Tag: Federal

What a week. The Republican-led House continues to demonstrate that it isn’t afraid to flip the table as it attempts to redefine “business as usual” in the House. First, a recap of the shutdown showdown.

With Congress racing towards a government shutdown on Oct.1—an outcome that is looking more and more likely—let’s look at the three most recent shutdowns and what you can expect this time around.

The Financial Crimes Enforcement Network (FinCEN) and Internal Revenue Service (IRS) Criminal Investigation Department issued a notice of attention to a notable increase in state and federal payroll tax evasion and workers’ compensation insurance fraud in the residential and commercial real estate construction industries.

The Bipartisan Infrastructure Deal passed in 2021 provided a multibillion-dollar investment of roughly $1.2 billion into infrastructure and waterways, repair and maintenance backlogs, reductions in emissions and other low-carbon technologies. This deal has greatly impacted the construction industry and economy today.

Treasury officials have warned lawmakers to come to an agreement prior to the X-date of when reserves will run dry. The X-date depends on both tax collections and government payments, and if there is not enough money to provide for the country’s financial obligations, the likelihood of a default is very high.

All eyes are on the economy as business leaders wait to see if the Federal Reserve will push the U.S. into a recession or pull off a soft landing. Opinions about the outcome are somewhat mixed—Oxford Economics predicts a “mild recession” come 2023; Goldman Sachs says the U.S. remains on a “narrow path” to a soft landing; and TD Securities puts the chance of a recession at 50% in the next 18 months.