Insights: Clients

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...

Mergers & Acquisitions

The EC initiated a Phase 2 investigation of Mars/Kellanova on June 25, 2025 and set an October 31, 2025 provisional deadline. The EC is concerned that Mars’ acquisition of Kellanova’s products could increase its bargaining power vis-à-vis supermarket retailers and lead to higher prices for retailers that are passed on to consumers.

Mergers & Acquisitions

Aya/Cross Country

A recent article from Dealreporter reports that the FTC has been deposing third parties, including competitors and customers. The publication also reports that FTC staff is assessing the impact of the merger on travel nurse competition in California and Midwest markets, as well as Baltimore.

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...