MNI POLITICAL RISK - NDAA Hits House As Spending Battle Looms

Executive Summary:

• House Republicans are expected to conclude work on their twelve FY2024 spending bills today. The bills, marked up at FY22 levels, rather than the FY23 levels agreed in the debt ceiling Fiscal Responsibility Act means big cuts to social spending and increased risk of a government shutdown on September 30.
• House Speaker Kevin McCarthy (R-CA) has agreed to vote on the NDAA with a raft of controversial amendments attached.
• Biden has claimed victory at the NATO summit but the battle for funding a long-term Ukraine security commitment will take place in the US Congress.
• China says it is open to a visit from Commerce Secretary Gina Raimondo ahead of a meeting between US Secretary of State Antony Blinken and China's top diplomat Wang Yi.
• The Senate Banking Committee voted yesterday to send all three of President Biden’s Federal Reserve nominees to the Senate.
• The bipartisan independent group No Labels claims it has a viable path to victory in 2024.
• President Biden will host Italian Prime Minister Giorgia Meloni at the White House on July 27.
• Poll of the Day: US voters consider the economy, unemployment, and jobs as the primary issue facing the country.

Please find the full article attached below:

MNI POLITICAL RISK ANALYSIS - US Daily Brief 13-07-23 .pdf