Now the Harder Part
There are so many congressional spending votes over the course of a normal cycle that it’s a little challenging to explain why what’s about to happen is special. So please indulge an analogy.
Think of federal spending as a giant construction project — a new mansion, maybe. Decisions about how tall to build, which amenities to include, the number of rooms, and more get delegated to a 535-person planning team. Some of them have design expertise, some have construction expertise, some just try to figure things out as they go.
For fiscal 2026, they’ve agreed on the size of the foundation and the number of square feet, and that took weeks — that was the budget resolution. Now they’re about to tackle the floor plan — legislation reconciling policy goals against spending-cut instructions baked into the budget resolution.
Here’s the the markup schedule so far:
Our legislative analysts mapped out the reconciliation basics in this BGOV OnPoint, and Roxana Tiron reports on the military slice of reconciliation: GOP Releases Text of $150 Billion Defense Increase Package
More coverage:
- Trump Floats New Income Tax Cut
- House Financial Services, Oversight Release Budget Legislation
- House Budget Bill Would Defund Audit Board
- GOP Bill Proposes Billions for Border Patrol Agents, Wall Construction
And there’s lots more detail in this morning’s editions of BGOV Congress Tracker and Budget Brief
Eye on the Economy
Taking stock of the stock market as this iteration of President Donald Trump’s administration hits day No. 98: the The S&P 500 Index is down about 8% since the January inauguration and is on track for its worst run during a president’s first 100 days since Gerald Ford in 1974, following Richard Nixon’s resignation.
See for yourself:
Addiitonal coverage of this week’s 100-day marker:
- ‘Welcome to the Thunderdome’: Inside 100 Dizzying Days of Trump
- Record Small Business Contracts Axed in Trump’s First 100 Days
- Trump’s Polls Decline Near 100-Day Mark
And more on the tariff front:
- Chinese Companies Seek to Sidestep US tariffs Through Indian exporters
- Shein Hikes US Prices as Much as 377% Ahead of Tariff Increases
- Economists Say Trade War Makes US Recession Almost a Coin Flip
How Well Do You Know Washington – Vocabulary Edition
Our budget team anticipates a high-profile White House proposal this week seeking more than $9 billion in cuts for the current fiscal year – money that has been signed into law and therefore committed, but not yet spent.
What’s the correct term for the anticipated appropriations give-back package?
A) Clawback
B) Contraction
C) Reconciliation
D) Rescission
Scroll down for the answer.
Ukraine Update
To catch up on Russia’s war against Ukraine, it’ll help to jump into the diplomatic wayback machine.
Friday: Trump said Russia and Ukraine were “very close” to an accord.
Saturday: World leaders attended the funeral of Pope Francis; President Donald Trump met at the Vatican with Ukrainian President Volodymyr Zelenskiy. After that one-on-one, Trump questioned whether Russia’s Vladimir Putin genuinely wants to end the war.
Today: North Korea has confirmed for the first time that it has deployed troops to support Russia in the war against Ukraine. If those claims are verified, North Korea’s soldiers could end up gaining modern combat experience which, according to South Korea’s spy agency, they badly lack. Read More
On Capitol Hill, the bipartisan US-China Economic and Security Review Commission is preparing a request for proposals for an unclassified report on China’s management of electromagnetic spectrum resources, Roxana Tiron scoops.
Electronic warfare uses the electromagnetic spectrum—signals such as radio, infrared, or radar— to defend or disrupt communication. Spectrum is also key for wireless broadband and satellite communications. Its importance is one of the lessons lawmakers are taking from the war in Ukraine. Read More
New Campaign Landscape
Though Congress was only out of town for two weeks, the 2026 midterm campaign picture changed over the recess. One veteran senator said he’ll retire and two House members announced plans to try to join the Senate.
Retiring: Senate Democratic Whip Dick Durbin, who said his fifth term is his last.
Rep. Robin Kelly (D) will say this week whether she’ll seek the seat Durbin will vacate after this Congress. Reps. Raja Krishnamoorthi (D) and Lauren Underwood (D) also could make their intentions known any day.
Rep. Darin LaHood (R) would give his party a credible candidate, though he’d be an underdog in the Democratic-friendly state and would have to give up a safe Republican seat.
Next door in Kentucky, Rep. Andy Barr (R) announced for the seat of retiring Sen. Mitch McConnell (R). And in Michigan, Rep. Haley Stevens (D) joined a competitive primary for the seat of retiring Sen. Gary Peters (D).
Put Rep. Don Bacon (R-Neb.) on your watch list as well; he confirmed the the Nebraska Examiner that he’s considering retiring from Congress. — Greg Giroux
Download the Latest BGOV Hill Watch
The latest edition of BGOV’s Hill Watch breaks down Republicans’ budget reconciliation plan, highlights ideological roadblocks that could hamstring action, and explains complex budget reconciliation rules in the Senate.
Also included: fresh info on deadlines this summer to raise the nation’s debt ceiling and repeal Biden-era regulations under the Congressional Review Act by early May.
Other measures will need Democrats’ buy-in, including appropriations, defense authorization, and the farm bill. Lawmakers could also still seek bipartisan consensus on issues like artificial intelligence, kids’ online safety, and energy permitting.
Bloomberg Government reporters and analysts dive into those issues and more in BGOV’s Hill Watch: Download it here.
Did You Ace the Quiz?
The correct answer is Option D — Rescission.
When the White House wants to stop previously enacted spending, it can transmit a special message to Congress proposing rescissions. Formally sending that message puts the targeted funds on hold for 45 legislative days to give Congress time to implement the cuts if it agrees.
This process under the 1974 Congressional Budget Act was meant to stop unilateral impoundments of appropriated funds by presidenst. Trump submitted a rescissions package once during his first term and Congress rejected it. Jack Fitzpatrick explains more about the process in this primer.
See also: Push to Vote on Musk’s DOGE Cuts Relies on Seldom Used Tactic
Before You Go
A few more stories to check out as the Washington workday begins:
— With assistance from
To contact the reporters on this story:
To contact the editor responsible for this story: