Overnight Finance

On The Money — Presented by Citi — A House divided on a unified agenda

Getty Images

Happy Friday and welcome to On The Money, your nightly guide to everything affecting your bills, bank account and bottom line. Subscribe here: thehill.com/newsletter-signup.

Today’s Big Deal: High expectations and hopes for a vote on President Biden’s agenda have quickly turned infighting. We’ll also look at a strong October jobs report.

But first, a potential visit from British royalty.

For The Hill, I’m Sylvan Lane. Write me at slane@thehill.com or @SylvanLane. You can reach my colleagues on the Finance team Naomi Jagoda at njagoda@thehill.com or @NJagoda and Aris Folley at afolley@thehill.com or @ArisFolley.

Let’s get to it.


Showdown: Pelosi dares liberals to sink bill

Speaker Nancy Pelosi (D-Calif.) on Friday escalated the tense standoff over President Biden’s domestic agenda, daring liberals in her own caucus to oppose a bipartisan infrastructure bill that’s languished in the House for months while negotiators haggled over a larger social spending package.

The background:

  • Progressives, behind Rep. Pramila Jayapal (D-Wash.), have blocked the infrastructure proposal for fear that Senate centrists — Joe Manchin (D-W.Va.) and Kyrsten Sinema (D-Ariz.) — would reject the bigger “family” benefits bill if the more popular public works bill had already reached Biden’s desk.
  • In response, Pelosi has kept the infrastructure bill off the floor, even despite urging the liberals to reconsider their objections for the sake of giving the unpopular Biden a big legislative win. 

Today that changed.

The state of play: On Friday, after hours of negotiations in which Pelosi failed to convince a handful of moderates to back the social benefits package, the Speaker abruptly announced that the infrastructure bill would come to the floor for a vote along with the rule governing the larger benefits package — but not that package itself.

The announcement came hours after President Biden asked House lawmakers to vote immediately on his infrastructure bill and broader climate and social spending package.

  • Liberals hammered Pelosi’s move right away and Jayapal quickly issued a statement demanding that the two bills move in tandem and suggesting she had enough lawmakers behind her to sink it.
  • But Pelosi didn’t blink. Shortly afterwards, the Speaker staged a press conference, alongside her top lieutenants to say she’s sticking with the plan to bring the infrastructure proposal to the floor, while suggesting she’s already secured the support to pass it.

Mike Lillis fills us in here.



Tackling the startup world’s gender, race and ethnic funding gap.

With our $200 million Impact Investment Fund we are seeking opportunities to invest in businesses that are led or owned by women and minority entrepreneurs, helping to create equitable access to venture capital funding.



US added 531,000 jobs in October as delta eased

The U.S. added 531,000 jobs in October and the unemployment rate dropped 0.2 percentage points to 4.6 percent as the country began to shake off a summer surge of COVID-19, according to data released Friday by the Labor Department.

  • The October jobs report showed the labor market rebounding after the July emergence of the delta coronavirus variant, exceeding economists’ expectations. Analysts projected the U.S. to gain roughly 450,000 jobs last month and see the unemployment rate drop to 4.7 percent.
  • The U.S. added jobs broadly across the economy, with the hard-hit leisure and hospitality sector leading the pack with 164,000 new workers. Professional and business services added 100,000 jobs, manufacturing gained 60,000 jobs, and transportation and warehousing added 54,000 jobs.

“Rarely are job reports so clear. There are usually lots of cross-currents. Not in this report. The economic recovery is quickly gaining speed as the economic headwind created by the Delta-wave of the pandemic fades away,” said Mark Zandi, chief economist at Moody’s Analytics, on Twitter.

I break it down here.


House Democrats modify SALT provision in spending bill

House Democrats late Thursday modified the provision in their social spending package that would raise the cap on the state and local tax (SALT) deduction.

  • The new version of the provision would raise the cap from $10,000 to $80,000, and have the limit in place at that level through 2030. The cap would then return to $10,000 for 2031.
  • A previous version of the bill would have set the cap at $72,500 through 2031.

Here’s more from Naomi.


Historically Black colleges and universities could see historic funding under Biden plan

Historically Black colleges and universities (HBCUs) could see record federal funding as part of a massive spending plan that is essential to President Biden’s legislative agenda.

The institutions stand to see at least $2 billion in federal funding as part of the sweeping “human infrastructure” package, as well as additional funding set aside for research and development grants in the legislation.

  • Lawmakers say the amount is historic, and would come as HBCUs have received over $6 billion in COVID-19 relief funding since March. 
  • An aide working closely on the negotiations said that’s more than the schools have received over the past decade. 

Aris explains here.  


Tackling the startup world’s gender, race and ethnic funding gap.

With our $200 million Impact Investment Fund we are seeking opportunities to invest in businesses that are led or owned by women and minority entrepreneurs, helping to create equitable access to venture capital funding.


Good to Know 

House Minority Whip Steve Scalise (R-La.) leaves a press conference after a closed-door House Republican conference meeting on Tuesday, October 26, 2021.

House Minority Whip Steve Scalise (R-La.) on Friday criticized a provision in House Democrats’ social spending bill to provide a payroll tax credit to local news outlets, as Democrats struggled to secure the votes to pass the broader package.

Here’s what else have our eye on:

  • A bipartisan bill that aims to limit tech giants from making acquisitions that harm competition or reduce consumer choice was introduced in the Senate Friday. 
  • Senior living providers are mounting a last-ditch effort to secure pandemic aid in Democrats’ $1.75 trillion social spending bill after they were largely excluded from previous relief packages.


That’s it for today. Thanks for reading and check out The Hill’s Finance page for the latest news and coverage. We’ll see you Monday.


Tags Joe Biden Joe Manchin Kyrsten Sinema Nancy Pelosi Pramila Jayapal Steve Scalise

The Hill has removed its comment section, as there are many other forums for readers to participate in the conversation. We invite you to join the discussion on Facebook and Twitter.

Most Popular

Load more


See all Video