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Week ahead: House eyes trillion-dollar omnibus | Crunch time for Senate ObamaCare repeal bill | Senate moves ahead on Trump nominees

by Sylvan Lane - 07/17/17 6:00 AM ET

It will be a busy week in Congress as House Republicans make plans to move a trillion-dollar omnibus spending bill before the August recess.

Chief Deputy Whip Patrick McHenry (R-N.C.) told rank-and-file Republicans on Friday that the vote-counting team would gauge support for a 12-bill omnibus.

The House Appropriations Committee is set to finish passing all 12 of its spending bills by the end of next week, leaders said.

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But it’s a risky strategy for the House. The package would include deep spending cuts unlikely to pass muster with the Senate, where a package would need 60 votes — including eight Democrats — to overcome procedural hurdles.

And some centrist Republicans are already balking at the idea of passing deep cuts that won’t get through the Senate.

Still, depending on how the whip count goes, GOP leaders could put the omnibus package on the floor during the last week of July, right before the House adjourns for its August recess.

The plan was first floated by Rep. Tom Graves (R-Ga.) to help jump-start the process. Lawmakers will need time to negotiate a final spending deal to avoid a government when the fiscal 2017 year ends in October.

The House Budget Committee is also expected to pass a 2018 budget resolution next week after a long fight over the size of mandatory cuts.

Rep. Mark Walker (R-N.C.), chairman of the Republican Study Committee, offered support for $200 billion in cuts.

Members of the conservative House Freedom Caucus though have been pushing for a larger number.

All eyes will also be on the Senate next week where it’s decision time on ObamaCare.

Senate leaders Thursday unveiled a revised bill to repeal and replace ObamaCare and are aiming for a vote in the coming week.

Senate Majority Leader Mitch McConnell (Ky.) included a provision sought by Sen. Ted Cruz (R-Texas) that would let insurers offer plans that don’t meet ObamaCare requirements as long as they offer at least one plan that does.

Conservatives say the measure will help provide lower-cost plans to health people. But moderates are worried it will raise premiums for the sick and those with pre-existing conditions.

And McConnell already faces a challenge winning over centrists with the new bill keeping in place deep cuts to Medicaid that they oppose.

Centrists pushed back on McConnell on Friday, asking for more funds for Medicaid and for low-income policyholders.

Sens. Rand Paul (R-Ky.) and Susan Collins (R-Maine) have already announced they’ll vote no to advance the bill, meaning McConnell can afford no more defections.

A Congressional Budget Office score could come as early as this weekend.

Lawmakers will also try to make headway on getting Trump’s nominees confirmed in the coming week.

The Banking Committee will hold a hearing on Tuesday for six nominees to the Treasury Department, Commerce Department and Department of Housing and Urban Development.

The Senate Finance Committee will hold a hearing on Tuesday for assistant Treasury secretary nominee David Kautter, and the Health, Education, Labor and Pensions Committee will consider two nominees to the National Labor Relations Board.

Your week ahead:

Monday:

House Appropriations Committee: Markup of fiscal 2018 Transportation, Housing and Urban Development Appropriations Bill, 7 p.m. http://bit.ly/2tRc6Sq.

Tuesday:

Senate Finance Committee: Hearing entitled “Comprehensive Tax Reform: Prospects and Challenges,” 9 a.m. http://bit.ly/2tniME5.
Senate Banking Committee: Nomination hearing for six Trump administration nominees, 10 a.m. http://bit.ly/2uZNiWJ.
House Financial Services Subcommittee on Capital Markets and Investment: Hearing entitled “The Cost of Being a Public Company in Light of Sarbanes-Oxley and the Federalization of Corporate Governance,” 10 a.m. http://bit.ly/2tRi05J.
House Appropriations Committee: Markup of fiscal 2018 Homeland Security and Interior appropriations bills, 10:30 a.m. http://bit.ly/2tRwcvB.
Senate Finance Committee: Hearing to Consider the Nomination of David J. Kautter, of Virginia, to be an assistant secretary of the Treasury, 11 a.m. http://bit.ly/2tnghl6.
House Financial Services Subcommittee on Terrorism and Illicit Finance: Hearing entitled “Managing Terrorism Financing Risk in Remittances and Money Transfers,” 2 p.m. http://bit.ly/2tbOOb8

Wednesday:

Senate Health, Education, Labor and Pensions Committee: Hearing on the nomination of Marvin Kaplan and William Emanual to be members of the National Labor Relations Board, 10 a.m. http://bit.ly/2tn6k7y.
House Financial Services Subcommittee on Oversight and Investigations: Hearing entitled “Congressional Oversight of Independent Regulatory Agencies,” 10 a.m. http://bit.ly/2tRCbR8.
House Small Business Committee: Hearing entitled “Reversing the Entrepreneurship Decline,” 11 a.m. http://bit.ly/2to9wQe.

Thursday:

House Financial Services Subcommittee on Monetary Policy and Trade: Hearing entitled “Monetary Policy v. Fiscal Policy: Risks to Price Stability and the Economy,” 9:30 a.m. http://bit.ly/2s9nsQP.
Senate Banking Committee: Hearing entitled “Housing Finance Reform: Maintaining Access for Small Lenders,” 10 a.m. http://bit.ly/2uZPk9p.

Recap the week with Overnight Finance:

Monday: White House: Trump, Putin talked sanctions | Consumer bureau cracks down on arbitration clauses | Mnuchin says higher top tax rate isn’t on the table
Tuesday: GOP goes after arbitration rule | Bill allocates $1.6B for Trump border wall | Fed officials cautious on rate hike | McConnell aiming for debt vote before August recess
Wednesday: Dow hits record after Yellen testifies | Trump pick for bank regulator withdraws | White House challenges CBO on healthcare | Bank to pay $5.5B fine over mortgage practices
Thursday: Yellen pushes back on GOP banking deregulation plan | Trump dodges on Russia sanctions bill | Trump floats tariffs on steel imports | Budget director touts MAGAnomics

Today’s stories:

Dem wants hearing on Amazon’s bid for Whole Foods, by Ali Breland
JPMorgan CEO blows up at Washington’s ‘stupid s—‘, by Vicki Needham
House panel approves bill to prevent abusive IRS seizures, by Naomi Jagoda
Trump says US, South Korea will renegotiate trade agreement, by Vicki Needham
Debt group hits Trump on Social Security, by Niv Elis
Trump aims to use UN climate fund for coal plants – report, by Devin Henry
GOP leader floats including North Korea in Russia sanctions bill, by Cristina Marcos
Dem senator to sell stock in family company that uses outsourced labor, by Jordain Carney
AT&T to reorganize after merger with Time Warner, by Ali Breland