Business & Economy

On The Money — Senate passes $1.7T government funding package 

The Senate passed its massive omnibus spending package, clearing the way for another House vote that will send it to President Biden’s desk. We’ll also explore how Trump was able to pay nothing in income tax for multiple years. 

📺 But first, helloooo Wisconsin. 

Welcome to On The Money, your nightly guide to everything affecting your bills, bank account and bottom line. For The Hill, we’re Aris Folley and Karl Evers-Hillstrom. Someone forward you this newsletter? Sign up here or in the box below.

$1.7T omnibus spending package passed 

The Senate on Thursday voted to pass a $1.7 trillion omnibus package that funds the federal government through September, provides Ukraine with $45 billion in military and economic aid and sets aside $38 billion for emergency disaster assistance.  

It also includes reforms to the Electoral Count Act in response to the Jan. 6, 2021, attack on the U.S. Capitol, clarifying that the vice president does not have the power to overturn the results of a presidential election. 

  • The omnibus bill represents one of several major bipartisan legislation accomplishments of President Biden’s first two years in office, along with the
    $1 trillion Infrastructure Investment and Jobs Act; the Bipartisan Safer Communities Act, to address gun violence; and the $280 billion Chips and Science Act, to improve U.S. competitiveness with China. 
  • It spends $858 billion on defense programs, a 9.7 percent increase, and
    $772.5 billion on nondefense, non-veterans-related programs, representing a 5.5 percent increase. It also includes $118.7 billion for Veterans Affairs medical care, a 22 percent increase, and $59 billion for programs authorized by the bipartisan infrastructure bill, which Congress passed last year. 
  • It provides $19.8 billion to arm and equip Ukrainian force and NATO allies and $12.9 billion to stabilize the Ukrainian economy and make up for shortfalls. Passage came a day after Ukrainian President Volodymyr Zelensky addressed a joint session of Congress to ask for continued American support. 

Next steps: The House is expected to take up the legislation as soon as Thursday evening and vote to send it to Biden’s desk before government funding runs out at the end of Friday. 

However, Congress is also expected to pass a short-term continuing resolution freezing government funding levels for several days to allow time for the 4,155-page to be enrolled. 

The Hill’s Alex Bolton has it all here

Also from The Hill

ADDING UP

How Trump paid $0 in income tax in 2020 

Former President Trump paid no income tax during his last year as president, according to his tax returns, which were released to a congressional committee and are set to be made public within a few days.  

Despite pulling in nearly $11 million in interest from investments in addition to his nearly $400,000 salary, Trump did not pay income taxes because he also reported a $16 million loss from his real estate businesses. That loss put the former president almost $5 million in the red for 2020.  

  • Simply put, he didn’t have any taxable income and he didn’t pay anything in income tax.  
  • Tax experts noted that Trump’s offsets stem from a massive $105 million loss reported in 2015, which he spread over several years. 
  • Trump’s approach to paying taxes, which he has likened to playing a sport, along with the accounting practices that exempt him from the tax burdens faced by most Americans, are raising broader questions about the tax code.  

“These are issues much bigger than Donald Trump. Trump’s returns likely look similar to those of many other wealthy tax cheats—hundreds of partnership interests, highly questionable deductions, and debts that can be shifted around to wipe out tax liabilities,” said Senate Finance Committee Chairman Ron Wyden (D-Ore.). 

Tobias Burns explains here


Also from The Hill

Amtrak suspending some service due to storm 

Amtrak has suspended some of its train services through the end of the week due to a massive winter storm sweeping across the nation.  

In a news alert on Wednesday, Amtrak said that it has suspended some Midwest and cross-country routes through Sunday.  

  • The railroad service said a number of long-distance trips inbound or outbound from Chicago and other Midwestern hubs will be canceled: “These actions are with abundant caution and in consultation with state transportation departments, host railroads, emergency managers, and weather forecasters.” 
  • Railroad officials also said on Thursday that its Northeast Corridor, the nation’s busiest railroad line, will still continue on schedule unless the ongoing weather conditions continue to get worse, according to The Washington Post. 

The Amtrak delays come as more than 1,500 U.S.-based flights were canceled on Thursday due to the massive winter storm, according to data from aviation company FlightAware. Many airports in the Midwest have announced the cancellation of flights in the coming days. 

The Hill’s Olafimihan Oshin has the latest here

FREE FOR NOW

Bankman-Fried out on $250 million bail, agrees to home detention  

FTX founder Sam Bankman-Fried can be released on a $250 million bail and placed on home detention as he awaits trial in a sprawling fraud case, a New York judge ruled on Thursday.  

At the request of prosecutors, Manhattan U.S. District Court Judge Gabriel Gorenstein agreed to the bond price and said Bankman-Fried can reside at his parent’s home in Palo Alto, Calif., ahead of the trial, according to The Associated Press.  

Bankman-Fried, 30, was expected to be freed on Thursday. He will wear an electronic monitoring bracelet as part of the deal.  

The Hill’s Brad Dress has more here

Good to Know

Animal rescue workers have pleaded with the public to consider adopting a pet to ease an ongoing national shelter crisis.  

Keep in mind, though: There is a right way to adopt a pet and a wrong way, animal advocates say. Sadly, online puppy scams tend to peak around the holidays.   

Other items we’re keeping an eye on: 

  • The Senate Finance Committee is probing whether eight auto manufacturers use materials sourced from forced labor in China’s Xinjiang region in their supply chains. 
  • A group of House Republicans threatening to block priorities from GOP senators who vote for the $1.7 trillion omnibus funding bill has grown to 31. 
  • Elon Musk has announced on Twitter that the platform will be rolling out a “view count” feature, in which users will be able to see how many people have viewed their tweet. 

That’s it for today. Thanks for reading and check out The Hill’s Finance page for the latest news and coverage. We’ll see you tomorrow. 

Tags Donald Trump Joe Biden Volodymyr Zelensky

Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Regular the hill posts

People – Image widget – Person – Main Area Top

File - A Chevrolet Bolt is displayed at the Philadelphia Auto Show, Jan. 27, 2023, in Philadelphia. Electric vehicles are far less reliable than gasoline-powered cars, trucks and SUVs, mainly because most automakers are still learning how to build a completely new power system, according to this year's auto reliability survey by Consumer Reports.(AP Photo/Matt Rourke, File)
File - A Chevrolet Bolt is displayed at the Philadelphia Auto Show, Jan. 27, 2023, in Philadelphia. Electric vehicles are far less reliable than gasoline-powered cars, trucks and SUVs, mainly because most automakers are still learning how to build a completely new power system, according to this year's auto reliability survey by Consumer Reports.(AP Photo/Matt Rourke, File)

QAT WC-2613

More Business & Economy News

See All

People – Image – Person

In this photo released by the Governor of Sevastopol, Mikhail Razvozhayev telegram channel, a rescuer gestures as he helps people during an evacuation after storm and flooding in Sevastopol, Crimea, Monday, Nov. 27, 2023. A storm in the Black Sea took down power grids and left almost half a million people without power after it flooded roads, ripped up trees and damaged buildings in Crimea, Russian state news agency Tass said. (Governor of Sevastopol Mikhail Razvozhayev's telegram channel via AP)
In this photo released by the Governor of Sevastopol, Mikhail Razvozhayev telegram channel, a rescuer gestures as he helps people during an evacuation after storm and flooding in Sevastopol, Crimea, Monday, Nov. 27, 2023. A storm in the Black Sea took down power grids and left almost half a million people without power after it flooded roads, ripped up trees and damaged buildings in Crimea, Russian state news agency Tass said. (Governor of Sevastopol Mikhail Razvozhayev's telegram channel via AP)

People - Video Bin - Person

The White House is pushing 'Bidenomics,' but what does it mean?

The White House is pushing 'Bidenomics,' but what ...
DC Bureau: AI Legal Immunity (raquel)
KXAN: special session
DC Bureau: Biden economic display (basil)
KTXL: ca budget folo
WHTM: good gov bills
More Videos

Main area middle

main area bottom custom html

MAIN Area bottom

People – Custom HTML – Person

MAIN AREA BOTTOM

People - Article Bin - 7 Headline List with Featured Image - Person

Main area bottom

Most Popular

Load more