Senate. The Senate is in recess.
House. This week the House will take up two resolutions under the Congressional Review Act to disapprove Biden Administration rules. One resolution would block the Administration’s student debt relief plan and nullify the pause on federal student loan payments and interest. The other would overturn an EPA rule that established new emission standards for heavy-duty trucks, a rule that the Senate voted 50-49 on April 26 to disapprove. The President is expected to veto both resolutions if they reach his desk. The House could also try to override the President’s May 16 veto of a CRA resolution that would repeal the Administration’s two-year suspension of tariffs on solar panels imported from four Southeast Asian countries. However, the tally is likely to be short of the two-thirds needed to override the veto.
Debt Limit. Negotiations to address the debt limit are continuing between the White House and House Speaker Kevin McCarthy’s team, with the President and the Speaker scheduled to meet this evening. The negotiators are continuing to operate under the assumption that Congress needs to act before June 1. Treasury Secretary Yellen said Sunday that while there is still uncertainty about the exact date that Treasury will be unable to pay its bills, “the odds of reaching June 15 while being able to pay all of our bills is quite low.”
An analysis released May 18 by the Bipartisan Policy Center looks at daily cash flows in June. On June 1, for example, the government will pay out an estimated $101 billion (including payments for Medicare providers, military pay, civil service retirement, and veterans benefits) while taking in $26 billion in revenue. On June 2, the government is scheduled to spend an estimated $40 billion, including $25 billion in Social Security benefits, while taking in $18 billion.
FY 2024 Appropriations. One of the biggest sticking points in the debt limit talks is how much the government should spend in coming years. Even though that question has yet to be resolved, the House Appropriations Committee is moving ahead to mark up the FY 2024 spending bills. This week the committee plans to vote on the spending allocations [known as 302(b) allocations] for the four bills that are scheduled for full committee action this week following subcommittee approval last week. On Tuesday, the full committee will mark up the Military Construction/Veterans Affairs bill as well as the Legislative Branch measure. On Wednesday, the committee will act on the Agriculture/FDA and Homeland Security bills.
Committee Action of Note
Monday, May 22
Tuesday, May 23
Wednesday, May 24
Thursday, May 25
With negotiators working to hammer out a debt ceiling deal that addresses discretionary spending levels, the House Appropriations Committee is moving forward with action this week on four FY 2024 spending bills.Read More
Debt limit talks continue to be the priority for President Biden and Congressional leaders, but timing and the outcome itself remain murky.Read More
Enacting debt ceiling legislation this month will be hard to accomplish given the substantive differences between the two parties as well as the presidential and congressional schedules.Read More