EIW Today - April 30th, 2025

Prism Group's Daily Summary

RECONCILIATION BILL HIGHLIGHTS DIVISION WITHIN GOP... Republicans’ push for a sweeping tax bill is facing growing internal friction. Disagreements are emerging over proposed Medicaid and SNAP (food aid) cuts, lifting the SALT cap, new vehicle fees, and cuts to federal pensions. Lawmakers are also split on whether to eliminate the carried interest loophole, with key GOP members warning of political and policy consequences. As pressure builds for leadership to reveal more details, concerns over cost-sharing and the scope of spending cuts threaten to derail progress.

PRESIDENT TRUMP WALKS BACK SOME TARIFFS... President Trump yesterday signed executive orders easing his 25% auto tariffs, introducing a temporary rebate system to give carmakers relief from rising costs. Automakers will receive reduced levies for two years based on the share of foreign parts in U.S.-assembled vehicles, aimed at encouraging domestic manufacturing. The move signals a willingness to carve out certain industries and activities from the levy, though the overall trade strategy remains an open question. 

SBA ANNOUNCES 2025 NATIONAL SMALL BUSINESS WEEK VIRTUAL SUMMIT AGENDA... In celebration of National Small Business Week, the U.S. Small Business Administration has unveiled the agenda for its Virtual Summit taking place May 6–7, a free two-day online event aimed at empowering entrepreneurs with expert-led workshops, federal resources, and real-time mentorship. Co-sponsored by SCORE and major companies like Google, Amazon, and VISA, the summit underscores the SBA’s commitment to using technology to expand access to critical tools for small business success. The summit complements a national awards ceremony in Washington, D.C., on May 5 and local celebrations nationwide, all part of the SBA’s broader push to support the backbone of the American economy: its small businesses.

ECONOMIC GROWTH SLOWS IN FIRST QUARTER... This morning, the Bureau of Economic Analysis (BEA) released its Gross Domestic Product (GDP) report for Q1 of 2025, showing that America's Real GDP decreased at a rate of 0.3% compared to a 2.4% increase in Q4 of 2024. Real GDP is an inflation adjusted measure that reflects the value of all goods and services produced by an economy. Q1's downturn is driven by increased imports, a deceleration in consumer spending, and a decrease in government spending that were partly offset by upturns in investment and exports.

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS: 

Thirty-four states are in regular session. Maine is in special session.

WHAT WE'RE WATCHING: 

A small pile of significant tax bills are getting delivered to Gov. Bob Ferguson (D) in Washington state. Collectively, they form the backbone to the state’s next budget and would generate the revenue needed to erase a chunk of a shortfall Gov. Ferguson has pegged at $16 billion over the next four fiscal years. The tax package is expected to net around $9.4 billion over that time.

On April 7, the Maryland legislature passed House Bill 352 and sent it to Gov. Wes Moore for him to sign into law. If enacted without any line-item vetoes affecting the provisions below, the bill will create several tax law changes, including new tax rates on higher income individuals and new capital gains surtax.

LAWMAKERS... IN OR OUT?

The House... convenes today at 10:00 AM. The full schedule may be found here.

The Senate... convenes today at 10:00 AM. The full schedule may be found here.

HAPPENING ON THE HILL

The House...

Committee on Small Business will hold a hearing TODAY, 4/30 at 9:45 AM entitled, “Full Committee Markup.”

Committee on Financial Services will hold a hearing TODAY, 4/30 at 10:00 AM entitled, “Markup of Various Measures.”

Committee on Energy and Commerce will hold a hearing TODAY, 4/30 at 10:00 AM entitled, “"Global Networks at Risk: Securing the Future of Telecommunications Infrastructure.”

Committee on Energy and Commerce will hold a hearing TODAY, 4/30 at 10:15 AM entitled, “Assuring Abundant, Reliable American Energy to Power Innovation.”

The Senate...     

Committee on Health, Education, Labor and Pensions will hold an executive session TODAY, 4/30 at 10:00 AM entitled “S. 588 and S. 163.”

Committee on Finance will hold a hearing TODAY, 4/30 at 10:00 AM entitled “Hearing to Consider the Nomination of Rodney Scott, of Oklahoma, to be Commissioner of U.S. Customs and Border Protection, Department of Homeland Security, vice Chris Magnus.”

Committee on Judiciary will hold a hearing TODAY, 4/30 at 10:15 AM entitled, “Nominations.”

Committee on Appropriations will hold a hearing TODAY, 4/30 at 10:30 AM entitled, “Biomedical Research: Keeping America’s Edge in Innovation.”

Committee on Banking, Housing and Urban Affairs will hold a hearing Thursday, 5/1 at 10:00 AM entitled, “Examining Insurance Markets and the Role of Mitigation Policies.”

Committee on Judiciary will hold a hearing Thursday, 5/1 at 10:15 AM entitled, “Executive Business Meeting.”

BILLS OF INTEREST

The House Committee on Small Business will hold a markup of legislation to amend the following seven measures. The markup will be held at 9:45 AM ET on Wednesday, April 30, 2025, in room 2360 of the Rayburn House Office Building. The items that will be marked up include:

• H.R. 1163 – Prove It Act of 2025

• H.R. 2027 – Returning SBA to Main Street Act

• H.R. 2987 – Capping Excessive Awarding of SBLC Entrants (CEASE) Act

• H.R. 2931 – Save SBA from Sanctuary Cities Act

• H.R. 2968 – Business over Ballots Act

• H.R. 2965 – Small Business Regulatory Reduction Act of 2025

• H.R. 2966 – American Entrepreneurs First Act

AT THE AGENCIES

The U.S. Department of Labor

U.S. Department of Labor Secretary Lori Chavez-DeRemer traveled to California’s Central Valley to meet with local businesses and workers who are benefiting from the new Administration’s America First policies.

The U.S. Department of the Treasury

U.S. Department of the Treasury Announces Achievements in the First 100 Days of the Trump Administration.

The U.S. Department of Commerce

Check back tomorrow for possible updates.

The U.S. Trade Representative

The Office of the United States Trade Representative (USTR) released its 2025 Special 301 Report on the adequacy and effectiveness of U.S. trading partners’ protection and enforcement of intellectual property (IP) rights.

The U.S. Small Business Administration

The U.S. Small Business Administration announced the agenda for the National Small Business Week Virtual Summit, a free online event that will be held May 6-7.

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