Happy Tuesday 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.
THE BIG DEAL–House approves massive $1.4T spending package: The House on Tuesday approved $1.4 trillion in spending in a pair of bills funding the federal government for the rest of the fiscal year.
The House overwhelmingly passed the pair of bills, with the first passing on a 297-120 vote and the second passing 280-138. Both measures now head to the Senate.
What’s next: The Senate is expected to approve both before leaving for the week. On Tuesday evening, Senate Majority Leader Mitch McConnell (R-Ky.) filed cloture on the bills, setting them up for an initial vote on the floor as soon as Thursday.
And the White House already has indicated that President Trump will sign them into law.
- Passage of the legislation concludes a lengthy debate that had raised the risk of a government shutdown — or the more likely possibility that Congress would have to approve a stopgap measure that would keep the government open, but would not put any new imprint on spending.
- Instead, the House and Senate reached a deal on all 12 annual spending bills, punting on at least one divisive issue that had threatened the talks: Trump’s demands for funding for his border wall.
The Hill’s Niv Elis and Juliegrace Brufke explain how we got here.
- The Congressional Hispanic Caucus (CHC) on Tuesday came out against a bipartisan Homeland Security spending package, with a majority of its members voting against it over its immigration provisions.
- Government-funding legislation that the House passed on Tuesday would extend a host of expired and expiring tax breaks.
- President Trump reportedly intervened to slash billions of dollars worth of Medicaid funding the federal government was preparing to allocate to Puerto Rico as part of the spending package.
- The inclusion of $425 million for election security purposes in the House and Senate-negotiated annual appropriations bill garnered mixed reactions on Capitol Hill on Tuesday.
LEADING THE DAY
House panel advances Trump’s new NAFTA: The House Ways and Means Committee on Tuesday approved legislation that would implement President Trump’s revised North American trade deal, readying it for a floor vote that’s expected later this week.
By voice vote, lawmakers on the panel recommended passage of a measure that would enact Trump’s proposed update to the North American Trade Agreement (NAFTA).
- Trump and House Democrats reached a deal last week to pass the president’s rebooted NAFTA, known as the U.S.-Mexico-Canada Agreement (USMCA), after six months of intense negotiations.
- Democrats agreed to take up the deal after securing provisions to tighten labor and environmental law enforcement, and scrap patent protections for high-cost pharmaceuticals.
- The House is expected to pass USMCA as soon as Thursday with ample bipartisan support, just one day after Democrats will likely pass articles of impeachment against Trump.
I take you to the markup, which featured Santa Claus and Mick Jagger, right here.
Trump expected to attend World Economic Forum in January: President Trump is expected to attend the annual World Economic Forum in Davos, Switzerland, in January, according to multiple reports.
Bloomberg News and Reuters both reported that Trump plans to attend next month’s gathering of business and political leaders, which is scheduled for Jan. 21-25.
The White House declined to comment on the matter.
Trump attended the gathering of global elites in 2018, but he skipped the event this year when a prolonged government shutdown stretched into January, though a host of administration officials still made the trip.
The U.S. typically sends a delegation to the summit, but Trump and former President Clinton are the only two presidents who have attended while in office.
The divide: The White House has been careful in recent years to manage the optics of Trump’s attendance at the summit given he campaigned on a populist message aimed at working class voters. Officials have defended the forum as an opportunity to push the administration’s economic agenda.
GOOD TO KNOW
- The repeal of three ObamaCare taxes in the bipartisan government funding deal poised to pass Congress this week will deprive the government of $373.3 billion over 10 years, according to a nonpartisan analysis.
- Sen. Elizabeth Warren (D-Mass.) on Tuesday unveiled her plan to stop “the flow of dark money” as president.
ODDS AND ENDS
- Four bipartisan lawmakers on Monday urged President Trump to oppose China’s bid to lead the World Intellectual Property Organization (WIPO) at the United Nations, alleging that China’s own infractions could threaten intellectual property rights and the U.S. economy.
- The Atlantic: “Why Goldman Sachs Is Fighting Climate Change–And the UN Isn’t”