Happy Thursday and welcome to On The Money, your evening guide to everything related to your bills, your bank account and your results. Subscribe here: thehill.com/newsletter-inscription.
Today’s big deal: A handful of Senate Republicans helped clear the way to raise the debt ceiling despite the old President TrumpDonald TrumpJussie Smollett trial jury begins deliberations Pence says he will “assess” all of the Jan. 6 panel’s claims. Biden’s drug overdose strategy pushes treatment for some, jail for others MORE‘s warnings. We’ll also look at a sharp drop in jobless claims and Democrats’ angst over the SALT deduction.
But first, Enes Kanter tells us why he became an American.
14 Senators Help Advance Debt Ceiling Deal
On Thursday, fourteen Senate Republicans helped push forward a deal brokered by Senate Minority Leader Mitch McConnell (R-Ky.) To put in place a one-time filibuster exemption on raising the debt ceiling.
Senators voted 64-36 to close debate on the bill, which also prevents the automatic cuts faced by doctors and other health care providers in Medicare from taking effect.
- McConnell and GOP Sens. Jean BarrassoJohn Anthony BarrassoGOP tries to lock in votes on McConnell debt deal Congress avoids shutdown after vaccine mandate fight on Sunday – Spotlight shifts to omicron PLUS variant (Wyo.), Roy BluntRoy Dean BluntGOP Trying to Block Votes on McConnell’s Debt Deal Manchin quietly discussing Senate rule changes with Republicans. House approves bill to facilitate passage of debt ceiling hike PLUS (R-Mo.), Richard burrRichard Mauze BurrTrump is about to give Ted Budd a boost in the North Carolina Senate race. Texas Democratic Representative Eddie Bernice Johnson announces his retirement at the end of his term. (NC), Shelley moore capitoShelley Wellons Moore CapitoGOP Strives to Lock in Votes on Debt Deal McConnell Overnight Energy & Environment – Presented by ExxonMobil – Biden May Get Stay With Falling Gas Price McConnell Faces GOP Pullback on the PLUS debt agreement (WV), Susan collinsSusan Margaret CollinsThe Hill’s Morning Report – Presented by Uber – Debt Limiting Maneuvers; Biden Warns Putin Senate Confirms Biden’s Candidate For Head Of Customs And Border Protection Hillicon Valley – Brought To You By Connected Commerce Council – Incident Reporting Language Not Included In PLUS Package (Maine), John cornynJohn CornynGOP Trying to Lock Votes on McConnell Manchin Debt Deal quietly discussing Senate rule changes with Republicans. House approves bill to facilitate passage of debt ceiling hike PLUS (Texas), Joni ErnstJoni Kay ErnstOvernight Defense & National Security – Biden: US troops in Ukraine “not on the table” Gillibrand slams the leadership of the Pentagon committee for military justice reform Five things to know about the accumulation of Russian troops near Ukraine PLUS (Iowa) Lisa MurkowskiLisa Ann MurkowskiSenate leaders face refusal to tie debt fight to defense bill Congress should reject dangerous HR 1619 anywhere, anywhere. (Alaska), Rob portmanRobert (Rob) Jones PortmanGOP Strives to Lock Votes on McConnell Hillicon Valley Debt Deal – Brought to you by Connected Commerce Council – Incident reporting language not included in Language package requiring companies to report cyberattacks not included in the defense bill PLUS (Ohio), Mitt RomneyWillard (Mitt) Mitt RomneyBiden names Meg Whitman ambassador to Kenya Most Utah voters say Trump is not expected to run again in 2024 (Utah), Thom tillisThomas (Thom) Roland TillisGOP Works To Lock Votes On McConnell Debt Deal GOP Blocks Bill To Extend Gun Background Checks After Michigan School Shooting Overnight Defense & National Security – New plan to treat Marines “like human beings” MORE (NC), John ThuneJohn Randolph ThuneOn The Money – McConnell seeks votes for debt deal GOP pushes to lock votes on debt deal McConnell Manchin quietly discusses Senate rule changes with Republicans MORE (SD) and Roger osierRoger Frederick WickerGOP works to lock in votes on McConnell Hillicon Valley debt deal – Chinese disinformation accounts suppressed GOP resistance to candidate Biden FCC could endanger Democratic majority on council MORE (Miss.) Helped push the bill forward.
Although leaders have expressed public confidence for days, they would be able to deliver at least 10 GOP votes, the deal, negotiated by McConnell and the Senate Majority Leader Charles schumerChuck SchumerGillibrand denounces committee leadership, Pentagon for military justice reform cuts Building Better is Bad for States Dole Lying in State in the Capitol Rotunda MORE (DN.Y.) sparked further divisions among Senate Republicans just two months after a deadly fight over rising short-term debt.
âThis idea puts us all in a box, and I don’t like it. And I won’t forget it, âGraham said. âI like you. Senator McConnell was a great Republican leaderâ¦ but this was a time when I wanted to be officially to say, ‘I don’t like this.’â
Jordan carney see you here.
LEAD THE DAY
Unemployment claims at their lowest in 52 years
New unemployment insurance claims fell to 184,000 last week, according to data released Thursday by the Labor Department, falling to their lowest level in more than 52 years.
Last week’s total was the lowest since September 1969 and breaks the previous record for the lowest number of weekly jobless claims since the emergence of the pandemic.
In the week ending December 4, seasonally adjusted initial claims for unemployment assistance fell 43,000 from the revised level of 227,000 the previous week.
The warning : While the fall in jobless claims appeared to show a strengthening labor market, economists said the magnitude of the drop could be skewed by seasonal adjustments based on pre-pandemic hiring patterns.
Non-seasonally adjusted claims totaled 280,665 last week, up 29.3% from the previous week. The Bureau of Labor Statistics (BLS) said it expected a seasonal increase of 106,047 requests last week.
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“MILLION DOLLARS OF ATTACK ADS”
Democrats’ concerns grow over SALT cap policy
Democratic concerns are growing that a tax provision in President BidenJoe BidenPharma lobby targets parliamentarian Demand for American workers reaches historic high Biden awards Medal of Honor to three soldiers who fought in Iraq and Afghanistan: report MOREThe social spending program, praised by lawmakers in suburban New York and New Jersey, could come back to haunt the party in the midterm election.
Republicans are increasingly attacking Democrats for lifting the $ 10,000 cap on the National and Local Tax Deduction (SALT), arguing that it will largely benefit the wealthy. A number of Democrats fear that criticism of the GOP will resonate with voters in areas outside the major coastal metropolitan areas.
In an interview with The Hill on Wednesday, Rep. Jared GoldenJared GoldenSunday preview: Boosters open to all American adults; House MPs push spending plan to Senate Five takeaways: House passes Biden Overnight Energy & Environment benefits bill – House passes giant climate and social policy bill MORE (Maine), the only Democrat to vote against the social spending measure in the House, predicted there would be “millions of dollars in ad attacks” against vulnerable Democrats over the SALT deduction issue.
âI think doing SALT further reinforces the growing narrative that the Democratic Party is an urban elite, a wealthy party that cannot get out of urban areas, liberal urban communities,â Golden said.
Read more about Naomi here.
FIGHT AGAINST CRIME
Retailers call on Congress to fight online sales of stolen and counterfeit products
A coalition of large retailers is calling on Congress to take action to tackle the online sale of stolen and counterfeit goods, which has coincided with an increase in theft in major cities.
CEOs of more than 20 companies wrote to leaders in Congress on Thursday asking them to take action against the sale of stolen and counterfeit goods online, highlighting the impact of organized retail crime on the online shopping market .
“As millions of Americans have undoubtedly seen on the news in recent weeks and months, retail establishments of all kinds have seen a significant increase in organized crime in communities across the country,” we read in the letter.
âAs we constantly invest in people, policies and innovative technologies to deter theft, criminals take advantage of the anonymity of the Internet and the failure of some markets to verify their sellers. This trend has made retail businesses a target for increased theft, legitimate businesses that are forced to compete with unscrupulous sellers, and has dramatically increased consumer exposure to dangerous and unsafe counterfeit products, âadds he does.
Read more about Mychael Schnell from The Hill here.
Good to know
About two-thirds of Americans reported higher household spending than in March 2020, an indication that inflation continues to impact Americans despite wage growth, according to a new poll published Thursday.
Here’s what else we have on our minds:
That’s all for today. Thanks for reading and check out The Hill’s Finances page for the latest news and coverage. Well see you tomorrow.