Congress prevents a government shutdown, approving funding through mid-March
Congress successfully averted a government shutdown with a funding bill (or continuing resolution) passed by the Senate early Saturday, following House approval on Friday. The continuing resolution includes over $110 billion in disaster aid and extends current government funding through March 14, 2025. This action concludes the 118th Congress and addresses pressing issues, including disaster recovery, farm policy, and government operations, after a crazy legislative week.
Last week, Speaker of the House, Mike Johnson (R-LA), faced intense negotiations, balancing demands from President-elect Donald Trump and Elon Musk against the need for Democratic support. Although Johnson abandoned an earlier bipartisan agreement, he did not meet Trump’s push to raise the debt ceiling. The final package reflects a partial compromise, maintaining current funding levels, providing critical disaster aid, and extending agricultural policies by a year. The legislation unlocks billions for communities affected by Hurricanes Helene and Milton, wildfires, and severe flooding. It also replenishes the Small Business Administration’s disaster loan program, which paused in October due to funding shortfalls. The mid-March funding deadline offers the incoming Trump administration a role in shaping the fiscal 2025 budget while ensuring uninterrupted operation of federal agencies.
This temporary resolution provides stability and resources for disaster-stricken areas while deferring broader fiscal debates to 2025.
“Housing” Holiday Reading List to Prepare for the Trump Administration &
119th Congress
A few members have asked how to best prepare for the incoming President-elect Trump’s Administration (begins on Jan. 20th ) and the new Congress (begins on Jan. 3rd). Historically, we would have met with the Presidential Transition Team, and I could offer better insights based on the questions they are asking us. However, there was a delay to the transition process. It appears the confirmation hearings will be our first lens into the incoming Administration and lawmakers’ thinking on housing policy and other important issues.
Below is a consolidated list of articles, papers, and policy briefs that offers some insights from a range of industry thought leaders and experts. If you are pressed for time, I recommend a quick read of Housing Policy #1. The NHC team provided a great overview of the risks and opportunities ahead. I basically used it as a framework for the other articles to offer additional details. We will be sharing additional thoughts and discussing these matters upon my return from the holiday break (Jan. 6th).
- Housing Policy
- Housing opportunities and risks in a new Trump Administration – National Housing Conference (NHC); Nov. 24th
- How Trump 2.0 Could Impact Affordable Housing – Multifamily Housing News, Dec.11th
- From Crisis to Transformation: A Federal Housing Policy Agenda –
- Housing Policy Issue – Real Estate Roundtable (RER) Policy Issues (Nov. 2024)
- Project 2025 – HUD by Benjamin S. Carson, Sr., MD – 2025 Presidential Transition Project – Mandate for Leadership: The Conservative Promise
- Tax Policy
- A Quick Guide to Major TCJA Provisions – Bipartisan Policy Center (BPC), Dec. 5th
- Tax Policy – Real Estate Roundtable (RER) Policy Issues (Nov. 2024)
- The Looming Threat to Associations of Tax Reform – ASAE; Nov. 6th
- National Debt, Trade, Immigration, AI
- Why the National Debt Matters for Housing – BPC, Sep. 26th
- Housing Industry Innovation: 5 Ways AI Can Help Boost Supply and Affordability – BPC, Feb. 29th
- No trade tax is free: Trump’s promised tariffs will hit large flows of electronics, machinery, autos, and chemicals – The Peterson Institute for International Economics (PIIE)
- How Trump’s plan to ‘seal the border’ impacts housing construction and affordability – HOUSINGWIRE; Nov. 26th