On The Money – GOP blocks expense bill to kick off chaotic week at convention


Happy Monday and welcome to On The Money, your evening guide to everything related to your bills, your bank account and your results. Subscribe here: thehill.com/newsletter-inscription.

The big deal today: Democrats have little time to make a lot of important decisions. We’ll also look at the early retirements of two Fed chairmen and a looming battle over banking regulations.

But first, a new ghost town has just fallen.

For The Hill, I’m Sylvan Lane. Email me at [email protected] or @SylvanLane. You can reach my colleagues from the Finance team Naomi Jagoda at [email protected] or @NJagoda and Aris Folley at [email protected] Where @ArisFolley.

Let’s go.

Republicans block debt ceiling increase and government funding

Senate Republicans on Monday blocked a government funding and debt ceiling suspension measure, implementing their threat not to vote in favor of a Democratic move to increase the government’s borrowing limit.

Voting was open at 48-50 more than an hour after it started. Sixty votes were needed to move the measure forward, and no Republican voted to move it forward.

The setback is the latest in a slow-motion brawl over how to finance the government and manage the debt ceiling, which resumed on August 1 with the Treasury Department using “extraordinary measures” since then to maintain solvency of the government.

Democratic leaders have not disclosed what their next step will be, but they pledge to prevent a halt in their surveillance. In order to keep that promise, they’ll need Republican cooperation to speed up a government funding bill.

“Keeping government open and preventing default is vital for the future of our country and we will take further steps to prevent that from happening this week,” said the Senate Majority Leader. Charles SchumerChuck Schumer Anti-Trump Republicans on line in 2022 too Democrats urge Biden to go all out with program in limbo Democrats ask Schumer to remove Confederate statues from Capitol Hill MORE (DN.Y.) said.

Jordan Carney brings us up to speed here.


Democrats scramble to accommodate disparate members on all spending

House Democrats knock over make changes to their $ 3.5 trillion spending schedule to satisfy disparate groups of members in time for a vote on the ground as soon as possible.

Speaker Nancy PelosiNancy Pelosi North Dakota Republicans latest COVID-19 case Pelosi votes on the bipartisan infrastructure bill Thursday. Cheney says many GOP lawmakers privately encouraged his fight against Trump MORE (D-Calif.) Said over the weekend that the House must go the bill this week, as well as a bipartisan infrastructure bill, a prospect that remains daunting.

  • With Republicans unanimously opposed to the bill, Democrats can only afford three defections, and some moderates have voted against parts of the massive legislation as it has been considered by various committees.
  • Others have supported the bill in committee but are calling for changes before a final vote.

But the exact timing of a vote is unclear as Pelosi balances demand from liberals and centrists over the $ 3.5 trillion package and a separate bipartisan infrastructure bill that the president says will do voted on in the House Thursday. And Biden acknowledged on Monday the uncertain fate of its legislative agenda.

“It might not be by the end of the week. I hope it will be by the end of the week, ”he said on Monday.

Naomi and Aris break it down here.

Learn more about the infrastructure push:

  • The House Budget Committee advanced saturday Democrats’ $ 3.5 trillion social spending plan as party leaders aim to prepare the package for a lower house vote next week, despite divisions within the party.
  • Democrats urge President Biden to skinny way in as the party faces big divisions in the middle of a rocky stretch, with its signature legislative element at stake.


Boston and Dallas Fed chairmen resign amid trade scandal

  • Eric Rosengren, Chairman of the Boston Federal Reserve, announced on Monday that he would take early retirement due to health concerns, but in the midst of scrutiny on the financial transactions it carried out in 2020.
  • Hours later, Dallas Fed Chairman Robert Kaplan announced his retirement against the millions of dollars in financial transactions he made at the start of the coronavirus pandemic.


Business groups want to sit at table on Biden vaccine rule

Business groups have grown increasingly frustrated as Department of Labor officials push ahead with President Biden’s vaccine requirement without seeking their advice.

While lobby groups that represent some of the nation’s largest businesses are not opposing the rule, which will force employers of more than 100 workers to demand COVID-19 vaccinations or weekly tests, these same organizations have presented to Biden officials long lists of questions about the rule that have so far remained unanswered.

The background:

  • The Occupational Safety and Health Administration (OSHA), which implements the vaccine or test requirement, does not hold meetings with business groups or unions looking to influence the process or glean more information, according to business lobbyists.
  • An OSHA representative did not respond to a request for comment on whether the agency will hire business and worker groups while it develops the rule.

But business groups say without input from private employers, OSHA risks issuing a rule that will be ineffective in increasing vaccination rates and difficult to adhere to.

Karl Evers-Hilstrom see you here.

Good to know

Representative Thomas Suozzi (DN.Y.) said on Monday he expects there will be some sort of deal this week on the Democrats’ multibillion-dollar social spending package, including on the national and local tax deduction (SALT).

Here’s what else we have on our minds:

That’s all for today. Thanks for reading and check out The Hill’s Finances page for the latest news and coverage. Well see you tomorrow.

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