  We present contemporaneous XMM-Newton X-ray and ground-based optical/near-IR
spectroscopic observations of the nearby ($D \approx 42$ pc), low-mass (mid-M)
binary system TWA 30A and 30B. The components of this wide (separation
$\sim$3400 AU) binary are notable for their nearly edge-on disk viewing
geometries, high levels of variability, and evidence for collimated stellar
outflows. We obtained XMM-Newton X-ray observations of TWA 30A and 30B in 2011
June and July, accompanied (respectively) by IRTF SpeX (near-IR) and VLT
XSHOOTER (visible/near-IR) spectroscopy obtained within $\sim$20 hours of the
X-ray observations. TWA 30A was detected in both XMM-Newton observations at
relatively faint intrinsic X-ray luminosities ($L_{X}$$\sim$$8\times10^{27}$
$erg$ $s^{-1}$) compared to stars of similar mass and age . The intrinsic
(0.15-2.0 keV) X-ray luminosities measured in 2011 had decreased by a factor
20-100 relative to a 1990 (ROSAT) X-ray detection. TWA 30B was not detected,
and we infer an upper limit of ($L_{X}$ $\lesssim$ 3.0 $\times$ $10^{27}$ erg
s$^{-1}$). We measured a large change in visual extinction toward TWA 30A (from
$A_V \approx 14.9$ to $A_V \approx 4.7$) between the two 2011 observing epochs,
and we find evidence for a corresponding significant decrease in X-ray
absorbing column ($N_H$). The apparent correlated change in $A_V$ and $N_H$ is
suggestive of variable obscuration of the stellar photosphere by disk material
composed of both gas and dust. However, in both observations, the inferred
$N_{H}$ to $A_{V}$ ratio is lower than that typical of the ISM, suggesting that
the disk is either depleted of gas or is deficient in metals in the gas phase.
