ANY DAY NOW: We’re still waiting for Congress to unveil the long-term government funding bill, which could happen tomorrow, but lawmakers say they see the light at the end of the tunnel. Members aimed to release the omnibus last Monday, but spent the rest of the week and weekend haggling over controversial policy attachments.
What we know:
- There are dozens of policy riders that lawmakers from both sides are working through. The Hill’s Mike Lillis and Scott Wong report that talks are “notably fluid and remarkably secretive,” and nobody’s quite sure what the final product will look like or when it will be released.
- The riders in play span issues from Wall Street reform and environmental policy to labor regulations and tougher screenings for Syrian refugees.
- It’ll cost roughly $1.1 trillion.
- Democrats appear ready to give in on lifting the crude oil export ban if Republicans respond with their own concessions.
- It’s tied to a pending deal to extend dozens of expiring tax credits–a package disavowed by House Minority Leader Nancy Pelosi (D-Calif.).
- Congress has until the end of Wednesday night to pass the funding bill or another short-term extension. The original deadline was Dec. 11, but Congress extended it for five days until Dec. 16.
Here’s Mike and Scott with the current state of play (http://bit.ly/1QHF9w4), and Jordain Carney fills us on in what the Senate leaders said today about the talks: http://bit.ly/1QpnOcz.
{mosads}LEGACY TIME: The tax extender deal might be President Obama’s last chance to leave a mark on the U.S. tax code. If negotiations fall through, Congress will likely pass a two-year extension instead of cementing certain tax credits. That will delay any overhaul until after Obama leaves office. The Hill’s Naomi Jagoda lays out what’s at stake for the president: http://bit.ly/1QiNxE2.
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MORE TROUBLE FOR TPP: After the tenuous fast track vote and serious speed bumps in negotiations, the Trans-Pacific Partnership is in trouble again. Senate Majority Leader Mitch McConnell (R-Ky.) said the massive trade deal is too politically charged to vote on until after the presidential election, and the White House is fuming. The administration wants the deal passed quickly, but McConnell could be angling for time to make a few fixes. Here’s The Hill’s Jordan Fabian and Vicki Needham with more: http://bit.ly/1YfWPQb.
“‘It is possible for Congress to carefully consider the details of this agreement and to review all of the benefits associated with this agreement for states and communities all across the country without kicking the vote all the way to the lame duck period,’ [said White House press secretary Josh Earnest.]…
“One source said that McConnell’s statement is a ‘shot across the bow,’ aiming to buy time to work out an accommodation with pharmaceutical and tobacco companies short of renegotiating the entire deal.”
But, some good news: The Information Technology Industry Council gave the TPP its blessing Monday. The major tech lobby said the deal would “promote an open, pro-innovation environment for the digital economy globally” and was a “strong rebuke against digital protectionism.” The Hill’s David McCabe breaks it down: http://bit.ly/1O5FTwh.
“ITI represents groups across the tech sector, including Apple, Google and Facebook. Some other tech groups, like the Semiconductor Industry Association and the nine-member Technology CEO Council, have already expressed their support for the accord…
“Tech groups tend to favor the accord because of the protections it offers companies who store data in one country for users accessing it in another. ITI also said it supported the deal because it would make it easier for member companies to do business in the Asian countries linked to the deal by removing some tariffs on imports.”
CUSTOMS REVAMP ON ITS WAY: The House passed a bill to reauthorize and modernize the U.S. Customs and Border Protection Agency on Friday, and it will soon have a vote in the Senate. The conference report also bolsters trade enforcement, adds new protections for intellectual property and creates new ways to crack down on currency manipulation. Vicki Needham brings us up to speed: http://bit.ly/1M7EVb7.
TELECOM URGES INTERNET TAX BAN: From The Hill’s Mario Trujillo: http://bit.ly/1Yg3olK.
“Three major telecom trade groups sent a letter Monday to all U.S. senators warning that the monthly bills customers pay for Internet access are under ‘imminent threat’ of more taxes and fees because of the FCC’s decision to reclassify the service as a common carrier.
“‘Expiration would likely increase the cost of broadband access as it would become vulnerable to new onerous telecommunication taxes and fees, an imminent threat due to the Federal Communications Commission’s recent reclassification of broadband services as a Title II telecommunications service,’ the letter reads.”
THIS TIME FOR AFRICA: The U.S. Chamber of Commerce is launching an initiative in Africa to help American companies ramp up business in the continent. The U.S.-Africa Business Center (USABC) is geared toward “advancing policies that attract greater investment and support trade with our partners throughout the continent,” said Scott Eisner, president of USABC and vice president of the U.S. Chamber. Vicki Needham has more: http://bit.ly/1YfWPQb.
“The center would help businesses manage the daunting variety of rules and regulations across African nations and quell concerns over perceived risks of investing into those markets.
“The new business center also would help American firms better reach out to regional economic communities, such as Economic Community of West African States (ECOWAS), while putting more focus on small- and medium-sized enterprises in Africa, with the goal of building local economic ties for U.S. businesses that invest in long-term projects.”
HERITAGE ACTION OPPOSES ‘CADILLAC TAX’ DELAY: The conservative non-profit’s CEO is speaking out against a two-year delay of an ObamaCare tax on high-cost insurance plans. Michael Needham argues the pause is politically popular but does nothing to undermine the overall healthcare law. The Hill’s Peter Sullivan puts those comments in context: http://bit.ly/1QpuiIv.
“A delay of the 40 percent tax on high-cost health insurance plans is expected to be included in a year-end package of tax breaks known as tax extenders. Many Democrats are pushing for the delay, as unions are concerned the tax will shift health costs onto workers. Republicans are set to agree to a deal that would delay the key ObamaCare tax, especially since they could also win possible suspensions of ObamaCare’s taxes on medical devices and health insurers.”
END OF AN ERA: The Federal Reserve is likely to raise interest rates on Wednesday while the European Central Bank has promised to keep rates low enough to stimulate growth. Usually lockstep with each other, the divergence ends a long tradition of cooperation. Politico previews what the new world of financial regulation will look like: http://politi.co/1OsyvFp.
TOP U.S. TRADE OFFICIAL CALLS FOR FRESH START: More from Vicki Needham: http://bit.ly/1Ybby45.
“U.S. Trade Representative Michael Froman wrote in the Financial Times that new trade talks need to start at the World Trade Organization (WTO) to address the changes on the global trading landscape since those negotiations started in 2001.
“‘If global trade is to drive development and prosperity as strongly this century as it did in the last, we need to write a new chapter for the World Trade Organization that reflects today’s economic realities,’ Froman said.”
NIGHTCAP: Tennis star Serena Williams won Sports Illustrated’s Sportsperson of the Year honor, but not without controversy. Some horse-racing fans were angry that American Pharaoh, the first Triple Crown-winning horse since 1978, wasn’t selected. Fans cited a Sports Illustrated poll won by the horse, in which American Pharaoh earned roughly 273,000 more votes than Williams did.
OVERNIGHT VINE-ANCE: We’re four days from the new Star Wars movie debut, and we’ve found proof that the Force actually exists.
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