Overnight Finance: House gets moving on highway bill

HAPPY MONDAY — I hope everyone has recovered from Halloween, the time change and hours and hours of late-night Sunday baseball that ended with the Kansas City Royals winning the World Series.

I’m Vicki Needham, this is Overnight Finance and I’m not a fan of this dark at 5 p.m. gig. Boo!

STEERING A HIGHWAY BILL: The House Rules Committee gets moving Monday night on a three-year $325 billion infrastructure projects bill that is expected to get a final vote later this week — the amendment count is climbing — possibly Wednesday or Thursday. 

The House is set to take a break next week so the pressure is on to get the bill done and reconcile the measure in a House-Senate conference. 

{mosads}There is still the issue of how to pay for another three years of transportation spending — for six years total — which would be taken up by the next House Ways and Means Committee chairman. 

Some Democrats have suggested raising the 18.4-cents-per-gallon federal gas tax that is traditionally used to pay for federal transportation projects, The Hill’s Keith Laing writes. http://bit.ly/1GID7dc

“The bill under consideration calls for a six-year period of spending authority, and hopes to be funded for three years with a combination of budget gimmicks and tax code smoke and mirrors over the next decade,” said Rep. Earl Blumenauer (D-Ore.), who has an amendment to the highway bill to increase the gas tax by 15 cents. 

FEELING CONFIDENT: Laing reports: “Transportation Secretary Anthony Foxx said Monday that he is “confident” newly minted House Speaker Paul Ryan (R-Wis.) wants to pass a multi-year infrastructure funding bill that has languished in Congress for the better part of a decade.”

Foxx said Monday that he is optimistic because Ryan has displayed an interest in solving the nation’s transportation funding problems before he accepted the gavel to lead the House as speaker. http://bit.ly/1M8dPBX

NO MORE FUEL ECONOMY TAX BENEFITS: Another story from Laing: “A pair of senators said Monday that Volkswagen should be forced to give up any fuel economy tax benefits they have received after the company was accused of additional violations of federal air pollution emission standards. “The Environmental Protection Agency (EPA) said earlier Monday that Volkswagen installed software on diesel models of its 2014-2016 cars, included autos that are marketed under Volkswagen’s Audi and Porsche subsidiary brands, that activates required air pollution protections only during emissions tests.” http://bit.ly/1H0AUK2

Speaking of Ways and Means chairmen … 

WHAT WE’RE HEARING: The Republican Steering Committee is expected to vote on Wednesday on the next House Ways and Means Committee chairman — either Rep. Kevin Brady of Texas or Pat Tiberi of Ohio. 

SIGNING OFF ON THE BUDGET DEAL: From our Jordan Fabian: “President Obama on Monday signed a two-year budget deal that averts a showdown with Republicans over the debt limit and a potential government shutdown. The president said the agreement “puts us on a responsible path” and paves the way for stronger economic growth.”

The agreement lifts spending caps and suspends the debt limit until 2017. http://bit.ly/1MdqhUH

CRUZ WANTS A PAPER TRAIL: The Hill’s Jordain Carney: “Sen. Ted Cruz (R-Texas) wants the Justice Department to save documents related to its two-year investigation of allegations that the IRS targeted conservative groups.”

“This administration’s recent announcement … has finally made it abundantly clear that the responsibility of ensuring a thorough, fair, and impartial investigation of IRS employees and their potential criminal conduct will fall to the next presidential administration, and relevant materials must be protected accordingly,” Cruz, who is running for president, wrote in a letter to Attorney General Loretta Lynch.

Republicans quickly pounced on the decision not to charge Lois Lerner, the former IRS official at the center of the scandal. 

Cruz called the decision “disappointing but not surprising.” http://bit.ly/1MdqmaH

HOLDING COURT: From The Hill’s Lydia Wheeler: “Democrats are calling on regulators to protect consumers’ right to settle disputes with companies in court.”

“Sen. Al Franken (D-Minn.) and Rep. Hank Johnson (D-Ga.) joined legal experts with the American Association for Justice on Monday to highlight a New York Times investigation that found more and more companies are stripping consumers of the ability to file class-action lawsuits.”

According to the Times report, companies have devised a way to circumvent the courts through arbitration clauses. 

“Forced arbitration is not voluntary, it’s not just and it’s not fair,” Johnson said in a call with reporters Monday. “Simply put, it’s not American.” http://bit.ly/20p31ZV

ODDS AND ENDS: Don’t forget on Tuesday to swing by the House Financial Services Committee, which is considering 10 measures aiming to make changes to the financial rules and regulations put into place during the Obama administration’s tenure.

Also, over in the Senate, the Banking Committee will consider the president’s nomination of Adam Szubin to be the Treasury Department’s undersecretary of terrorism and financial crimes.

A LOOK INTO THE ECONOMY: The Associated Press reports: The nation’s factories increased activity last month at its slowest pace since May 2013 as manufacturers cut stockpiles and jobs.

“The Institute for Supply Management said Monday that its index of factory activity slipped to 50.1 in October from 50.2 in September. The figures barely signal growth, which is any reading above 50.”

Monday’s report showed that a measure of hiring fell sharply, from 50.5 to 47.6, meaning that manufacturers actually cut jobs last month. http://apne.ws/1Q2I1o0

STOCK MARKET MAKING GAINS: From the AP: Stocks posted solid gains Monday, adding to last month’s big advances, pushing the Dow Jones industrial average into positive territory for 2015. The Dow Jones industrial average rose 165.22 points, or 0.9 percent, to 17,828.76. http://apne.ws/1l53Kzd

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