MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

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MNI: PBOC Sets Yuan Parity Higher At 7.1728 Thurs; -0.64% Y/Y

MNI: EUROZONE JAN IP +0.8% M/M, +0% Y/Y

MNI: SWEDEN FINAL FEB CPIF +2.9% Y/Y

MNI: US FEB TREASURY BUDGET -$307.0B

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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US: House To Mark Up Budget Resolution On Thursday

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House Speaker Mike Johnson (R-LA) has told a closed-door House Republican conference meeting that the House Budget Committee will mark up a budget resolution on Thursday.

  • Jake Sherman at Punchbowl reports: “House Republicans do not have any numbers of any budget resolution. And the chamber will be out of session for a week plus beginning Friday.”
  • Chad Pergram at Fox News reports that Foreign Affairs Committee Chair Brian Mast (R-FL) said on the budget resolution: “We should have it done any minute. It's almost totally hammered out.”
  • Reports suggest that Johnson is likely to target around USD$2 trillion in spending cuts to offset the cost of a reconciliation package.
  • The House Budget Committee was scheduled to mark up a House Republican resolution last week but the hearing was punted amid disputes over the total cost of the package.
  • House indecision led Senate Budget Committee chair Lindsay Graham (R-SC) to unveil a separate budget resolution for a slimmed-down border/energy/defence package last week. Johnson said Monday that the “probability of success on all of the agenda items decreases dramatically” if the GOP follows the Senate’s two-bill strategy.
  • Note: A budget resolution must pass the House Budget Committee and a subsequent vote on the House floor before being handed to the corresponding Senate Committee. Only when both chambers have approved the budget resolution can lawmakers begin drafting a reconciliation package that can pass the Senate along party lines. 
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House Speaker Mike Johnson (R-LA) has told a closed-door House Republican conference meeting that the House Budget Committee will mark up a budget resolution on Thursday.

  • Jake Sherman at Punchbowl reports: “House Republicans do not have any numbers of any budget resolution. And the chamber will be out of session for a week plus beginning Friday.”
  • Chad Pergram at Fox News reports that Foreign Affairs Committee Chair Brian Mast (R-FL) said on the budget resolution: “We should have it done any minute. It's almost totally hammered out.”
  • Reports suggest that Johnson is likely to target around USD$2 trillion in spending cuts to offset the cost of a reconciliation package.
  • The House Budget Committee was scheduled to mark up a House Republican resolution last week but the hearing was punted amid disputes over the total cost of the package.
  • House indecision led Senate Budget Committee chair Lindsay Graham (R-SC) to unveil a separate budget resolution for a slimmed-down border/energy/defence package last week. Johnson said Monday that the “probability of success on all of the agenda items decreases dramatically” if the GOP follows the Senate’s two-bill strategy.
  • Note: A budget resolution must pass the House Budget Committee and a subsequent vote on the House floor before being handed to the corresponding Senate Committee. Only when both chambers have approved the budget resolution can lawmakers begin drafting a reconciliation package that can pass the Senate along party lines.