Budget Politics Draw DC's Focus, FOMC Minutes

Congress remains in recess, but on Thursday, the White House released plans for more spending that will be added to the Congressional agenda when the House and Senate return after Labor Day. Under the proposed Supplemental Spending Bill, the Biden administration is requesting over $40B in money above and beyond the proposed budget deal reached by the President and the Speaker. The proposal covers requests ranging from more funding for Ukraine to the replenishment of rapidly depleting emergency assistance programs. The latter is needed to deal with disasters such as wildfires and potential hurricanes that could hit the Atlantic and Gulf coasts later this summer.  To try and entice House Republicans, the proposal also includes more money for border security, but that may not be enough to secure conservative Republican support.

The Administration idea is to add carrots for Republicans and tie the supplemental to the Continuing Resolution (CR) that is likely to be needed to keep the government operating after October 1 when the Federal government runs out of spending authority.  In past Congresses, this strategy often worked, but it might not appease conservative Republicans who appear ready to accept a government shutdown as a price to be paid in order to achieve lower government spending. 

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