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On The Money: Funding bill hits snag as shutdown deadline looms | Pelosi, Schumer endorse $908 billion plan as basis for stimulus talks | Poll: Most Americans support raising taxes on those making at least $400K

On The Money: Funding bill hits snag as shutdown deadline looms | Pelosi, Schumer endorse $908 billion plan as basis for stimulus talks | Poll: Most Americans support raising taxes on those making at least $400K
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Happy Wednesday and welcome back to On The Money, where we're eagerly anticipating the Janet Yellen musicalI’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

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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.

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THE BIG DEAL—Funding bill hits snag as shutdown deadline looms: A top Senate Republican on Wednesday said that Congress will likely need a stopgap bill amid a myriad of last-minute snags that are threatening quick passage of a mammoth spending bill to fund the government. 

Congress has until Dec. 11 to pass an omnibus, which would wrap all 12 fiscal 2021 bills into one, but Senate Appropriations Committee Chairman Richard ShelbyRichard Craig ShelbyMcConnell about to school Trump on political power for the last time Overnight Defense: Trump impeached for second time | National Guard at Capitol now armed, swelling to 20K troops for inauguration | Alabama chosen for Space Command home Space Command to be located in Alabama MORE (R-Ala.) says he doesn’t think negotiators will make their deadline.

“Will we do it by the ninth? I’d like so but probably not. There’s some challenges that have got to be dealt with,” Shelby said, regarding the mammoth government funding deal. “That’s ticking away fast now.”

  • Shelby said Congress will need to make a decision on whether or not they need a continuing resolution (CR) by Dec. 9, so that they can pass it by Dec. 11.
  • If negotiators are close they could pass a CR for a matter of days or a week to give themselves time to finalize a deal. 
  • If they aren’t close, they would likely use a CR to fund the government until early next year and kick the can on the larger bill.

The Hill’s Jordain Carney tells us where things stand here.

An abundance of obstacles: The rising chances of a CR come as omnibus negotiations have gotten bogged down over a fight over Veterans Affairs healthcare funding, the border wall and money for Immigration and Customs Enforcement (ICE) detention beds.

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LEADING THE DAY

Pelosi, Schumer endorse $908 billion plan as basis for stimulus talks: House Speaker Nancy PelosiNancy PelosiEverytown urges Rep. Marjorie Taylor Greene to resign over newly uncovered remarks Sen. Patrick Leahy returns home after being hospitalized Marjorie Taylor Greene expressed support on Facebook for violence against Democrats MORE (D-Calif.) and Senate Minority Leader Charles SchumerChuck SchumerHumanist Report host criticizes 'conservative Democrats:' They 'hold more power' than progressives Bush-, Obama-era officials urge Senate to swiftly confirm Biden's DHS pick OVERNIGHT ENERGY: Court upholds ruling invalidating Dakota Access, but doesn't shut down pipeline | Schumer calls for Biden to declare climate emergency | Biden seeks to bolster consultation with Indian Country MORE (D-N.Y.) on Wednesday threw their support behind using a bipartisan, compromise plan as the basis for COVID-19 relief talks.

“In the spirit of compromise we believe the bipartisan framework introduced by Senators yesterday should be used as the basis for immediate bipartisan, bicameral negotiations,” the Democratic leaders said in a joint statement.

The Hill’s Niv Elis gives us the latest here.

A major shift: 

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High stakes: The stakes for passing a relief bill during the lame-duck session are monumental. 

  • Two crucial unemployment programs are set to expire on Dec. 31, which would leave an estimated 12 million people with no income during the worst phase of the pandemic so far.
  • Other key programs, such as $600 in supplemental unemployment insurance and a forgivable loan program for small businesses called the Paycheck Protection Program (PPP) expired in the summer.
  • S&P Global is forecasting that the economy will already shrink in the fourth quarter of this year, and may fall into a full double-dip recession if Congress fails to pass a relief bill, kneecapping the economic recovery.

Poll: Most Americans support raising taxes on those making at least $400,000: Most Americans, including nearly half of Republicans, support raising taxes on people making at least $400,000 while keeping the current tax rates for everyone else, according to a new poll from The New York Times and SurveyMonkey.

  • About two-thirds of respondents said they supported higher taxes on those making $400,000 or more and maintaining tax rates for others. 
  • Eighty-eight percent of Democrats, 70 percent of independents and 45 percent of Republicans said they backed this idea.

The survey comes in the wake of the 2020 presidential election, during which President-elect Joe BidenJoe BidenDobbs: Republicans lost in 2020 because they 'forgot who was the true leader' Should deficits matter any more? Biden's Cabinet gradually confirmed by Senate MORE pledged to not raise taxes on anyone making under $400,000. The Hill’s Naomi Jagoda breaks it down here.

GOOD TO KNOW

ODDS AND ENDS

  • Amazon’s refusal to sell e-books published in-house to libraries is sparking backlash as demand for digital content spikes during the coronavirus pandemic.
  • Norwegian Cruise Lines on Wednesday announced that it is extending its suspension of all cruises until at least the beginning of March 2021 amid the ongoing coronavirus pandemic.