Caitlin Reilly

TAX NEWS: Treasury Department and a downsized IRS face a ‘perfect storm’ as taxpayers and employers seek details regarding Trump’s "Big Beautiful Bill" bloomberg.com/news/articles/… with @reilly_cait

In case you also found yourself wondering this week how the prospect of a Fed-backed digital dollar became the latest redline for House conservative hardliners, I asked around: bloomberg.com/news/articles/…

Rep. LUNA, who was in Tuesday’s White House meeting, had this to say about Fed Chair POWELL: “Jerome, if you don't lower interest rates, you're fired." Luna wouldn’t say whether that was Trump’s message yesterday, but said he’s fielded calls from people qualified for the job.

ICYMI: Senate on track to end federal funding for PBS, NPR today bloomberg.com/news/articles/…

RESCISSIONS: @SenMcConnell joins @SenatorCollins @lisamurkowski in voting no. @SenBillCassidy is a yes

Additional context: funding for the two food aid programs largely comes from appropriations and wouldn’t be touched by this rescissions package. Moran’s amendment focuses on the resources needed to administer the programs.

Sen. MORAN, a GOP vote we’re watching on the $9B rescissions bill, said he negotiated language to ensure a pair of programs sending food aid abroad can be administered. He declined to say how he would vote on the bill.

TAX ALERT: Everyone should follow my amazing new Bloomberg tax reporter colleague Caitlin Reilly @reilly_cait who has joined us from Roll Call

Some professional news: After six years at Roll Call I've started a new job covering tax and fiscal policy issues on the Hill and beyond for Bloomberg News. Please send me your tips and add me to your press lists!

BREAKING: Senate will aim to strip global AIDS funding from rescissions package says @russvought New package is $9 billion

SCOOP: Someone pretending to be the House Intelligence Committee chairman, Rick Crawford, sent messages about a project related to Melania Trump. Among those targeted: Rep. Eric Burlison & ex-congressman George Santos washingtonpost.com/politics/2025/…

CBO estimates the last minute changes the Senate made to the “big, beautiful” bill before passage added another $110B to its cost. The bill is in the House now and already out of compliance with the tax cuts to spending cuts ratio fiscal hawks have insisted on.

News: Treasury has invited some members of the House Freedom Caucus to a Tuesday evening meeting ahead of the House taking up the reconciliation bill Wednesday, per source familiar. Treasury Sec. Bessent is expected to attend the meeting, as WH tries to lock in votes.

Another change to the reconciliation bill the Senate passed today: it dropped a requirement that at least one parent setting up a child's "Trump account" be an U.S. citizen. However, the child must be a citizen. Senate Dems fought to remove this requirement during the Byrd bath.

A win for wind and solar compared to earlier Senate draft: looks like projects already underway or starting construction within 12 months would be exempt from the more aggressive clean energy credit phaseout requiring a project to be complete and ready for use by 2028 to qualify.

On clean energy, Republicans' wraparound amendment struck a new excise tax on wind and solar projects relying on "material assistance" from adversarial countries. The sector's supply chains are heavily reliant on China. The Chamber of Commerce had called to remove the provision.

Vote-a-Rama Hour One vs. Hour Nineteen

Sen. MURKOWSKI and Leader THUNE left his office w/o much progress to report. “Just a chat. Couple old friends,” Thune said. Her vote is key to passage of the reconciliation bill, but provisions that would ease the impact of benefit cuts in Alaska have run into Byrd issues.

Sen. COLLINS said defeat of her amendment to the reconciliation bill didn’t affect how she would vote on final passage. “I've said all along that I have concerns with the bill,” she said. The GOP can only lose three votes. They’re entering their 18th hour of amendment votes.

It’s giving youtu.be/n3RDFtz8aHg?si…