JUSTIN TRUDEAU TO STEP DOWN AS CANADA LIBERAL LEADER AND PM

MNI: US FINAL DEC SRVICES PMI 56.8 (FLASH 58.5); NOV 56.1

CANADA'S TRUDEAU TO MAKE ANNOUNCEMENT AT 1045AM EST

MNI China Daily Summary: Monday, January 6

MNI INTERVIEW2: China Central Gov Should Buy Unsold Houses

MNI China Press Digest Jan 6: PBOC Bills, Yuan, Capital Market

EZ/UK T-Bill Calendar: Spain, Belgium, Finland, ESM On Tuesday

EZ/UK Bond Supply Calendar: BE, SI Syndications

MNI: US NOV FACTORY ORDERS -0.4%; EX-TRANSPORT NEW ORDERS +0.2%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

US: GOP Reconciliation Plan Faces Pushback From Top GOP Tax Writer

US
USHomepagemarkets-real-timePolitical RiskPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsNorth America

Republican leadership appears set for a "100-day" strategy for the incoming Trump administration that includes a Continuing Resolution to punt government funding until late March and two major bills to be passed under reconciliation – a procedural manoeuvre that bypasses the Senate filibuster, allowing the governing party to move partisan legislation.

  • The government funding package is expected to include disaster relief but is unlikely to include additional Ukraine funds or bipartisan legislation to protect banks that work with cannabis companies.
  • Punchbowl reports that House Speaker Mike Johnson (R-LA) will, "begin socializing all of this with the House GOP conference today,” adding that “Johnson met with the House Freedom Caucus members [on Tuesday] to pitch his CR plan…”
  • The Biden administration passed two bills using reconciliation: The American Rescue Plan and The Inflation Reduction Act. Republicans argue these two bills broadened the scope of reconciliation - traditionally limited to spending-related legislation.
  • Incoming Majority Leader John Thune (R-SD) told reporters that the first bill, focusing on the border, energy and national defence, will be signed by Trump within thirty days of taking office. The second bill, which includes more complex tax reforms, would follow later in the year.
  • The top Republican tax writer in the House, Ways and Means Chair Jason Smith (R-MO), told Punchbowl it was “reckless” to put taxes on the back burner even temporarily and that it would be “creating an opportunity to increase taxes for all Americans,” foreshadowing a challenging period of intra-party dispute to synchronise strategy. 
246 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Republican leadership appears set for a "100-day" strategy for the incoming Trump administration that includes a Continuing Resolution to punt government funding until late March and two major bills to be passed under reconciliation – a procedural manoeuvre that bypasses the Senate filibuster, allowing the governing party to move partisan legislation.

  • The government funding package is expected to include disaster relief but is unlikely to include additional Ukraine funds or bipartisan legislation to protect banks that work with cannabis companies.
  • Punchbowl reports that House Speaker Mike Johnson (R-LA) will, "begin socializing all of this with the House GOP conference today,” adding that “Johnson met with the House Freedom Caucus members [on Tuesday] to pitch his CR plan…”
  • The Biden administration passed two bills using reconciliation: The American Rescue Plan and The Inflation Reduction Act. Republicans argue these two bills broadened the scope of reconciliation - traditionally limited to spending-related legislation.
  • Incoming Majority Leader John Thune (R-SD) told reporters that the first bill, focusing on the border, energy and national defence, will be signed by Trump within thirty days of taking office. The second bill, which includes more complex tax reforms, would follow later in the year.
  • The top Republican tax writer in the House, Ways and Means Chair Jason Smith (R-MO), told Punchbowl it was “reckless” to put taxes on the back burner even temporarily and that it would be “creating an opportunity to increase taxes for all Americans,” foreshadowing a challenging period of intra-party dispute to synchronise strategy.