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:
- Prescription drug pricing reform ($288 billion in revenue)
- Extension of Affordable Care Act (ACA) premium subsidies ($64 billion in spending)
- Tax changes ($451 billion in revenue)
- Imposition of a 15% minimum corporate tax
- Increased IRS tax enforcement
- Changes to carried interest provisions
- Energy security and climate change investments ($369 billion in spending)
- 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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