EIW Today - February 12th, 2025

Feb 12

Prism Group's Daily Summary

TAX BILL TOPLINE FIGURES START TO TAKE SHAPE… With the Senate moving forward on its budget blueprint today, the House is running out of time to prove that their single-bill reconciliation strategy is the way to go. But amid the pressure to release a product, House Republicans unveiled their own framework today which includes $4.5 trillion in tax cuts – which Ways & Means Chair Jason Smith warned is insufficient to accomplish President Trump’s agenda – alongside $1.5 trillion in spending cuts and a $4 trillion debt limit increase.

SMALL BUSINESSES ARE OPTIMISTIC, BUT HAVE JOB OPENINGS THEY CAN’T FILL... The National Federation of Independent Business reported a dip in its Small Business Optimism Index, which fell by 2.3 points to 102.8, though it remained above the 51-year average of 98. The Uncertainty Index, however, rose sharply by 14 points to 100, marking its third-highest level on record. A significant challenge highlighted in the survey is the difficulty in hiring: 35% of small business owners reported job openings they could not fill, with 90% of those seeking to hire indicating a scarcity of qualified applicants.

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS:

Forty-eight states are in regular session. Florida is in special session.

WHAT WE'RE WATCHING:

Twenty-two states, led by West Virginia, are suing to block New York’s Climate Change Superfund Act. The coalition argues that the law unlawfully holds fossil fuel companies accountable for emissions regardless of their location. The lawsuit was filed in federal court, and contends that only the federal government has the authority to regulate interstate emissions. New York officials have promised to defend the law as a necessary way to make polluters pay for climate-related damages.

Oklahoma has become one of the first states to integrate AI into its procurement oversight, using Celonis Process Copilot to make audits more efficient and flag $6.8 billion in inefficiencies. The technology provides near real-time insights into state spending; it has helped renegotiate contracts and improve transparency.

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 Financial Services will hold a hearing TODAY, 2/12 at 10:00 AM entitled “The Federal Reserve’s Semi-Annual Monetary Policy Report”

Committee on Appropriations will hold a hearing TODAY, 2/12 at 10:00 AM entitled “CAREER READY STUDENTS: INNOVATIONS FROM COMMUNITY COLLEGES AND THE PRIVATE SECTOR”

Committee on Small Business will hold a hearing TODAY, 1/12 at 10:00 AM entitled “Driving Economic Growth: SBA Lending Programs and the Vital Role of Community Banks”

Energy and Commerce Committee Commerce, Manufacturing, and Trade Subcommittee will hold a hearing TODAY, 2/12 at 10:00 AM entitled “AI in Manufacturing Subcommittee: "Securing American Leadership in Manufacturing and the Next Generation of Technologies".”

The Senate...

Small Business and Entrepreneurship Committee will hold a business meeting TODAY, 2/12 at 9:30 AM entitled “Business Meeting to consider pending business of the committee.”

Committee on Health, Education, Labor and Pensions will hold a hearing TODAY, 2/12 at 10:00 AM entitled “Nomination of Lori M. Chavez-DeRemer to serve as Secretary of Labor”

Committee on Judiciary will hold a hearing TODAY, 2/12 at 10:15 AM entitled “Nominations”

Committee on Judiciary will hold an Executive business meeting Thursday, 2/13 at 9:00 AM entitled “Executive Business Meeting”

Committee on Health, Education, Labor and Pensions will hold a hearing Thursday, 2/13 at 10:00 AM entitled “Nomination of Linda McMahon to serve as Secretary of Education”

BILLS OF INTEREST