Each week while Congress is in session, our Policy team delivers a key update to highlight a topical benefits, health, or retirement news item from the Hill, such as a newly introduced bill, a summary of a committee hearing, or another hot-button matter.
Now that Congress has passed the One Big Beautiful Bill (“OBBB”), lawmakers have resumed working on appropriations for Fiscal Year 2026. Much of the current appropriation legislation expires on September 30, the end of the federal government’s fiscal year.
Congress is also considering a request by the President to rescind over $9 billion in funds appropriated for Fiscal Year 2025. The Impoundment Control Act of 1974 provides a 45-day period in which such rescission requests can pass with a simple majority vote in both chambers. The window for considering the current rescission request expires on July 18.
There also appears to be interest from some Republicans in pursuing a second, and possibly a third, reconciliation bill. For his part, Senate Finance Committee Chairman Mike Crapo indicated his interest in a reconciliation package, saying, “There’s a ton of things we need to do.” Sen. James Lankford (R-OK) mentioned in particular that he’d like to see pharmacy benefit manager (“PBM”) reform, saying, “If we can’t get it done in a bipartisan way, we need to move it.” Additionally, fiscal conservative Sen. Ron Johnson (R-WI) advocated for the Finance Committee to go “line-by-line” in search of $2 trillion in savings for a second bill.
In case you missed it, Groom’s summary of the OBBB is available here.
