and Lowey wrote that the decision to hold up congressionally approved funds over the summer represented a potential "abuse of authority" by the president on apportioning money, suggesting the move may have violated the Impoundment Control Act of 1974.

The Hill's Niv Elis explains why here.

  • The president confirmed earlier this week that he held up the funds from Ukraine but argued he did so because he wanted European countries to contribute more for the cause. Democrats, meanwhile, have raised alarms about the move coming as Trump and his allies pushed Ukraine to investigate Biden.

 

GOOD TO KNOW

  • The wealthiest earners in America are capturing an ever-larger share of income, new data from the Census Bureau shows, exacerbating income inequality even as poverty rates continue to fall across the country.
  • The next round of trade talks with China are set for the second week of October, just ahead of a scheduled increase of U.S. tariffs on Chinese imports.
  • Wells Fargo on Friday named Charles Scharf as its new CEO and president, more than three months after the departure of former chief Timothy Sloan.

 

ODDS AND ENDS