On The Money – Lawmakers edge closer to government funding deal


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

Today’s Big Deal: House and Senate negotiators are closing in on a long-term government funding deal. We’ll also look at a big push for a proposed Congressional stock trading ban and Democratic calls to suspend the gas tax.

But first, find out how the old President TrumpDonald TrumpWisconsin Supreme Court clears ballot box ban for April electionthe commercial adviser of found himself in the bad graces of the January 6 committee.

For The Hill, we are Sylvan Lane, Aris Folley and Karl Evers-Hillstrom. contact us at slane@thehill.com Where @SylvanLane, afolley@thehill.com Where @ArisFolley and kevers@thehill.com Where @KarlMEvers.

Let’s go.

Negotiators reach ‘breakthrough’ on funding

Sen. Richard Shelby (Alabama), the top Republican on the Senate Appropriations Committee, announced Wednesday that negotiators had reached a “groundbreaking” agreement on a framework for an omnibus spending package that he says will help two parties to agree on major expenses. very soon.

He said key spending figures for defense and non-defense discretionary programs, which have been a major sticking point in the talks, “will come from this” framework.

“We’ve come to an agreement on the framework,” Shelby told The Hill shortly before noon, calling the development “great.”

The background:

  • Federal government funding expires Feb. 18, though the House on Tuesday passed a short-term extension that would avoid a shutdown until March 11.
  • House and Senate negotiators have spent weeks trying to hammer out a longer-term funding deal for fiscal year 2022 and get a potential shutdown off the table before the midterm elections.

The warning : Shelby declined to go into specifics or comment specifically on whether the disagreement between Democratic and Republican negotiators over policy endorsements has been resolved. He also did not mention whether negotiators had agreed on the thorny issue of how much to increase funding for non-defense discretionary programs relative to defense programs. So there is still some work to be done.

Alexander Bolton see more here.


Pelosi backs ban on stock trading in Congress

Speaker Nancy PelosiBanning Nancy PelosiStock faces significant hurdles despite growing support This week’s must-see moments on Capitol Hill Pelosi extends House proxy voting through March 30 MORE (D-Calif.) Ordered House Democrats to draft a bill barring members of Congress and their top executives from trading individual stocks, giving the push new momentum.

Democratic leaders reportedly aim to vote on a securities trading bill by the end of the year, potentially before November’s midterm elections.

At a press conference on Wednesday, Pelosi said lawmakers were seeking consensus on “government-wide” stock market reforms that also cover the judiciary, including Supreme Court justices, who do not are not required to disclose financial transactions.

It’s unclear exactly how Democratic leaders want to end this practice. Several bipartisan bills that have already been introduced in the House and Senate require lawmakers to divest their assets or place them in a blind trust. Some proposed prohibitions apply to lawmakers’ spouses, while others impact their top executives.

Karl has more here.


US-China competitiveness bill sparks battle over e-commerce

Etsy, eBay and other e-commerce companies are lobbying lawmakers to remove an anti-counterfeiting measure from the bill passed by the House to boost US competitiveness with China, warning that it would force most online markets to close, leaving only a few giant industries like Amazon to dominate.

The Shop Safe Act would open online marketplaces to lawsuits for selling counterfeit products if they fail to comply with new regulations requiring them to identify and remove counterfeit products from their site. Opponents argue that the vast majority of digital marketplaces lack the resources to comply with the new requirements.

  • Online platforms that do not follow the rules would be liable whenever they allow the sale of a counterfeit product that poses a risk to consumer health and safety.
  • Clothing, cosmetics and toy brands are among those pushing for the measure, arguing it would curb the recent growth in illicit trade that threatens American consumers and businesses.
  • E-commerce companies and internet privacy groups say the bill’s provisions are far too broad and could expose NextDoor, Twitter or even email providers to lawsuits over products sold on their platforms. .

Karl has more here.


Vulnerable Democrats call for gas tax suspension amid rising prices

Democratic Meaning. Mark KellyMark KellyStock ban faces significant hurdles despite growing support Democrats see inflation as a growing problem for their agenda (Arizona) and Maggie HassanMargaret (Maggie) HassanDemocrats see inflation as a growing problem for their agenda Senators introduce resolution honoring Tom Brady’s career GOP falters in efforts to recruit star governors for Senate MORE (NH) are calling for the federal gas tax to be suspended until next year due to rising prices.

Hassan and Kelly, both facing re-election in swing states in November, introduced legislation on Wednesday that would eliminate the roughly 18-cent-per-gallon fuel tax through early 2023.

The proposal was co-sponsored by Sens. Raphael WarnockRaphael WarnockOn The Money – Lawmakers edge closer to government funding deal Overnight Energy & Environment – Postal Service faces wrath over vehicle projects Vulnerable Democrats call for gas tax suspension amid backdrop price increase MORE (D-Ga.) and Catherine Cortez MastoCatherine Marie Cortez The Mastodemocrats see inflation as a growing problem for their program (D-Nev.), who also face tough re-election battles this year, as well as Sens. Debbie StabenowDeborah (Debbie) Ann StabenowStock Trading Ban Gains Momentum But Divides Senate GOP On The Money – Lawmakers Close In On Government Funding Deal Overnight Energy & Environment – Postal Service Faces to the wrath of vehicle projects PLUS (D-Mich.) and Jacky RosenJacklyn (Jacky) Sheryl RosenOn The Money – Lawmakers Close In On Government Funding Deal Overnight Energy & Environment – Postal Service Faces Wrath Of Vehicle Projects Vulnerable Democrats Call For Oil Tax Pause gasoline in a context of rising prices MORE (D-Nev.).

  • Gasoline is made from petroleum, which is a global commodity, which means that prices are not only affected by domestic factors, but also by the actions of foreign countries.
  • But gas prices, in addition to general inflation, are an area that Republicans have consistently tried to blame on their Democratic counterparts before the midterms.

Rachel Frazin see you here.

Good to know

Dean of the University of Michigan and Professor of Economics Susan CollinsSusan Margaret CollinsOn The Money — Inflation hits highest rate since February 1982 was announced Wednesday as the next president and chief executive of the Federal Reserve Bank of Boston.

Collins, an economist who studied at Harvard University and the Massachusetts Institute of Technology, will become the first woman of color to lead one of the Fed’s 12 regional reserve banks. Read more here.

Here’s what else we’ve got our eyes on:

  • Washington Nationals announcement a cryptocurrency partnership that could allow fans to pay for tickets and concessions with digital tokens as early as next year.
  • Microsoft has announced new rules for its app stores on Wednesday as regulators review the company’s plans to acquire games company Activision Blizzard.
  • The private entrepreneur ID.me abandons the facial recognition requirement of its identity verification software which is widely used by state and federal agencies.
  • The IRS Taxpayer Advocate warned that millions of taxpayers could see delays in processing their tax returns due to a backlog of unprocessed returns from last year.
  • The Biden administration on Wednesday pushed back against what it called “misinformation,” saying a federal grant program intended to reduce harm to drug addicts does not include taxpayers pipeline financing which can be used to smoke crack or methamphetamine.

That’s all for today. Thanks for reading and check out The Hill’s Finance page for the latest news and coverage. Well see you tomorrow.


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