On The Money: House passes monthlong stopgap | Broader spending talks stall | Judge orders Democrats to give notice if they request Trump's NY tax returns | Progressives ramp up attacks on private equity

On The Money: House passes monthlong stopgap | Broader spending talks stall | Judge orders Democrats to give notice if they request Trump's NY tax returns | Progressives ramp up attacks on private equity

Happy Tuesday and welcome back to On The Money, where we're wondering if newsletter writers get official portraits too. I'm Sylvan Lane, and here's your nightly guide to everything affecting your bills, bank account and bottom line.

See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.

Write us with tips, suggestions and news: slane@thehill.com, njagoda@thehill.com and nelis@thehill.com. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.

ADVERTISEMENT

 

THE BIG DEAL--House passes stopgap as spending talks stall: The House on Tuesday passed a monthlong continuing resolution (CR) in a 231-192 vote, pushing off a government shutdown fight until Dec. 20, even as more comprehensive spending negotiations stalled.

"This CR will allow additional time to negotiate and enact responsible, long-term funding for priorities that make our country safer and stronger and give working families a better chance at a better life," House Appropriations Committee Chairwoman Nita LoweyNita Sue LoweyHouse Democrats unveil coronavirus economic response package Biden rolls out over a dozen congressional endorsements after latest primary wins Trump, Congress struggle for economic deal under coronavirus threat MORE (D-N.Y.) said.

But even as the stopgap progressed, negotiations over how to allocate funds have hit a wall, and appropriators are expected to miss their self-imposed Wednesday deadline for striking a deal on how to divvy up the $1.37 trillion in annual spending among 12 bills. 

The Hill's Niv Elis and Juliegrace Brufke explain why here.

  • Lawmakers have put off a final deal on the border wall funding in order to tackle the funding allocations first.

 

ADVERTISEMENT

What comes next: Senate Appropriations Committee Chairman Richard ShelbyRichard Craig ShelbyGraham backs Trump, vows no money for WHO in next funding bill Five things being discussed for a new coronavirus relief bill Infrastructure bill gains new steam as coronavirus worsens MORE (R-Ala.) on Tuesday said the deal was unlikely before Thanksgiving.

"That would be quite optimistic right now," he said. "We haven't resolved anything yet. We seem to be getter closer, and then we're stalled."

 

ON TAP TOMORROW

 

LEADING THE DAY

Judge orders Democrats to give notice if they request Trump's NY tax returns: A federal judge on Monday granted President Trump "very limited relief" in his legal case aimed at preventing House Democrats from obtaining his New York state tax returns.

Judge Carl Nichols, a federal district judge in Washington, D.C., appointed by Trump, ordered the House Ways and Means Committee to provide the court and Trump with contemporaneous notice if committee Chairman Richard NealRichard Edmund NealPressure mounts on Congress for quick action with next coronavirus bill Democrats urge administration to automatically issue coronavirus checks to more people One year in, Democrats frustrated by fight for Trump tax returns MORE (D-Mass.) requests Trump's state tax returns under a New York law.

Nichols also ordered the committee to not receive any requested state tax returns for a period of 14 days, during which time the court could decide whether the request is lawful.

"In the Court's view, this relief ensures that Mr. Trump has an opportunity to press his claims before they become moot while treading as lightly as possible on the Congressional Defendants' interests," Nichols wrote.

 

What comes next: Neal has not yet decided whether he will request Trump's state tax returns, according to the House's lawyers. The Ways and Means chair has focused on trying to obtain Trump's federal tax returns from the IRS.

 

Progressive Democrats ramp up attacks on private equity: Democrats on Tuesday made the case for a crackdown on private equity firms during a hearing of the House Financial Services Committee as several of the party's presidential contenders take aim at the controversial investment firms.

A proposal from Sen. Elizabeth WarrenElizabeth WarrenHillicon Valley: Schiff presses intel chief on staff changes | Warren offers plan to secure elections | Twitter's Jack Dorsey to donate B to coronavirus fight | WhatsApp takes steps to counter virus misinformation Warren releases plan to secure elections during coronavirus pandemic On The Money: Trump officials struggle to get relief loans out the door | Dow soars more than 1600 points | Kudlow says officials 'looking at' offering coronavirus bonds MORE (D-Mass.), a 2020 candidate, to curb debt-laden corporate buyouts dominated the hearing, with Chairwoman Maxine WatersMaxine Moore WatersOvernight Health Care: White House projects grim death toll from coronavirus | Trump warns of 'painful' weeks ahead | US surpasses China in official virus deaths | CDC says 25 percent of cases never show symptoms Democrats, Trump set to battle over implementing T relief bill Maxine Waters unleashes over Trump COVID-19 response: 'Stop congratulating yourself! You're a failure' MORE (D-Calif.) touting provisions of the Stop Wall Street Looting Act she said would stop private equity firms from "destroying companies and preying on hardworking Americans to maximize their profits."

"People's lives and health are at stake," Waters said, citing the 2018 bankruptcy of HCR ManorCare, a nursing home chain where health-code violations soared 26 percent after it was purchased by The Carlyle Group, a powerful investment firm. I've got more from the hearing here.

 

2020 implications: Warren has made reining in private equity a centerpiece of her plans for Wall Street, and her rise in the Democratic primary has posed a serious challenge for the industry.

ADVERTISEMENT

For many Democrats on Capitol Hill and on the presidential campaign trail, private equity is increasingly becoming their new Wall Street punching bag. 

Several GOP lawmakers bashed Democrats for "vilifying" an industry responsible for thousands of jobs, suggesting they were doing Warren's bidding instead of fostering a competitive economy.

"Hooray, we're here today to debate presidential politics," said Rep. Patrick McHenryPatrick Timothy McHenryBottom line Top GOP post on Oversight draws stiff competition Lawmakers shame ex-Wells Fargo directors for failing to reboot bank MORE (R-N.C.), the panel's ranking member. He called the hearing "a presidential rally for Sen. Warren."

 

Dem differences: But the hearing also highlighted divides among Democrats over how to regulate powerful nonbank investment firms, with some lawmakers questioning the Warren bill's tough rules.

  • Ocasio-Cortez, though, fired back that lawmakers who focus on pension returns "almost betray the priorities" of their most vulnerable constituents.

 

ADVERTISEMENT

GOOD TO KNOW

  • The Federal Reserve Board and the Federal Deposit Insurance Corp. (FDIC) announced Tuesday their approval of the merger of BB&T Corp. and SunTrust Banks. Inc. into what will be known as Truist Bank.
  • Democrats on the House Ways and Means Committee on Tuesday released draft legislation aimed at addressing climate change by extending and expanding tax breaks for renewable energy.

 

ODDS AND ENDS

  • California has announced plans to stop buying vehicles from automakers that backed President Trump during the state's battle over whether it can set tougher emissions standards.