Business & Economy

On The Money: Senate panel scraps vote on key spending bill amid standoff | Democrats threaten to vote against defense bill over wall funding | Trump set to meet with aides about reducing capital gains taxes

Happy Wednesday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

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THE BIG DEAL—Senate panel cancels vote on key spending bill amid standoff: The Senate Appropriations Committee on Wednesday canceled votes on two spending bills that had been scheduled for the following day, marking the latest sign of turmoil as lawmakers try to fund the government beyond Sept. 30.

The panel had been scheduled to vote Thursday on spending bills covering the departments of Health and Human Services (HHS), Labor and Education, as well as the State Department and foreign operations.

Senate Appropriations Committee Chairman Richard Shelby (R-Ala.) told a small group of reporters on Tuesday that he was likely to cancel the panel vote on the legislation unless he could work out a deal with Democrats on how to proceed.

Why it matters: Senators are racing to finish off a series of 12 spending bills ahead of an Oct. 1 deadline to fund the federal government. The HHS-Labor-Education bill is considered a key priority for Democrats, but became a headache this week because of fights on controversial issues including abortion and President Trump’s border wall.

Democrats threaten to vote against Defense bill over border wall: Senate Democrats are also threatening to withhold their votes on a spending bill for the Pentagon unless Republicans agree to block Trump from repurposing defense funds for his wall on the Mexican border, a tactic he’s employed in recent months.

 

On tap tomorrow

 

LEADING THE DAY

Democrats scoff at GOP push to confirm Trump’s NAFTA rewrite by end of October: 

House Democrats quickly rejected Wednesday a push from their Republican counterparts to approve President Trump’s new North American trade pact before the end of October.

House Minority Whip Steve Scalise (R-La.) urged U.S. Trade Representative Robert Lighthizer Thursday to submit the U.S.-Canada-Mexico Agreement (USMCA) to Congress in time to approve the deal before the Oct. 21 Canadian election, according to a GOP source.

Republicans have long pressured Democrats to cease their objections to aspects of Trump’s replacement for the North American Free Trade Agreement amid lengthy negotiations with Lighthizer. But top House Democrats rejected the notion that they should relent on certain requirements in time to confirm the deal by the end of next month.

Refresher: While House Democrats say they are open to approving the USMCA, they have refused to take up the deal without measures to tighten labor and environmental standards, along with enforcement of the pact itself.

 

Trump set to meet with aides about reducing capital gains taxes: President Trump was expected to meet with his economic advisers Wednesday to discuss whether he should take executive action to reduce capital gains taxes, The Wall Street Journal reported, citing three people familiar with the matter.

The Journal reported that Trump’s aides are expected to discuss the legal and regulatory issues concerning action on capital gains taxes, and will lay out several broader options about how to cut taxes. The Hill’s Naomi Jagoda explains here

 

GOOD TO KNOW

ODDS AND ENDS