Insights: Macro

The bipartisan leaders of the House and Senate Appropriations Committees continue to indicate they are close to reaching a deal on top-line spending levels for the remainder of FY25. The current extension of FY25 funding expires on 3/14, and if resolution is not reached by then, government operations will “shut down.” Despite bipartisan progress...

President Trump and conservatives have expressed a preference for addressing the debt limit on a partisan basis, so as not to give Democrats the ability to leverage it for achieving other policy concessions. Reflecting this sentiment, the House-passed budget resolution includes a $4t debt limit increase. The Senate-passed budget resolution does...

Energy, Financials, Healthcare, Macro, Tech / Media / Telecom

Now that the House and Senate Republicans have each passed their own versions of a budget resolution, negotiations will commence in the coming days on adopting a joint resolution. This resolution establishes the allowable deficit parameters of subsequent “reconciliation” legislation that will make changes to taxes/spending. While Senate...

Energy, Financials, Healthcare, Macro, Tech / Media / Telecom

Reconciliation & Debt Limit

House and Senate Republicans are this week taking their initial steps towards enacting their reconciliation legislation, which enables them to enact changes on taxes, Medicaid, defense, and border security, among other issues on a partisan basis. The first step in this process is to pass a “budget resolution” that establishes the high-level...

Tariffs (Mexico, Canada, China, Europe)

The 25% tariffs imposed by President Trump on Mexico and Canada were suspended for 30 days after he had calls with Mexican President Sheinbaum and Canadian PM Trudeau. Meanwhile, China has put in place retaliatory tariffs in reaction to the 10% tariffs imposed by Trump. Trump and Chinese President Xi are apparently scheduling a call for some...

Energy, Healthcare, Macro, Tech / Media / Telecom

House Republican leaders are struggling to take the first step in the process of passing their “reconciliation” (tax/spending) legislation, which is to pass a “budget resolution” that defines how the reconciliation bill will impact the deficit. Conservatives want the bill to reduce the deficit more aggressively than Republican leaders feel is...