Lawmakers reached a bipartisan deal on late Sunday to fund the government and avoid a shutdown.
The deal does not include funding for President Trump’s proposed border wall with Mexico, or cuts to Planned Parenthood, wins for Democrats.
But Republican lawmakers can point to $1.5 billion in new border security funding and $15 billion in additional defense funding.
have another week to strike a deal to fund the government after passing a temporary weeklong spending extension through Friday, May 5.
The deal also includes a provision to permanently extend retired health benefits for miners.
The late-weekend deal came after lawmakers passed a one-week stopgap bill on Friday to avoid a shutdown and buy themselves more time.
Congress must approve the new deal by May 5.
Democrats appeared largely on board Sunday night, with Senate Minority Leader Charles Schumer (D-N.Y.) calling it a “good agreement for the American people.”
In other finance news to watch, the Senate will vote on the confirmation of former Sullivan & Cromwell partner Jay Clayton to be chairman of Securities and Exchange Commission. Clayton was approved by the Senate Banking Committee with two moderate Democrats supporting him, His confirmation is less controversial than other Trump nominees, making it likely he will be approved by the full chamber.
The House Financial Services Committee on Tuesday will markup the CHOICE Act, Chairman Jeb Hensarling’s (R-Texas) sweeping rewrite of the Dodd-Frank Wall Street reform law.
Panel Democrats say they’re preparing to offer dozens of amendments and plan to draw out the hearing for hours, as they make the case to protect the Obama-era financial regulation law.
The Senate Banking Committee will hold a hearing Thursday on reauthorizing the National Flood Insurance Program before funding expires at the end of September. The program is riddled with billions in debt, and lawmakers are exploring ways to bolster private flood insurance to relieve the burden on the federal program.
Also in the coming week, join The Hill on Wednesday, May 3 for “Main Street Matters: Jobs, Wages & the Small Business Economy,” featuring Sen. Jeanne Shaheen (D-N.H.) and Rep. Steve Chabot (R-Ohio). Topics of discussion at the event include job creation, wages and the kinds of policies that can help small businesses thrive in the United States. RSVP Here.
Your week ahead:
Monday
- Senate to vote on confirmation of Jay Clayton to be Chairman of the Securities and Exchange Commission, 5:30 p.m.
Tuesday:
- House Financial Services Committee: Markup of HR 10, the Financial CHOICE Act of 2017, 10 a.m. http://bit.ly/2qfrZyd.
- Senate Banking Committee: Hearing entitled “Examining the U.S.–EU Covered Agreements,” 10 a.m. http://bit.ly/2qfyBwa.
Wednesday:
- Senate Budget Committee: Hearing entitled “Private Sector Growth and the Economy,” 10:30 a.m. http://bit.ly/2qfHWEe.
- Federal Reserve Chair Janet Yellen will give a press conference following the Federal Open Market Committee’s two-day meeting on May 2-3, 2 p.m.
Thursday:
- Senate Banking Committee: Hearing on reauthorization of the National Flood Insurance Program, 10 a.m. http://bit.ly/2qg15Gv.
Recap the week with Overnight Finance:
Monday: Tariffs on Canadian softwood lumber | Trump eyes 15 percent corporate tax rate | Border wall funding fight | Deal on vote for trade pick
Tuesday: Dems want ObamaCare subsidies for extra military spending | Trade battle: Woe, Canada? | Congress nears deal to help miners | WH preps to release tax plan
Wednesday: Inside Trump’s tax plan | White House mulls order pulling out of NAFTA | New fight over Dodd-Frank begins
Thursday: Dems explore lawsuit against Trump | Full-court press for Trump tax plan | Clock ticks down to spending deadline
Write us with tips, suggestions and news: slane@digital-staging.thehill.com, vneedham@digital-staging.thehill.com, and njagoda@digital-staging.thehill.com. Follow us on Twitter: @SylvanLane, @VickofTheHill, and @NJagoda.
This story was updated at 6:44 a.m.