Overview: This week, the Senate passed their version of the reconciliation budget bill (H.R. 1), which is now before the House of Representatives. At the time of writing this newsletter, the House Rules Committee advanced the bill for a floor vote. Speaker of the House Mike Johnson is urging Republicans to unite in support of the bill, but several GOP representatives have problems with the debt ceiling, SALT provisions, and cuts to SNAP and Medicaid. Passage remains uncertain.
Letter to Speaker of the House Mike Johnson: CCUSA President and CEO Kerry Alys Robinson sent a letter to Speaker Johnson calling on him and all members of the House to consider individuals and families in need while negotiating the final version of the budget proposal. Read the press statement and full letter.
CCUSA also signed a letter last week from the Circle of Protection, a coalition of church bodies, addressed to all senators asking them to avoid harmful cuts to Medicaid and SNAP, and to include individuals and families with the lowest incomes in benefitting from the Child Tax Credit, in the reconciliation bill (The Senate did not make these changes).
Economy: In the week ending June 28, the advance figure for seasonally adjusted initial unemployment claims was 233,000, a decrease of 4,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 236,000 to 237,000. The 4-week moving average was 241,500, a decrease of 3,750 from the previous week's revised average. The previous week's average was revised up by 250 from 245,000 to 245,250. Total nonfarm payroll employment increased by 147,000 in June, and the unemployment rate changed little at 4.1 percent, according to the U.S. Bureau of Labor Statistics.