As we head into another busy month, we’ve rounded up some of the key political and economic developments that could impact your business and the broader market. Here’s what you need to know:
Small Business: Kamala Harris Proposes Major Boost for Small Businesses
This week, Vice President Kamala Harris made headlines with her proposal to significantly increase tax incentives for small businesses. Speaking from New Hampshire, Harris announced her plan to expand the tax benefit for small business startup costs from $5,000 to $50,000. Her aim? To stimulate 25 million new small business applications and give entrepreneurs the financial support they need to succeed.
Election Season Heats Up: A Look at the Campaign Trail
With the first candidate debate just one week away, campaigns are ramping up across the country. The Kamala Harris campaign is laser-focused on securing the crucial 270 electoral votes, while early voting is set to begin in key swing states like Pennsylvania.
Meanwhile, Donald Trump is doubling down on border security, pledging to use military resources to combat illegal crossings and fentanyl smuggling if re-elected. Expect to see this issue take center stage as the election draws nearer.
Policy Spotlight: Government Funding and Voter Registration
House Speaker Mike Johnson has introduced a new government funding strategy. His plan includes a six-month extension on funding, along with the SAVE Act, which would require proof of citizenship for voter registration in federal elections. While this proposal appeals to Trump supporters, it’s likely to face opposition from Senate Democrats and the White House.
Senator John Cornyn’s Fundraising Push
Senator John Cornyn is on a mission to bolster support for GOP Senate candidates. He’s been particularly active in key states like Pennsylvania and Ohio. Last month, he joined forces with Donald Trump for a Texas fundraiser, strengthening his bid to succeed Mitch McConnell as Senate GOP leader.
Economic Outlook: All Eyes on the Federal Reserve
The U.S. economy is at a critical juncture, with two major jobs reports expected this week. Many economists are optimistic about the results, predicting a stable job market and a slight drop in unemployment. Depending on these findings, the Federal Reserve could begin cutting interest rates, a move that will have broad implications for economic growth and recession risks.
Legislation We are Watching
Here’s a quick look at some upcoming legislation that could affect your business:
- No Kings Act: Aiming to overturn the Supreme Court ruling on presidential immunity, this act could have major implications for former President Trump and the broader political landscape.
- H.R. 9183: Semiconductor Technology Advancement and Research (STAR) Act
- S. 4749: Stop Corporate Capture Act
- S. 4874: Child Care Availability and Affordability Act
- S. 4880: Child Care Workforce Act
- S. 4927: Senate FY25 Energy-Water Appropriations
Thank you for reading this week’s update. We’ll continue to monitor these stories and provide insights on how they may impact you and your business. Stay tuned!
Best regards,
The Conduit Team
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