 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--All eyes on Trump prime-time address. President Trump will deliver a prime-time address from the Oval Office on Tuesday night to make his case directly to the American people for a border wall separating the U.S. and Mexico. The speech comes on the 18th day of an ongoing partial government shutdown that began after Democrats rejected Trump's demand for $5.6 billion in funding for the wall. Click here to watch the address at 9 p.m. EST. The big question... Will Trump declare a national emergency: The White House is playing coy over whether President Trump will declare a national emergency in a primetime address to the nation Tuesday that would allow construction of a wall on the Mexican border to move forward. Trump previewed his remarks to a group of broadcast and cable-news anchors over a lunch of Caesar salad and chicken in the Roosevelt Room of the White House, but aides said he did not reveal any plans to take the controversial step of declaring a national emergency. "He is not giving a likelihood. He is not saying yes or no. But he's made very clear to you and the public last week that he is considering it," White House counselor Kellyanne Conway told reporters after the lunch ended. The Hill's Jordain Fabian has more on the address and the speculation. The other side: House Speaker Nancy Pelosi (D-Calif.) and Senate Democratic Leader Charles Schumer (N.Y.) will deliver a joint response on Tuesday night to President Trump's prime-time Oval Office address on the border and the partial government shutdown. Other Democrats as well as Sen. Bernie Sanders (I-Vt.) plan to deliver their own message after the Trump speech. What comes next: President Trump is slated to meet with Congressional leadership at the White House on Wednesday to continue discussions on reopening the government, GOP sources told The Hill on Tuesday. Shutdown's impact shows signs of growing: The 18-day partial government shutdown is suspending court cases, delaying mortgage approvals and causing lapses to safety net programs, all of which may intensify pressures on the White House and Congress to end it. Many agencies found short-term workarounds when the shutdown began on Dec. 22, but as the shutdown continues, those efforts are falling short. Here's a look at what's happening from The Hill's Niv Elis, Miranda Green, and Michael Burke. - Subsidized housing: The Department of Housing and Urban Development (HUD) contracts with 23,000 private apartment building owners to provide Section 8 subsidies for approved tenants. During the shutdown, HUD cannot renew those contracts, putting 1,150 of those buildings in limbo. While evictions are unlikely, landlords may have to cut back on maintenance and improvements in their buildings.
- Travel: The Transportation Security Administration (TSA) is downplaying reports of callouts by TSA agents. But there have been reports of long lines at airports across the country, including at LaGuardia Airport in New York City. Security concerns have also been raised.
- National parks: Visitors can get into national parks, but the federal government isn't providing ranger guidance or basic services. This has led to reports of overflowing trash cans and bathrooms, and two parks have been closed. The National Park Service (NPS) announced Sunday it would be taking the unprecedented step of pulling from its entrance fee coffers to pay staffers to return to maintain the overburdened parks. On Tuesday, officials temporarily closed California's Joshua Tree National Park to repair damage from the shutdown. And Democrats delivered trash they picked up at national parks to the White House.
- Tax payments: In past shutdowns, the IRS was banned from providing tax refunds. On Monday, the Trump administrations said it would allow the IRS to do so. But House Majority Leader Steny Hoyer (D-Md.) claimed Tuesday that the Trump administration lacks the legal authority to do so.
- Food stamps: The USDA will run out of funds to provide Supplemental Nutrition Assistance Program, or food stamps, if the shutdown drags into February, something that would affect 38 million Americans.
- Courts: Federal courts used reserve funding initially to ride out the shutdown, but those reserves, from fees and other unappropriated revenue, will run out on Friday. Once they do, federal courts will have to scale back their work.
LEADING THE DAY
Trump pick for Fed board withdraws after GOP criticism: Former Federal Reserve Director Nellie Liang pulled her nomination to serve on the central bank's board of governors amid opposition from Senate Republicans over her selection by President Trump. Liang, an economist and former director of the Fed's financial stability division, confirmed her decision, first reported by other outlets, in an email to The Hill on Tuesday, saying that "the likelihood of a prolonged process could have left me in professional limbo for too long." "I have great respect for the Federal Reserve and its current leadership, and look forward to contributing as an outside researcher to the vital economic policy issues they face," added Liang, a fellow at the Brookings Institute. Trump nominated Liang to the Fed in September. Liang was the first director of the Fed's division of financial stability. The division was opened in 2010 in the aftermath of the 2008 financial crisis to help reveal and mitigate risks to the financial sector. What happened? Liang's work on financial regulation endeared her to Democrats but drew skepticism from Republicans who want to loosen rules on banks and lenders. GOP senators griped about Liang's nomination in public comments and private complaints to the administration. I've got more here. Deficit spikes 41 percent in first quarter of fiscal year: The federal deficit spiked $92 billion in the first quarter of the 2019 fiscal year, a 41-percent increase over the same period of 2018, according to the Congressional Budget Office (CBO). The GOP tax plan slashed revenues relative to spending, which increased as part of a bipartisan spending deal. Total receipts rose by less than 1 percent, shrinking as an overall share of the economy. Corporate taxes, in particular, plunged $9 billion, or 15 percent. Outlays, in the meantime, spiked $93 billion, or 9 percent. Niv Elis breaks down the numbers here. GOOD TO KNOW - The Treasury Department on Tuesday announced a new tranche of sanctions against seven Venezuelan individuals and two dozen business entities over an alleged currency scheme that resulted in $2.4 billion in embezzled or laundered government funds.
- The nation's main oil lobbying group is growing increasingly concerned about the impacts to the industry from President Trump's ongoing trade war.
- President Trump early Tuesday took a swipe at the Federal Reserve, arguing the economy's performance has been held back by the central bank's decision to raise interest rates.
- U.S. stocks are now on a three-day winning streak after a brutal end to 2018.
- The U.S. Chamber of Congress, the influential business advocacy group, called on Tuesday for an end to the partial government shutdown.
- A shock warning from Apple blaming trade tensions with China for a predicted drop in revenue is putting new pressure on the Trump administration to end its tariff fight with Beijing.
ODDS AND ENDS - Potential Democratic contenders in the 2020 presidential election face a tough decision on whether to accept the flood of money from special interests, corporations and lobbyists.
- Thousands of teachers in Los Angeles will go on strike Thursday unless a last-minute bargaining deal is worked out between the union and school district.
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