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EIW Today - June 25th, 2024

Prism Group's Daily Summary



CBO REPORT COMPLICATES TAX DISCUSSION… The Congressional Budget Office is out with a new report that projects the federal deficit will climb to $1.9 trillion in the current fiscal year. With the cost of extending the expiring Tax Cuts and Jobs Act provisions estimated at around $4 trillion, expect both those figures to play a central role in future negotiations.  


IRS SAYS 'VAST MAJORITY' OF 1 MILLION PANDEMIC-ERA CREDIT CLAIMS SHOW A RISK OF BEING IMPROPER... The Internal Revenue Service said a review of 1 million claims for the Employee Retention Credit representing $86 billion shows the “vast majority” are at risk of being improper. The ERC was designed to help businesses retain employees during pandemic-era shutdowns, but it quickly became a magnet for fraud. 


NEW REPORT REVEALS WORK SKILLS MISMATCH MAY CAUSE LABOR MARKET SHORTAGES BY 2031... "The Great Misalignment," a recent analysis from Georgetown University's Center on Education and the Workforce, predicts that by 2031, half of America's local labor markets may not be able to meet labor demands. Insufficient middle-skills credentials in local economies are the cause of this imbalance, even though more Americans are obtaining post-secondary education. The study's analysis of 565 local markets revealed the urgent need for credential realignment in order to handle the upcoming labor shortfall. 

 

THE STATE OF THE STATES 

SESSIONS BY THE NUMBERS: 

Eight states are in regular session. South Carolina is in special session.  

 

WHAT WE'RE WATCHING: 

Governor Maura Healey’s (D) administration is putting $15 million into Boston, Massachusetts’ initiative to convert office spaces into residential units, which hopes to address the city's housing shortage. This funding will support large-scale conversions under Mayor Michelle Wu's pilot program, which has already received applications to create 412 housing units across 13 buildings since its launch in October. 

 

Governor Jeff Landry (R) has signed a new law mandating the Louisiana Workforce Commission to assist local businesses with labor shortages and collaborate with state agencies to bolster workforce development. Bridging the skills gap and improving job placement are the main objectives of the law, requiring annual progress reviews, as well as reports to the governor and Legislature. 

 

  

LAWMAKERS... IN OR OUT? 

The House... convenes today at 12:00 PM. The full schedule may be found here

The Senate... is out of session today. The full schedule may be found here

 

HAPPENING ON THE HILL 

The House...  

Committee on Energy & Commerce’s Innovation Data Subcommittee will hold a hearing on Wednesday, 6/26 at 10:00 AM entitled “The Fiscal Year 2025 Department of Commerce Budget.” 

Committee on Small Business will hold a hearing on Wednesday, 6/26 at 10:00 AM entitled “Under the Microscope: Examining the Censorship-Industrial Complex and its Impact on American Small Businesses.” 

Committee on Finance will hold a hearing on Thursday, 6/27 at 10:00 AM entitled “The Role of the Export-Import (Ex-Im) Bank of the United States Amid Intensifying Economic Competition with China.” 

Committee on Finance will hold a hearing on Thursday, 6/27 at 2:00 PM entitled “Solutions in Search of a Problem: Chair Gensler’s Equity Market Structure Reforms.” 

 

The Senate...   

Committee on Judiciary's Subcommittee on the Constitution will hold a field hearing TODAY at 12:30 PM entitled “Chaos and Confusion: Examining the Patchwork of Abortion Restrictions Across America Since Dobbs.” 

 

BILLS OF INTEREST 

Check back tomorrow for possible updates. 


AT THE AGENCIES  

The U.S. Department of Labor 

The U.S. Department of Labor announced in a press release a report sent to Congress on defined benefit pension plan. 


The U.S. Department of the Treasury 

The U.S. Department of the Treasury released remarks by Secretary of the Treasury Janet L. Yellen in Minneapolis, Minnesota. 


The U.S. Department of Treasury announced in a press release new housing efforts to lower housing costs.  


The U.S. Department of Treasury released a statement from Assistant Secretary for International Trade and Development Alexia Latortue on the annual African Development Bank meetings. 


The U.S. Department of Treasury released the statement from Treasury Assistant Secretary Alexia Latortue on the occasion of the 2024 Annual Meetings of the African Development Bank Group.   


The U.S. Department of Commerce 

The U.S. Trade Representative Office announced in a press release seeking Mexico’s review of alleged denial of worker’s rights at ammunition manufacturer facility.  


The U.S. Trade Representative  

Check back tomorrow for possible updates. 

 

The U.S. Small Business Administration 

Check back tomorrow for possible updates. 

 

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