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The Economy Continues to Grow The economy’s fourth-quarter growth trounced forecasts as cooling inflation fueled consumer spending, capping a surprisingly strong year that defied expectations for recession. GDP rose at a 3.3% annualized rate, preliminary data show. For all of 2023, the economy expanded 2.5%. America’s main growth engine, personal spending, increased at a 2.8%…

ASA Strongly Supports S. 2928, the Water Infrastructure Subcontractor and Taxpayer Protection Act ASA joined the National Association of Surety Bond Producers (NASBP) and the Surety & Fidelity Association of America (SFAA) in a letter to the Senate Environment and Public Works (EPW) Committee Leadership urging the passage of bipartisan legislation S. 2928, the Water…

This Week in Congress For the third time in less than a year, Congress resorted to a stopgap funding bill to keep the government open. Both chambers passed a continuing resolution that extends funding deadlines until March 1st and March 8th, “keeping House Speaker Johnson’s tiered approach from a November continuing resolution (CR) in effect…

Supplemental Funding for Israel, Ukraine, and the Border Senate negotiators are drafting the text of a bipartisan border security deal. Majority Leader Schumer said, “it’s certainly not a done deal yet.” Top Democratic negotiator Sen. Murphy (D-CT) said that the policy changes were nearly decided, but that he and other negotiators were working with appropriators…

Another Way to Fund Ukraine This week, the Senate Foreign Relations Committee considered legislation to provide additional funding for Ukraine by cashing out frozen Russian assets. The legislation would explicitly authorize the Biden administration to confiscate billions of dollars in Russian state assets that were frozen in U.S. banks as punishment for Moscow invading Ukraine…

Reps. Feenstra (R-IA) and Bishop (D-GA)’s Death Tax Repeal Act Reps. Feenstra (R-IA) and Bishop (D-GA) reintroduced the Death Tax Repeal Act in the House with over 160 original cosponsors. This number of original cosponsors already eclipses the total cosponsors from last Congress.  We have been supportive of this legislation in the past and as…

NASBP and ASA Strengthen Alliance, Benefitting Risk Environment for Construction The National Association of Surety Bond Producers (NASBP) and the American Subcontractors Association (ASA) announced today an enhanced strategic alliance to strengthen mutual efforts supporting equitable risk environments for the benefit of construction projects and parties. The formal agreement between the longtime collaborators furthers a working relationship to amplify…

This Week in Congress Over the weekend, a bipartisan deal was reached on another continuing resolution (CR) giving appropriators more time to write the FY24 funding bills and will adhere to the topline deal that Speaker Johnson cut with Senate Majority Leader Schumer. That topline is effectively the Fiscal Responsibility Act with an additional $16…

Potential 2024 Business Tax Cuts The above continuing resolution (CR) is not expected to contain a proposed tax cut agreement that was in the works between Republicans and Democrats.  Last week, Democratic Sen. Wyden (OR) and Rep. Smith (R-MO), chairmen of the Senate and House Tax Committees, presented an outline of their roughly $70 billion…

2024 Priority Legislation In “D.C. speak or parlance a ‘must pass’ bill” is a measure, considered vitally important, that must be passed and enacted by Congress to continue a necessary function of government before its expiration.  Besides federal appropriations, Congress faces multiple deadlines in 2024 on major pieces of legislation that some consider “must pass.”…