Update 909 — Getting the Gov’t Open,Crypto Draft, Tariff Rebate Lead Week After 43 days of stalemate, Congress put an end to the longest shutdown in U.S. history this week. The agreement to keep the government open until January 30, mostly at current spending levels, did not address extending expiring enhancements to ACA premium tax …
Update 882 – Fiscal Fingers Crossed?Rescissions Package Sets Precedent For the first time in over 30 years, Congress has acted on a presidential rescissions request under the Impoundment Control Act to cancel funding that was previously approved in bipartisan appropriations bills. Beyond funding cuts, this move sets a precedent for undoing negotiated agreements by simple …
Update 881 – Crypto Week in House:Bumpy Ride on the Digital Express This week is “Crypto Week,” or “Anti-Crypto Corruption Week,” depending on who you ask. Many of Trump and the GOP’s financial regulatory objectives are approaching fruition, with major pieces of crypto legislation up for a vote in the House this week. One of …
Update 880 – Recissions’ Impact on FY26, Gould’s OK for OCC Lead Week’s Round-Up Senate Republicans this week debated Trump’s $9.4 billion rescissions package targeting funding for international aid and public broadcasting, which faces a July 18 deadline for a simple majority vote. While the package is small, its passage could cloud negotiations on FY26 …
Update 877 – Rulings and OBBB Process,Mamdani Win, Prices, Entitlement Reports The Senate parliamentarian continued her review of the GOP’s reconciliation bill (OBBB) this week, shooting down Medicaid cuts crucial to the fiscal balance of the bill. This straw may have broken the camel’s back, as calls to overrule or dismiss the Senate’s referee following …
Update 873 – Crypto Regulation Bills:Congress Paid/Poised to Please Firms Congress is forging ahead with major cryptocurrency legislation this week. Two House Committees held markups on and approved the CLARITY Act. Votes are expected later this week on the GENIUS Act in the Senate. These bills would establish new regulatory frameworks for facets of the …
Update 872– The Trump-Musk Meltdown:Elon Attacks OBBB… But to Any Effect? Yesterday, President Trump and Elon Musk’s disagreement over the projected deficit impact of Trump’s reconciliation package erupted into public view on social media. While the dust seems to have settled somewhat as of today, this split raises questions about Musk’s political influence going forward. …
Update 868 – Reconciliation Halted:House Budget Stops Massive Tax Bill In a somewhat surprising turn of events today, the House Budget Committee rejected the GOP reconciliation blueprint, with four Republicans joining Democrats in opposition. The Republican defectors cited concerns over the proposal’s overall deficit impact, as well as delays in implementing cost-reduction measures like Medicaid …
Update 866 – GENIUS Fails Senate Test;Reconciliation Faces Test next Tuesday Yesterday, after trying to muscle Democrats into moving forward with the first major piece of crypto legislation this Congress, Senate Majority Leader John Thune faced an embarrassing setback when the GENIUS Act failed to get cloture, falling short by a surprisingly wide margin. The …
Update 838 — Trump’s Barrage of EOsInvite Legal Challenge; Many Infeasible Immediately following his presidential inaugural on Monday, Donald Trump signed dozens of Executive Orders this week, many with drastic economic and fiscal implications, including several drawing legal challenges and others that may simply be infeasible without Congressional funding that Democrats may be able to …
