On The Hill

JCT Rolls Back Cost of Loss-Limitation Rule On Wednesday (Apr. 22), the Joint Committee on Taxation (JCT) revised its earlier estimate of how much of the loss limitation rule, included in the CARES Act, will cost. In the initial review, the agency said the provision will cost $170 billion over the next decade. The new…

Steel, Aluminum Left Out of Impending Tariff Relief On Monday (Apr. 20), the United Steelworkers Union expressed its frustration with President Trump’s surprise decision to allow the deferral of some import duty payments for 90 days. The group said the deferral of these payments undermines Trump’s commitment to “buy American and hire American.” The order…

International Energy Agency Forecast   On Wednesday (Apr. 15), the International Energy Agency (IEA) said it expected April oil demand to decrease by 29 million barrels per day from 2019’s mark, reaching 1995 levels. Second quarter demand will likely fall to 23.1 million barrels per day from the corresponding 2019 figure.   On Friday (Apr.…

COVID-19 Latest   The Senate concluded its pro forma session Thursday (Apr. 16) without reaching an agreement on an interim emergency spending package. The next chance for a deal will be Monday, April 20, when the Senate convenes pro forma session at 2:00 pm. Majority Leader Mitch McConnell has indicated future pro forma session dates…

The Senate concluded its pro forma session Thursday (Apr. 16) without reaching an agreement on an interim emergency spending package. The next chance for a deal will be Monday, April 20, when the Senate convenes pro forma session at 2:00 pm. Majority Leader Mitch McConnell (R-KY) has indicated future pro forma session dates are as…

OPEC-Russia Agreement On Thursday (Apr. 9), OPEC and Russia outlined an agreement on crude production cuts. The deal calls for 10 million barrels a day in cuts, spread among Russia, Saudi Arabia, members of OPEC, and other additional countries. The initial round of cuts would last until the end of June and decrease to 8…

Trump Eyes July 1 for USMCA Implementation The Trump administration is eyeing July 1 as its target for implementing the United States-Mexico-Canada Agreement (USMCA), despite warnings from industries that doing so amidst the coronavirus pandemic could be problematic. The trade deal to replace NAFTA was originally set for implementation on June 1, but the trio…

COVID-19 Latest Efforts to provide interim emergency coronavirus relief were stalled this week after partisan disagreement in the Senate. Majority Leader Mitch McConnell (R-KY) tried to approve $250 billion in new money for small businesses through the Paycheck Protection Program (PPP), but was met with opposition from Democrats, who believed the plan did not do…

Proposed Legislation The Coronavirus Help and Response Initiative Through Year (CHARITY) 2022 Act, introduced by Rep. Mark Walker (R-NC) would allow above-the-line charitable contribution deductions for individuals who don’t itemize deductions. 3516, the Emergency Family Relief Act of 2020, introduced by Sen. Josh Hawley (R-MO) would create an emergency family relief credit to be given…

Global Deal in Sight?   On Thursday (Apr. 2), President Trump signaled a solution might be in sight for the global price war, tweeting, “Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10…