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On The Money: Moderates' $800B infrastructure bill is a tough sell with Democrats | Justice Dept. sues Trump ally Roger Stone for unpaid taxes

On The Money: Moderates' $800B infrastructure bill is a tough sell with Democrats | Justice Dept. sues Trump ally Roger Stone for unpaid taxes
© Greg Nash

Happy Friday 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—Moderates' $800B infrastructure bill is a tough sell with Democrats: A group of Republican and Democratic moderates in the Senate are circling around a compromise infrastructure spending proposal that would cost around $800 billion — a sum that falls well short of what most Democrats want and what President BidenJoe Biden28 Senate Democrats sign statement urging Israel-Hamas ceasefire Franklin Graham says Trump comeback would 'be a very tough thing to do' Schools face new pressures to reopen for in-person learning MORE has proposed. 

But moving a scaled-down infrastructure package through the Senate, even as a down payment on Biden’s Build Back Better agenda, may be a tough sell in the Democratic caucus, especially when the most influential centrist in Congress, Sen. Joe ManchinJoe ManchinThe imminent crises facing Joe Biden Bipartisanship has become a partisan weapon New York, New Jersey, California face long odds in scrapping SALT  MORE (D-W.Va.), isn’t endorsing a scaled-down infrastructure bill.

“We’re going to do whatever it takes. If it takes $4 trillion, I’d do $4 trillion but we have to pay for it,” he said. The Hill’s Alexander Bolton explains here.

 

LEADING THE DAY

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California Democrats urge Biden to address SALT cap in infrastructure bill: House Democrats from California sent a letter to President Biden this week urging him to undo the cap on the state and local tax (SALT) deduction in infrastructure legislation.

  • The letter is the latest push from lawmakers in high-tax states to lift the $10,000 SALT deduction limit in legislation based on Biden's American Jobs Plan. 
  • Most House Democrats from New York signed onto a similar letter earlier this week. 

"The removal of this arbitrary cap is necessary and prudent as we seek remedies to help the American people during this time of recovery,” they wrote. The Hill’s Naomi Jagoda has more here.

 

Justice Dept. sues Trump ally Roger StoneRoger Jason StoneThe FBI should turn off the FARA faucet Michael Cohen on Giuliani's legal fees: He won't get 'two cents' from Trump Cohen on Giuliani: 'Chickens coming home to roost' MORE for unpaid taxes: The Department of Justice filed a civil lawsuit on Friday against Roger Stone, the longtime GOP political operative and ally to former President TrumpDonald TrumpFranklin Graham says Trump comeback would 'be a very tough thing to do' Man suspected in wife's disappearance accused of casting her ballot for Trump Stefanik: Cheney is 'looking backwards' MORE, accusing him of owing the government about $2 million in unpaid federal income taxes.

In a federal district court in Florida, the Justice Department alleged on Friday that Stone and his wife Nydia used a limited liability corporation called Drake Ventures to "receive payments that are payable to Roger Stone personally, pay their personal expenses, shield their assets, and avoid reporting taxable income to the IRS.”

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  • The Justice Department alleges that after Stone was criminally charged in January 2019, he and his wife used Drake Venture funds to purchase their home in Broward County, Fla., and registered it under another entity. 
  • According to the lawsuit, the couple was in "substantial debt" to the IRS at the time of purchase.

The lawsuit comes nearly four months after Trump pardoned Stone following his conviction on charges of lying to Congress and witness tampering. The Hill’s Harper Neidig breaks it down here.

 

ON TAP NEXT WEEK

Tuesday:

  • The House Financial Services Committee holds a markup at 10 a.m.
  • The House Small Business Committee holds an oversight hearing regarding the SBA’s pandemic relief programs at 10 a.m.
  • The Senate Banking Committee holds a hearing on investing in rural communities at 10 a.m.
  • All four members of the Federal Trade Commission testify before the Senate Commerce Committee on consumer protection at 10 a.m.
  • The Senate Finance Committee holds a hearing on using the tax code to fight gender, racial and ethnic disparities at 10 a.m.
  • The Senate Health, Education, Labor, and Pensions Committee holds a hearing on workforce modernization and training after COVID-19 at 10 a.m.
  • The Senate Appropriations Committee holds a hearing on the American Jobs Plan at 10:30 a.m.
  • The Select Committee on the Climate Crisis holds a hearing on creating jobs and driving economic growth through climate action at 12:30

Wednesday:

  • The Senate Commerce Committee holds a hearing on the nomination of Lina Khan to serve as a commissioner of the Federal Trade Commission at 10 a.m.

Thursday:

  • The Senate Banking Committee holds a hearing on green energy and the economy at 10 a.m.
  • The Senate Finance Committee holds a hearing on U.S.-China economic relations at 10 a.m.

 

GOOD TO KNOW

  • Drivers at the food delivery startup Imperfect Foods in San Francisco have voted to unionize, the local United Food and Commercial Workers union announced Friday.
  • Lawmakers on both sides of the aisle Friday said companies should be treated as key stakeholders in efforts to find sustainable solutions to climate change.
  • Industry leaders are criticizing aspects of President Biden’s $2.3 trillion infrastructure package, saying it doesn’t focus more on recycling as a way to bolster sustainability.