Overnight Finance: White House, GOP strike two-year budget deal

READY FOR A ROADMAP ON ALL THINGS FINANCE? HERE WE GO.

LET’S MAKE A DEAL: There’s nothing like wrapping up a bunch of massive fiscal issues into one big package and our Alexander Bolton, Sarah Ferris and fellow Hill reporters have the story: “Senior White House officials and congressional leaders have struck a deal to raise the debt limit and set the federal budget for the next two years, say sources familiar with the talks. The deal would extend the debt ceiling to March 2017 and bust budget limits set by a 2011 agreement that imposed a decade of reduced spending known as sequestration on the government.

{mosads}”It would raise those caps by a total of $112 billion in fiscal 2016 and 2017, according to a person briefed on the agreement. Those funds would be divided equally between defense and nondefense spending, charting a compromise between Republican defense hawks pushing for more Pentagon spending and Democrats, who wanted more spending on domestic programs as well.

“The deal would also restructure benefits for the Social Security Disability Insurance, a move that Republicans have pitched as the program’s first major entitlement reforms since 1983. The agreement is not yet final, as congressional leaders still need to secure approval from the Republican and Democratic conferences in both chambers, according to Senate and House sources.”

But there are still plenty of details yet to come on Monday night and heading into Tuesday. http://bit.ly/1P1wOCE

While you wait for the full details on the budget deal don’t forget — the World Series starts Tuesday night in Kansas City between the Mets and Royals. Nothing like the Fall Classic even if your team is at home playing golf. 

THIS IS OVERNIGHT FINANCE: Good evening, I’m Vicki Needham your recycled, and possibly temporary, Overnight attendant and I still need to figure out my Halloween costume. 

But on to more pressing news …

EX-IM REANIMATING?: It might not be the zombie apocalypse but the Export-Import Bank is coming back to life and our own Cristina Marcos has the story: “The House is bracing for a late night of votes Monday on reauthorizing the Export-Import Bank thanks to the use of a rarely invoked procedure. … [B]ut the exact timing is unclear because Ex-Im opponents may employ delaying tactics. The procedure forcing action on the bank, known as a discharge petition, was last successfully used in 2002 for the House version of the McCain-Feingold campaign finance reform legislation. Final action on the underlying bill to reauthorize the bank’s charter probably won’t happen until Tuesday afternoon.” http://bit.ly/1PQAiIQ

FULL SPEED AHEAD: From The Hill’s Keith Laing: “House Transportation and Infrastructure Committee Chairman Rep. Bill Shuster (R-Pa.) says he is “confident” Congress will pass a long-term highway bill after they approve a temporary patch to prevent a highway-funding shutdown this week.”

A bill was introduced on Friday that provides three extra weeks — from Oct. 29 to Nov. 20 — to reach a long-awaited transportation deal, just in time for everyone to hit the road and the air for the busy holiday travel season. http://bit.ly/1KBIV30

IRS SPYING?: The Hill’s Julian Hattem writes that the “IRS spent tens of thousands of dollars on controversial technology that tracks people by their cellphone. The heavily redacted documents obtained by The Guardian show that the tax agency spent more than $70,000 on upgrading and training the devices — known as StingRays, IMSI-catchers or “cell site simulators” — in 2012, the newspaper reported.”

But the IRS had not previously been known to use the technology and it remains unclear how the agency used the device. http://bit.ly/1Gui1zb

GIVE THAT MAN A HAND: The Hill’s Jordan Fabian writes that “Vice President Joe Biden called Rep. Paul Ryan (R-Wis.) a “good guy” who could work with the White House on reaching a budget deal to avoid a government shutdown if he is elected Speaker. 

“‘I think we can make some real progress, particularly with Paul Ryan, who is a good guy, on working toward an accommodation on the budget and on keeping the government open,’ Biden said in an interview on CBS’s ’60 Minutes’ that aired Sunday.

Biden expressed confidence that Ryan could help improve the relationship between the Republican-led Congress and President Obama, which has been toxic for years.

“‘Yes,’ Biden responded. ‘This is a decent guy. And he knows you cannot function — this government can’t function without reaching some consensus, and he wants to do that.'” http://bit.ly/1kJ1Io6

LOANS TO BOOST UKRAINE: via Carney: “A bipartisan pair of senators are backing the administration’s decision to move forward with a third $1 billion in loan guarantees to the Ukrainian government. Sen. Rob Portman (R-Ohio) said that he was ‘pleased’ by the administration’s decision, suggesting it could help bolster the U.S-Ukrainian relationship. ‘This loan guarantee will provide further momentum for the ambitious political, economic, and anti-corruption reform efforts crucial to Ukraine’s long-term success,’ he added. 

“His remarks come after Commerce Secretary Penny Pritzker, who is visiting Ukraine, said that the funding would be used to help bolster economic reform in the country.” http://bit.ly/1POcqGO

OTHER NEWS OF INTEREST 

FORMER GOLDMAN BANKER PLEADS GUILTY: The New York Times reports: “A former Goldman Sachs banker suspected of taking confidential documents from a source inside the government has agreed to plead guilty, a rare criminal action on Wall Street, where Goldman itself is facing an array of regulatory penalties over the leak. The banker and his source, who at the time of the leak was an employee at the Federal Reserve Bank of New York, one of Goldman’s regulators, will accept a plea deal from federal prosecutors that could send them to prison for up to a year.” http://nyti.ms/1Gui5ij

INDONESIA MAKES 13: From the Associated Press: Indonesian President Joko Widodo said Monday that he wants his country to join the Trans-Pacific Partnerhip (TPP) trade agreement to strengthen ties with the United States. There are a whole host of other nations interested in joining the deal, which was completed earlier this month.  “Indonesia intends to join the TPP,” Widodo said in the Oval Office. “We want to be a partner with you,” he said. http://bit.ly/1LYp7fn

ROUGH MONTH FOR HOME SALES: Also, from the AP: Sales of new homes dropped sharply in September, an indication that slower jobs and economic growth had seeped into the housing market. Sales fell 11.5 percent last month to a seasonally adjusted annual rate of 468,000, the lowest level since November of 2014. September’s drop ended a two-month streak of accelerating sales. http://bit.ly/1MnGCrC

Send us with tips, suggestions and news: vneedham@digital-stage.thehill.com and pschroeder@digital-stage.thehill.com.

Follow us on Twitter: @VickofTheHill and @PeteSchroeder.

To subscribe to the Overnight Finance newsletter head here: http://digital-stage.thehill.com/signup/48