It’s Wednesday. If you haven’t finalized your March Madness brackets yet, you have until 12:15 p.m. tomorrow! 🏀 Here’s what’s happening in the world of politics today:
- House Republicans are holding a hearing on Hunter Biden’s finances. Biden, however, is not there.
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Former President Trump has five days to pull together his $464 million bond. Keep reading for what happens if Trump doesn’t have the money.
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My social media feeds have been taken over by people making the new chocolate chip cookie dough croissants — and I don’t hate it. The photos look insanely good.
- The Federal Reserve is no longer expected to lower interest rates today.
I’m Cate Martel with a quick recap of the morning and what’s coming up. Send tips, commentary, feedback and cookie recipes to cmartel@digital-stage.thehill.com. Did someone forward this newsletter to you? Sign up here. |
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🚌 Happening on Capitol Hill |
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We’re on bill text watch:
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Speaker Mike Johnson (R-La.) told reporters this morning that he expects the legislative text for the spending package to be released today.
Why the timing is tight: House Republicans have demanded at least 72 hours to review the bills. And that’s not even mentioning the Senate procedure that could hold up the bills. There are only roughly 60 hours until government funding expires for several departments.
^ FWIW: Johnson said he thinks the bills can be passed in time without another extension.
💬 Live blog of shutdown watch updates |
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➤ HOUSE CONSERVATIVES ARE UNSURPRISINGLY ANGRY: |
House conservatives are not pleased with the spending deal (also known as the minibus 🚌) negotiated by the Speaker.
And Sen. Rand Paul (R-Ky.) told The Hill that he will hold up the bill and try to trigger a shutdown. 💡 Keep in mind: Democrats control the Senate and the White House. Johnson has cut several deals with Democrats because it would be nearly impossible to pass a bill without them. That’s just the political reality. Still, that’s hurt Republicans’ leverage, hence why conservatives have accused leadership of ignoring their demands. Read more: ‘Johnson, Biden risk blowback from all sides on government funding deal’ |
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Republicans on the House Oversight and Accountability Committee are holding a hearing today to review Hunter Biden’s finances as part of the GOP’s impeachment inquiry into his father, President Biden.
But here’s the thing: Hunter Biden isn’t attending.
💻 Livestream of the hearing
Republicans have two antagonistic witnesses: “[Biden’s] brief business associate Tony Bobulinski — whom Biden has requested an investigation into — as well as Jason Galanis, who is incarcerated and whom Biden said he met once.”
Democrats have invited a witness, too: Lev Parnas, a convicted former aide to ex-Trump attorney Rudy Giuliani. |
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We have a false start call on the play:
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The Supreme Court allowed a controversial Texas law to take effect Tuesday, which gave law enforcement the power to arrest anyone they suspect is entering the country illegally.
But then, late on Tuesday night: A federal appeals court put the law on hold. Happening today: The appeals panel is scheduled will hold oral arguments today to discuss the law. That means the law was in effect for just a short time: The Hill’s Lauren Irwin pointed out that Texas officials didn’t announce any arrests in the hours that the law was in effect.
An interesting complication: The Associated Press noted that it is unclear where the deported migrants would go. Mexico said it would not accept deported migrants who are not Mexican citizens. What to know about this new Texas immigration law, from The Texas Tribune |
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Oh, come on. It’s only $464 million … |
If former President Trump can’t pull together the $464 million bond by Monday from the New York civil fraud trial, he risks having his assets seized.
Does he have the money?: No, The Hill’s Ella Lee explains that Trump’s net worth has been obscure — Forbes and Bloomberg estimate he is worth between $2.6 billion and $3.1 billion. But that includes properties and assets, not just cash.
Why that number?: The judge ordered Trump to pay a $454 million fine in the ruling over deceitful business practices. An additional $112,000 is tacked on each day in interest. Trump’s lawyers are trying to obtain a loan to pause the fine while they appeal, but to get a bond, Trump must show 120 percent of the judgment in collateral. That’s more than $557 million. The big question — what happens if Trump can’t pull together the money?: The former president is trying to appeal the bond, but if the court does not reach a compromise with Trump, his assets (Trump Tower, 40 Wall Street, etc.) can be seized. Other scenarios: “Trump [could rapidly sell off] properties to reach the bond amount before Monday, [file] for bankruptcy or [seek] help from a wealthy third-party donor — though that could raise complications, due to his presidential bid.” Read more on what could happen if Trump can’t pay the $464 million bond, via The Hill’s Ella Lee ‘Panic mode sets in for Trump as he faces deadline for massive bond’: CNN | |
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The New York attorney general’s office has urged the appeals court to force former President Trump to pay the full bond before pausing the multimillion-dollar judgment. (The Hill) |
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➤ TIDBIT IN THE GEORGIA CASE:
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The judge who allowed Fulton County, Ga., District Attorney Fani Willis (D) to remain in former President Trump’s election interference case allowed Trump to immediately appeal the Willis ruling. (The Hill) |
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Interest rates shouldn’t change today: |
Federal Reserve Chair Jerome Powell is slated to hold a news conference this afternoon, and he is widely expected to keep interest rates steady.
If nothing is changing, why is it worth mentioning?: There had been speculation over whether the Fed would lower interest rates. The panel responsible for setting the rates predicted they could drop as soon as March.
Why are the rates not dropping?: Inflation didn’t drop as much as expected in January and February. That’s a major reason. Plus, job growth accelerated more than economists expected. Job growth is generally a good thing, but it also made the Fed hesitant to lower the rates. Five things to know about the Fed’s March rate decision, via The Hill’s Julia Shapero and Sylvan Lane | |
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🍝 Celebrate: Today is National Ravioli Day!
🍪🥐 OK, so those cookie croissants: A boulangerie in Paris added hot cookie dough filling to a butter croissant. Home bakers have been recreating this combo and have rave reviews. Basically, cut open a baked croissant, add some cookie dough, close it, bake it until the cookie dough is partially cooked and then eat. 📸Photos of the combo
🚈 Oh la la: The D.C. Metro unveiled a new 8000 series train. The biggest difference is that riders can walk between two cars. Starting today, people can tour a mock-up of the new train on the National Mall. (WJLA-TV)
☹️️ Well, this is depressing: “The U.S. hit an all-time low ranking in the annual World Happiness Report, tumbling eight spots to 23rd.” (Axios) |
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The House and Senate are in. President Biden is in Arizona and Texas. Vice President Harris is in Washington, D.C. (all times Eastern) |
Noon: A Senate cloture vote on a nomination. 🗓️ Today’s agenda
1:30 p.m.: First House votes of the day. 🗓️ Today’s agenda 1:40 p.m.: Biden tours the Intel Ocotillo Campus in Phoenix.
2:15 p.m.: Two Senate votes on judicial nominations. 2:30 p.m.: Federal Reserve Chair Jerome Powell holds a news conference. 💻 Livestream 2:45 p.m.: Biden announces a preliminary agreement with Intel for a major CHIPS and Science Act award. 💻 Livestream 4:30 p.m.: Last House votes.
5:15 p.m.: Another Senate judicial confirmation vote. 6:10 p.m.: Harris and Sen. Cory Booker (D-N.J.) speak at the League of Conservation Voters’s annual capital dinner.
7:05 p.m.: Biden participates in two campaign receptions in the Dallas area.
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