US: Senate Vote-A-Rama Expected On Immigration Enforcement Bill This Evening

Jun-03 13:14

The Senate is expected to hold a procedural vote today to open debate on the GOP's USD$70 billion reconciliation package to fund immigration enforcement agencies through the end of President Donald Trump's term. Debate will be followed by a 'vote-a-rama' on the package, but no time has been announced yet.

  • Movement on the package comes after Acting Attorney General Todd Blanche confirmed in testimony to Congress yesterday that the Department of Justice is nixing Trump’s “anti-weaponisation” fund. 
  • Senate Majority Leader John Thune (R-SD) told reporters after speaking to Blanche, “I think his statements are going to be very definitive, very clear, and create the certainty [needed] for us to proceed.” Thune added it was “correct” to assume the fund is now dead.
  • The reconciliation package needs 50 votes to advance through procedural votes and defeat a raft of Democratic amendments. With the fund quashed, Thune is expected to have sufficient support to push the bill through, keeping alive the possibility that the GOP could attempt a third reconciliation bill.
  • With Democrats expected to regain control of at least one chamber of Congress in November, the five-month sprint to the midterms is likely to be the final chance for the GOP to pass a partisan tax and spending package. A third reconconcilliation bill has been touted as a potential vehicle for additional defence funding, including an Iran supplemental, but passing any legislation through an increasingly factured Republican conference will be execptionally difficult for Republican leaders. 

Historical bullets

IRAN: Project Freedom Wasn't Done In Coordination With Iran - Bessent

May-04 13:10
  • "*BESSENT: US IS OPENING UP THE HORMUZ STRAIT
  • *BESSENT: PROJECT FREEDOM WASN'T DONE IN COORDINATION WITH IRAN
  • *BESSENT: IF IRANIANS WANT TO ESCALATE, WE ARE WILLING TO DO SO
  • *BESSENT: GOOD TIME FOR US PARTNERS TO STEP UP, PRESSURE IRAN" - bbg

Bessent possibly being asked on Iran's involvement as Trump had phrased it as "This is a Humanitarian gesture on behalf of the United States, Middle Eastern Countries but, in particular, the Country of Iran" in his Truth Social post on Sunday. 

PIPELINE: Corporate Bond Roundup: Morgan Stanley on Tap

May-04 13:08
  • Date $MM Issuer (Priced *, Launch #)
    • 05/04 $800M Delek Logistics 8NC3
    • 05/04 $500M Academy 5NC2
    • 05/04 $500M Broadridge WNG 10Y +165a
    • 05/04 $500M So-Cal Edison WNG 5Y +120a
    • 05/04 $Benchmark ADP 10Y +90a
    • 05/04 $Benchmark Otis Worldwide 3Y +75a
    • 05/04 $Benchmark Ares Capital +3Y +200a
    • 05/04 $Benchmark Constellation Brands 5Y +105a
    • 05/04 $Benchmark Las Vegas Sands 5Y +155a, 7Y +170a
    • 05/04 $Benchmark Morgan Stanley, 4NC3, 4NC3 SOFR
  • 05/01 No new US$ corporate issuance Friday, $67.44B total priced on week led by $25B Meta 6pt

IRAN: *UAE ISSUES POTENTIAL MISSILE THREAT ALERT]

May-04 13:05

*UAE ISSUES POTENTIAL MISSILE THREAT ALERT]