Insights: Macro

Fed Personnel/Litigation

The various lawsuits challenging President Trump’s ability to fire members of independent boards are moving to a more advanced stage. Most notably, last week the Supreme Court (SCOTUS) agreed to take up the case of Rebecca Slaughter, a member of the Federal Trade Commission (FTC), whom Trump attempted to fire in March. Separately, Trump has filed...

Healthcare, Macro

Fiscal Year 2026 Funding/Government Shutdown, ACA

At the urging of Republican leaders, President Trump cancelled a meeting this week with Democratic leaders to address the need to pass appropriations legislation to fund government operations past the 10/1 beginning of FY26. If appropriations legislation is not passed by 9/30, government operations (e.g., discretionary programs such as...

FY26 Funding/Government Shutdown, ACA

Funding for discretionary programs (i.e., loans, grants, military, other government operations - not mandatory/entitlement programs) ceases on 9/30, and if a new “appropriations” bill to fund these programs is not enacted by then, they will shut down. The House today passed a “continuing resolution (CR)” on a partisan Republican basis to sustain...

FY26 Government Funding/Shutdown, ACA

House and Senate Republicans appear to be planning for votes next week on a “continuing resolution (CR)" that extends FY26 government funding (appropriations) through 11/20. Without a CR, government operations (loans, grants, other non-entitlement programs) will shut down on 10/1.

IEEPA Litigation

In a 7-4 decision, the Court of Appeals for the Federal Circuit upheld a decision from the U.S. Court of International Trade (CIT) blocking President Trump’s imposition of tariffs under the International Emergency Economic Powers Act (IEEPA). The decision (involving two cases, V.O.S. Selections v. U.S. and Oregon v. U.S.). The Federal Circuit...

As we’ve previously noted, there is some interest among Republicans in passing another reconciliation bill or two (i.e., tax/mandatory spending (entitlements) bill that can be passed on a partisan basis). They have two procedural opportunities to do so in the coming year - under the FY26 and FY27 budget resolutions.