 Happy Tuesday 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. See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N. Write us with tips, suggestions and news: slane@thehill.com, vneedham@thehill.com, njagoda@thehill.com and nelis@thehill.com. Follow us on Twitter: @SylvanLane, @VickofTheHill, @NJagoda and @NivElis. THE BIG DEAL--GM draws Washington's anger with new layoffs: General Motors's plans to slash 15,000 jobs and shutter up to four U.S. factories sparked a firestorm of criticism from Washington. The company's plans to massively restructure its business played well with investors, sending GM's stock rising. But President Trump and lawmakers from both parties have blasted the company for moving to cut jobs nine years after a multibillion-dollar auto industry bailout. The latest: Trump on Tuesday threatened to end GM's federal tax credit for electric vehicles in retaliation for the company's planned layoffs. Trump tweeted that he is "very disappointed" with the company's plans to close up to five manufacturing plants and lay off about 15 percent of its workforce. "The U.S. saved General Motors, and this is the THANKS we get!" Trump tweeted. "I am here to protect America's Workers!" GM's share price fell following Trump's tweet, reaching as low as 3.8 percent below Monday's close. GM's response: The auto giant responded Tuesday saying said it appreciates "the actions this administration has taken on behalf of industry to improve the overall competitiveness of U.S. manufacturing" and that "many of the U.S. workers impacted" by Monday's layoff announcement "will have the opportunity to shift to other GM plants." But that's not likely to be enough to stop the bipartisan wave of anger headed toward GM. The Hill's Timothy Cama tells us what's at stake for the company here. What comes next: Larry Kudlow, Trump's top economic adviser, on Tuesday also mentioned potentially targeting the electric vehicle credit. "We are going to be looking at certain subsidies regarding electric cars and others, whether they should apply or not. I can't say anything final about that, but we're looking into it," Kudlow told reporters in a White House briefing before Trump's tweet. "Again, that reflects the president's own disappointment regarding these actions," he said of the plant closings. White House press secretary Sarah Huckabee Sanders added that Trump didn't have a specific timeline for eliminating the tax break. What it means: The federal government provides a $7,500 tax break to U.S. consumers who buy electric vehicles. GM was less than 4,000 vehicles away from hitting the point at which federal tax credits start to phase out for the break, which starts when a manufacturer sells 200,000 electric cars. Further reading: White House counselor Kellyanne Conway on Tuesday defended Trump after GM's announcement, praising the president's overall economic record while absolving him of responsibility for the company's planned layoffs. LEADING THE DAY Trump blasts Fed chair over stock market slide, GM layoffs: President Trump on Tuesday blamed Federal Reserve Chairman Jerome Powell for a string of negative economic developments, including the stock market's recent slide and General Motors' plan to shutter U.S. factories and lay off thousands of workers. "I'm doing deals and I'm not being accommodated by the Fed," Trump said in an interview with The Washington Post. "They're making a mistake because I have a gut and my gut tells me more sometimes than anybody else's brain can ever tell me." The comments mark an escalation of Trump's criticism of Powell, whom he nominated last year to lead the central bank, over rising interest rates. They also indicate the president does not believe he bears responsibility for the negative economic news this week. "So far, I'm not even a little bit happy with my selection of Jay," Trump told The Post. "Not even a little bit. And I'm not blaming anybody, but I'm just telling you I think that the Fed is way off-base with what they're doing." Here's more from The Hill's Jordan Fabian and me. Trump floats backup plan if Congress rejects $5B for border wall: President Trump on Tuesday floated a potential backup plan to secure the border if he does not receive the $5 billion he requested from Congress for his border wall, a sign he might not force a government shutdown over the contentious issue. Trump said in an interview with The Washington Post that he could opt to keep U.S. troops at the southwest border to continue laying razor wire and installing fencing if Congress does not fully fund his wall. The current border mission is set to end Dec. 15, eight days after some government funding is set to lapse. "We need Democrat votes to have a wall," Trump said. "Now, if we don't get it, will I get it done another way? I might get it done another way." Jordan Fabian tells us what that means here. GOP scrambles for another option: Senate Republicans are proposing a compromise that would provide $5 billion for President Trump's southern border wall over two years. "We're not there yet, but it makes sense to us," Senate Appropriations Committee Chairman Richard Shelby (R-Ala.) said of the two-year approach. The Senate passed $1.6 billion in wall funding in its Homeland Security bill, in line with the White House's original request. But Trump has since upped the ante to $5 billion, an amount the House included in its version of the bill. The Hill's Niv Elis tells us here how it could play with both parties. GOOD TO KNOW - Nonprofits are worried that charitable donations will be down in 2018 compared to past years as a result of President Trump's tax law as they approach the crucial holiday giving season.
- House Ways and Means Committee Chairman Kevin Brady (R-Texas) late Monday released a 297-page bill that would renew expired tax provisions, make technical fixes to last year's tax-cut law, provide incentives for retirement savings, provide tax relief for disaster victims and make improvements to the IRS.
- Democrats though are already criticizing the bill, expressing frustration that they did not see it until Brady unveiled it to the press. "Using the media as a middleman to distribute tax proposals didn't get the Republicans bipartisan support for their tax ideas in 2017, and I don't think it's going to help them now," Senate Finance Committee ranking member Ron Wyden (D-Ore.) told reporters Tuesday.
- The Trump administration on Wednesday announced new sanctions against the vice president of Nicaragua and a top national security adviser to President Daniel Ortega.
- Federal Reserve officials on Tuesday offered upbeat assessments of the U.S. economy--save for a few "small doses of concern," according to Bloomberg.
- Deutsche Bank is mulling a high-level shake-up, which could include the departure of top executives with relationship to U.S. and European regulators, according to the Wall Street Journal.
ODDS AND ENDS - Amazon said Tuesday it was starting a new antenna service for uploading and downloading data from satellites, in a bid to lure space industry business, Reuters reports.
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