What We're Tracking in DC
119th Congress Sworn In
Earlier this month, the 119th Congress kicked off. The House re-elected Rep. Mike Johnson (R-LA) Speaker, while the Senate elected Sen. John Thune (R-SD) Majority Leader. Leadership also announced members of all Committees. The Senate Finance Committee has six new members:
- Roger Marshall (R-KS)
- Bernie Sanders (I-VT)
- Ben Ray Luján (D-NM)
- Tina Smith (D-MN)
- Raphael Warnock (D-GA)
- Peter Welch (D-VT)
The Ways and Means Committee has seven new members:
- Rep. Aaron Bean (R-FL)
- Rep. Max Miller (R-OH)
- Rep. Nathaniel Moran (R-TX)
- Rep. Rudy Yakym (R-IN)
- Rep. Brendan Boyle (D-PA)
- Rep. Stacey Plasket (D-VI)
- Rep. Tom Suozzi (D-NY)
Going into an important year for tax policy, it is critical that your Members of Congress and their staff understand the vital work philanthropy does for communities across the country. We strongly encourage you to meet with your Members and their staff—both in-district and here in Washington, DC. For support, reach out to our team at govt@cof.org (or just reply to this email).
Budget Reconciliation Coming…
With narrow majorities in both the House and Senate, Republicans are very likely to use budget reconciliation to move major priorities, from tax to immigration. Budget reconciliation, a process that allows Congress to pass legislation using only a simple majority (rather than requiring 60 votes in the Senate), has previously been used to pass the Inflation Reduction Act of 2022 and the Tax Cuts and Jobs Act of 2017, among others—but it comes with certain limitations. Provisions passed through budget reconciliation must have some impact on direct spending, revenue, or the debt limit. Read the Bipartisan Policy Center’s detailed primer on budget reconciliation.
Since winning a trifecta in November, Republicans have debated moving one budget reconciliation package that includes all their priorities, or breaking it up into two budget reconciliation bills: one focused on immigration and other priorities, and one focused on taxes. As of Friday morning, it is still unclear which path Republicans will choose, with President-elect Trump saying he’d prefer “one big beautiful bill” but could live with two.
Confirmation Hearing Scheduled for Treasury Secretary Nominee
The Senate Finance Committee announced that it will hold a confirmation hearing on January 16, 2025 to consider President-elect Trump’s nominee to lead the Department of Treasury, Scott Bessent. If his nomination is reported out of Committee, it will then go to the full Senate for a vote. Bessent has been meeting with both Republicans and Democrats since his nomination was announced. We’ll share updates on his confirmation hearing in the next edition of Snapshot.