MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

House Vote On First FY2025 Spending Bill Underway Shortly

US
USHomepagemarkets-real-timePolitical Market NewsPolitical RiskPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

The House is set to vote shortly on the ~USD$380 billion Military Construction-VA appropriations bill – the first spending bill of FY2025. The MilCon-VA bill, usually the most bipartisan of the annual spending bills, appears set to renew partisan disputes over the legitimacy of the topline numbers outlined by the Fiscal Responsibility Act – negotiated by President Biden and former House Speaker Kevin McCarthy.

  • Punchbowl News reports that Republican appropriator Tom Cole (R-OK) intends to use FRA levels minus multi-billion dollar “side deals” negotiated by Biden and McCarthy, arguing that House Speaker Mike Johnson (R-LA) isn’t bound by the agreement.
  • Punchbowl notes that Cole’s position would lead to, “big cuts in domestic spending while the Pentagon’s budget would increase by $9 billion. Funding for the departments of Homeland Security and Veterans Affairs would also be boosted. Bills such as Labor-HHS, State-Foreign Ops and Financial Services-General Government would see double-digit cuts.”
  • Cole’s numbers, which come in under the 1% minimum increase in non-defence spending dictated by the FRA, put Republican and Democrat spending priorities tens of billions of dollars apart
  • Rep. Rosa DeLauro (CT), the top Democrat appropriator said: “It really is going down the same road... It’s going to be the same catastrophe as it was last year.”
  • Considering election year dynamics, lawmakers are near-certain to legislate a Continuing Resolution to punt funding beyond November's presidential election. The hawkish GOP numbers also point towards another challenging appropriations process likely to involve more intra-GOP volatility.
243 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

The House is set to vote shortly on the ~USD$380 billion Military Construction-VA appropriations bill – the first spending bill of FY2025. The MilCon-VA bill, usually the most bipartisan of the annual spending bills, appears set to renew partisan disputes over the legitimacy of the topline numbers outlined by the Fiscal Responsibility Act – negotiated by President Biden and former House Speaker Kevin McCarthy.

  • Punchbowl News reports that Republican appropriator Tom Cole (R-OK) intends to use FRA levels minus multi-billion dollar “side deals” negotiated by Biden and McCarthy, arguing that House Speaker Mike Johnson (R-LA) isn’t bound by the agreement.
  • Punchbowl notes that Cole’s position would lead to, “big cuts in domestic spending while the Pentagon’s budget would increase by $9 billion. Funding for the departments of Homeland Security and Veterans Affairs would also be boosted. Bills such as Labor-HHS, State-Foreign Ops and Financial Services-General Government would see double-digit cuts.”
  • Cole’s numbers, which come in under the 1% minimum increase in non-defence spending dictated by the FRA, put Republican and Democrat spending priorities tens of billions of dollars apart
  • Rep. Rosa DeLauro (CT), the top Democrat appropriator said: “It really is going down the same road... It’s going to be the same catastrophe as it was last year.”
  • Considering election year dynamics, lawmakers are near-certain to legislate a Continuing Resolution to punt funding beyond November's presidential election. The hawkish GOP numbers also point towards another challenging appropriations process likely to involve more intra-GOP volatility.