EIW Today - June 30th, 2025

Prism Group's Daily Summary

RECONCILIATION BILL ENTERS FINAL STAGES…  The Senate began formal debate Sunday on President Trump’s “One Big Beautiful Bill,” kicking off up to 20 hours of deliberations ahead of a marathon vote-a-rama set to start Monday morning. Several provisions were ruled out of order by the Senate parliamentarian, potentially complicating Republicans' efforts to pass the bill through reconciliation. If the Senate approves the revised package, the House could vote on it as early as Wednesday, with GOP leaders aiming to finalize the measure before the July 4 deadline.

TARIFFS THREAT (ONCE AGAIN) LOOMS LARGE… President Trump announced he does not plan to extend the 90-day tariff pause beyond a July 9 deadline, signaling that new trade penalties will take effect unless individual deals are reached. He stated that letters notifying countries of forthcoming tariffs – ranging from 10% to 50% – will be sent out soon, depending on how each nation treats the U.S. While the President acknowledged the complexity of negotiating dozens of bilateral agreements, he reaffirmed his intent to move forward with the tariff plan.

AMAZON & WALMART EXPLORING ISSUANCE OF STABLECOINS… As the GENIUS Act, which regulates a type of cryptocurrency called stablecoins, moves through the House, large retailers like Walmart and Amazon are already exploring stablecoin utilization to bypass traditional payment structures that are more costly. This would directly conflict with the business models of card issuers like Visa and Mastercard, who are also developing decentralized financial products like stablecoins to remain competitive.

FEDERAL SUPPORT SET TO END FOR MAJOR RENEWABLE INCENTIVES BY 2027… The GOP budget bill is set to phase out tax credits for wind and solar power and instead impose new taxes on both sources of energy. The Senate plan will eliminate investment and production tax credits for wind and solar power that do not begin operating by the end of 2027, and impose new taxes on future projects that utilize materials sourced from China. Boundary Stone Partners' Jeff Navin cites this hit to the industry as evidence that clean energy credits remain a lower political priority for moderates than other issues, such as Medicaid in the Senate and SALT in the House.

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS: 

Twelve legislatures are in regular session.

WHAT WE'RE WATCHING: 

The California legislature will debate a bill today to make massive overhauls to the California Environmental Quality Act, or CEQA, to spur new housing projects. A clause in the state budget Gov. Gavin Newsom (D) signed last week says the entire budget will be rendered void unless lawmakers approve the CEQA overhaul and send it to Newsom today.

Arizona Gov. Katie Hobbs (D) has signed a $17.6 billion budget, averting a potential government shutdown that would have begun today. The budget bills won bipartisan support in both the House and Senate late last week.

LAWMAKERS... IN OR OUT? 

The House... convenes today at 2:00 PM. The full schedule may be found here. 

The Senate... convenes today at 9:00 AM. The full schedule may be found here. 

HAPPENING ON THE HILL  

The House...  

Check back tomorrow for possible updates. 

The Senate...    

Check back tomorrow for possible updates.

BILLS OF INTEREST 

Rep. Tim Moore (R-NC-14) introduced HR 4238 to improve accountability in the disaster loan program under the SBA. 

AT THE AGENCIES  

The U.S. Department of Labor 

The Department of Labor announced it will no longer seek or collect the payment of liquidated damages in any administrative matter under the Fair Labor Standards Act. The field assistance bulletin that was issued argues that liquidated damages are the responsibility of the courts/

The U.S. Department of the Treasury 

The Department of the Treasury has released a statement by the G7 on the Global Tax Minimum. The G7 supports a proposed “side by side” system that would exempt U.S.-parented multinational groups from the OECD’s Income Inclusion Rule (IIR) and Undertaxed Profits Rule (UTPR), recognizing the robustness of existing U.S. minimum tax laws. The Treasury has also announced new appointments. 

The U.S. Department of Commerce 

Check back tomorrow for possible updates.

The U.S. Trade Representative 

Check back tomorrow for possible updates. 

The U.S. Small Business Administration 

Administrator Loeffler announced that she has advised the SBA’s Office of General Contracting and Business Development to launch an immediate and full audit of the agency’s 8(a) Business Development Program. This comes after the U.S. Department of Justice investigation discovered a years-long fraud and bribery scheme run by a former federal contracting officer and two 8(a) contractors. 

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