On Monday, March 11, President Joe Biden released his budget request to Congress (“Budget”) and various accompanying documents. Separately, the Treasury Department released its General Explanations of the Administration’s...more
Earlier today, the White House released its fiscal year (FY) 2025 budget request to Congress. Overall, it proposes $7.3 trillion in total spending, including a proposed $895 billion for defense and approximately $621 billion...more
President Joe Biden delivered his third State of the Union address on March 7, just days after the Super Tuesday primary elections cemented him and former President Donald Trump as the presumptive nominees for their...more
President Joe Biden delivered his third State of the Union address on March 7, emphasizing the tax-policy priorities that will continue to take center stage in his ongoing presidential campaign. Similar to last year’s...more
As Congress heads into 2024 and President Biden starts the last year of his term, a host of tax issues remain unaddressed, including a much-anticipated expiring tax provisions package, pending regulatory guidance, the outcome...more
On Monday, Oct. 30, President Biden signed an Executive Order (EO) on the Safe, Secure and Trustworthy Development and Use of Artificial Intelligence (AI). The EO is intended to establish safety standards for leading...more
As part of its pledge to improve student loan programs and advance diversity and opportunity in higher education, the Biden administration has forgiven a total of $127 billion in student debt for 3.6 million borrowers,...more
On Thursday, March 9, President Joe Biden released his $6.9 trillion Budget and various accompanying documents. Separately, the Treasury Department released its Green Book, which provides more detailed descriptions of the tax...more
Earlier today, the White House released its fiscal year (FY) 2024 budget request to Congress. Overall, it proposes $6.9 trillion in total spending, including a proposed $880 billion for defense and approximately $992 billion...more
President Joe Biden delivered his second State of the Union address on Feb. 7, facing a divided Congress for the first time in his presidency. Biden opened with a show of bipartisanship, drawing cheers as he congratulated the...more
On Jan. 19, 2023, the United States government reached its $31.4 trillion borrowing limit, which was signed into law (P.L. 117-73) by President Joe Biden on Dec. 16, 2021. Last week, Treasury Secretary Janet Yellen wrote to...more
On Dec. 20, the Senate Appropriations Committee released the text of the $1.7 trillion fiscal year (FY) 2023 omnibus appropriations bill. The package includes $858 billion in defense spending, a $76 billion or approximately...more
The Senate Appropriations Committee released the contents of a bipartisan $1.7 trillion omnibus package for fiscal year (FY) 2023 early on Dec. 20. Topline funding levels were agreed to last week as part of a deal to pass a...more
LEGISLATIVE LOWDOWN -
Recess Recap: What happened over the last month in the world of tax?
Congress Considers Options to Delay Impending Shutdown. With Congress unable to reach a consensus on appropriations bills for...more
10/24/2022
/ Biden Administration ,
Corporate Taxes ,
Data Security ,
Department of Homeland Security (DHS) ,
Federal Budget ,
Government Shutdown ,
Income Taxes ,
Inflation Reduction Act (IRA) ,
IRS ,
Student Loans ,
Tax Planning
RECONCILIATION UPDATE -
The Senate voted to pass the $750 billion Inflation Reduction Act (IRA) on Aug. 7, concluding a marathon session that began the night before. Passage of the bill in the Senate all but ensures a...more
On Wednesday, Aug. 24, President Biden announced a three-part plan to provide student loan debt relief to tens of millions of Americans. The student loan debt relief plan includes the following components: (1) a final...more
The White House released its fiscal year (FY) 2023 budget request on Monday. Overall, it proposes $5.8 trillion in total spending, including a proposed $813 billion for defense and about $769 billion in non-defense...more
CPC Recommends Executive Action. Congressional legislative action generally slows during election years, particularly as November draws closer. With primary season heating up, some Democrats are anticipating fewer and fewer...more
House and Senate leaders announced the release of a $1.5 trillion bipartisan omnibus package for fiscal year (FY) 2022 on March 9. The agreement also encompasses an emergency supplemental for Ukraine security and humanitarian...more
On Thursday, March 10, the Senate voted 68-31 to pass the $1.5 trillion FY 2022 omnibus spending bill after months of negotiations. The package, which was passed by the House with strong bipartisan support on Wednesday night,...more
Legislative Lowdown -
BBBA Comeback? President Biden’s first State of the Union address appears to have reignited discussions around a revised version of the Build Back Better Act (BBBA), though the president did not...more
The House and Senate reconvened on Monday at noon and 3 p.m., respectively.
What to Watch -
President Biden delivered his first State of the Union address last Tuesday, during which he outlined the contours of a slimmed...more
President Joe Biden delivered his first State of the Union (SOTU) address last night against the backdrop of war in Europe, persistently high inflation, a waning global pandemic and a deeply divided Congress. The scene was a...more
TAX TIDBIT -
State of the Union Look Ahead. President Joe Biden will make his first State of the Union address tonight before a joint session of Congress. As of this writing, the speech has not been made available to the...more
The House and Senate will reconvene Monday at 2 p.m. and 3 p.m., respectively.
What to Watch -
Both chambers return to Washington after an eventful week away from Capitol Hill. ...more