118th Congress Convenes In Washington, DC

New and returning members of the U.S. House of Representatives and Senate are back in Washington, D.C. today for the start of the 118th Congress. As a result of the midterm congressional elections held this past November, Republicans have regained control of the U.S. House while Democrats remain in charge of the U.S. Senate.

The fact that the two chambers are divided along party lines means it will be more difficult to come to an agreement on legislation. Lawmakers do have some large items on their to do list, however, including:

• Permitting legislation that could increase fossil fuel production and other low- to no-carbon sources, such as renewables, small nuclear reactors, and hydrogen. Both Republicans and Democrats have claimed to want action on this priority so this area is one where bipartisan cooperation could be possible.
• Raising the debt limit, or the maximum amount the federal government is allowed to borrow to meet existing obligations, including for entitlement programs like Medicare and Social Security and interest on the national debt. If the federal government hits the ceiling, it will run out of borrowing funds shortly thereafter and default on its obligations — an outcome that will create chaos in global financial markets.
• The Republican majority in the House will likely try to move several important pieces of legislation related to taxation, including making permanent the individual income tax reductions from the 2017 tax reform law, extending bonus depreciation and research and develop expensing provisions, and ending tax changes such as the corporate alternative minimum tax that were enacted as part of the 2022 Inflation Reduction Act.
• The fiscal year 2024 spending bills, which set the budgets for all discretionary spending programs, including transportation, housing, and the U.S. Department of Commerce’s trade programs.
• Reauthorization of the Farm Bill, which is an omnibus, multiyear bill that governs a broad range of agricultural and food programs. Lawmakers are expected to conduct a comprehensive review of agricultural and nutrition topics, including: commodities, conservation, government nutrition programs, research, and horticulture.

Click here to read more about the agenda for the 118th Congress. Interested in discussing any of these issues with the lawmakers who represent you and your company? Click here to find their contact information.