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03 July 2025 / Additional Resources
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Copy LinkAs of July 3, 2025
| Action | Status | Next Steps |
| Budget Reconciliation in the House/TCJA Extension | On July 3, the House passed the Senate’s amended reconciliation bill by a vote of 218 to 214 (bill text). | The reconciliation bill now heads to the President for his signature. |
| Budget Reconciliation in the Senate/TCJA Extension | On July 1, the Senate passed its version of the reconciliation bill by a vote of 51 to 50, with the Vice President breaking the tie (bill text). Compared to the House version of the bill, the Senate’s bill fully restores and makes permanent business deductions and expensing, provides some additional flexibility for the phase out of the Inflation Reduction Act (IRA) clean energy tax credits, and includes steeper cuts to Medicaid. | |
| FY2026 Appropriations | On May 2, the President submitted the Administration’s FY2026 budget request to Congress for their consideration (budget request). | Congress will consider the Administration’s budget request and must pass all 12 appropriations bills by the start of the fiscal year on October 1. |
As of July 3, 2025
| Action | Status | Next Steps |
| Budget Reconciliation in the House/TCJA Extension | On July 3, the House passed the Senate’s amended reconciliation bill by a vote of 218 to 214 (bill text). | The reconciliation bill now heads to the President for his signature. |
| Budget Reconciliation in the Senate/TCJA Extension | On July 1, the Senate passed its version of the reconciliation bill by a vote of 51 to 50, with the Vice President breaking the tie (bill text). Compared to the House version of the bill, the Senate’s bill fully restores and makes permanent business deductions and expensing, provides some additional flexibility for the phase out of the Inflation Reduction Act (IRA) clean energy tax credits, and includes steeper cuts to Medicaid. | |
| FY2026 Appropriations | On May 2, the President submitted the Administration’s FY2026 budget request to Congress for their consideration (budget request). | Congress will consider the Administration’s budget request and must pass all 12 appropriations bills by the start of the fiscal year on October 1. |
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