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Financial Services Report (4/15)

Last Week in the House The Floor   On Tuesday, Democratic leadership was forced to pull its proposal to increase spending caps by $17 billion for defense spending and $34 billion for non-defense spending following an intense intra-party disagreement, as members of the Congressional Progressive Caucus indicated that they would not support the bill without an additional $33 billion in non-defense spending. Despite the inability to vote on the either spending caps deal or a budget resolution, a procedural maneuver earlier in the week set the top line spending number for the Appropriators to develop FY20 spending bills with an overall limit of $1.

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The Week in Review Prior to leaving Washington for a two-week recess, House Democrats pulled their proposal to raise discretionary spending caps from the floor amid disagreements over non-defense spending levels. The legislation would provide for a $17 billion increase above FY 2019 budget caps for defense spending and a $34 billion bump above that level for non-defense. Members from the Congressional Progressive Caucus wouldn't support the underlying bill without an amendment from Rep. Pramila Jayapal (D-WA) that would have added $33 billion to non-defense spending, while moderates from the Blue Dog Coalition were pushing for a balanced budget amendment.