MNI POLITICAL RISK ANALYSIS - US Daily Brief 23-03-23

Executive Summary:

• Congress has only seven working days until a scheduled two-week Congressional recess next month and there is still no sign of a Republican budget proposal. We provide a rundown of the how the collapse of Silicon Valley Bank and the increasingly hard-line position of the House Freedom Caucus may complicate negotiations to raise the debt limit.
• It’s another hectic day on Capitol Hill with Biden cabinet members providing testimony to Congress on President Biden’s Fiscal Year 2024 budget proposal. Key testimonies to watch come from Treasury Secretary Janet Yellen, CEA Chair Cecilia Rouse, OMB Director Shalanda Young, USTR Katherine Tai, Secretary of State Antony Blinken, and Secretary of Defence Lloyd Austin.
• USTR Tai will tell Congress that a key component of President Biden’s trade agenda is, “the realignment of the U.S. – China trade relationship.”
• A criminal indictment on former President Donald Trump could be issued today if a New York grand jury meets as scheduled.
• President Biden will depart today for his first visit to Canada since assuming office nearly 800 days ago.
• Senator Tim Scott’s (R-SC) appears set to formally mount a 2024 White House bid.
• Former Secretary of State Mike Pompeo, a potential presidential candidate, has criticised the Biden administration response to Chinese President Xi Jinping’s visit to Moscow.
• Taiwan Foreign Minister Joseph Wu told the Legislative Yuan this morning that a meeting between Taiwan President Tsai Ing-wen and US House Speaker Kevin McCarthy (R-CA) is still being arranged.
• Poll of the Day: "Only 10% of the public has a great deal of confidence in the nation’s banks and financial institutions."

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