On The Money: Senate panel advances Trump's new NAFTA despite GOP gripes | Trade deficit falls to three-year low | Senate confirms Trump pick for small business chief

DposNews - January 8, 2020 - puck

Happy Tuesday and welcome back to On The Money, where we hope you’re as happy in 2020 as Elon Musk was today. 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–Senate panel advances Trump’s new NAFTA despite GOP gripes: A Senate panel on Tuesday advanced President TrumpDonald John TrumpIranian diplomat after strike: ‘We do not seek escalation or war’ Graham: Iran missile attack ‘an act of war’ ‘All is well’ Trump tweets after Iran hits Iraq bases housing US troops MORE‘s revamp of the North American Free Trade Agreement (NAFTA) almost unanimously despite grumbling from conservative lawmakers.

The Senate Finance Committee voted 25-3 to send to the full chamber a bill implementing Trump’s proposed U.S.-Mexico-Canada Agreement (USMCA). Sens. Pat ToomeyPatrick (Pat) Joseph ToomeyNSA improperly collected US phone records in October, new documents show Overnight Defense: Pick for South Korean envoy splits with Trump on nuclear threat | McCain blasts move to suspend Korean military exercises | White House defends Trump salute of North Korean general WH backpedals on Trump’s ‘due process’ remark on guns MORE (R-Pa.), Bill CassidyWilliam (Bill) Morgan CassidyOn The Money: Senate panel advances Trump’s new NAFTA despite GOP gripes | Trade deficit falls to three-year low | Senate confirms Trump pick for small business chief Senate panel advances Trump’s new NAFTA despite GOP gripes A bipartisan renaissance in the making MORE (R-La.) and Sheldon WhitehouseSheldon WhitehouseOn The Money: Senate panel advances Trump’s new NAFTA despite GOP gripes | Trade deficit falls to three-year low | Senate confirms Trump pick for small business chief Senate panel advances Trump’s new NAFTA despite GOP gripes Lincoln Chafee files to run for president as a Libertarian MORE (D-R.I.) opposed the measure, which passed the House last month with broad bipartisan support.

The GOP-controlled Senate is expected to finalize the USMCA within weeks, cementing Trump’s most substantial victory on trade policy.

But Senate leaders could be forced to delay a floor vote until after Trump’s impeachment trial if Speaker Nancy PelosiNancy PelosiPelosi digs in on impeachment rules fight Pelosi urges end to ‘needless provocations’ after Iran missile attack ‘It’s a spiral now’: Democrats say they’re not surprised by Iran attack MORE (D-Calif.) sends House-passed articles of impeachment to the upper chamber in the coming days.

I explain here why some Republicans are so deflated about what Trump sees as a massive victory.

Most Senate Republicans are eager to hand Trump a win on one of his top priorities ahead of the 2020 elections, despite their preferences for looser trade restrictions.

Trump was able to secure the support of Democrats and some labor unions after agreeing to several major concessions. Changes that won over progressives included tougher labor law enforcement, stricter environmental standards and stripping protections for certain high-cost pharmaceuticals.

But several GOP senators complained Tuesday about being taken for granted.

“We’ve slapped on all of these provisions designed to restrict trade and investment, we’ll get no economic growth out of this. And we, the Senate and the Senate Finance Committee, are allowing ourselves to be marginalized.” — Sen. Pat Toomey (R-Pa.).

“The House got a lot of stuff because the House actually had the ability to say, ‘We’re not going to do this unless we get our demands met.’ We’ve not had that ability.” – Sen. Bill Cassidy (R-La.).

“Sen. Toomey made a bunch of important comments that I agree with as well,” said Sen. Ben SasseBenjamin (Ben) Eric SasseOn The Money: Senate panel advances Trump’s new NAFTA despite GOP gripes | Trade deficit falls to three-year low | Senate confirms Trump pick for small business chief Senate panel advances Trump’s new NAFTA despite GOP gripes Congress to clash over Trump’s war powers MORE (R-Neb.). “And yet we need to, given the political realities, get this agreement across the finish line.”

Also: Sen. Chuck GrassleyCharles (Chuck) Ernest GrassleyOvernight Health Care: New drug price hikes set stage for 2020 fight | Conservative group to spend M attacking Pelosi drug plan | Study finds Medicaid expansion improved health in Southern states On The Money: Senate panel advances Trump’s new NAFTA despite GOP gripes | Trade deficit falls to three-year low | Senate confirms Trump pick for small business chief Grassley urges McConnell to take quick action on USMCA ahead of impeachment trial MORE (R-Iowa) is urging Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellPelosi digs in on impeachment rules fight McConnell takes round one in impeachment battle Overnight Defense: Iran takes credit for rocket attack on US base | Trump briefed | Trump puts talk of Iraq withdrawal on hold | Progressives push to block funding for Iran war | Trump backs off threat to hit Iranian cultural sites MORE (R-Ky.) to take quick action on USMCA before an impeachment trial begins in the upper chamber.

LEADING THE DAY

Trade deficit falls to three-year low of $43.1 billion: The U.S. trade deficit, a longtime irritant to President Trump, fell to a three-year low of $43.1 billion in November, according to new Commerce Department data released Tuesday.

The 8.2 percent decline in the trade deficit followed a $2.5 billion drop in imports, paired with a $1.4 billion increase in exports from October.

The latest figures suggest an overall deficit drop in 2019, which saw a slight $0.1 billion drop in exports in the first 11 months while imports dropped $3.9 billion as compared to the same period in 2018.

The drop will be welcome news to President Trump, who has railed against the trade deficit as a sign of American weakness.

While deficits are subtracted from calculations of gross domestic product, economists say they are not inherently good or bad for the economy’s well-being.

Some worry that the decrease in imports could indicate softness in domestic demand, a key driver of growth.

The Hill’s Niv Elis breaks down the data here.

Senate confirms Trump pick for small business chief: The Senate on Tuesday confirmed Jovita Carranza to head President Trump’s Small Business Administration (SBA).

Carranza, a Treasury Department official who served as deputy SBA administrator during George W. Bush’s presidency, was confirmed in a broad bipartisan 88-5 vote and has widespread support from the business community.

Democratic Sens. Kirsten GillibrandKirsten GillibrandOn The Money: Senate panel advances Trump’s new NAFTA despite GOP gripes | Trade deficit falls to three-year low | Senate confirms Trump pick for small business chief Pete Buttigieg to appear in Fox News town hall Senate confirms Trump pick for small business chief MORE (N.Y.), Kamala HarrisKamala Devi HarrisOn The Money: Senate panel advances Trump’s new NAFTA despite GOP gripes | Trade deficit falls to three-year low | Senate confirms Trump pick for small business chief DNC defends ‘inclusive’ standards with some 2020 Democrats set to miss January debate HUD to roll back Obama-era housing desegregation rule MORE (Calif.), Ed MarkeyEdward (Ed) John MarkeyOvernight Defense: Iran takes credit for rocket attack on US base | Trump briefed | Trump puts talk of Iraq withdrawal on hold | Progressives push to block funding for Iran war | Trump backs off threat to hit Iranian cultural sites Senate Republican blocks unanimous consent on resolution calling targeting cultural sites a war crime On The Money: Senate panel advances Trump’s new NAFTA despite GOP gripes | Trade deficit falls to three-year low | Senate confirms Trump pick for small business chief MORE (Mass.), Jeff MerkleyJeffrey (Jeff) Alan MerkleyOn The Money: Senate panel advances Trump’s new NAFTA despite GOP gripes | Trade deficit falls to three-year low | Senate confirms Trump pick for small business chief Senate confirms Trump pick for small business chief McConnell says he’s ‘honored’ to be WholeFoods Magazine’s 2019 ‘Person of the Year’ MORE (Ore.) and Ron WydenRonald (Ron) Lee WydenSenators set for briefing on cyber threats from Iran On The Money: Senate panel advances Trump’s new NAFTA despite GOP gripes | Trade deficit falls to three-year low | Senate confirms Trump pick for small business chief Senate confirms Trump pick for small business chief MORE (Ore.) voted against Carranza.

Among those not voting were Sens. Cory BookerCory Anthony BookerOn The Money: Senate panel advances Trump’s new NAFTA despite GOP gripes | Trade deficit falls to three-year low | Senate confirms Trump pick for small business chief DNC defends ‘inclusive’ standards with some 2020 Democrats set to miss January debate Senate confirms Trump pick for small business chief MORE (D-N.J.), Amy KlobucharAmy Jean KlobucharOn The Money: Senate panel advances Trump’s new NAFTA despite GOP gripes | Trade deficit falls to three-year low | Senate confirms Trump pick for small business chief DNC defends ‘inclusive’ standards with some 2020 Democrats set to miss January debate Trump primary challengers left off Wisconsin ballot MORE (D-Minn.), Bernie SandersBernie SandersRand Paul warns Trump admin after Iran retaliatory strike: War must go through Congress Iran general’s killing adds new tension to 2020 field Sanders blasts Trump administration proposal to further scrutinize disability beneficiaries MORE (I-Vt.) and Elizabeth WarrenElizabeth Ann WarrenWarren: ‘The American people do not want a war with Iran’ Iran general’s killing adds new tension to 2020 field Warren holds Twitter town hall with disabled activists MORE (D-Mass.), all 2020 Democratic presidential candidates.

Carranza will become the highest-ranking Latina official in Trump’s Cabinet, and the vote gives the close ally of Treasury Secretary Steven MnuchinSteven Terner MnuchinOn The Money: Senate panel advances Trump’s new NAFTA despite GOP gripes | Trade deficit falls to three-year low | Senate confirms Trump pick for small business chief Senate confirms Trump pick for small business chief Digital tax to take effect in Italy on Jan. 1 MORE a prominent role in defending the administration’s economic policies in the election year. Here’s more from The Hill’s Naomi Jagoda.

GOOD TO KNOW

Sen. Elizabeth Warren (D-Mass.) rolled out a plan Tuesday to repeal parts of a 2005 bankruptcy law, rekindling a feud with former Vice President Joe BidenJoe BidenBiden responds to news of Iran missile attack Iran general’s killing adds new tension to 2020 field Hillicon Valley: Trump tests Twitter policies with Iran threats | Facebook bans ‘deepfakes’ | White House unveils guidelines for AI regulations MORE as they battle for the 2020 Democratic presidential nomination.

Juicy tax breaks intended to lure in companies and boost local economies may not be worth it, according to a new working paper published by the National Bureau of Economic Research.

Boeing has settled with American Airlines in a confidential agreement to compensate the carrier for losses suffered after it was forced to ground the 737 Max last year.

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