ASAToday for July 3rd, 2025

FY26? The upcoming battle is over the President’s budget for FY26, expected in April. Without a spending cap deal, the President may propose significant cuts to foreign aid and domestic programs. However, passing appropriations in the Senate requires 60 votes. Due to backlash from approving the continuing resolution (CR), Democrats, including Minority Leader Schumer, are…

Debt Limit Update The Congressional Budget Office (CBO) will announce its debt-limit “x-date” this week. Speaker Johnson (R-LA) prefers to raise the debt limit within a reconciliation bill. If Congress doesn’t approve this before the x-date, they must address the debt limit separately. Return to the ASAtoday page to read more articles

Interim Final Rule on the Corporate Transparency Act?   On March 21st, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) published an interim final rule (the “March 21 Rule”) that: Narrows the beneficial ownership information (“BOI”) reporting requirements of the Corporate Transparency Act (“CTA”); and Extends the CTA’s BOI reporting deadline by 30 days….