On The Hill

Federal Deficit Projections The Congressional Budget Office (CBO) projects the federal deficit will reach $12.2 trillion, an average of 4.7 percent of gross domestic product (GDP), through 2029. This estimate represents an $809 billion increase from CBO’s deficit projection in May. The increase reflects the bipartisan deal to raise spending caps, which passed both chambers…

China Announces $75 Billion Tariffs on US Products, Trump Responds On Friday (Aug 23), China announced it will move forward with as much as 10 percent on $75 billion worth of US products as retaliation to President Trump’s threats to impose new duties on Chinese imports in September. According to the State Council’s Customs Tariff…

Senate Committee on Finance Releases Reports on Temporary Tax Policy Senate Finance Committee Chairman Chuck Grassley (R-IA) and Ranking Member Ron Wyden (D-OR) released reports summarizing the work of three of the six bipartisan taskforces that examined tax provisions that have expired, or are set to expire, between Dec 31, 2017 and Dec. 31, 2019.…

China Threatens Countermeasures against US, Tariffs On Thursday (Aug 15), China announced it would take “necessary countermeasures” if President Trump imposes additional tariffs on September 1, further escalating the ongoing trade war between the two nations. “The move by the U.S. seriously violated the consensus reached between the two heads of state in Argentina and…

Extenders On July 25, the House passed the Bipartisan Budget Act favorably by a vote of 284-149. After passing the Senate by a vote of 67-28 on Thursday (Aug 1), the two-year $2.7 trillion budget deal was signed by President Trump this morning (Aug 2). Congress will have to work quickly to develop a spending…

The Senate passed its budget deal this week and will now head back to their districts until after Labor Day for recess. The administration introduced a new importation plan that offers a pathway through which states could import drugs from Canada and an industry-led pathway that could open importation from other foreign countries. Budget Deal…

Talks with China Collapse, More Tariffs Looming United States Trade Representative (USTR) Robert Lighthizer and Treasury Secretary Steve Mnuchin had hoped to inch the US and China closer toward a trade deal this when the pair had its first face-to-face talks since May. Those hopes seem temporarily dashed, as President Trump announced on Wednesday (July…

Extenders On Thursday (July 25), the House passed a $2.7 trillion budget agreement that would keep the federal government open through FY 2021; it also increases the federal debt ceiling through the same period of time. It establishes a $1.37 trillion budget agreement in the first year, with $738 billion for defense spending and $632…

It was a busy week in Congress on health priorities before heading to August recess as the Senate Finance Committee passed an overhaul of Medicare and Medicaid drug payments, the Senate HELP Committee announced its decision to hold off on their surprise billing legislation until September, and sequestration on Medicare was included in the Budget…

Tax Treaties On Tuesday (July 16), the Senate ratified a tax protocol that would amend a tax treaty with Spain, the first success after years of stalled efforts between the two countries. The protocol passed on a vote of 94-2, with Sen. Rand Paul (R-KY) and Sen. Mike Lee (R-UT) voting no. The Senate also…