 Happy Friday 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 leaves GOP in turmoil with shutdown looming: Republicans are girding themselves for a partial government shutdown, just in time for Christmas. The partial shutdown has grown likelier, they say, because of President Trump's comments at a White House meeting with congressional Democrats earlier this week gladly agreeing to accept blame for a shutdown over his demands for $5 billion in wall funding. Two days later, the GOP has no plan for keeping the government open -- or for escaping blame for a partial shutdown. - The House held its last vote of the week Thursday and will not be back in session until Wednesday -- just two days before the deadline for keeping the government open.
- GOP leaders have talked about moving a funding bill that includes the $5 billion in funding for a wall. They've even said they believe they could get the votes for the legislation.
- But the fact that they have not brought a bill to the floor suggests they lack the votes, since passing the bill could give them more leverage in the fight with Democrats.
The Hill's Alexander Bolton, Juliegrace Brufke and Niv Elis tells us what's ahead as we close in on a shutdown. Reactions: - "There is no discernable plan, none that's been disclosed," Senate Republican Whip John Cornyn (Texas) said when asked how Trump and GOP leaders would avoid a shut down.
- "Ok, so it's December after the election. We shouldn't be here for show, we should be here to get our work done and get out of here." -- Rep. Patrick McHenry (R-N.C.), House chief deputy whip.
- "We're at an impasse and at the moment it doesn't look like things are getting any better." -- Senate Appropriations Committee Chairman Richard Shelby (R-Ala.)
LEADING THE DAY Mulvaney to be acting chief of staff for Trump: President Trump on Friday named budget director Mick Mulvaney as his acting White House chief of staff, capping off a week of frenzied speculation about who would take over the key West Wing role. Trump said in a pair of Twitter posts that Mulvaney would start at the beginning of next year after outgoing chief of staff John Kelly leaves his post. "Mick has done an outstanding job while in the Administration," Trump wrote. "I look forward to working with him in this new capacity as we continue to MAKE AMERICA GREAT AGAIN!" It is the second time the Office of Management and Budget (OMB) director has taken on a high-profile administration role in an acting capacity. He had led the Consumer Financial Protection Bureau since November 2017 after its previous director, Obama holdover Richard Cordray, left the post. The new permanent director was sworn in this week. China agrees to 3-month freeze of additional 25 percent tariff on US-made autos: China has reportedly agreed to stop imposing an additional 25 percent tariff on automobiles manufactured inside the United States as part of President Trump and Chinese President Xi Jinping's planned three-month tariff freeze. NBC News reported that China's foreign ministry had declared on its website that the country will halt the 25 percent tariff on more than 140 auto parts and vehicles manufactured inside the U.S. as the two countries work to reach a broader deal on trade practices. Trump and Xi reached an agreement for a 90-day truce on tariff actions at the beginning of December, which is set to take effect January 1. Schiff plans to obtain Deutsche Bank records of Trump's personal finances: Rep. Adam Schiff (D-Calif.) told The New Yorker that he plans to subpoena information on President Trump's personal business transactions from Deutsche Bank regarding allegations that the president's financial interests in Russia are affecting his foreign policy positions. Schiff, who will chair the House Intelligence Committee come January, said he believes answers to whether Trump was involved in money laundering with Russia lie in records held by the German-owned bank, which Trump banked with extensively during the 1990s. "Is that why Trump is so pro-Russian? Is his financial interest guiding his foreign policy?" Schiff asked in an interview with the magazine.
"We are going to be looking at the issue of possible money laundering by the Trump Organization, and Deutsche Bank is one obvious place to start," he continued. GM offering 2,700 jobs to workers set to be laid off: General Motors announced Friday that 2,700 out of the 3,300 factory jobs slated for elimination at four American plants will be transferred to other plants in the country. That would allow most of the 3,330 factory workers whose jobs were being eliminated a chance to continue working for the automaker, although they may need to relocate. The eliminated jobs were part of GM's announcement in November to cut 15,000 jobs and close four U.S. plants. "Our focus remains on providing interested employees options to transition including job opportunities at other GM plants," GM Chairman and CEO Mary Barra said. "We remain committed to working with local government officials, our unions and each individual to find appropriate opportunities for them." GOOD TO KNOW - In the year ahead, Trump and his administration face a series of deadlines, decisions and storm clouds that could mar their progress. Here are four crucial financial issues to keep an eye on in 2019.
- T-Mobile and Sprint are close to getting a national security panel to sign off on their $26 billion merger after their parent companies agreed to consider cutting back on buying telecommunications equipment from Huawei, Reuters reported Friday.
- Speaking of ZTE, the company has hired former Sen. Joe Lieberman as it tries to fend off ongoing concerns that it poses a threat to U.S. national security, according to Politico.
- Ivanka Trump was involved in negotiations between the Trump Organization and President Trump's inaugural committee over the price of venue rentals at the Trump hotel in Washington, D.C., according to a new report.
- Business Roundtable's Bill Miller is slated to be the American Gaming Association's (AGA) new chief executive officer, sources tell The Hill.
- The Washington Post reported that incoming freshman House Democrats aren't too interested in serving on the Financial Services Committee, breaking from tradition.
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