House Races to Pass Spending Bill, SAVE America Act, and Stock Ban Before Recess

The House of Representatives is engaged in a final legislative push before its August recess, aiming to pass a stopgap spending bill, advance the SAVE America Act, and vote on a stock trading ban.

Lawmakers approved a continuing resolution late last night that would renew all funding at current levels through December 4, thereby avoiding a government shutdown in October. Fiscal conservatives view this temporary measure as a way to maintain the current spending levels.

Central to the Republican agenda is the SAVE America Act, which the House plans to include in a budget framework. For this to proceed, the Senate must adopt the same framework to utilize a special budget reconciliation process, which bypasses filibusters. The House's proposed package is expected to include funding for the war in Iran and restocking the Pentagon, as well as money for agriculture programs.

However, a divergence exists between House and Senate Republicans. While Senate Majority Leader John Thune has indicated the Senate might consider the House's funding plan, it requires 60 votes and is subject to a filibuster, with most Democrats anticipated to oppose it. Thune suggested the possibility of using the reconciliation package to fund the government and bypass Democratic opposition if necessary, though he also noted that using reconciliation for appropriations bills sets a difficult precedent.

This procedural hurdle means that funding for depleted programs and the war in Iran could be delayed until at least December. The Pentagon's readiness could be impacted if the conflict continues.

Additionally, the House is set to vote on a bill that would prohibit its members from trading stocks, going further than the 2012 STOCK Act which banned the use of non-public information for market trading. The proposed bill would impose an outright ban on stock trading for House members. House Minority Leader Hakeem Jeffries has expressed opposition, advocating for a stock trading ban that applies to all branches of government.

The day's legislative activity in the House is considered ambitious, with the outcomes for Iran war funding and the SAVE America Act hanging in the balance. The actions taken are seen as a preview of potential challenges Congress may face in the fall.