Debt Ceiling Compromise Bill Passes Hurdle
The compromise bill aimed at raising the debt ceiling passed a major hurdle in the House Rules Committee, advancing it to the House floor for a vote. Last minute support from Republican Representative Thomas Massie helped secure approval from seven out of nine Republicans on the committee. The Congressional Budget Office (CBO) estimated that the bill would reduce budget deficits by about $1.5 trillion over the next decade if enacted and carried out as planned. This CBO score is expected to help garner support for the bill in the full House vote. The legislation is a result of a deal between House Speaker Kevin McCarthy and President Joe Biden, capping federal spending for two years in exchange for Republican votes to raise the debt ceiling into 2025. The bill still needs to pass the House and the Senate before the Treasury Department’s projected deadline of when the US may face difficulty meeting its debt obligations.
On The Hill
Bills of interest
H.R. 2796: Promoting Opportunities for Non-Traditional Capital Formation Act – a bill to amend the Securities Exchange Act of 1934 that requires the Advocate for Small Business Capital Formation to provide educational resources and host events to promote capital raising options for traditionally underrepresented small businesses and more. Read the bill here.
H.R. 3746: Fiscal Responsibility Act of 2023 – a bill that will lead to a responsible increase in the debt ceiling. Read the bill here.
In The States
House Bill 1666 – a bill that would regulate cryptocurrency digital asset providers – was brought by Texas State Rep. Giovanni Capriglione (R-Southlake) and passed unanimously in both chambers. If Texas Governor Greg Abbott signs it into law for 2024, the state would become the first to regulate cryptocurrency. The bill protects anyone who has cryptocurrency by requiring that providers maintain sufficient reserves, ensure that customers can withdraw funds, and provides other protections for customers.
At the Agencies
The US Small Business Administration (SBA) released a press release regarding the Biden-Harris Administration’s plans to launch a new initiative to increase federal contracting with small disadvantaged businesses. Read it here.