Roundtable Weekly
Congress Faces Shutdown Deadlines as Domestic Funding and Foreign Aid Priorities Dominate Early 2024 Agenda
January 5, 2024

Congress faces a looming set of government shutdown deadlines early in the New Year as pressure builds on lawmakers to balance government funding with increased emergency aid requests for the southern border, Ukraine, and Israel. A stopgap bill passed late last year established the first funding deadline on Jan. 19, which could shutter parts of the government—while the second deadline on Feb. 2 could bring a total shutdown, including military operations. (Punchbowl News, Jan. 5 | The Hill, Jan. 1 | Politico, Jan. 2 and Dec. 28)

Tax Legislation

  • Congressional focus on immediate funding priorities adds a degree of uncertainty to an additional tax package that may seek to hitch a ride on any new spending bill early in the year. (Tax Notes and Politico, Jan. 2)
  • Recent discussions between Senate and House tax writers have focused on a package in the $90-100 billion range that would include measures on business interest deductibility, bonus depreciation, and an increase in the child tax credit for low-income families. (Roundtable Weekly, Nov. 17)
  • Senate Finance Committee Chair Ron Wyden (D-OR) is scheduled to discuss funding priorities and tax issues during The Roundtable’s all-member 2024 State of the Industry Meeting on Jan. 23. Additionally, senior congressional staff from both Senate Finance and the House Ways and Means Committees will discuss the outlook for tax, trade, and other economic legislation in 2024 and beyond with Roundtable members.

Congressional Review Act

  • On the regulatory front, the Congressional Review Act (CRA) is a tool a new Congress can use to overturn certain federal agency rules completed during the last 60 session days of the previous Congress. This “lookback” threat of CRA reversal may come to fruition if Republicans win control of Congress and the White House in the November elections. (PoliticoPro, Jan. 2 and Congressional Research Service.)

A CRA initiative could impact Biden administration regulations completed this summer, but an exact date for when new rules would be clear of the CRA “lookback” is unknown at this time. (PoliticoPro, Jan. 2)

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