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.

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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 LoweyAppropriators face crucial weekend to reach deal ICE emerges as stumbling block in government funding talks Congress races to beat deadline on shutdown 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.

 

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What comes next: Senate Appropriations Committee Chairman Richard ShelbyRichard Craig ShelbyOn The Money: Economy adds 266K jobs in strong November | Lawmakers sprint to avoid shutdown | Appropriators to hold crucial talks this weekend | Trump asks Supreme Court to halt Deutsche Bank subpoenas Appropriators face crucial weekend to reach deal Trump talks spending with key GOP chairman as deadline looms 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 NealOvernight Health Care: House to vote next week on drug prices bill | Conway says Trump trying to find 'balance' on youth vaping | US spent trillion on hospitals in 2018 Democrats could introduce articles of impeachment next week House to vote next week on sweeping bill to lower drug prices 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 Ann WarrenArtist behind gold toilet offered to Trump sells banana duct-taped to a wall for 0,000 Democratic strategist: 'Medicare for All' exposes generational gap within party Yang expands campaign with senior hires for digital operations MORE (D-Mass.), a 2020 candidate, to curb debt-laden corporate buyouts dominated the hearing, with Chairwoman Maxine WatersMaxine Moore WatersDemocrats could introduce articles of impeachment next week What are not criteria for impeachment? Fed's top regulator takes heat from both parties 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.

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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 McHenryMnuchin expresses concerns about proposed taxes on financial trades Fed's top regulator takes heat from both parties NC rep explores Tillis primary challenge 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.

 

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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.