Insights: Policy

FY26 Appropriations and Recissions

The Senate is this week taking its initial steps to pass FY26 appropriations legislation (i.e., annually allocated funding for government operations, grants, loans, etc.), with a focus on Military Construction/VA, Agriculture, Commerce/State/Justice, and Legislative Branch. Appropriations bills need to pass the Senate on a bipartisan (60+ vote)...

Defense Spending

The House has passed an FY26 defense appropriations bill that would provide the Pentagon ~$832b, matching the same level of spending in FY25, as requested by the White House. The Trump administration requested flat funding for DOD, given that the Republicans' recently enacted reconciliation bill provides ~$150b for defense spending, $113b of...

Russia Tariffs and Sanctions

Earlier this week, Senate Majority Leader Thune said he will not advance Russia sanctions legislation after President Trump committed to use his existing authorities to punish Russia if it does not agree to a peace deal with Ukraine by 9/2. This is a shift in position from last week when both Thune and Speaker Johnson, with the backing of the...

Gambling Tax in OBBBA

Backlash is beginning to emerge – from stakeholder groups, voters, and some bipartisan lawmakers – regarding the constraints on gambling loss deductions included in Republican’s recently enacted reconciliation bill (OBBBA). Stakeholders, such as the American Gaming Association and the National Thoroughbred Racing Association, are ramping up an...

Criticism of Federal Reserve Chair Powell

President Trump and his team have in the last few days materially increased their criticism of Fed Chair Powell, arguing that he has waited too long to lower interest rates and that he has not properly managed renovations of the Fed’s headquarters buildings. Trump has reiterated that he does not intend to fire Powell, but the White House appears...

Pharmacy Benefit Managers (PBMs)

Though PBM reforms ended up being stripped from Republican’s recently enacted reconciliation bill (the One Big Beautiful Bill Act or OBBBA), lawmaker interest in constraining the practices of industry is not fading. In recent days, Senate Finance Chair Crapo (R-ID) indicated that a bipartisan deal to impose new regulations on PBMs would be a top...