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This Week in Congress!

This week marks a defining moment: Senate Republicans faced a critical vote on President Trump’s request to rescind $9.4 billion in funding, while Congress launched “Crypto Week” amid record-breaking Bitcoin prices. All this unfolded against the backdrop of catastrophic Texas floods, prompting fresh scrutiny of federal agencies during fiscal tightening.

$9.4B Rescue or Rescind?

  • Senate Republicans voted on $9.4 billion in rescissions (NPR/PBS, foreign aid, and AIDS programs) this week.
  • Dubbed a “gut‑check vote” by Sen. Kennedy (R-LA), the move draws stark division: proponents argue it follows through on voter mandates, while opponents like Sens. Collins (R-ME) and Murkowski (R-AK) warn of dangerous cuts to rural media and global health.
  • Democrats contend slashing public broadcasting and foreign aid during a Texas flood crisis, amid FEMA questions, could undercut confidence in the federal government’s core mission.

Crypto Week Begins

  • “Crypto Week” kicked off in the House, with passage of the GENIUS Act for stablecoins, the CLARITY Act for market structure, and the Anti-Central Bank Digital Currency Surveillance State Act.
  • Bitcoin surged to $120k+ amid optimism over regulatory clarity for digital assets, signaling major investment flows.
  • House Rules Committee advanced three crypto bills, along with the $831.5 billion Defense Appropriations measure (H.R. 4016).

Appropriations & Oversight Tensions

  • Senate appropriators kicked off FY 2026 spending markups Thursday, starting with Transportation-HUD and Energy–Water.
  • House subcommittees began markups Monday–Thursday across key domains including Interior-Environment, National Security-State, and Commerce-Justice-Science.

House

  • Rescissions Debate: It was a heated floor fight as Republican leadership pushes through the $9.4 billion cuts amid growing fractures.
  • Appropriations Markups: Committees continued working toward the July 30 target on FY2026 bills.
  • Disaster Oversight: Reps. Pfluger and Carter, both impacted by Texas flooding, are expected to lead calls for accountability around National Weather Service forecasting.
  • NDAA (national defense authorization act) Markup Prep: The House Armed Services Committee finalized amendments ahead of next week’s full NDAA markup.

 Senate

  • Rescissions Vote: Senate Republicans must consolidate roughly 51 votes in the face of strong moderate objections.
  • Appropriations Begin: Markups kicked off Thursday, including hearings for Military Construction–VA and Homeland Security.
  • NDAA Markup: Tuesday afternoon saw the Senate Armed Services Committee’s opening of the FY 2026 defense authorization discussions.
  • Oversight Scheduling: Following entrenched opposition on grant transparency, leadership is expected to organize hearings featuring Office of Management Budget (OMB) and agency officials.
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