November 5, 2024
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ECONOMY WHAT'S UP IN WASHINGTON?

4 Top Priorities Congress Must Tackle in 2025 to Secure Victory – Are They Up to the Challenge?

4 Top Priorities Congress Must Tackle in 2025 to Secure Victory – Are They Up to the Challenge?

As voters across America turn up to cast their ballots in the upcoming elections, they will not just be choosing their local representatives. The outcome will decide which party takes control of the House and Senate, determining the course of major policy issues in the 119th Congress. Whether it’s expiring tax cuts, health care subsidies, government funding, or the debt ceiling, the decisions made by the new Congress and the next president will shape the nation’s future.

Here are four significant challenges awaiting the 119th Congress:

  1. Trump tax cuts expiration:

    • The expiration of Trump’s $3.3 trillion tax cuts in 2025 presents a critical decision for the new Congress. Failure to extend these provisions would lead to significant tax increases for Americans. The stance on tax cuts varies between parties, with Trump advocating for extensive tax breaks for all income levels, while Harris and Democrats prioritize tax cuts for those making $400,000 or less. The contentious issue of the SALT deduction also looms large, with Democrats aiming to remove the cap established in 2017.
  2. Obamacare subsidies end:

    • Funding under the Affordable Care Act is set to expire in 2025, threatening an increase in insurance premiums for many Americans. While Harris supports extending the funding and preserving the ACA, Republicans, including Trump, have been vocal about repealing and replacing the law. The outcome of the election will significantly impact the fate of these health care subsidies.
  3. Debt ceiling extension:

    • With the debt ceiling scheduled to hit in 2025, another round of contentious negotiations looms on the horizon. The issue of raising the debt limit has become a recurring battleground in Congress, with potential default on financial obligations looming if action is not taken. The outcome of the elections will determine the nature of the upcoming debt ceiling fight.
  4. Government funding battle:
    • The expiration of federal government funding in late 2024 sets the stage for another conflict in Congress. Whether the issue is resolved before the end of this year or carried over to the new Congress, negotiations over the size and scope of government spending await. The upcoming farm bill, essential for agriculture and food policy, also needs attention from the new Congress.

The uncertainty surrounding these critical issues underscores the importance of the upcoming elections. The decisions made by voters will shape the future direction of the nation and determine how these pressing challenges are addressed. It is imperative for the electorate to consider the implications of their choices and engage in the democratic process to steer the country towards a prosperous future.

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