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Executive Summary:

  • The White House and House Republicans appear on the brink of a deal to curb government spending in return for a debt ceiling hike through the 2024 election.
  • The emerging agreement is expected to include a mechanism to press Congress on passing annual spending bills, a cut to legislated IRS funding, and provisions to claw back unspent Covid-19 funds, but differences remain on work requirements and permitting reform.
  • The timeline is exceptionally tight for Congress to send legislation to President Biden desk and, although prevailing wisdom is that opposition to the deal will remain confined to conservative Republicans and progressive Democrats, there is no guarantee that a bill can pass the House.
  • President Biden yesterday formally nominated General Charles Q Brown to the top job in the US military.
  • US Commerce Secretary Gina Raimondo held a key meeting with her Chinese counterpart Wang Wentao yesterday.
  • Lawmakers warm on selling F-16 fighter jets to Turkey.
  • The US and the Republic of Korea conducted their largest ever live-fire exercises yesterday.
  • Poll of the Day: US voters continue to express an overwhelmingly negative view of the US economy.

Please find the full article attached below:

MNI POLITICAL RISK ANALYSIS - US Daily Brief 26-05-23 .pdf

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