Overnight Finance: House tees up conservatives’ debt-limit bill

TOMORROW STARTS TONIGHT: JOE BIDEN OUT… PAUL RYAN IN (WITH CONDITIONS)… The political world heard from two of its leaders in Washington on Wednesday… and their career moves will have long-lasting policy implications that we’ll discuss in a minute. Vice President Joe Biden offered a candid, authentic and personal speech in the Rose Garden — announcing that he will not be running for president.

{mosads}The Hill’s recap on Biden via Jordan Fabian: “Vice President Biden said Wednesday he will not run for president in 2016, signaling an end to a political career that has lasted four decades. Biden made the announcement with his wife, Jill, and President Obama at his side, telling a national audience he did not see a path forward for his candidacy. He said that as he and his family and worked through the grieving process following the death of his son, Beau Biden, he’d always said he might conclude that the window for mounting ‘a realistic campaign for president’ would close. ‘I’ve concluded, it has closed,’ Biden said.” http://bit.ly/1GqlLkR

Moving on…

WILL PAUL RYAN ANSWER HIS CALLING? The reluctant leader met with the conservative House Freedom Caucus earlier today. For Ryan, the pressure to replace House Speaker John Boehner (R-Ohio) has reached a fever pitch. Republicans will elect a Speaker next week.

Our Scott Wong and Mike Lillis have the story for the hometown paper: “Rep. Paul Ryan (R-Wis.) is getting a cool reception from House conservatives, whom he said must endorse him before he’ll agree to run for Speaker. Leaders of the House Freedom Caucus and their conservative allies said Wednesday they’re turned off by the list of conditions Ryan said must be met before he launches a bid for the top post.” http://bit.ly/1ksflrG

THIS IS OVERNIGHT FINANCE, and you are nowhere close to the end of this busy week. So pick up the pace. Quit complaining. And don’t slack off. Tweet: @kevcirilli; email: kcirilli@digital-staging.thehill.com; and subscribe: http://digital-staging.thehill.com/signup/48

COMING TOMORROW: My exclusive update on the Export-Import Bank negotiations only on TheHill.com at 6 a.m.

HAPPENING NOW: Sen. Chuck Schumer (D-N.Y.), the Democrats’ likely next leader in the upper chamber, and rising star Sen. Kirsten Gillibrand (D-N.Y.) are hosting a reception with the Democratic New York delegation and the Brooklyn chapter of the Chamber of Commerce.

DEBT-LIMIT VOTE FRIDAY? Vicki Needham has the story: “The House is expected as early as Friday to vote on a conservative debt-limit proposal even though chances are slim that the plan can pass the Senate. Speaker John Boehner (R-Ohio) told the GOP Conference on Wednesday that he is expecting a vote on the Republican Study Committee (RSC) plan that would raise the debt limit to $19.6 trillion from $18.1 trillion and would run through March 2017.

The RSC plan, which was introduced on Tuesday, is still circulating among the group’s 170 party conservatives. RSC Chairman Bill Flores (R-Texas) said that from what leadership said he is expecting a vote on Friday. The proposal would require a House vote on a balanced budget amendment by Dec. 31, would implement a short-term freeze on federal regulations through July 1, 2017 and would compel the House to remain in session without a break if spending bills aren’t done by Sept. 1.” http://bit.ly/1NUOoJT

BUT THE BILL IS HEADED FOR DEATH IN THE SENATE: Alexander Bolton has the story: “Senate Democratic leaders said Wednesday they would filibuster it. ‘House Republicans have floated two plans that are nothing more than default and economic collapse by another name. I want to be crystal clear up front – both the prioritization bill the House is considering today and the Republican Study Committee’s proposal are dead on arrival in the Senate,’ Sen. Charles Schumer (N.Y.), the third-ranking member of the Democratic leadership, told reporters in a conference call.” http://bit.ly/1PB2fFk

HOUSE HIGHWAY BILL TAKES ON TOLLS: Keith Laing for The Hill: “The $325 billion highway bill that has been introduced in the House would make it harder for states to add tolls to U.S. highways. Tolling supporters have pushed for an expansion as lawmakers are scrambling to come up with a way to pay for a multiyear transportation bill, but the measure unveiled by the House GOP would require states to approve legislation before participating in a federal pilot program.

Present law requires states to construct new lanes on highways that they want to add tolls to unless they are granted an exemption, which has thus far been limited to three states. The states – Virginia, Missouri and North Carolina – have not moved forward with a tolling expansion, however, and tolling foes said they are glad the House measure would not allow additional states to be granted exemptions to the prohibition on adding fees to existing highways.” http://bit.ly/1NonBCq

EQUAL TAX TREATMENT FOR SAME-SEX COUPLES: Vicki Needham has the story: ” The Obama administration on Wednesday moved to provide equal tax treatment for same-sex marriages as part of the Supreme Court’s landmark decision this summer. The Treasury Department and the IRS said the proposed regulations will clarify that marriage between two people — whether same-sex or opposite sex — will be covered under federal tax law, implementing the high court’s June ruling that the Constitution guarantees a right to same-sex marriage in all states.” http://bit.ly/1MTUGYJ

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