Overnight Finance

On The Money: Senate fails to override Trump veto over border emergency | Trump resort to host G-7 next year | Senators to push Turkey sanctions despite ceasefire | McConnell tees up funding votes

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--Senate fails to override Trump veto over emergency declaration: The Senate on Thursday failed to override President Trump's veto of a resolution that would have ended the emergency declaration intended to help build the border wall. 

Senators voted 53-36, falling short of the two-thirds needed to successfully override Trump's veto.

Ten Republican senators voted to override Trump's veto: Sens. Roy Blunt (Mo.), Susan Collins (Maine), Mike Lee (Utah), Lisa Murkowski (Alaska), Rand Paul (Ky.), Rob Portman (Ohio), Mitt Romney (Utah), Marco Rubio (Fla.), Pat Toomey (Pa.) and Roger Wicker (Miss.).

  • The vote came less than a day after Trump vetoed the resolution, which initially passed the House and Senate last month. 
  • It's the second time Congress has failed to override Trump's veto of a resolution nixing his emergency declaration. 
  • The House tried, unsuccessfully, in March to override Trump's initial veto. 



Senators vow to press Turkey sanctions bills despite cease-fire: Senators are vowing to move forward with sanctions legislation against Turkey despite Vice President Pence's announcement that Ankara has agreed to a ceasefire in Syria.

Sen. Lindsey Graham (R-S.C.) and Senate Foreign Relations Committee Chairman Jim Risch (R-Idaho), who have each released separate sanctions bills, both said they would continue working on their bills despite the cease-fire.

"There are other issues obviously than just a ceasefire that need to be addressed," said Risch, saying other issues include security of ISIS prisoners and safety of the Kurds. "This bill will encourage those parties to embrace not only a ceasefire, but an overall settlement in the dispute there."

The Hill's Rebecca Kheel has more here.


The background: 

  • Graham's bill, introduced with Sen. Chris Van Hollen (D-Md.), would target Turkey's energy sector and military as well as assets of top Turkish officials within U.S. jurisdiction and limit their ability to travel to the United States. 
  • It would also require a strategy to prevent an ISIS resurgence and prohibit arms sales to Turkey.
  • Risch's bill, introduced with his committee's top Democrat, Sen. Bob Menendez (N.J.), would require a comprehensive counter-ISIS strategy, mandate a report on potential Turkish war crimes, restrict arms sales to Turkey, sanction senior Turkish officials and require a report on Turkey's participation in NATO, among other things.


McConnell tees up government funding votes amid stalemate: Senate Majority Leader Mitch McConnell (R-Ky.) is turning the Senate toward trying to pass a set of long-stalled appropriations bills. 

"Congress has fallen badly behind schedule on appropriations. It's been a month since my Democratic colleagues filibustered government funding here on the floor, blocking defense funding and a pay raise for service members. We need to get moving," McConnell said from the Senate floor. 

McConnell said the Senate will try to take up two packages of spending bills next week: 

  • The first, an olive branch to Democrats, will include domestic priorities.
  • The second package will include a mammoth defense bill, which is considered a top priority for Republicans. 

McConnell's announcement comes as top appropriators, tasked with funding the government, have been meeting to try to break the stalemate that led to a short-term continuing resolution (CR). 

The Hill's Jordain Carney tells us how it could play out.


Trump Doral resort to host G-7 next year: The United States will host the 2020 Group of Seven (G-7) summit at Trump National Doral, a resort property near Miami owned by President Trump's family.

The summit will take place June 10-12, acting White House chief of staff Mick Mulvaney told reporters Thursday at the White House. The decision is certain to spark challenges from Democrats and ethics watchdog groups who will argue that the president is seeking to enrich his family's brand by bringing world leaders to a Trump property.

"We thought of the 12 places that we looked at... this was by far and away the best choice," Mulvaney said.

He added that White House staff looked at a dozen potential host sites. The list was eventually narrowed to two options in Utah, one in Hawaii and one in Florida, Mulvaney said.

Trump was the one who suggested the Doral property be added to the list of sites under consideration, said Mulvaney, who cited the resort's proximity to airports, landing zones, hospitals. Brett Samuels has more here.



  • White House economic adviser Larry Kudlow on Thursday took a shot at members of the Federal Reserve board as part of the "deep state."
  • The House Small Business Committee Chairwoman Nydia Velázquez (D-N.Y.) on Thursday formally invited some of the largest tech companies in the country to testify at an upcoming hearing about whether their practices harm small businesses



  • The Senate Commerce Committee on Thursday issued a report that found the Consumer Product Safety Commission (CPSC) failed to properly handle the data of thousands of consumers, leading to an accidental data breach earlier this year. 
  • Democratic presidential contenders are sparring over whether to break up Silicon Valley's giants, how social media companies should handle President Trump's tweets and whether the government is doing enough to prevent interference in U.S. elections using social media.