Budget, Macron/Starmer Visit, and Tariffs

Last week the Senate passed its version of the FY 2026 Budget Resolution, which is the first step of the budget process that Republicans hope to use to enact the Trump administration's programs.  Budget reconciliation is the one process that allows Congress to act on tax and spending issues without the threat of a filibuster in the Senate.

The Budget Resolution passed by the Senate has been called a “skinny” budget bill by some, as it does not contain President Trump’s highest priority – the renewal of his 2017 tax cuts which expire at the end of this year. Senate Republicans' idea is to pass the President’s program in two steps, with last week’s legislation focused on the border, energy, and increased money for defense.

This week the House will take up its “big, beautiful bill” approach.  While previously remaining neutral on one bill versus two, President Trump endorsed the House version with only one package.  The House Budget Resolution has all the programs in the Senate version, plus a renewal of the tax provisions. Importantly, it also includes a $4 trillion increase in the debt ceiling, a legislative “must pass” item in the coming months.

House Speaker Mike Johnson and his leadership team is concerned that with their razor-thin majority...
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