Overnight Finance

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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THE BIG DEAL–Trump signs stopgap, funding government into November. President Trump 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.

{mosads}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:

  • While the House passed 10 of the 12 annual measures early in the summer, the Senate, which requires bipartisan support, has not been able to pass a single appropriations bill for the 2020 fiscal year.
  • In recent weeks, the Senate Appropriations Committee succeeded in marking up 10 bills, but several more bills, such as defense and homeland security, received only Republican support.
  • Democrats opposed providing an additional $5 billion for the wall at the U.S.-Mexico border, and insisted that other bills should block Trump from using emergency powers to reprogram funds.
  • Trump has reprogrammed upwards of $6 billion from defense, military construction funds and a Treasury asset fund for his proposed wall.
  • The president was scheduled to meet with Senate Appropriations Committee Chairman Richard Shelby (R-Ala.) about a way forward for the legislation


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



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 Yarmuth (D-Ky.) and Appropriations Chairwoman Nita Lowey (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.

  • Trump’s decision to temporarily withhold $400 million in security assistance from Ukraine before asking Ukrainian President Volodymyr Zelensky to investigate former Vice President Joe Biden in a July 25 phone call is at the heart of mounting scrutiny that has bolstered calls for impeachment.
  • 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.



  • 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.



  • Sen. Elizabeth Warren (D-Mass.) on Friday proposed reinstating a congressional office dedicated to improving tech expertise in order to beat back the growing power of technology companies’ lobbying efforts.
Tags Donald Trump Elizabeth Warren Joe Biden John Yarmuth Mitch McConnell Nita Lowey Richard Shelby

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