This Month's Capital Snapshot Deck Includes

  • The policy and political timeline for August, and a look at the remaining 2022 Congressional Calendar.
  • An overview of top Congressional priorities, including: (1) reconciliation; (2) CHIPS-plus; (3) FY23 appropriations; (4) same-sex marriage codification; (5) PACT Act; (6) approving Finland and Sweden for NATO membership; and (7) police/law enforcement funding.
  • An overview of, and insight into, the battle for control of Congress, as well as the 2022 Gubernatorial Elections.
  • A look into elections in recession years, and what their trends can tell us about what to potentially expect.

Congressional Schedule and Priorities for August 2022

Remaining Days in Congress

House

  • The House is scheduled to be in recess for the entire month of August.
    • In the event of Senate passage of the reconciliation bill, the House will return to vote on that bill.
  • 28 legislative days left in 2022.

Senate

  • 5 legislative days scheduled for August.
    • Senate Democrats hope to conclude debate and vote on the pending reconciliation package by the end of the first week of August.
  • 57 legislative days left in 2022.

Congressional Agenda and Priorities for August/September

  • Consideration of the Inflation Reduction Act of 2022 (Reconciliation)
  • Passage of the CHIPS & Science Act of 2022 (House: July 28; Senate: July 27)
  • Honoring our PACT Act of 2022
  • Potential Senate vote on same-sex marriage and contraception codification
  • Senate vote on FY23 appropriations bills
  • Potential Senate vote on NATO bill (Finland and Sweden)
  • Potential House consideration of gun control legislation and a police funding package

Reconciliation –the Inflation Reduction Act of 2022

  • On July 27, Senate Majority Leader Chuck Schumer (D-NY) and Sen. Joe Manchin (D-WV) announced they had reached a deal on a reconciliation package covering:
    1. Prescription drug pricing reform ($288 billion in revenue)
    2. Extension of Affordable Care Act (ACA) premium subsidies ($64 billion in spending)
    3. Tax changes ($451 billion in revenue)
      1. Imposition of a 15% minimum corporate tax
      2. Increased IRS tax enforcement
      3. Changes to carried interest provisions
    4. Energy security and climate change investments ($369 billion in spending)
    5. Deficit reduction ($306 billion)
  • The new reconciliation deal is now referred to as the Inflation Reduction Act of 2022.
  • The legislation is under review by the Senate Parliamentarian, who will determine if its provisions comply with budget reconciliation rules.
  • Leader Schumer indicated the full Senate will consider the legislation next week.
  • Leader Schumer seeks to have final passage of the Inflation Reduction Act of 2022 by the end of the first week of August, this timeline might be optimistic.
    • The Senate Parliamentarian's review of the final text, known as the "Byrd Bath," will likely take several days and could require changes.
    • Under that scenario, final passage of the Inflation Reduction Act of 2022 in the Senate could slip until at least the week of August 8.
  • On July 28, Leader Schumer indicated that insulin provisions would be added to the reconciliation bill.
  • House Speaker Nancy Pelosi (D-CA) expressed her support for the Inflation Reduction Act of 2022 in a Dear Colleague on July 27. Should the Senate pass the bill by August 8, the House will return the 2d week in August for final passage of the legislation.

Click here to continue reading . . .

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.