Today in Washington: December 7, 2017
December 7, 2017
Source: AEO Government Relations Team, Madison Services Group
Appropriations Watch: On the Clock Day IV
Today, the House is scheduled to vote on a two-week continuing appropriations resolution (CR), funding the federal government through December 22. GOP and Democrat Congressional Leadership will also meet with President Trump to negotiate an omnibus for the balance of FY 2018. Democrats — whose support will be necessary to pass any funding bill — are demanding that any increase to military spending be matched with increases on the domestic side. The current CR expires on Friday.
Tax Reform Update
Yesterday, the Senate voted to conference with the House on tax reform. As the debate developed yesterday, the Senate language for pass-throughs — which provides a 23% deduction on qualified business income — seems to be the favored approach. Members from California are also pushing to preserve the State and Local Tax (SALT) deduction for income, as well as property taxes, capped at $10,000. Congressional GOP Leadership is pushing to merge the separate bills and pass it through both chambers by the end of the year.
House Floor Today
In addition to voting on the CR, the House will consider two additional bills:
- H.R. 477, the “Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017,” introduced by Rep. Bill Huizenga (R-MI). This bill amends Section 15(b) of the Securities Exchange Act of 1934 to create a simplified federal registration system for merger and acquisition (M&A) brokers that perform services in connection with the transfer of ownership of smaller privately held companies.
- H.R. 3971, the “Community Institution Mortgage Relief Act of 2017,” introduced by Rep. Claudia Tenney (R-NY). This bill amends the Truth in Lending Act (TILA) to direct the Consumer Financial Protection Bureau (CFPB) to exempt from certain escrow or impound requirements a loan secured by a first lien on a consumer’s principal dwelling if the loan is held by a creditor with assets of $25 billion or less.
Government Services Agency (GSA) Update
This week, the full Senate confirmed Emily Murphy as the 41st Administrator of GSA. You can find the GSA announcement here.
December 4, 2017
Today in Washington
After passing its Tax Cuts and Jobs Act in the early morning hours Saturday, the Senate will now conference its bill with the House version to come up with a single bill to send to the President.
December 1, 2017
Today in Washington
Yesterday, the Joint Committee on Taxation released their dynamic score of the Senate’s Tax Cuts and Jobs Act, which stated that the bill will add $1 trillion to the deficit over ten years.