 Happy Monday 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--Trump isolated as Dems prep for holiday shutdown: President Trump is finding himself increasingly isolated less than a week ahead of a potential government shutdown, as even members of his own party admit that he has backed himself into a corner with his demands for $5 billion in funding for a wall on the Mexican border. "Everybody is looking to him for a signal about what he wants to do, and so far it's not clear," Sen. John Cornyn (R-Texas) said of the president. Trump's declaration last week that he would be "proud" to shut down the government to secure $5 billion for his border wall emboldened Democrats. Few Republicans will criticize Trump on the record, but behind the scenes there is frustration that he has weakened the GOP's negotiating position with Democrats. There is also a sense that Trump might not be worried about the fallout for his party if his own supporters delight in his fighting with Democrats. "Trump will get the blame, but he won't care," one GOP lawmaker told The Hill. "And the base will love him for it." The Hill's Niv Elis tells us why here. Meanwhile, Democrats are digging in for a prolonged shutdown, refusing to cede ground on border wall funding. "We're making contingency plans for a long-term shutdown," said one Democratic House aide, who pointed to the possibility that the partial government shutdown would last into the beginning of the new Congress, when Democrats will take over the House majority. "If the shutdown goes until Jan. 3, we'll bring up a funding bill," the aide said. Senate Minority Leader Charles Schumer (D-N.Y.) on Monday also said there has not been any talk with Trump or GOP leaders on how to avoid a government shutdown, adding that Senate Republicans have "no idea what President Trump wants." Schumer said he and Pelosi are still waiting to hear back on the offer they made to Trump last week: either a one-year stop-gap funding bill for the Department of Homeland Security or a one-year stop-gap for the seven unfinished appropriations bills, which cover nearly 25 percent of the federal government. Democrats, after they take the House majority, would likely be able to pass a bill funding the government with no money for Trump's wall. Republicans would hold the majority in the Senate, and it's unclear what they'd do since they would need some Democratic votes to overcome a filibuster in that chamber. LEADING THE DAY Stocks sink ahead of Fed meeting, shutdown deadline: U.S. stocks fell sharply Monday amid mounting concerns about the state of the global economy and a likely Federal Reserve rate hike this week. The Dow Jones Industrial Average closed 507 points lower Monday, a 2.1 percent loss, while the Nasdaq Composite dropped 2.3 percent. The Standard & Poor's 500 index slumped 2.1 percent to a new 2018 low, while the small-cap Russell 2000 index crossed into a bear market -- a 20-percent drop from its most recent peak. Monday's sell-off was a foreboding start to a pivotal week for the battered U.S. stock market, which has dropped steadily throughout the second half of 2018. The Fed on Wednesday is likely to hike interest rates for the fourth time this year, and the federal government must act by Friday to avoid a partial government shutdown. Trump, who fiercely opposes raising interest rates, on Monday ramped up his criticism of the Fed and its chairman, Jerome Powell. The president said it would be "incredible" for the Fed to hike rates as France is roiled by protests and China frets over slumping economic growth.
"Take the Victory!" Trump tweeted. Trump has blasted the Fed and Powell for steadily raising interest rates during his term. While most Republicans approve of the Fed rate hikes, Trump has openly pushed the bank to keep rates at low, stimulatory levels despite strong U.S. employment. While the U.S. economy remains steady, a growing number of economists see warning signs of an impending slowdown. Those concerns are due in part to the deepening costs of Trump's tariffs and retaliatory taxes imposed on U.S. goods. Trump announces second round of farm aid to offset trade damage: President Trump on Monday announced his administration was planning to disperse a second tranche of aid as part of a $12 billion package meant to assist American farmers stung by retaliatory trade measures enacted by China and other foreign governments. "Today I am making good on my promise to defend our Farmers & Ranchers from unjustified trade retaliation by foreign nations," Trump tweeted. "I have authorized [Agriculture] Secretary [Sonny] Perdue to implement the 2nd round of Market Facilitation Payments. Our economy is stronger than ever–we stand with our Farmers!" The Trump administration announced in July it was dispersing $12 billion in aid to farmers amid escalating trade disputes with China, Mexico, Canada and the European Union (EU). The administration said it would dole out the first $6 billion in August. Reuters reported earlier in December that the second tranche of aid had been delayed by the administration. The $6 billion that was dispersed in August included about $4.7 billion to producers of corn, cotton, dairy, hogs, sorghum, soybean, and wheat. GOOD TO KNOW - A coalition of progressive organizations are launching an effort to push House Democratic leadership to appoint several notable liberal lawmakers to key committees with jurisdiction over economic issues.
- A U.S. company is investigating after an Associated Press report that Muslim detainees in Chinese internment camps are making some of its products.
- Outstanding student loan debt in the U.S. hit an all-time high of nearly $1.5 trillion in November, according to a Bloomberg analysis.
- U.S. and Chinese officials clashed Monday during a review of U.S. trade policy in Geneva.
- Malaysia filed criminal charges Monday against Goldman Sachs and two ex-employees of the bank in an alleged money laundering and corruption scheme tied to a state-owned fund, Reuters reported.
- Kathy Kraninger faces a slew of daunting challenges as the new director of the Consumer Financial Protection Bureau (CFPB). Here are five issues that could define the start of her tenure.
ODDS AND ENDS - Speaker Paul Ryan's (R-Wis.) office on Monday released a trailer for an upcoming series focused on his efforts to pass tax reform.
- A report prepared for the Senate Intelligence Committee's probe into Russia's online disinformation campaigns aimed at U.S. voters accused Facebook, Google and Twitter of impeding the investigation.
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