IN THE HOUSE: The House is in recess this week.
ON THE SENATE FLOOR: In addition to considering nominations, the Senate could take up two resolutions under the Congressional Review Act (CRA). One is a measure the House passed 221-202 on April 28 to revoke President Biden’s two-year waiver of U.S. tariffs imposed on imports of solar equipment from four Southeast Asian countries. The Administration has said the president will veto the resolution if it reaches his desk. The more likely Senate vote this week would be on a CRA resolution reversing a rule listing the lesser prairie-chicken as a threatened species.
Debt Limit : While the Senate has no intention of voting on the debt limit bill that the House passed 217-215 on April 26, Majority Leader Chuck Schumer wrote his Democratic colleagues today that Senate committees will hold a series of hearings on the bill. The hearings will kick off Thursday at the Senate Budget Committee. Late yesterday, Treasury Secretary Janet Yellen sent a letter to Congress urging immediate action on the debt limit (now expected as soon as June 1) followed by Biden calling on the top four Congressional leaders to meet with him on May 9. Congress is expected to recess on Friday, May 26 for the Memorial Day recess.
FY 2024 Appropriations: House Appropriations Chair Kay Granger (R-TX) notified committee members on April 27 that subcommittee and full committee markups of FY 2024 appropriations bills will be held from May 17 through June 15.
COMMITTEE ACTION OF NOTE:
Tuesday, May 2
- Senate Agriculture, Nutrition and Forestry Subcommittee on Commodities, Risk Management and Trade Hearing: “Commodity Programs, Credit, and Crop Insurance – Part 1: Producer Perspectives on the Farm Safety Net”
- Senate Energy and Commerce Committee Hearing: President’s FY 2024 Budget Request for the U.S. Department of the Interior
- Senate Appropriations Subcommittee on State, Foreign Operations, and Related Programs Hearing: “Advancing Security and Prosperity Through International Conservation”
- Senate Judiciary Committee Hearing: “Supreme Court Ethics Reform”
- Senate Banking, Housing, and Urban Affairs Committee Hearing: “Reauthorization of the National Flood Insurance Program Improving Community Resistance”
- Senate Appropriations Committee Budget Hearing: FY 2024 Request for the Army
- Senate Homeland Security and Affairs Committee Hearing: “Improving Access to Federal Grants for Underserved Communities”
- Senate Banking, Housing and Urban Affairs Committee Hearing: “Rural Housing Legislation”
- Senate Foreign Relations Subcommittee on East Asia, The Pacific and International Cybersecurity Policy Hearing: FY 2024 Budget Request for East Asia and the Pacific
- Senate Health, Education, Labor and Pensions Committee Markup of legislation dealing with generics, pharmacy benefit managers
Wednesday, May 3
- Senate Budget Committee Hearing: “Who Pays the Price: The Real Cost of Fossil Fuels”
- Senate Appropriations Subcommittee on Interior, Environment, and Related Agencies Hearing: President’s FY 2024 Budget Request for the Environmental Protection Agency, with EPA Administrator Michael Regan
- Senate Finance Committee Hearing: “Barriers to Mental Health Care: Improving Provider Directory Accuracy to Reduce the Prevalence of Ghost Networks”
- Senate Appropriations Subcommittee on Homeland Security Hearing: “Combatting Transnational Criminal Organizations and Related Trafficking”
- Senate Judiciary Subcommittee on Competition Policy, Antitrust, and Consumer Rights Hearing: “Competition in the Digital Advertising Ecosystem”
Thursday, May 4
- Senate Banking, Housing, and Urban Affairs Committee Hearing: “Holding Executives Accountable After Recent Bank Failures”
- Senate Agriculture, Nutrition and Forestry Subcommittee on Commodities, Risk Management, and Trade Hearing: “Commodity Programs, Credit and Crop Insurance – Part 2: Industry Perspectives on Risk Management and Access to Credit
- Senate Energy and Natural Resources Committee Hearing: “Oversight of FERC”
- Senate Budget Committee Hearing: “The Default on America Act: Blackmail, Brinkmanship, and Billionaire Backroom Deals”
- Senate Health, Education, Labor and Pensions Committee Hearing: “Preparing for the Next Public Health Emergency: Reauthorizing the Pandemic and All-Hazards Preparedness Act”
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Today, MAY 2, 2023 AT 10:00AM ET
DEBT CEILING SHOWDOWN | A CROSS-DISCIPLINE DISCUSSION OF THE LOOMING RISKS
2011 saw the last major Washington DC showdown over the debt ceiling. From a market perspective, the politics ultimately triggered a spike in US CDS, a major drawdown in US equities, and a downgrade of the US Sovereign Credit Rating. This time around, the stage appears similarly set politically, with markets appearing equally vulnerable.
At 10am ET today, Josh Steiner and JT Taylor will host a discussion on this topic with a focus on the Washington policy side as well as the market setup.
CLICK HERE to access the associated slides (they will become available shortly prior to the start of the presentation, refresh this link for access).
