Amtrak plans to run nonstop trains between Washington, D.C., and New York beginning Sept. 23, with tickets available starting Thursday.

The service, which aims to make Amtrak more competitive, will service Washington’s Union Station and New York’s Penn Station with an approximate duration of 2 hours and 35 minutes each way, according to USA Today.

ADVERTISEMENT

The service will use the same trains as Amtrak’s current Acela fleet, with a top speed between New York and Washington of 135 mph.

“The new Acela Nonstop service will have you halfway to your New York City or DC destination in the time it would take you to board a flight,” said Amtrak president and CEO Richard Anderson in a press release.

The train will begin with exclusively weekday service, with the first train leaving New York at 6:35 a.m. and arriving in Washington at 9:10 a.m. and the final northbound train leaving the District at 4:30 p.m. and reaching New York at 7:05 p.m., according to USA Today.

The nonstop service will be 15 minutes faster than the average Acela train traveling the same route, Amtrak spokesperson Jason Abrams told the newspaper.

Amtrak will reportedly consider expansion or higher frequency after the initial train service launches. The two stations were Amtrak’s busiest nationwide in fiscal 2018.

Click Here: online rugby store malaysia

Democratic presidential hopeful Sen. Elizabeth WarrenElizabeth Ann WarrenWarren blasts Trump attacks on Baltimore and Cummings as ‘racist’ and ‘disgusting’ Nerves on display as Democrats face do-or-die moment in Detroit Buttigieg momentum slows after swift rise MORE (D-Mass.) has edged past her main 2020 progressive rival Sen. Bernie SandersBernie SandersSanders: Cummings fights every day to improve life in this country Nerves on display as Democrats face do-or-die moment in Detroit Buttigieg momentum slows after swift rise MORE (I-Vt.) and is behind only former Vice President Joe BidenJoe BidenDonald Trump: ‘The Great Divider’ De Blasio: Democratic debates should address ‘why did we lose and what do we do differently’ Nerves on display as Democrats face do-or-die moment in Detroit MORE in a new poll of climate-focused voters.

For voters who say a candidate’s climate plan is “very important” in their choice, Biden is supported by 30 percent, followed by Warren at 20 percent and Sanders at 16 percent, according to the Morning Consult poll conducted for the Sierra Club.

Sen. Kamala HarrisKamala Devi HarrisNerves on display as Democrats face do-or-die moment in Detroit Democrats wrestle with ‘tough on crime’ histories 2020 Dems hammer Trump over Cummings attacks MORE (D-Calif.) follows at 13 percent support among climate-minded voters — a 7-point increased from the June survey — while South Bend, Ind., Mayor Pete ButtigiegPeter (Pete) Paul ButtigiegNerves on display as Democrats face do-or-die moment in Detroit Buttigieg momentum slows after swift rise Booker chases breakout moment by going after Biden MORE (D) is at 5 percent and every other candidate is at 2 percent or less.

ADVERTISEMENT

Washington Gov. Jay InsleeJay Robert Inslee2020 Dems hammer Trump over Cummings attacks Overnight Energy: Warren edges past Sanders in poll of climate-focused voters | Carbon tax shows new signs of life | Greens fuming at Trump plans for development at Bears Ears monument Warren edges past Sanders in poll of climate-focused voters MORE, the Democratic candidate who has staked his platform largely on climate action, garnered less than 1 percent support in either poll.

Click Here: online rugby store malaysia

The poll shows Warren gaining a lead over Sanders among voters who care deeply about the issue of climate change. The last poll in late June showed Sanders with a 4-point lead over Warren. Biden has also dropped 7 points in the latest poll.

The change in ranking in the poll for Warren and Sanders come as the two senators battle for support among progressive voters. Both candidates will also appear on the same debate stage next week in Detroit for the second round of Democratic debates.

Climate change is becoming an increasingly important issue for Democratic voters, with polls showing the issue ranking next to health care and the economy.

The survey of 1,500 Democratic primary voters, including 843 climate-focused voters, was conducted online July 18-24 and has an overall margin of error of 3 points.

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.

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, njagoda@thehill.com and nelis@thehill.com. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.

 

THE BIG DEAL–US economy slows to 2.1 percent growth in second quarter: Economic growth in the U.S. slowed in the second quarter of 2019 after a torrid start to the year, according to data released Friday by the Commerce Department.

U.S. gross domestic product (GDP) grew at an annualized rate of 2.1 percent between April and June, in line with expectations but well below the 3.1 percent growth-rate notched in the first three months of 2019.

ADVERTISEMENT

The report showed signs of resilience for the U.S. economy as it stretches a record decade of expansion toward the 2020 presidential election. President TrumpDonald John TrumpIlhan Omar defends Cummings after Trump attacks: He ‘wants to distract with his racism’ Donald Trump: ‘The Great Divider’ De Blasio: Democratic debates should address ‘why did we lose and what do we do differently’ MORE‘s reelection chances could largely depend on the strength of the economy and if he succeeds in taking credit for it. 

While steady growth and near-record joblessness bode well for Trump now, the mounting damage from his trade policy and other international obstacles pose unmistakable threats.

I explain why here.

 

The good: Surges in consumer spending and government spending carried the U.S in the second quarter while the business sector braced for a souring global forecast.

• Consumer spending, which makes up roughly 70 percent of the economy, spiked 4.3 percent in the second quarter, rebounding from a 1.1 percent rise in the first quarter. 

• Government spending also rose 5.5 percent in the past three months, likely due to expenditures delayed during the federal shutdown.

 

The bad: Productivity-boosting business investment declined 0.6 percent in the same period, reflecting concern about the long-term health of the U.S. economy. 

• Inventories held by businesses shrank by $44.3 billion while exports sunk 5.2 percent, showing a sharp decline in global demand for U.S. goods. Shortfalls in inventories and exports also weigh heavily on GDP. 

• “While manufacturing data have been weaker in the first half of the year than we might desire, recent data point to signs of a possible rebound moving forward, and the labor market remains solid,” said Chad Moutray, chief economist for the National Association of Manufacturers (NAM), in a statement. “The global economy, however, is generating headwinds that impact this outlook.”

 

The political context: The report showed signs of resilience for the U.S. economy as it stretches a record decade of expansion toward the 2020 presidential election. President Trump’s reelection chances could largely depend on the strength of the economy and if he succeeds in taking credit for it. 

Trump also lost a useful economic talking point Friday when the Bureau of Economic Analysis issued a slew of revised GDP data, including a downward revision to last growth totals.

Previous government data showed Trump had fulfilled his campaign pledge of 3 percent expansion — a key measure of growth that the president and his allies have used to tout the administration’s economic accomplishments — but the year-over-year figure was lowered to 2.5 percent on Friday.

 

LEADING THE DAY

House panel releases documents of presidential tax return request before Trump: The House Ways and Means Committee on Thursday released documents showing Democrats’ request for President Trump’s tax returns is not the first time Congress has requested a president’s tax returns from the IRS.

“The point that we were trying to make is that after reference and research and successfully seeking documentation, we were able to establish that in fact the Joint Committee on Taxation did use 6103 to review President Nixon’s returns,” Ways and Means Committee Chairman Richard NealRichard Edmund NealOn The Money: US growth slows to 2.1 percent | Trump vows response to French tech tax | Trump won’t give Apple tariff waivers | House panel releases documents on Nixon tax return request to bolster case against Trump House panel releases documents of presidential tax return request before Trump On The Money: House passes sweeping budget, debt limit deal | Dem court filing defends powers to get Trump’s NY tax returns | Debt collectors to pay M to settle consumer bureau charges MORE (D-Mass.) told reporters after the vote, referencing Section 6103 of the federal tax code.

The Hill’s Naomi Jagoda explains here how this fits into the fight over Trump’s tax returns.

 

Trump vows ‘substantial reciprocal action’ against France over tech tax: President Trump vowed Friday to take “substantial reciprocal action” against France after President Emmanuel MacronEmmanuel Jean-Michel MacronHillicon Valley: DOJ approves T-Mobile-Sprint merger | Trump targets Google, Apple | Privacy groups seek to intervene in Facebook settlement | Democrats seize on Mueller hearings in election security push On The Money: US growth slows to 2.1 percent | Trump vows response to French tech tax | Trump won’t give Apple tariff waivers | House panel releases documents on Nixon tax return request to bolster case against Trump Trump vows ‘substantial reciprocal action’ against France over tax targeting tech giants MORE signed into law a tax targeting technology giants like Amazon and Google.

“France just put a digital tax on our great American technology companies,” Trump tweeted. “If anybody taxes them, it should be their home Country, the USA. We will announce a substantial reciprocal action on Macron’s foolishness shortly. I’ve always said American wine is better than French wine!”

Trump, who says he does not drink, later clarified that he prefers the way American wines look versus their French rivals.

Macron this week signed the digital services tax, which imposes a 3 percent tax on the annual revenues of technology companies that make at least 750 million euros annually and provide services to users in the country.

The tax would affect several companies, including U.S.-based tech giants like Apple, Google, Facebook and Amazon.

While Trump bashed France for targeting U.S. tech firms, the president took his own shots Friday at two of the affected Silicon Valley giants.

• Trump on Friday rejected Apple’s request to exempt parts of its new Mac Pro from import tariffs after the company said it is planning to move some production to China.

• The president also suggested his administration would investigate Google’s work in China for potential national security issues just days after his top Treasury official said the government had looked into the company and found no cause for such concerns.

 

In other trade war news: President Trump wants the World Trade Organization (WTO) to prevent countries like China from labeling themselves “developing,” arguing that some member nations are abusing that status to operate under more lenient rules.

 

DOJ approves T-Mobile, Sprint merger:  The Department of Justice on Friday announced it has approved the $26 billion T-Mobile–Sprint merger, paving the way towards a deal that will combine two of the country’s largest mobile carriers into one company with more than 80 million U.S. customers.

The department’s approval means both federal agencies overseeing the merger have given it their blessing, though a legal challenge by state attorneys general could still block the deal from going through.

The DOJ’s plan requires T-Mobile and Sprint to hand over assets including wireless spectrum and subscribers to Dish, a satellite television company that has been tapped to create a mobile network to compete with the merged company.

During a press conference announcing the deal, DOJ antitrust chief Makan Delrahim argued the remedies will help set up Dish as a strong competitor, calling it a potentially “disruptive force.”

But critics argue that Dish will not be a sufficient fourth wireless carrier despite the 5G promises.

The Hill’s Emily Birnbaum breaks down the DOJ decision and looks at what’s next.

 

ON TAP NEXT WEEK

Tuesday:

• Trump administration officials meet with Chinese counterparts in Shanghai to discuss a potential trade agreement.

• The Senate Banking Committee holds a hearing entitled “Examining Regulatory Frameworks for Digital Currencies and Blockchain,” 10 a.m.

• The Federal Reserve’s Federal Open Markets Committee (FOMC) begins its two-day July meeting.

 

Wednesday:

• The Federal Reserve announces its July interest rate decision at 2 p.m., followed by a press conference with Chairman Jerome Powell at 2:30 p.m.

 

GOOD TO KNOW

• Members of Congress on both sides of the aisle are introducing competing bills that aim to put a tax on carbon.

• South Bend, Ind., Mayor Pete ButtigiegPeter (Pete) Paul ButtigiegNerves on display as Democrats face do-or-die moment in Detroit Buttigieg momentum slows after swift rise Booker chases breakout moment by going after Biden MORE‘s (D) presidential campaign unveiled a new economic policy platform prioritizing worker rights and calling out tech giants over worker pay and benefits.

Click Here: toulon rugby shop melbourne

The budget-busting spending deal that passed the House with bipartisan support on Thursday is shifting attention to the rising cost of Medicare, Social Security and other entitlement programs that lawmakers in both parties say is really driving the deficit.
“What’s going to increase the deficit is the failure to deal with entitlement spending. That’s what’s driving it,” said Rep. Tom ColeThomas (Tom) Jeffrey ColeHouse passes sweeping budget, debt limit deal Bottom Line Trump faces new hit on deficit MORE (R-Ok.), an appropriator. 

ADVERTISEMENT

The deal raising the debt ceiling and setting spending limits for defense and non-defense discretionary spending this year will add as much as $1.7 trillion to the deficit over a decade. 
It raised spending by $320 billion over two years, and paved the way for Congress to inject cash into defense, health, education, housing and other discretionary federal programs.

This discretionary spending adds up to $1.3 trillion, less than a third of the roughly $4.4 trillion the Congressional Budget Office projects the government will spend in 2019. The bulk of the spending is known as mandatory spending, and consists of automatic programs such as Social Security, Medicare, Medicaid and means-tested anti-poverty programs.
“I just think we have to have an honest discussion about the entire budget, and most of the budget is on automatic pilot, over 70 percent,” Cole said.
Rep. John YarmuthJohn Allen YarmuthHouse Problem Solvers are bringing real change to Congress McConnell challenger faces tougher path after rocky launch The House Democrats who voted to kill impeachment effort MORE (D-Ky.), the head of the House Budget Committee, said discretionary spending hasn’t risen much in the last decade.

“That’s bull,” he said of those saying congressional discretionary spending is busting the budget.

“If you look at where we were 10 years ago, total discretionary spending was 1.3 trillion. And we’ll be just short of 1.4 trillion [this year],” he said.

The annual costs of mandatory programs have grown $1 trillion in the past decade. That’s roughly equal to this year’s projected deficit.

“It’s mandatory. I mean, that’s what the big driver of the deficit is. Tax cuts add about $200 billion a year to the deficit, but the rest is mandatory,” Yarmuth said.
Rep. Mike QuigleyMichael (Mike) Bruce QuigleyMueller Day falls flat Mueller on Trump’s WikiLeaks embrace: ‘Problematic is an understatement’ Live coverage: Mueller testifies before Congress MORE (D-Ill.), another appropriator, says that any serious plan for the debt will need to look at the broader drivers of spending.
“You’re blaming the wrong thing,” he said of the caps deal. “The fact that we’re not acting on a big, balanced, bipartisan deficit issues is what’s hurting.”
Budget experts, however, say discretionary spending cannot be completely ignored.
“It’s absolutely true that if you look at the long term, our fundamental fiscal challenge is reining in the cost of entitlement programs,” said Marc Goldwein, senior vice president at the Committee for a Responsible Federal Budget. 
“But the idea that you can ignore everything else is ridiculous,” he added.
While appropriators are correct that discretionary spending is similar to where it was in 2010, those years were anomalies, he said, characterized by huge spending increases to stave off the Great Recession.
“That was a high water mark,” he said.
Some conservatives also balk at the idea that discretionary spending can be ignored if mandatory programs are dealt with.
“That’s certainly an argument. It’s not one that I subscribe to,” said Rep. Mark MeadowsMark Randall MeadowsCummings plans to call pharma executives to testify about drug costs Overnight Health Care: Senate panel advances drug pricing bill amid GOP blowback | House panel grills Juul executives | Trump gives boost to state drug import plans | Officials say new migrant kids’ shelter to remain open but empty House passes sweeping budget, debt limit deal MORE (R-N.C.), chairman of the House Freedom Caucus.
Either way, conservatives have long seen entitlement reform as a key to improving the nation’s fiscal situation.
“It’s criminal what we do here sucking a trillion dollars out of the economy, and then shifting those burdens with interest to the next generation,” said Rep. Matt GaetzMatthew (Matt) GaetzConservatives call on Pelosi to cancel August recess GOP Rep. Matt Gaetz: Mueller testimony ‘sucking the life out of the impeachment movement’ The Hill’s Morning Report — Mueller testimony gives Trump a boost as Dems ponder next steps MORE (R-Florida). “We have to engage in entitlement reform.”
Democrats such as Rep. Rosa DeLauroRosa Luisa DeLauroHouse bill would make World Cup funds contingent on equal pay Trump faces new hit on deficit Top Democrats call for administration to rescind child migrant information sharing policy MORE (Conn.), a progressive appropriator, argue that cuts to the programs would hurt the vulnerable. 
“I do not see Social Security or Medicaid as a problem. I see the tax bill that the president and my Republican colleagues passed overwhelmingly, did not give a whiff about the deficit,” she said.
“Let’s go there before we begin to go after older people and people who are either disabled, mentally disturbed, who may be addicted getting their care through Medicaid,” she added.
Budget watchers are clear-eyed about the political challenges of changing mandatory programs.
“What makes it hard is the political third rails, the ‘Don’t touch my Medicare, don’t touch my Social Security,’” said Emily Holubowich, executive director of the Coalition for Health Funding, which advocates for higher non-defense discretionary spending.
As a candidate, President TrumpDonald John TrumpIlhan Omar defends Cummings after Trump attacks: He ‘wants to distract with his racism’ Donald Trump: ‘The Great Divider’ De Blasio: Democratic debates should address ‘why did we lose and what do we do differently’ MORE promised not to touch Social Security, and was criticized for later proposing changes to its disabilities program. 
Click Here: cheap kanken backpack Budget experts such as Goldwein are quick to note that reforming mandatory spending programs does not simply mean cutting benefits, but can include revenue raisers.
“You don’t have to believe in small government to believe in fiscal responsibility,” he said.
Members such as Cole think that the solution will require a bipartisan agreement, and that everything will need to be on the table.
“I’m not saying that means cuts. It might involve additional revenue and things like Social Security, but we’re drawing down the trust fund because people are living a lot longer than we thought they were going to live the last time we fix this thing in 1983,” he said.
But if recent history is a guide, there will be little political appetite for tackling the programs.
A 2010 bipartisan commission tasked with reducing the debt, known as the Simpson-Bowles Commission, proposed changes to Social Security and Medicare as part of its overall plan.
It was rejected out of hand.

 

Disinformation specialists in foreign countries are likely to step up their campaigns targeting U.S. voters ahead of the 2020 elections, cybersecurity experts say.

Several cybersecurity experts told The Washington Post that the U.S. is not doing enough to protect social media platforms and other systems from foreign influence.

Researchers told the Post that online influence operations from Saudi Arabia, Israel, China, the United Arab Emirates and Venezuela have the ability and a possible motive to seek to disrupt the next U.S. elections. Experts said it was unclear whether governments or individual actors run the operations, but noted that those behind the online campaigns typically mirror the rhetoric of the ruling powers through tweets, posts and online videos.

ADVERTISEMENT

“Multiple foreign actors have demonstrated an ability and willingness to leverage these kinds of influence operations in pursuit of their geopolitical goals,” Lee Foster, head of the intelligence team investigating information operations for FireEye, told the Post. “We risk the U.S. information space becoming a free-for-all for foreign interference if, as a society, we fail to get an effective grasp on this problem.”

FireEye researchers and other cybersecurity firms have reported seeing suspected Iranian-based disinformation on Facebook, Instagram, YouTube and other major platforms.

“I would be surprised if the Iranians weren’t trying to expand their operations for the coming election, especially with the rising tensions between Iran and the United States,” Simin Kargar of Harvard’s Berkman Klein Center for Internet and Society warned the Post. “They would be far more savvy by 2020.”

Another firm, Graphika, found that among one set of nearly 1,700 Iranian Twitter accounts removed from the site in June, about one-quarter of the accounts’ tweets were in English. President TrumpDonald John TrumpIlhan Omar defends Cummings after Trump attacks: He ‘wants to distract with his racism’ Donald Trump: ‘The Great Divider’ De Blasio: Democratic debates should address ‘why did we lose and what do we do differently’ MORE was mentioned in the tweets more than 1,400 times, typically in a critical fashion, according to the firm. 

“The Iranian operations were a wake-up call to remind us that the Russians were not the only ones doing information operations,” Camille François of the New York-based firm Graphika told the Post. 

Twitter’s head of site integrity confirmed the removal of hundreds of Iranian-operated accounts in a statement to the Post, while stressing the platform’s work to remove fake accounts.

“As part of our public archive of information operations, we have disclosed thousands of accounts and millions of Tweets originating in Iran that we have proactively removed,” said Yoel Roth, according to the Post. “Every year is an election year on Twitter, and we will be applying all of our global learnings to protect and enhance conversations around the 2020 election.”

The report comes after former special counsel Robert MuellerRobert (Bob) Swan MuellerTrump calls for probe of Obama book deal Democrats express private disappointment with Mueller testimony Kellyanne Conway: ‘I’d like to know’ if Mueller read his own report MORE testified before two congressional panels this week, warning that Russia is again trying to interfere in the upcoming U.S. elections.

“It wasn’t a single attempt. They’re doing it as we sit here, and they expect to do it the next campaign,” he said.

Mueller added that “many more countries” developed similar capabilities, some of which are based on Russia’s methods to interfere in the 2016 presidential election.

On Thursday, the Senate Intelligence Committee released a report that found Moscow began targeting U.S. election systems in 2014. The report concluded that Russia’s attacks continued into 2017.

Click Here: cheap kanken backpack

Treasury Secretary Steven MnuchinSteven Terner MnuchinMnuchin: DOJ ‘absolutely right’ to launch tech anti-trust probe US, China to resume trade talks next week in Shanghai The Hill’s Morning Report — Mueller day finally arrives MORE voiced support Wednesday for a sweeping Justice Department (DOJ) antitrust investigation into the largest U.S. tech companies, taking special aim at Amazon.

Mnuchin told CNBC’s “Squawk Box” that the DOJ was “absolutely right” to investigate whether tech powerhouses like Amazon, Facebook and Google harm consumers by impeding competition. 

The Justice Department announced Tuesday it would probe “whether and how market-leading online platforms have achieved market power and are engaging in practices that have reduced competition, stifled innovation, or otherwise harmed consumers.”

ADVERTISEMENT

Mnuchin homed in on Amazon’s impact on U.S. retailers that have suffered as more consumers consumers abandon brick-and-mortar stores for online shopping.

“If you look at Amazon, although there’s certain benefits to it, they’ve destroyed the retail industry across the United States, so there’s no question they’ve limited competition,” Mnuchin said.

“There’s areas where they’ve hurt small businesses, so I don’t think this is a one-size-fits-all and I don’t have an opinion going other than I think it’s absolutely right that the attorney general is looking into these issues.”

Amazon’s massive growth and expansion has triggered bipartisan concern among lawmakers and policymakers. Dozens of Amazon warehouse and distribution center workers have also accused the company of unfair and dangerous working conditions.

But Mnuchin also suffered personal losses from Amazon’s dominance of U.S. commerce.

Mnuchin served on the board of directors of Sears Holding Corp. from 2005 until 2016 as the iconic retailer sunk into bankruptcy under the leadership of former chief executive Eddie Lampert, his college roommate.

President TrumpDonald John Trump Ocasio-Cortez about as well known as top Democrats: poll Protestor yelling about Trump Tower meeting thrown out of Mueller hearing Chris Wallace: ‘This has been a disaster for the Democrats’ and ‘for the reputation of Robert Mueller’ MORE has also frequently blasted Amazon founder and CEO Jeff BezosJeffrey (Jeff) Preston BezosMnuchin: DOJ ‘absolutely right’ to launch tech antitrust probe Big Tech has big credibility gap Hillicon Valley: Intel chief creates new election security position | Privacy groups want role in new tech task force | Republicans urge Trump not to delay Pentagon cloud contract MORE, who also owns The Washington Post, a consistent source of rage for the president. 

Amazon rebuffed Mnuchin’s claims in a Wednesday statement, arguing that “small and medium-sized businesses are thriving with Amazon.

“Today, independent sellers make up more than 58% of physical gross merchandise sales on Amazon, and their sales have grown twice as fast as our own, totaling $160 billion in 2018,” said a company spokesperson.

“Amazon’s retail business competes in worldwide market for retail sales and represents less than 1% of global retail and less than 4% of U.S. retail. And the vast majority of retail sales – 90% – still occur in brick-and-mortar stores according to the U.S. Census Bureau.”

Updated at 4:55 p.m.

Click Here: kanken mini cheap

President TrumpDonald John TrumpIlhan Omar defends Cummings after Trump attacks: He ‘wants to distract with his racism’ Donald Trump: ‘The Great Divider’ De Blasio: Democratic debates should address ‘why did we lose and what do we do differently’ MORE said Friday that the U.S. is working with newly minted British Prime Minister Boris Johnson on a “substantial” trade agreement.

“We’re working already on a trade agreement. And I think it’ll be a very substantial trade agreement,” Trump told reporters at the White House.

Trump described Johnson, a critic-turned-ally of the president, as a “good guy” and “good friend of mine.”

ADVERTISEMENT

“I predict he will be a great prime minister. He has what it takes,” he added. 

Johnson rose to international renown for his staunch support of Brexit and vowed earlier this week to complete the U.K.’s separation from the European Union (EU) by the end of October after Parliament dismissed his predecessor’s plan for the break.

The president said the trade relationship between Washington and London was impeded by Great Britain’s ties to the EU and that any new trade agreement will help enhance commerce between the two nations.

“You know we can do with the U.K., we can do three to four times. We were actually impeded by their relationship with the European Union. We were very much impeded on trade. And I think we can do three to four, five times what we’re doing,” Trump said.

Click Here: Sports Water Bottles

Trump made the comments to reporters shortly after getting off the phone with Johnson to congratulate him. Downing Street confirmed to Sky News that Trump and Johnson had spoken Friday evening and that they intend to meet at a Group of Seven summit in Biarritz, France, next month.

Trump has long lambasted the U.S.’s trade relationship with the EU, slapping tariffs on its steel and aluminum exports last year. The Office of the U.S. Trade Representative proposed earlier this month an additional round of tariffs impacting $4 billion of EU goods in response to the body’s aircraft subsidies.

Happy Wednesday 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, njagoda@thehill.com and nelis@thehill.com. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.

 

THE BIG DEAL–House to vote on budget deal Thursday: Democrats will bring a bipartisan deal to raise spending caps and suspend the debt ceiling to a House vote on Thursday, House Majority Leader Steny HoyerSteny Hamilton HoyerHouse passes bill opposing BDS, exposing divide among Democrats House Problem Solvers are bringing real change to Congress Israel vote will expose Democratic divisions MORE (D-Md.) said Wednesday.

The vote will be among the last the House takes before leaving town for a six-week August recess, and the Senate is expected to take up the vote next week, before it begins its own recess.

ADVERTISEMENT

The legislation would head off a potential debt default and steep spending cuts. But there are questions as progressives balk at the deal’s increased defense spending and fiscal conservatives express outrage over the deficit-financed spending.

Even so, the bill seems clear for passage. The Hill’s Niv Elis and Cristina Marcos explain why here.

• “We had a whole presentation from the Center on Budget and Policy Priorities on how good this deal was, how far above expectations it was, what a great negotiator our Speaker is. No one stood up at all to oppose it,” said Rep. Jan SchakowskyJanice (Jan) Danoff SchakowskyHouse to vote on budget deal Thursday CBP detains 3 children, all US citizens, at Chicago airport Here are the 95 Democrats who voted to support impeachment MORE (D-Ill.), a progressive who intends to vote for it.

• Rep. Ro KhannaRohit (Ro) KhannaGOP leaders struggle to contain conservative anger over budget deal House to test Trump’s veto pen on Saudi arms sales Sanders campaign vents frustration with media, polls MORE (D-Calif.), a leading progressive who has staunchly opposed to large increases to defense spending, said Wednesday that he would vote for the deal.

• The House Freedom Caucus took an official position Tuesday not to back President TrumpDonald John Trump Ocasio-Cortez about as well known as top Democrats: poll Protestor yelling about Trump Tower meeting thrown out of Mueller hearing Chris Wallace: ‘This has been a disaster for the Democrats’ and ‘for the reputation of Robert Mueller’ MORE‘s spending deal and agreement to lift the debt ceiling, citing concerns with its impact on the national debt. But that’s just a fraction of the Republican minority, and the GOP is expected to provide more than enough votes to pass the bill with Democrats.

 

LEADING THE DAY

US, China to resume trade talks next week in Shanghai: Top Trump administration officials will travel to China next week for the first high-level, in-person trade negotiating session since talks collapsed in May.

U.S. Trade Representative Robert LighthizerRobert (Bob) Emmet LighthizerChinese, US negotiators fine-tuning details of trade agreement: report The Trump economy keeps roaring ahead Trump says no discussion of extending deadline in Chinese trade talks MORE and Treasury Secretary Steven MnuchinSteven Terner MnuchinMnuchin: DOJ ‘absolutely right’ to launch tech anti-trust probe US, China to resume trade talks next week in Shanghai The Hill’s Morning Report — Mueller day finally arrives MORE will travel to Shanghai on July 30 to meet with Chinese Vice Premier Liu He.

White House press secretary Stephanie Grisham said in a statement the officials will “continue negotiations aimed at improving the trade relationship between the United States and China.”

“The discussions will cover a range of issues, including intellectual property, forced technology transfer, non-tariff barriers, agriculture, services, the trade deficit, and enforcement,” Grisham said.

The background: President Trump and Chinese President Xi Jinping agreed to formally resume talks at last month’s Group of 20 (G-20) summit in Osaka, Japan. Since then, officials have spoken by phone but no in-person negotiations have taken place.

The flashpoints: Mnuchin said Wednesday that he is hopeful the months-long trade dispute could be resolved but said there are still many sticking points.

“I would say there are a lot of issues,” Mnuchin said on CNBC. “My expectation is this will be followed up with a meeting back in D.C. after this and hopefully we’ll continue to progress.”

• Trump has expressed frustration that China has not quickly stepped up purchases of U.S. agricultural products, actions he said at the G-20 would begin “almost immediately.” But China has not said publicly whether it made such a commitment.

• Beijing is seeking relief from U.S. tariffs and a follow-through on the president’s pledge to lift a blacklist on the Chinese tech giant Huawei.

 

Mnuchin: DOJ ‘absolutely right’ to launch tech antitrust probe: Treasury Secretary Steven Mnuchin voiced support Wednesday for a sweeping Justice Department (DOJ) antitrust investigation into the largest U.S. tech companies, taking special aim at Amazon.

“If you look at Amazon, although there’s certain benefits to it, they’ve destroyed the retail industry across the United States, so there’s no question they’ve limited competition,” Mnuchin told CNBC’s “Squawk Box.”

“There’s areas where they’ve hurt small businesses, so I don’t think this is a one-size-fits-all and I don’t have an opinion going other than I think it’s absolutely right that the attorney general is looking into these issues.”

 

The background: The Justice Department announced Tuesday it would probe “whether and how market-leading online platforms have achieved market power and are engaging in practices that have reduced competition, stifled innovation, or otherwise harmed consumers.”

• Amazon’s massive growth and expansion has triggered bipartisan concern among lawmakers and policymakers. Dozens of Amazon warehouse and distribution center workers have also accused the company of unfair and dangerous working conditions.

• But Mnuchin also suffered personal losses from Amazon’s dominance of U.S. commerce. Mnuchin served on the board of directors of Sears Holding Corp. from 2005 until 2016 as the iconic retailer sunk into bankruptcy under the leadership of former chief executive Eddie Lampert, his college roommate.

I’ve got more on Mnuchin’s argument and Amazon’s response here.

 

GOOD TO KNOW

• Democratic senators at a hearing on Wednesday pressed Treasury Department nominees on guidance the department issued last year reducing donor disclosure requirements for certain tax-exempt groups.

• Facebook will pay $5 billion as part of a record settlement with the Federal Trade Commission (FTC) over charges of extensive privacy violations in its handling of the Cambridge Analytica scandal, the agency announced Wednesday. Facebook also said it was the subject of an FTC antitrust probe.

• A Florida Republican is bucking the party line and pushing a carbon tax as a way to stem global warming. 

• CNBC: “The S&P 500 and Nasdaq Composite reached all-time highs on Wednesday, propelled by a rally in chip stocks as investors shook off regulatory concerns facing Big Tech.”

 

ODDS AND ENDS

Click Here: highlanders rugby gear world

• Secretary of Health and Human Services Alex Azar is calling Republican senators to encourage them to vote for a bill to lower drug prices being considered on Thursday in the Senate Finance Committee, according to sources familiar with the matter. 

• Bloomberg News: “Bernard Madoff asked President Trump to shorten his 150-year prison sentence, effectively seeking to finish his life in freedom after running the biggest Ponzi scheme in U.S. history.”

The National Security Agency (NSA) announced Tuesday that it will form a cybersecurity arm in October to unify its foreign intelligence and cyber defense missions.

The Cyber Directorate will be responsible for defending against “threats to National Security Systems and the Defense Industrial Base,” the NSA said in announcing the new initiative.

NSA Director Paul Nakasone, who is expected to formally unveil the initiative later Tuesday, said the directorate will allow the agency to “redefine its cyber mission.”

“What I’m trying to get to in a space like cyberspace is speed, agility, and unity of effort,” Nakasone said in a statement released by the agency.

ADVERTISEMENT

The directorate will be led by Anne Neuberger, who has previously served as the NSA’s first chief risk officer. Neuberger has also worked as the NSA’s deputy director of operations and the lead of the “Russia Small Group,” the NSA and U.S. Cyber Command task force created last year to thwart Russian cyber interference.

The new directorate is intended to allow the NSA to better collaborate with other agencies such as U.S. Cyber Command, the Department of Homeland Security and the FBI while also making it easier for the NSA to share threat activity with customers to enable them to defend against potential cyberattacks.

The NSA said in its announcement of the new group that it will “reinvigorate our white hat mission opening the door to partners and customers on a wide variety of cybersecurity efforts,” along with “operationalizing our threat intelligence, vulnerability assessments, and cyber defense expertise to defeat our adversaries in cyberspace.”

The cybersecurity directorate will formally begin operations on Oct. 1.

NSA officials are rolling out the new arm as part of the International Conference on Cyber Security in New York City this week.

Nakasone is expected to discuss the new group during remarks at the conference later Tuesday, following a speech by Attorney General William BarrWilliam Pelham BarrGraham says he will call Papadopoulos to testify Pelosi, Democrats launch Mueller messaging blitz The Hill’s Morning Report — Trump applauds two-year budget deal with 0 billion spending hike MORE earlier in the day.

Barr discussed encryption issues during his speech Tuesday, saying that he believes encryption is allowing “criminals to operate with impunity” in the digital world, a statement that will likely contribute to tension between the U.S. government and the tech industry over whether law enforcement should be given special access to encrypted messages.

Click Here: highlanders rugby gear world

Robert MuellerRobert (Bob) Swan MuellerMueller Day: What to watch for This week: Mueller dominates chaotic week on Capitol Hill Top Republican considered Mueller subpoena to box in Democrats MORE’s highly anticipated testimony landed with a thud on Capitol Hill on Wednesday, as the former special counsel offered few new details or thoughts on a 22-month investigation that has shadowed President TrumpDonald John Trump Ocasio-Cortez about as well known as top Democrats: poll Protestor yelling about Trump Tower meeting thrown out of Mueller hearing Chris Wallace: ‘This has been a disaster for the Democrats’ and ‘for the reputation of Robert Mueller’ MORE’s White House.

Trump and Republicans declared victory after the back-to-back hearings before the House Judiciary and Intelligence committees covered live by the TV networks for just under seven hours.

ADVERTISEMENT

“I thought we had a very good day today,” Trump told reporters at the White House following the conclusion of the second hearing. “This was a very big day for our country. This was a very big day for the Republican Party … could say it was a great day for me.” 

At a press conference Wednesday evening, Democratic leaders insisted that the hearings helped to illuminate more facts within Mueller’s report on Russia’s interference in the 2016 presidential election and what some in the party see as obstruction of justice by Trump. Mueller’s report did not reach a conclusion on that question.

Speaker Nancy PelosiNancy PelosiWarren presses Pelosi on impeachment: ‘Some things are above politics’ Mueller Day: What to watch for On The Money: Trump sues to block release of NY state tax returns | Conservatives erupt in outrage against budget deal | White House defends deal amid backlash from allies | Deal’s winners, losers MORE (D-Calif.) said that she wasn’t ready to decide whether to begin impeachment proceedings after Mueller’s hearing, pointing to several ongoing lawsuits over congressional subpoenas for Trump’s private records.

She said she wants to have as much information about Trump as possible before considering impeachment.

“If we go down that path, we should go the strongest possible way,” Pelosi said.

A packed committee room watched closely as Mueller frustrated lawmakers in both parties at times by refusing to answer questions. A CNN tally put the number of times he declined to answer questions during his first hearing at more than 100.

Throughout the day, Democrats struggled to drag out more than one-word answers from Mueller.

“I wouldn’t accept that characterization,” Mueller repeatedly replied to Democrats’ dramatic descriptions of events laid out in his report, such as whether the deletion of text messages and witness tampering made it difficult for his team to fully assess the extent of Russia’s election interference.

Republicans attacked Mueller for writing in his report that it did not exonerate Trump, saying that he strayed away from Justice Department guidelines with the phrasing.

“Respectfully, director, it was not the special counsel’s job to conclusively determine Donald Trump’s innocence or to exonerate him because the bedrock principle of our justice system is presumption of innocence. It exists for everyone,” said Rep. John RatcliffeJohn Lee RatcliffeScarborough during Mueller hearing: ‘Jesus, forgive me for ever being a Republican’ Sarah Huckabee Sanders claims Mueller testimony ‘once again vindicates’ Trump GOP lawmaker tears into Mueller, alleging his report violates DOJ principles MORE (R-Texas). “Everyone is entitled to it — even sitting presidents.”

Mueller defended himself by labeling it a “unique situation,” as he put it to Ratcliffe.

The GOP also sought to attack Mueller’s team, repeating an argument from Trump that it leaned Democratic. Some of Mueller’s most vigorous moments came when he defended his legal team.

“We strove to hire those individuals that could do the job,” he told Rep. Kelly Armstrong (R-N.D.) during the Judiciary hearing. “I’ve been in this business for almost 25 years and in those 25 years I have not had occasion, once, to ask anyone about their political affiliation. It is not done. What I care about is the ability of the individual to do the job and do the job quickly and seriously and with integrity.”

Mueller repeatedly asked lawmakers to repeat their questions, seemingly struggling to hear them. Judiciary Committee Chairman Jerrold NadlerJerrold (Jerry) Lewis NadlerNadler: DOJ directive to Mueller is part of ‘ongoing cover up’ from Trump administration Harris, Nadler introduce bill to decriminalize marijuana Why are we permitting federal child abuse at our border? MORE (D-N.Y.) had to ask Mueller more than once to speak directly into his microphone, and Mueller a few times tripped over his words.

Under friendly questioning from one Democrat, Mueller didn’t recall that he was tapped by President Reagan to serve as U.S. attorney in Massachusetts, instead saying, “I think that was President Bush.”

ADVERTISEMENT

Mueller, who had been reluctant to testify to Congress, seemed to get more comfortable the further the testimony progressed and was notably more at ease during the second hearing of the day as he recounted Russia’s active measures to interfere in the 2016 election.

Early on in first the hearing, Mueller said that his findings do not exonerate Trump, a statement that he’s made previously and is featured predominantly in his report released earlier this year.

“The finding indicates that the president was not exculpated for the acts that he allegedly committed,” Mueller said on Wednesday.

Later, Mueller said he believed a president could be indicted on an obstruction of justice charge after leaving office.

At the heart of Mueller’s comments is a Department of Justice guidance that says a sitting president cannot be indicted. Mueller said it was this regulation that prevented his team from even concluding whether Trump’s conduct reached the bar needed to charge him with obstruction of justice.

At one point, he said that he did not indict Trump because of the guidance, a memo from the agency’s Office of Legal Counsel (OLC).

“The reason, again, that you did not indict Donald Trump is because of the OLC opinion stating you cannot indict a sitting president,” Rep. Ted LieuTed W. LieuMueller’s team indicates to Democrats he will not read report’s text if asked Mueller hashtags trend as special counsel set to testify Live coverage: Mueller testifies before Congress MORE (D-Calif.) said.

“That is correct,” Mueller replied, though he later appeared to walk those comments back.

Mueller addressed that exchange at the start of his appearance before the House Intelligence Committee, saying he wanted to “issue a correction.”

“We did not reach a determination on whether the president committed a crime,” he said.

The possibility of a post-presidency indictment was later raised by Rep. Mike QuigleyMichael (Mike) Bruce QuigleyHillicon Valley: Equifax to pay up to 0M over data breach | Settlement invites criticism from lawmakers | Microsoft settles bribery case | Election security to take back seat at Mueller testimony Election security to take back seat at Mueller hearing Funding a strong defense of our nation’s democratic process can’t wait MORE (D-Ill.), a member of the Intelligence Committee who has come out in favor of starting impeachment proceedings.

Quigley asked Mueller about the possibility of the statute of limitations running out for federal crimes like obstruction of justice — those crimes can only be pursued for five years after they take place, and if he secures a second term, Trump could remain president well after that clock runs out.

The Democrat asked Mueller if “a president who serves a second term is therefore, under the policy, above the law.”

“I’m not certain I would agree with that conclusion,” Mueller replied.

Republicans pressed the ex-FBI director on the origins of the Russia probe and his relationship with former FBI Director James ComeyJames Brien ComeySarah Huckabee Sanders claims Mueller testimony ‘once again vindicates’ Trump Gohmert presses Mueller on Comey friendship, handling of FBI agents Live coverage: Mueller testifies before Congress MORE.

After the Judiciary hearing, it seemed far from clear that Mueller had added momentum to the cause of pro-impeachment lawmakers.

Still, he appeared to give a thinly veiled nod to Congress that it is lawmakers’ responsibility to put the information laid out in his report to rest, and soon.

“[The report] is also a signal — a flag — to those of us who have some responsibility in this area to exercise those responsibilities swiftly and don’t let this problem continue to linger as it has over so many years,” Mueller said.

Olivia Beavers contributed.