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MNI POLITICAL RISK - GOP Opens FY2025 Appropriations Process

Daily roundup of news from the US.

Political Market NewsPolitical Risk

Executive Summary:

  • House Appropriations Committee Chair Tom Cole (R-OK) released his USD$1.6 trillion interim allocation for FY25. The non-defence numbers - cut by 6% - are well below an acceptable level for the Senate and White House and appear certain to result in a Continuing Resolution to punt federal government funding through the general election.
  • National Economic Council President Lael Brainard outlined more details of tariffs on China. Beijing is expected to respond to the measures by filing a dispute in the World Trade Organisation.
  • Senate Majority Leader Chuck Schumer (D-NY) may resurrect the bipartisan Senate border security bill which was tanked by allies of former president Donald Trump earlier this year.
  • The House passed House Speaker Mike Johnson’s (R-LA) bill calling on the Biden administration to reverse a hold on some heavy weapons transfers to Israel. The legislation is DOA in the Senate but may benefit the GOP by further exposing tensions amongst Congressional Democrats over the Biden administration's Israel policy.
  • The Biden campaign accepted an invitation from CBS for Vice President Kamala Harris to attend a debate with former President Donald Trump’s VP nominee. The debate could be consequential for the presidential election and offer clues about the future direction of both parties.
  • The Supreme Court yesterday bucked its conservative lean by voting 7-2, in favour of the Biden administration, to uphold the Consumer Financial Protection Bureau’s (CFPB) funding stream.
  • Poll of the Day: Three issues meet the criteria of presidential election ‘deal-breaker.’

Please find the full article attached below:

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Executive Summary:

  • House Appropriations Committee Chair Tom Cole (R-OK) released his USD$1.6 trillion interim allocation for FY25. The non-defence numbers - cut by 6% - are well below an acceptable level for the Senate and White House and appear certain to result in a Continuing Resolution to punt federal government funding through the general election.
  • National Economic Council President Lael Brainard outlined more details of tariffs on China. Beijing is expected to respond to the measures by filing a dispute in the World Trade Organisation.
  • Senate Majority Leader Chuck Schumer (D-NY) may resurrect the bipartisan Senate border security bill which was tanked by allies of former president Donald Trump earlier this year.
  • The House passed House Speaker Mike Johnson’s (R-LA) bill calling on the Biden administration to reverse a hold on some heavy weapons transfers to Israel. The legislation is DOA in the Senate but may benefit the GOP by further exposing tensions amongst Congressional Democrats over the Biden administration's Israel policy.
  • The Biden campaign accepted an invitation from CBS for Vice President Kamala Harris to attend a debate with former President Donald Trump’s VP nominee. The debate could be consequential for the presidential election and offer clues about the future direction of both parties.
  • The Supreme Court yesterday bucked its conservative lean by voting 7-2, in favour of the Biden administration, to uphold the Consumer Financial Protection Bureau’s (CFPB) funding stream.
  • Poll of the Day: Three issues meet the criteria of presidential election ‘deal-breaker.’

Please find the full article attached below:

Keep reading...Show less