Federal Spotlight: Budget Deals Contain Vital Wins for the Business Community
December 19, 2019
Congress will approve a $1.4 trillion spending package this week as the House and Senate seek to avoid a government shutdown. The deal, which was approved in two separate “minibus” bills, passed the House yesterday with strong bipartisan support. The Senate signed off on one of the spending bills earlier today, while they are expected to approve the second one later in the afternoon or evening. Outside of appropriating money to fund the government, the two bills contained numerous substantive policy provisions that would typically be extremely difficult to pass as standalone legislation. Some key provisions for business include:
- Seven-year reauthorization of the Export-Import Bank
- Repeal of the Cadillac Tax, the Medical Device Tax and the Health Insurance Tax, which are part of the Affordable Care Act
- Inclusion of the SECURE Act, which expands retirement account access
President Trump is expected to sign the two pieces of legislation to fund the government tomorrow.