Congress Returns After the New Year to Focus on Government Funding

In Washington, both chambers of Congress are back in session today. The first appropriations deadline of January 19 is rapidly approaching, and Congress must pass four fiscal year 2024 spending bills before next Friday: Agriculture-FDA, Energy-Water Development, Military Construction-VA, and Transportation-HUD.  

Over the weekend, House Speaker Mike Johnson (R-LA) and Senate Majority Leader Chuck Schumer (D-NY) announced a deal on topline spending numbers for fiscal year 2024, setting the overall spending figures in line with those agreed to by President Biden and then-Speaker Kevin McCarthy under the Fiscal Responsibility Act (FRA) in the summer of 2023. The topline number agreed to is $1.659 trillion overall, with $773 billion for non-defense discretionary spending and $886 billion for defense. The deal also includes key measures for House Republicans, including a $10 billion IRS funding cut and a rescission of $6.1 billion in COVID-19 relief funds. 

The question now remains whether Speaker Johnson can garner enough support to ensure passage of the deal, while also balancing a likely influx of amendments to the package on immigration, abortion, and other divisive issues. ANCOR will continue to monitor the progress on the spending package and provide updates.