Connect with us

Hi, what are you looking for?

Daily Planning Capabilities – Investing and Stock NewsDaily Planning Capabilities – Investing and Stock News

Latest News

Freedom Caucus pushes two-step reconciliation proposal, countering Johnson’s plan

The House Freedom Caucus is pushing against Speaker Mike Johnson’s plan to pass major GOP priorities.

The ultra-conservative group made their preference for a two-step reconciliation plan official on Thursday, releasing a proposal that calls for an initial bill that would reverse Biden administration policies, fund border security and raise the debt ceiling for two years. The Freedom Caucus noted that this plan leaves room for a second reconciliation package with tax cuts, though it didn’t detail what conservatives want that legislation to look like.

“Our proposal is a Republican plan that we believe can reach 218 votes, that would also allow us to keep the ball on the Republican side of the negotiating field for defense and non-defense appropriations — while delivering wins and uniting the conference,” the House Freedom Caucus wrote in a statement.

The group did note they were willing to work with GOP colleagues on one bill.

The position runs contrary to Johnson’s stated preferences in a few ways — he has indicated he wants to deal with the debt limit in a bipartisan way, rather than putting it in a reconciliation bill, and that he wants to deal with the border, energy and taxes all in one package. Top tax writers in Congress are afraid if tax cuts slip to a second bill, they won’t end up happening.

But Johnson needs the Freedom Caucus, which includes more than 30 members, to pass any partisan legislation through the House. Official positions like this proposal have to have the backing of at least 80 percent of the caucus. Plus, some conservatives in the group have signaled they might try to oust Johnson if he compromises too much with Democrats.

More specifics: “Phase one” of the Freedom Caucus’ proposal includes a two-year increase in the debt limit, $200 billion to $300 billion over four years for national security funding, including border security, and at least $361 billion to $541 billion in spending cuts to Biden policies over ten years. Those would include reversing Biden policies on electric vehicles, student loan forgiveness, Medicaid and SNAP.

Enter Your Information Below To Receive Latest News, And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Investing

    Introduction To The Long Put Strategy Options are used by investors to take advantage of a wide range of projections on the state of the...

    Investing

    Introduction Options can provide investors with an extremely versatile tool that can be used to bet on market direction or changes in volatility levels....

    Investing

    In both cases a (usually near the money) option is sold and used to partially fund the purchase of two (or more) out of...

    Investing

    What’s the Difference Between SPX and SPY Options? Dividends Dividends are not normally paid to options holders. However, SPY pays a dividend every quarter. This is...

    Disclaimer: Dailyplanningcapabilities.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2023 Dailyplanningcapabilities.com