Key Points: TAX The House Republican Steering Committee will meet before the next legislative recess to Congress and the White House Reach determine new Chairman Agreement on Debt Limit, Spending Representative Sam Johnson (R-TX) will Limits, Bill Passes Congress and Sent to serve as the interim Chairman while a President permanent replacement is determined Key Points: House Ways and Means Committee Social Budget agreement lifts the debt limit through Security Subcommittee Chairman Sam Johnson March 15, 2017 and increases discretionary (R-TX) will serve as the interim Chairman of spending by $80 billion in FYs 2016 and the Committee while the Republican Steering 2017 Committee decides on the next chairman The deal passed the House and Senate this following the resignation of newly elected week and is likely to be signed Oct. 30 Speaker of the House Paul Ryan (R-WI). The Steering Committee, which is made of The House and Senate passed the “Bipartisan Leadership and select Members of the Budget Agreement of 2015” () after Republican Conference, is expected to meet congressional leadership and the White House before the next House recess begins on negotiated an agreement to suspend the debt November 6. The Ways and Means Committee limit until March 15, 2017, and increase had been working on a number of issues discretionary spending caps by $80 billion for including tax extenders, surface transportation fiscal years 2016 and 2017. The agreement funding, and Medicare reforms; and according includes changes to the Social Security to a Committee statement, all business will Disability Insurance Trust Fund that will result continue as scheduled under Chairman in $168 billion in long-term savings and keep Johnson. the fun solvent until 2022. The budget deal also prevents increased premiums in Medicare Part House Expected To Consider Long-Term B for some beneficiaries in 2016. The bill is Surface Transportation Bill Next Week fully paid for, with offsets including: Key Points: new Internal Revenue Service (IRS) auditing rules to enhance tax Three years of offsets from Senate-passed compliance of large partnerships; highway bill are expected to be included in House bill as starting point on revenues increased Pension Benefit Guarantee Corporation premiums; House Ways and Means Committees and selling oil from the Strategic Petroleum others could identify additional or alternate Reserve; and pay-fors before bill is considered on House floor auctioning broadband spectrum. The House will vote on a six-year transportation bill next week after the House New Ways And Means Chairman Expected Rules Committee meets to determine the To Be Chosen Week of November 2 amendment process for floor consideration.
TAX Congress and the White House Reach Agreement on Debt Limit, Spending Limits, Bill Passes Congress and Sent to President Key Points: Budget agreement lifts the debt limit through March 15, 2017 and increases discretionary spending by $80 billion in FYs 2016 and 2017 The deal passed the House and Senate this week and is likely to be signed Oct. 30 The House and Senate passed the “Bipartisan Budget Agreement of 2015” () after congressional leadership and the White House negotiated an agreement to suspend the debt limit until March 15, 2017, and increase discretionary spending caps by $80 billion for fiscal years 2016 and 2017. The agreement includes changes to the Social Security Disability Insurance Trust Fund that will result in $168 billion in long-term savings and keep the fun solvent until 2022. The budget deal also prevents increased premiums in Medicare Part B for some beneficiaries in 2016. The bill is fully paid for, with offsets including: new Internal Revenue Service (IRS) auditing rules to enhance tax compliance of large partnerships; increased Pension Benefit Guarantee Corporation premiums; selling oil from the Strategic Petroleum Reserve; and auctioning broadband spectrum. New Ways And Means Chairman Expected To Be Chosen Week of November 2 Key Points: The House Republican Steering Committee will meet before the next legislative recess to determine new Chairman Representative Sam Johnson (R-TX) will serve as the interim Chairman while a permanent replacement is determined House Ways and Means Committee Social Security Subcommittee Chairman Sam Johnson (R-TX) will serve as the interim Chairman of the Committee while the Republican Steering Committee decides on the next chairman following the resignation of newly elected Speaker of the House Paul Ryan (R-WI). The Steering Committee, which is made of Leadership and select Members of the Republican Conference, is expected to meet before the next House recess begins on November 6. The Ways and Means Committee had been working on a number of issues including tax extenders, surface transportation funding, and Medicare reforms; and according to a Committee statement, all business will continue as scheduled under Chairman Johnson. House Expected To Consider Long-Term Surface Transportation Bill Next Week Key Points: Three years of offsets from Senate-passed highway bill are expected to be included in House bill as starting point on revenues House Ways and Means Committees and others could identify additional or alternate pay-fors before bill is considered on House floor The House will vote on a six-year transportation bill next week after the House Rules Committee meets to determine the amendment process for floor consideration.
WJ_Washington_Update_10-30-2015_Website.docx