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Executive Summary:

  • President Biden unveiled his USD$6.8 trillion FY24 budget request yesterday. Biden proposed tax hikes on the wealthy to extend Medicare solvency and reduce the deficit but made few concessions on spending, setting up a confrontation with the GOP over fiscal policy with a default looming.
  • Biden made it clear that there will be no negotiations with the GOP until House Speaker McCarthy (R-CA) releases his budget which may not come until late spring or summer, dangerously close to Treasury's "x-date."
  • President Biden will host European Commission President Ursula von der Leyen at the White House today for talks on the IRA and China.
  • Relations between the US and Mexico strain amid accusations from US lawmakers that Mexico is unwilling to prevent the transit of narcotics into the United States.
  • Florida Governor Ron DeSantis (R-FL) has given his clearest statement so far that he plans to run for President in 2024.
  • House Republicans will introduce a broad package of energy legislation entitled the Lower Energy Costs Act, next Tuesday.
  • Senate Republicans are close to recruiting Tim Sheehy, a decorated military veteran and businessman, to challenge Senator Jon Tester (D-MT) for the crucial Montana Senate race in 2024.
  • A group of more than 80 House Democrats have written to President Biden urging him to work with Israel and Palestine to prevent further damage to the two-state solution.
  • The US yesterday announced fresh sanctions on 39 entities, many of which based in China, which the US Treasury Department claim help facilitate Iran’s circumvention of sanctions.
  • Poll of the Day: “New York is increasingly unchallenged as the world’s financial center.”

Please find the full article attached below:

MNI POLITICAL RISK ANALYSIS - US Daily Brief 10-03-23 .pdf

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