Trump tax returns, McCarthy’s House Speaker bid, omnibus spending bill: What to watch in DC

Yahoo Finance’s Kevin Cirilli joins the Live show to discuss the latest political headlines happening out of Washington, D.C., this week.

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BRIAN SOZZI: It's far from a quiet holiday week in DC. Yahoo Finance contributor Kevin Cirilli is here with a few things he's watching, starting with former President Donald Trump. Kevin.

KEVIN CIRILLI: This is the most consequential week for former President Donald Trump since he's left office. Later Monday afternoon, the House Select Committee on January 6 will meet to decide whether or not to refer any criminal-- or recommend to the Justice Department, rather, that there be any charges filed against former President Trump and some of his inner circle as it relates to January 6.

Separately, what we're also watching is that on Tuesday, the members of Congress will be meeting, the House Ways and Means Committee, about whether or not to release potentially some of the former president's tax returns. Remember that the former president has been entangled in New York court with regards to transparency over his tax records. This is something that Trump has kept incredibly close to vest for years, including during the 2016 presidential campaign and well into his administration. But now Democrats deciding whether or not to release any of those tax records. And it comes again as he's taken a hit in the polls as he's relaunched his bid for the White House.

JULIE HYMAN: And you're also watching another bit of drama in Washington as well. Kevin McCarthy reinvigorating his bid for speakership. What can we expect to see there?

KEVIN CIRILLI: Well, January 3 is the big date for when Kevin McCarthy will have that vote on the House floor with Republicans voting whether or not to elect him the House speaker, but it has been a tumultuous road for Kevin McCarthy and much more difficult than he would like. There are about five Republicans who are holding out support, and that means a lot when you look at the inner dynamics, Julie, of what Kevin McCarthy would need in order to get the gavel.

I think it's really important to note that the hardliners on the right are not going to cave, and some of the more moderate members of the Republican Party who just maybe are supportive of McCarthy, if presented with another alternative on January 3, would they change their minds? It's made it an incredibly fascinating dynamic to watch.

Again, because Republicans underperformed in the midterms, this has really weakened Kevin McCarthy and his grasp, so to speak, on a more clear path to the gavel. We'll see.

BRAD SMITH: Kevin, it's really tough this morning because all I want to do is talk about the Eagles right now with you--

KEVIN CIRILLI: Yeah, right?

BRAD SMITH: --but let's also talk first--

KEVIN CIRILLI: So do I.

BRAD SMITH: --about something larger, just a little bit larger, the omnibus spending bill here. Do you think they can get that done this week?

KEVIN CIRILLI: Well, you know, we are 13 and 1, which is just an amazing thing. And if you're going to give me the inch, I'm going to take the mile. I'm having visions of Super Bowl for January. Maybe that's the real Christmas that's coming up. Back to work, Kevin Cirilli!

[LAUGHTER]

Do I think they're going to pass the NDAA, $850 billion worth? The key sticking point in this is whether or not President Biden is going to get on board with it because the Senate just passed a version that removes the vaccine mandate for members of the military that John Kirby, who is a spokesperson for the national security in the White House, has been tight lipped as to whether or not the president's going to get on board with that.

Separately, they kicked the can, as we had discussed last week, for a week-long extension on keeping the government open. I do think they are going to ultimately pass that based on the conversations here in Washington, but it's a hefty chunk of change on these two pieces of legislation.

JULIE HYMAN: Kevin Cirilli, I have no commentary on the Eagles, but I appreciate you and Brad's enthusiasm. Thanks. Brad's flapping his wings over here.

KEVIN CIRILLI: Any time.

JULIE HYMAN: All right, thanks, guys.