This Month's Capital Snapshot Deck Includes

  • The policy and political timeline for August, and a look at the remaining 2022 Congressional Calendar.
  • An overview of top Congressional priorities, including: (1) reconciliation; (2) CHIPS-plus; (3) FY23 appropriations; (4) same-sex marriage codification; (5) PACT Act; (6) approving Finland and Sweden for NATO membership; and (7) police/law enforcement funding.
  • An overview of, and insight into, the battle for control of Congress, as well as the 2022 Gubernatorial Elections.
  • A look into elections in recession years, and what their trends can tell us about what to potentially expect.

Congressional Schedule and Priorities for August 2022

Remaining Days in Congress


  • The House is scheduled to be in recess for the entire month of August.
    • In the event of Senate passage of the reconciliation bill, the House will return to vote on that bill.
  • 28 legislative days left in 2022.


  • 5 legislative days scheduled for August.
    • Senate Democrats hope to conclude debate and vote on the pending reconciliation package by the end of the first week of August.
  • 57 legislative days left in 2022.

Congressional Agenda and Priorities for August/September

  • Consideration of the Inflation Reduction Act of 2022 (Reconciliation)
  • Passage of the CHIPS & Science Act of 2022 (House: July 28; Senate: July 27)
  • Honoring our PACT Act of 2022
  • Potential Senate vote on same-sex marriage and contraception codification
  • Senate vote on FY23 appropriations bills
  • Potential Senate vote on NATO bill (Finland and Sweden)
  • Potential House consideration of gun control legislation and a police funding package

Reconciliation –the Inflation Reduction Act of 2022

  • On July 27, Senate Majority Leader Chuck Schumer (D-NY) and Sen. Joe Manchin (D-WV) announced they had reached a deal on a reconciliation package covering:
    1. Prescription drug pricing reform ($288 billion in revenue)
    2. Extension of Affordable Care Act (ACA) premium subsidies ($64 billion in spending)
    3. Tax changes ($451 billion in revenue)
      1. Imposition of a 15% minimum corporate tax
      2. Increased IRS tax enforcement
      3. Changes to carried interest provisions
    4. Energy security and climate change investments ($369 billion in spending)
    5. Deficit reduction ($306 billion)
  • The new reconciliation deal is now referred to as the Inflation Reduction Act of 2022.
  • The legislation is under review by the Senate Parliamentarian, who will determine if its provisions comply with budget reconciliation rules.
  • Leader Schumer indicated the full Senate will consider the legislation next week.
  • Leader Schumer seeks to have final passage of the Inflation Reduction Act of 2022 by the end of the first week of August, this timeline might be optimistic.
    • The Senate Parliamentarian's review of the final text, known as the "Byrd Bath," will likely take several days and could require changes.
    • Under that scenario, final passage of the Inflation Reduction Act of 2022 in the Senate could slip until at least the week of August 8.
  • On July 28, Leader Schumer indicated that insulin provisions would be added to the reconciliation bill.
  • House Speaker Nancy Pelosi (D-CA) expressed her support for the Inflation Reduction Act of 2022 in a Dear Colleague on July 27. Should the Senate pass the bill by August 8, the House will return the 2d week in August for final passage of the legislation.

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