Progress on continued resolution negotiations remains slow as September 30 deadline approaches
The House and Senate are in session this week. Discussions/negotiations over a continuing resolution (CR) to keep the government open past September 30th continued over the weekend, but progress remains slow. The momentum appears to be to drop items rather than add items to ride along with the CR. Senate Majority Leader Schumer said he supports adding $12 billion for Ukraine to the CR.
Railroad workers' union, rail carriers, and White House reach tentative agreement, avert possible, national strike
The White House announced a tentative agreement between the railroad workers unions and the rail carriers that will avert a strike that could have occurred as early as tomorrow. Nearly 40 percent on inland goods – including energy and food are moved by rail and it was estimated that a strike could cost the economy $2 billion a day.
White House celebrates Inflation Reduction Act amid disappointing CPI report release
It was a calculated risk. The White House wanted a big celebration to highlight the passage of the Inflation Reduction Act. They chose to hold the event on the White House lawn the day the Labor Department would release the August CPI report -- inflation numbers. They had reason for optimism. Gas prices have dropped for 13 consecutive weeks. Analysts expected the inflation rate to drop below 8 percent.
The BLS CPI showed inflation at 8.3 percent year over year and excluding food and energy, the core rate is 6.3 percent. Both numbers exceed analysts’ expectations. The House returns today to a fair amount of uncertainty over what Congress can produce over the final three weeks of session before the midterm elections. Job one is to keep the government open past the September 30th deadline, when government funding runs out.
Inflation expected to dip below 8% as US gas and energy prices continue to fall
The White House and congressional Democrats hope to keep their summer momentum going this week. The White House will hold a celebration for the passage of the Inflation Reduction Act on Tuesday – right after the August report on the Consumer Price Index for August is released. With gas and energy prices falling, economists expect to see inflation dip below 8 percent.
Congress debates COVID spending levels in Continuing Resolution
The final phase of the pre midterm election session of the 117th Congress is rapidly drawing to a close. There will be a lame duck session post-election, but the agenda for the lame duck will not become clear until after the November elections. In the meantime, Congress has a few weeks to finish some must do work and potentially pass a few additional “want-to-do” items.
Congress returns from August recess with continuing resolution spending bill at top of docket
The Senate returned yesterday. The House returns next week. This begins the final congressional session before the increasingly competitive mid-term elections. Congress has one “must do” item this month – pass a continuing resolution (CR) spending bill to keep the government open. The current funding expires on September 30th.