Overnight Finance: Lawmakers hashing out final omnibus details

ARE WE THERE YET?: It looked like lawmakers were ready to roll out a long-term government funding bill tonight. The core of the almost $1.1 trillion deal is in place, but House Speaker Paul Ryan (R-Wisc.) is trying to maximize GOP support while party leaders work out the last kinks. The House GOP conference will meet tonight at 9 p.m., four hours later than scheduled, and The Hill’s Cristina Marcos reports that the omnibus could come out before or after the huddle.

In any case, this newsletter will hit your inbox before the omnibus hits ours, so keep tabs on TheHill.com for updates on the funding struggle (and, while you’re there, the Republican primary debate.)

{mosads}Before the delay: Ryan briefed his caucus on the negotiations in a conference call last night and promised he’d give them three days to read the bill before scheduling a vote. That means Congress would vote Thursday at the earliest. Since government funding runs out after Wednesday, lawmakers would need to vote to extend the deadline again. The Hill’s Alex Bolton and Scott Wong break it all down: http://bit.ly/1QmZoAX.

Reid Blames GOP: Senate Minority Leader Harry Reid (D-Nev.) charged Republicans with bogging down the negotiations by not taking a deal on lifting the oil export ban.

“We’ve made multiple offers to the Republicans that were certainly doable, reasonable and all the Republicans had to do was say ‘yes,'” the Democratic leader said on Tuesday morning. “Saying ‘yes’ to any of these offers … over the past few days, especially the last three days, the ink would be dry. The entire package would be filed.”

The Hill’s Jordain Carney has more: http://bit.ly/1Rn5Mbk.

TAX DEAL ALMOST HERE: Lawmakers are close to unveiling an extension of dozens of tax credits with a two-year delay of two ObamaCare taxes. The package will cost upwards of $500 billion over ten years and includes a permanent expansion of the Earned Income Tax Credit, the research and development tax credit and permanently increase small-business expensing limits.

The Hill’s Alex Bolton gives us the break down: http://bit.ly/1YdZ0c4, and Mike Lillis has strong words from House Minority Whip Steny Hoyer (D-Md.) on why his caucus wont support it: http://bit.ly/1m4IEkv.

HAPPY TUESDAY and welcome to Overnight Finance, where we’re getting ready to follow the GOP debate with one eye and read the Omnibus with the other. 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.

NEW IN OVERNIGHT FINANCE: The American Action Forum, a conservative think tank, is giving OF readers a sneak preview of its study of Puerto Rico’s dire fiscal situation. You can read “Reform in Puerto Rico: Addressing the Dual Challenge of Weak Growth and High Debt,” over here: http://bit.ly/1Rn91Q0.

Their prescription: Cut federal spending, consolidate resources, revamp labor laws to create a business-friendly environment, and don’t estimate the island’s ability to rebound. Not included? Giving Puerto Rico bankruptcy power–the commonwealth’s big ask for Congress with White House backing.

DON’T HOLD YOUR BREATH: Comprehensive tax reform has been one of Paul Ryan’s top priorities as a lawmaker. Will he make it happen with his new clout as speaker? Not until President Obama leaves office, apparently.

“Getting it done in 2016, that’s not going to happen because Barack Obama is president,” Ryan said at a breakfast sponsored by Politico. His Senate counterpart, Majority Leader Mitch McConnell (R-Ky.) agreed, adding “There are some challenges in doing comprehensive tax reform with this president.”

The Hill’s Naomi Jagoda gives us the state of play, and previews the one big tax overhaul that could still happen under Obama: http://bit.ly/1k0ywIl.

RYAN BREAKS FROM MCCONNELL ON TPP: The speaker said that despite McConnell’s insistence that a vote on the Trans-Pacific Partnership be held off until after the 2016 elections, he thinks it should be as soon as possible–if it passes the sniff test, however. The Hill’s Vicki Needham fills us in: http://bit.ly/1I72jL6.

CUSTOMS BILL HITS SNAG: A customs enforcement bill expected to pass this week might be punted until 2016, The Hill’s Jordain Carney reports: http://bit.ly/224RJuP. Some Senate Democrats, like Minority Whip Dick Durbin (D-Ill.), are fuming over an Internet sales tax ban that proponents added into the bill in conference.

“This provision wasn’t in the bill that passed either the House or the Senate. It’s what happens toward the end of the legislative session when things go bump in the dark,” said Durbin.

In-depth: The Hill’s Mario Trujillo dug into why the tax is so controversial among senators: http://bit.ly/1P5tUvF.

A TAX OF THE DRONES? The Federal Aviation Administration will charge a $5 drone registration fee, and some tech groups are livid. The Hill’s Keith Laing reports: http://bit.ly/1NnOWVH.

“The Arlington, Va.-based Consumer Technology Association, a member of the task force that helped set up the tracking system, criticized the expense.

“’We appreciate the FAA’s decision to embrace many of the Task Force’s recommendations regarding a consumer drone registration system,” Douglas Johnson, the group’s vice president of technology policy, said in a statement. “However, we disagree with the decision to impose a five-dollar registration fee — a ‘drone tax,’ which will hamper registration and discourage compliance.’

“Transportation Department officials have said the registration system and $5 charge are necessary because of the spike in drone use.”

AFL-CIO CHIEF OPPOSES FED RATE HIKE: From The Hill’s Peter Schroeder: http://bit.ly/1J9XXh9.

“AFL-CIO President Richard Trumka called on the [Federal Reserve] to steer clear of a widely expected rate hike Wednesday. He argued that the economy still has not recovered enough for working Americans, and the Fed could do more to boost the economy before raising rates.

“‘We urge the Fed to avoid making a mistake by raising interest rates tomorrow,” he said in a statement. ‘Too many working people are not feeling the economic recovery because of stagnant wages. In the months to come, the Fed should focus on the policy goal that real wages should rise with productivity.’”

HOMEBUILDER CONFIDENCE DIPS: From Vicki Needham: http://bit.ly/1QmXHDm.

“The National Association of Home Builders (NAHB) said Tuesday that sentiment in the market for newly built single-family homes fell 1 point, to 61, on the housing index.

“’For the past seven months, builder confidence levels have averaged in the low 60s, which is in line with a gradual, consistent recovery,’ said David Crowe, NAHB’s chief economist.

“’With job creation, economic growth and growing household formations, we anticipate the housing market to continue to pick up traction as we head into 2016,’ Crowe said.”

NIGHTCAP: Here’s presidential candidate Carly Fiorina playing with a bunch of dogs. Dogs are great because they aren’t political at all, right? Oh, well maybe not.

OVERNIGHT VINE-ANCE: Watch this crazy-talented gymnast go to work and make you feel terrible about those cookies you ate because your sushi burrito wasn’t filling enough: http://bit.ly/1NvNwq9.

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.