(UBS)
The House is out until September, but the Senate remains in session to try to complete remaining business this week and next. There were memorial services this week for late Senator Lindsey Graham (R-SC) as the Senate works on a Russia sanctions bill he championed. Another priority has been nominations. The Senate this week approved Jay Clayton to serve as the Director of National Intelligence while its consideration of Todd Blanche to be Attorney General has faced challenges. Meanwhile, the challenges of getting bipartisan agreement on a crypto market structure bill have put that legislation on the back burner. The White House continues to pressure Senate Majority Leader John Thune (R-SD) to advance a budget resolution for a $95 billion reconciliation package, but there is limited appetite from Senate Republicans. There is ongoing work to try to reach a bipartisan deal to extend funding for federal agencies past the September 30 deadline into December. Congress will face a lot of unfinished business with limited time when it returns in September.
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