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EIW Today - January 16th, 2024

Prism Group's Daily Summary



CONGRESS URGENTLY WORKS TO FUND THE GOVERNMENT BEFORE FRIDAY... A bipartisan deal for a two-part stopgap bill, extending funding until March, has been proposed with a Senate procedural vote scheduled. Speaker Mike Johnson faces challenges as he manages discontent within his party over spending matters. House conservatives oppose the move, complicating Johnson's efforts. The House GOP's opposition to the stopgap bill may lead to a fast-track process, requiring significant Democratic support. This marks the third continuing resolution in fiscal year 2024, reflecting the need for more time to finalize appropriations despite earlier spending number agreements. 


DEAL REACHED TO ADDRESS BUSINESS TAX BREAKS... The chief tax writers in Congress have reached a deal to temporarily expand the Child Tax Credit in an approximately $80 billion package. The plan would also provide targeted relief for businesses related to R&D and interest expenses, allow certain purchases to be written off immediately, enhance subsidies for affordable housing and disaster assistance, while tightening restrictions around the Employee Retention Credit, among other changes. The question now is how Senate Finance Committee Chair Ron Wyden and House Ways and Means Committee Chair Jason Smith plan to advance their package, and whether they will seek to attach it to a government funding bill or move it as a standalone measure.

 

THE STATE OF THE STATES 

SESSIONS BY THE NUMBERS: 

Thirty-three state legislatures are in regular session. Louisiana is in special session. 

 

WHAT WE'RE WATCHING: 

Massachusetts Governor Maura Healey (D) announced a partnership between two state offices to reopen statewide contracts, providing more opportunities to diverse and small businesses. The initiative, led by Nicole Obi as the chair of the state's first Supplier Diversity Office Diverse and Small Business Advisory Board, will focus on information technology, energy, climate action, and a range of industries. Contracts will reopen later in 2024 to diversify vendors. 

  

Georgia Governor Brian Kemp's (R) budget proposals for 2024 indicate a robust surplus that allocates over $2 billion in cash for capital projects in areas like education, public safety, tax relief, and infrastructure. Governor Kemp's $37.5 billion mid-year budget features investments in transportation improvements, technology upgrades, water and sewer projects, and new educational facilities. 


LAWMAKERS... IN OR OUT? 

The House... convenes today at 4:00 PM ET. The full schedule may be found here. 

The Senate... convenes today at 3:00 PM ET. The full schedule may be found here. 

 

HAPPENING ON THE HILL 

The House...  

Committee on Small Business will hold a hearing Thursday, 1/18 at 10:00 AM entitled “Unleashing Main Street's Potential: Examining Avenues to Capital Access” 

Committee on Financial Services will hold a hearing Wednesday, 1/17 at 10:00 AM entitled “International Financing of Nuclear Energy” 

Committee on Financial Services will hold a hearing Thursday, 1/18 at 10:00 AM entitled “Oversight of the SEC’s Proposed Climate Disclosure Rule: A Future of Legal Hurdles” 

 Committee on Ways and Means will hold a hearing Wednesday, 1/17 at 2:00 PM entitled “Work & Welfare Subcommittee Hearing on Pathways to Independence: Supporting Youth Aging Out of Foster Care”  

Committee on Energy and Commerce will hold a hearing Thursday 1/18 at 10:00 AM entitled "Protecting Clean American Energy Production and Jobs by Stopping EPA's Overreach" 

 

The Senate...  

Senate Committee on Health, Education, Labor, and Pensions will hold a hearing Thursday, 1/18 at 10:00 AM on “Addressing Long COVID: Advancing Research and Improving Patient Care” 

Senate Judiciary Committee will hold a meeting Wednesday, 01/17 at 10:00 AM on “Five Years of the First Step Act: Reimagining Rehabilitation and Protecting Public Safety” 

 

BILLS OF INTEREST 

  • Rep. Doris O. Matsui [D-CA-7] introduced a bill to require the Secretary of Health and Human Services to establish a list of essential medicines, and for other purposes. 

  • Rep. Darin LaHood [R-IL-16]  introduced a bill to modify the bases for ineligibility for countries to benefit from the Generalized System of Preferences, and for other purposes. 

  • Rep. Gary J Palmer [R-AL-6] introduced a bill to allow individuals to choose to opt out of the Medicare part A benefit. 

 

AT THE AGENCIES 

The US Department of Labor 

The US Department of Labor’s Acting Secretary of Labor Julie Su held a roundtable with Arriba Las Vegas Working Center 

 

The US Department of the Treasury 

The US Department of the Treasury issued remarks about Deputy Secretary Wally Adeyemo travels to key G7 Countries 

 

The US Department of Commerce 

The US Department of Commerce has issued the 2024 Event Schedule to Expand Opportunities for Diverse U.S. Exporters 

 

The US Trade Representative 

The US Trade Representative has issued a statement on Martin Luther King, Jr Day of Service 

 

The US Small Business Administration 

The US Small Business Administration announced that new business applications have reached a record of 16 million under the Biden-Harris Administration  

 

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