On The Money: 2019 deficit nears $1 trillion | Trump plans Supreme Court appeal over House financial records subpoena | House Dems offer bill to expand estate tax

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.

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THE BIG DEAL

2019 deficit nears $1 trillion, highest since 2012: Treasury: The federal deficit for fiscal 2019 reached close to $1 trillion for the first time since 2012, according to final Treasury Department figures released Friday.

In the final accounting, the deficit came in at $984 billion, more than $200 billion, or 25 percent, higher than last year and the same figure the Congressional Budget Office projected earlier in the month.

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The deficit, which is projected to grow in 2020, has only surpassed $1 trillion four times in the nation’s history, during the four-year stretch following the 2008 global financial crisis.

While President TrumpDonald John Trump’Veterans for impeachment’ signs seen at World Series game during Trump visit Trump met with boos, ‘lock him up’ chant at Game 5 of World Series Kayla Mueller’s mother: Daughter might still be alive ‘If Obama had been as decisive’ as Trump MORE as a candidate had promised to wipe out the nation’s debt altogether, it now stands above $22 trillion. The annual deficit, which adds to the nation’s overall debt burden, was $587 billion in the last full fiscal year before Trump took office.

The main drivers of the deficit are mandatory programs such as Social Security, Medicare, and Medicaid, but recent legislation has contributed to it as well.

The GOP tax law added substantially to the deficit by scaling back revenues, while two bipartisan spending deals added financial resources for both defense and domestic priorities.

The Hill’s Niv Elis tells us how we got here.

 

LEADING THE DAY

Trump plans to appeal House subpoena for financial records to Supreme Court: President Trump’s attorneys told a federal appeals court late Thursday that they intend to take a legal battle with the House Oversight Committee over the president’s financial records to the Supreme Court.

  • Trump’s legal team asked the full D.C. Circuit Court of Appeals on Thursday to review a three-judge panel’s decision earlier this month upholding the Oversight Committee’s demand for the president’s finances. 
  • They also filed a separate motion to stay the circuit court’s decision, saying that they intend to “ask the Supreme Court to review whether the Mazars subpoena exceeds the Committee’s constitutional and statutory authority.”

The president’s lawyers argued that because there’s a reasonable chance that the Supreme Court will take up their petition, the appeals court should hold off on expediting last week’s order. The Hill’s Harper Neidig explains why here.

 

ON TAP NEXT WEEK

Tuesday:

  • The Federal Reserve’s Federal Open Markets Committee (FOMC) begins its two-day meeting in Washington, D.C.
  • A House Financial Services subcommittee holds a hearing on LGBTQ+ discrimination within the housing and lending industries, 10 a.m.
  • A House Judiciary subcommittee holds a hearing entitled “Antitrust and Economic Opportunity: Competition in Labor Markets,” 10 a.m.
  • The House Financial Services Committee holds a markup of pending legislation related to the Export-Import Bank, terrorism risk insurance,  1 p.m.

 

Wednesday:

  • The House Financial Services Committee continues its Tuesday markup, 10 a.m.
  • The FOMC announces its October interest rate decision at 2 p.m., followed by a press conference with Fed Chairman Jerome Powell at 2:30 p.m.
  • The Senate Budget Committee holds a hearing on the Chief Financial Officers Act of 1990, 2:30 p.m.

 

Thursday:

  • The Senate Homeland Security Committee holds a hearing entitled “Supply Chain Security, Global Competitiveness, and 5G,” 9:30 a.m.

 

NEXT WEEK’S NEWS, NOW

  • The Fed is widely expected to cut interest rates Wednesday for the third consecutive month as the economy continues to slow under the weight of fading global demand and rising trade tensions. Powell may indicate a pause in further cuts Wednesday if the Fed does ease rates again, which will irritate Trump as he pressures the Fed to zero-out interest rates.
  • The Financial Services Committee will markup on Tuesday and Wednesday a bill to reauthorize the Export-Import Bank that fell apart after Democratic infighting this summer. The bill is expected to have a safer path to clearing the committee this go-around. 

 

GOOD TO KNOW

  • A group of the Senate’s top Democrats on national security slammed President Trump on Friday for shifting money meant to deter Russia toward the border wall and urged him to reverse his decision.
  • Dozens of House Democrats have introduced legislation to expand the estate tax, as progressives make a push to substantially increase taxes on wealthy individuals.
  • A new poll has found that a majority of Americans oppose the payment of reparations to the descendants of slaves.

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