ROMNEY: THERE’S A ‘BOMBSHELL’: Mitt Romney is going after Republican presidential candidate Donald Trump for not yet releasing his taxes. The 2012 GOP nominee said he thinks Trump is hiding something–whether it’s how wealthy he is or how much he actually gives to charity. Sound familiar? The Hill’s Rebecca Savransky has more: http://bit.ly/1XNuO3A.
HOUSE DEMS PUSH FOR PUERTO RICO TALKS: House Democrats are calling for formal talks to craft legislation to help Puerto Rico out of its debt crisis. One day before the House holds its third hearing on the island’s economic and fiscal woes, Democratic leaders are pushing Republicans to sit down with them and craft a bill. The Hill’s Peter Schroeder explains why: http://bit.ly/21hl5bs.
{mosads}FEDS SEEK $98B IN TRANSPO SPENDING: Transportation Secretary Anthony Foxx pushed lawmakers Wednesday to approve a plan from President Obama to spend $98 billion on transportation projects this year.
The proposal, part of a $4.1 trillion budget for fiscal 2017, calls for increasing federal transportation spending this year by about $40 billion over the amount that was included in a highway bill Congress passed last year. The Hill’s Keith Laing walks us through it: http://bit.ly/1QyW7sM.
HAPPY WEDNESDAY and welcome to Overnight Finance, where we’re ducking and covering from the storm about to rock Washington. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.
Tonight’s highlights include an anti-poverty plan for House Republican leaders, strong words about the tax code from Sen. Orrin Hatch and a new $10 bill in the works.
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.
ON TAP TOMORROW:
- House Financial Services Subcommittee on Oversight and Investigations: Hearing to examine Puerto Rico’s debt crisis and its impact on the bond market, 10 a.m.
- House Financial Services Subcommittee on Housing and Insurance: Hearing on international regulatory standards being considered by the G-20, the Financial Stability Board, the International Association of Insurance Supervisors, and other international supervisory authorities, 2 p.m.
- House Natural Resources Committee: Hearing on Treasury Analysis of Puerto Rico Debt Crisis, 10 a.m.
- Senate Judiciary Subcommittee on Immigration: Hearing on high-skilled immigration, 2:30 p.m.
- The Consumer Financial Protection Bureau’s Consumer Protection Board is scheduled to hold a public meeting Thursday, featuring remarks from CFPB Director Richard Cordray.
- The Securities and Exchange Commission Advisory Committee on Small and Emerging Companies will hold a meeting.
- The Brookings Institution will hold an event entitled “Tax policy in 2016: What’s new and what’s next” with House Ways and Means Chairman Kevin Brady (R-Texas) and the Senate Finance Committee ranking member Ron Wyden (D-Ore.).
HOUSE GOP LEADERS LAUNCH ANTI-POVERTY PLATFORM: A panel of House Republican leaders rolled out a set of goals and broad policy reforms Wednesday geared toward fighting poverty. The platform launch is the first step in House Speaker Paul Ryan’s push to temper election-year anger with a “bold, pro-growth agenda” of conservative solutions. I’ve got it all here: http://bit.ly/1Ldjs6Z.
FULL-COURT PRESS TO PASS TRADE DEAL: Several top White House officials on Wednesday said they are working with Congress to pass a sweeping Asia-Pacific trade deal as quickly as possible, arguing that delaying the deal will damage the U.S. economy.
U.S. Trade Representative Michael Froman said that the Obama administration is canvassing Capitol Hill to build support for the Trans-Pacific Partnership (TPP), a massive trade deal between the United States and 11 other nations along the Pacific Rim, and determine when is the best time to send the agreement to Capitol Hill. The Hill’s Vicki Needham takes us there: http://bit.ly/1R2sPDd.
HATCH: TAX SYSTEM IS AN ‘ALBATROSS’: Senate Finance Committee Chairman Orrin Hatch (R-Utah) called the U.S. tax system an “albatross and “a roadblock, designed almost haphazardly, that stands between us and long-term growth and prosperity.” The Utah Republican spoke Wednesday at an event hosted by Bloomberg BNA. The Hill’s Naomi Jagoda has more: http://bit.ly/1Qe10bk.
LEW SAYS NEW $10 BILL ON THE WAY: A top Obama administration official said Wednesday that a long-awaited and hotly debated redesign of the $10 bill is nearly complete. But don’t worry, Alexander Hamilton isn’t going anywhere.
Treasury Secretary Jack Lew, who has tried to quell concerns that Hamilton — the nation’s first Treasury secretary — was getting displaced by a woman on the revamped currency, said that an announcement on the bill is expected soon. Vicki Needham previews the change: http://bit.ly/1oBF0Qz.
CALIFORNIA LOWERS GAS TAX: California is lowering the amount of money drivers in the state will have to pay at the pump to help fund transportation projects, The Associated Press reports.
The California Board of Equalization has voted to lower the state’s excise tax on gas purchases from 30 cents per gallon to 27.8, according to the report. The proposal would cut the state’s transportation fund by $328 million: http://bit.ly/1RopJwb.
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.