| By Sylvan Lane President Trump is scheduled to deliver his first State of the Union address on Tuesday. The speech comes as the president and lawmakers are rushing to settle a number of critical issues before the 2018 campaign season hits full swing. Trump will likely use his second address to Congress to boast about the strength of the economy, the passage of the GOP tax reform bill and his intent to sign a trillion-dollar infrastructure plan into law. The president will also likely highlight his administration's ongoing efforts to loosen regulations on businesses, including the Dodd-Frank Act rules on banks and financial firms. But Trump and Congress face a slate of crucial deadlines and political hurdles to overcome in the few months before the Capitol shuts down and lawmakers hit the campaign trail. Topping the list, lawmakers are working to reach a deal to fund the government beyond Feb. 8, the deadline set by a continuing resolution signed by Trump after a three day government shutdown. The parties remain deeply divided over immigration, disaster aid and spending limits, and leaders say it could take months before they can agree on a final deal. Sen. John Cornyn (R-Texas) warned Wednesday that Congress will need at least one additional continuing resolution, arguing that Democrats are holding disaster aid and budget negotiations "hostage" over their immigration demands. Democrats want a fix for the Deferred Action for Childhood Arrivals (DACA) program, which provides work permits and protection from deportation for certain immigrants brought to the country illegally as children. Meanwhile, an immigration plan released by the White House is running into heavy opposition on and off Capitol Hill and across the political spectrum. Trump's one-page framework calls for granting a pathway to citizenship for nearly 2 million young undocumented immigrants in exchange for tens of billions of dollars for his border wall and other policies that would dramatically restrict legal immigration in the coming years. The president wants the Senate to draft legislation based on his blueprint and introduce it by Feb. 5. But the plan is already taking heavy fire from both the right and the left. Democrats say Trump's promise of a pathway to citizenship for DACA recipients amounts to taking vulnerable immigrants hostage to pass extreme and inhumane restrictions on legal immigration. Conservative Republicans say they're disappointed by the offer of "amnesty" for DACA recipients, which they call a betrayal of Trump's campaign promises. A staffer for Sen. Dick Durbin (D-Ill.) said Friday that the White House had canceled a Monday briefing between senators and administration officials on its proposed immigration plan. "The White House just canceled Monday's briefing on its immigration plan," said Ben Marter, the communications director for Durbin. Marter said that White House chief of staff John Kelly and Homeland Security Secretary Kirstjen Nielsen were set to brief Durbin and key House and Senate counterparts on the proposal that the White House unveiled Thursday.
Your week ahead:
Tuesday: - House Financial Services Committee: Hearing entitled Hearing entitled "Examining Opportunities and Challenges in the Financial Technology ("Fintech") Marketplace," 10 a.m.
- House Financial Services Committee: Hearing entitled "Following the Money: How Human Traffickers Exploit U.S. Financial Markets," 2 p.m.
- House Ways and Means Committee: Member Day hearing on "Legislation to Improve Tax Administration," 2 p.m.
- Senate Banking Committee: Hearings to examine the Financial Stability Oversight Council Annual Report to Congress, 10 a.m. http://bit.ly/2nfOS3O.
Recap the week with Overnight Finance:
- Monday: Congress approves bill to end shutdown | Trump, GOP take victory lap | Left fumes over deal | GOP revels in fast start to Trump tax law
- Tuesday: Senate confirms Powell as Fed chair | Mulvaney declares 'new mission' for consumer bureau | Trump says solar tariffs will boost jobs
- Wednesday: Trump budget delayed | Dollar drops after Mnuchin praises weaker currency | Dems sour on shutdown tactics | Trump tariffs alarm GOP | K Street cashes in on tax reform
- Thursday: Trump touts strong dollar after Mnuchin controversy | Trump sees 'good chance' for NAFTA deal | Opens door to Pacific trade pact | Consumer bureau delays prepaid card rule | Regulators want more oversight over digital currencies
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