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Week of May 30, 2023

  • This week, the U.S. House of Representatives and U.S. Senate are in session for legislative business. Later in the week, both chambers are expected to consider the Fiscal Responsibility Act, which encompasses the agreement that the White House and Congressional Republicans reached to raise the nation’s debt ceiling. The bill also limits overall discretionary spending for the next two fiscal years, rescinds nearly $30 billion in unspent COVID-19 relief aid, rescinds funding for the Internal Revenue Service included in the Inflation Reduction Act passed last year, increases work requirements on able-bodied workers that receive SNAP nutrition services, and requires the U.S. Department of Education to restart federal student loan payments no later than the end of August.
  • On Wednesday at 2:00 p.m., the Federal Reserve releases its Beige Book. Eight times a year, the Fed releases its Beige Book, a summary of current economic conditions for the 12 Federal Reserve Districts based on anecdotal information gathered through reports from Bank and Branch Directors and interviews with key business contacts, economists, market experts, and other sources.
  • There are no further higher education events scheduled for this week.