Overnight Finance: Senate approves short-term funding bill

SENATE APPROVES SHORT-TERM FUNDING BILL: With government funding set to expire Friday, the Senate passed a five-day extension to let Congress hammer out a long-term bill. The House is expected to act Friday, and The Hill’s Jordain Carney gives us the heads up: http://bit.ly/1jRy8Md.

THE LONG AND WINDING ROAD: Even if the House and President Obama keep the lights on, it’s going to take a while — possibly eight days — to pass the long-term bill, reports Politico.

WHAT’S THE HOLDUP? Negotiations over policy attachments, of course! The Hill’s Mike Lillis gives us a look at the haggling: http://bit.ly/1SQYJ8g

{mosads}HAPPY THURSDAY and welcome to Overnight Finance, where we’re waiting to download Michelle Obama’s mixtape. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

See something I missed? Let me know at slane@digital-staging.thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://www.digital-staging.thehill.com/signup/48.

 

PELOSI TARGETS GUN RESEARCH BAN: The House’s top Democrat said today that her party can’t support an omnibus bill that doesn’t repeal the moratorium … but didn’t say her legion wouldn’t. 

Republican leaders would almost certainly reject her demand, and Rep. Nancy Pelosi (D-Calif.) declined to say if Democrats would support a bill that doesn’t repeal the ban. The Hill’s Sarah Ferris has more: http://bit.ly/1II1Fni.

Republicans enacted the ban in 1997 after fierce lobbying from groups such as the National Rifle Association (NRA). Gun rights supporters have long claimed that government agencies use studies to advance gun control, something researchers deny.” 

DEMS SQUABBLE ON OBAMACARE TAX: A bipartisan push to scrap a tax on high-cost health insurance has stoked tension among Democrats. With a delay of the so-called “Cadillac tax” expected in the omnibus, party leaders in both houses are fighting the White House and other Democrats over its inclusion. The Hill’s Peter Sullivan sets the scene: http://bit.ly/1HXm73o.

“Democratic leaders in both chambers of Congress favor scrapping the tax altogether, which would be the biggest legislative change to the law since its enactment. Unions are leading the call for repeal, contending that the tax will end up shifting health costs onto workers.  

“However, there is a division, with some Democratic lawmakers, health experts and — most notably — the White House pushing support for the tax. Backers argue the projected $91 billion in revenue created by the tax over the next decade is essential to funding the law and keeping healthcare costs in check.”

Some Dems are worried that a tax delay could be slippery slope for ObamaCare. The Hill’s Sarah Ferris explains: http://bit.ly/1U9y8Eu.

RETAILERS FIGHT CUSTOMS BILL: A major customs enforcement deal is under fire from retailers over online sales tax provisions. They’re urging lawmakers to reject a customs enforcement bill unless an online sales tax provision is added. The Hill’s Vicki Needham breaks it down: http://bit.ly/1Y0bTq0.

“The National Retail Federation (NRF) said Thursday that online sellers have a distinct advantage over brick-and-mortar stores and changes must be made to ensure the same tax policy is applied across all merchants — whether local or on the Internet.

“‘As more and more Main Street retailers close their doors because they cannot compete, it is time for Congress to remove the sales tax advantage for Internet sellers that is harming our communities,’ said David French, NRF’s senior vice president in a letter sent to Congress on Thursday.”

ELIZABETH WARRIN’: Senate Democratic Leader Harry Reid’s support for a home-state business pits him against Sen. Elizabeth Warren (D-Mass.). Reid is pushing a provision that would let Caesars Entertainment Corp. restructure the debt of a subsidiary out of court. But it might also help one of Warren’s top targets: Education Management Corp., a for-profit college company. The Hill’s Alex Bolton explains: http://bit.ly/1Y055bW.

“Earlier this year, Warren called for tougher federal oversight of for-profit colleges, and last month she sent a letter to the Departments of Education and Justice criticizing a settlement with Education Management for being too lenient. 

“Decisions by two courts involving Caesars and Education Management make it more difficult for corporations to cut their debts without going into bankruptcy if their debt-cutting plans are opposed by minority shareholders.”

GOP CRAFTS $3 BILLION RELIEF BILL FOR PUERTO RICO: Senate Republicans rolled out a bill to help Puerto Rico ease its massive debt. But the $3 billion package doesn’t offer the island bankruptcy protection, a crucial request from top officials. The bill halves income taxes, calls for studies of Puerto Rico’s finances and sets up a financial review board. The Hill’s Peter Schroeder has the details: http://bit.ly/1OkM35D.

SENATE BILL SHIELDS BENEFITS FOR FEDERAL DEBTORS: Senate Democrats introduced a bill Thursday that would shield Social Security payments for Americans with federal debts.

The bill, introduced by Sens. Ron Wyden (D-Ore.) and Sherrod Brown (D-Ohio), would change a law that allows the government to seize earned benefits from people with unpaid student loans, Veterans Administration home loans, food stamp overpayments and other federal debts.

Here’s more from yours truly: http://bit.ly/1jRy8Md.

EX-CBO CHIEF SAYS RAISE TAXES ON WEALTHY: From The Hill’s Naomi Jagoda: http://bit.ly/1mdwHcI

“Former Congressional Budget Office Director Doug Elmendorf on Thursday said the tax code should be changed so that the wealthy pay higher taxes. 

“‘If we make changes to federal spending and taxes, we should make them in ways that impose most of the burden on the affluent, because those are the people who have benefited the most from growth in output and income over the past few decades,’ Elmendorf said.” 

U.S., HONDURAS STRIKE LABOR LAW DEAL: From The Hill’s Vicki Needham: http://bit.ly/1Y6ltmd

“Labor Secretary Thomas Perez and Carlos Madero, Honduras’ minister of labor, inked a deal that creates a framework for the comprehensive monitoring of labor practices to address gaps in enforcement of Honduran labor law under the U.S.-Dominican Republic-Central America Free Trade Agreement.” 

NIGHTCAP: Krispy Kreme is selling BOGO dozens of donuts on Dec. 12 — get it, two 12’s? — if you bring this delicious and mesmerizing barcode in with you. Start building up your sugar tolerance as we head into holiday cookie season.

OVERNIGHT VINE-ANCE: Watch this nasty basketball crossover that left a poor pooch wondering if he’s lost his touch. https://vine.co/v/iZbdL13KODL

 

Write us with tips, suggestions and news: slane@digital-staging.thehill.com, vneedham@digital-staging.thehill.com; pschroeder@digital-staging.thehill.com, and njagoda@digital-staging.thehill.com. Follow us on Twitter: @SylvanLane,  @VickofTheHill; @PeteSchroeder; and @NJagoda.

Tags Elizabeth Warren Harry Reid Michelle Obama Ron Wyden Sherrod Brown Thomas Perez

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