Congress
Capitol agenda: Crypto chaos hits the Senate
The GOP’s tax cut megabill isn’t the only one of President Donald Trump’s priorities in jeopardy on Capitol Hill. Republicans have an unexpected crypto problem, too.
Crypto turmoil is unfolding in the Senate after nine key Democrats led by Sen. Ruben Gallego said this weekend that they would oppose GOP-led legislation that would carve out new rules for so-called stablecoins.
The Democrats’ surprise shift is an urgent problem for Senate Republicans, who are trying to expedite a floor vote on the bill by late May and give Trump a big, beautiful crypto bill to sign soon.
Why does it matter? The crypto fight is one of the first major tests of Republicans’ ability to work across the aisle in the second Trump era. Unlike budget reconciliation, GOP senators need Democrats to overcome a Senate filibuster.
It’s also a big test for Democrats, who have long been deeply divided over the risks and rewards of cryptocurrency trading. Sen. Elizabeth Warren is trying to stop her colleagues from following the lead of Sen. Kirsten Gillibrand, the stablecoin bill’s lead Democratic co-sponsor.
It comes after the crypto industry grew its influence by dumping tens of millions of dollars into congressional races last year.
What went wrong? The nine Senate Democrats — including four who backed an earlier version of the bill in committee in March — blasted changes that Republicans made in the last several days and said the latest proposal would allow stablecoins to pose too many risks to the financial system. Among the Democrats who signed on: Sens. Mark Warner, Lisa Blunt Rochester and Andy Kim.
Several Democratic senators raised concerns at a closed-door caucus meeting last Thursday about advancing an industry-backed crypto bill as the Trump family tries to build its own crypto empire. Senate Minority Leader Chuck Schumer urged Democrats not to commit to supporting the stablecoin bill, saying they should use their leverage to force additional changes to the legislation.
What’s next? GOP aides involved in talks say they were stunned by the Democrats’ statement Saturday but remain hopeful that there is still a path forward. And if the stablecoin legislation clears the Senate in the coming weeks, it would need to be reconciled with a separate but similar bill that is awaiting a floor vote in the House.
Internal GOP tensions could also emerge if House Republicans try to take a bigger swing at crypto by packaging the stablecoin effort with a broader regulatory revamp that would overhaul how the SEC and CFTC police crypto trading. Senate leaders including Banking Chair Tim Scott want to notch a win by first passing the stablecoin bill — long seen as the “low-hanging fruit” of crypto policy — and taking up the broader revamp later.
What else we’re watching:
— Big, beautiful bill problems: Speaker Mike Johnson has major policy clashes to resolve this week before House Republicans can move ahead with key committee votes on Trump’s big domestic policy bill, including on Medicaid, food aid and tax. The pressure is on with Senate Republicans watching and poised to scale things back.
— Thune’s EV decision: Senate Majority Leader John Thune needs to make a call on whether to nix a waiver that lets California set stricter car emissions standards rules after the House voted to do so last week. The GAO found that the waiver doesn’t fall under the scope of the Congressional Review Act, and the Senate parliamentarian is backing up that decision. But some GOP senators see a potential path forward in targeting the GAO’s role instead.
— New drug cost bill: Sens. Josh Hawley and Peter Welch are teaming up on legislation that would bar drug companies in the U.S. from charging higher prices than the international average. The bill is different than the pharmaceutical industry crackdown that the Trump administration is proposing to help finance the GOP budget reconciliation bill, but underscores the bipartisan and populist interest in targeting the drug companies.
Jordain Carney, Meredith Lee Hill, Lisa Kashinsky, Ben Leonard and Mia McCarthy contributed to this report.
Congress
Jeffries calls out Republicans over Medicaid ahead of final megabill vote
House Minority Leader Hakeem Jeffries is blasting Republican colleagues over Medicaid as he issues extended remarks ahead of the final GOP megabill vote.
Jeffries is utilizing his so-called “magic minute” to read off letters sent in by individuals in each state who rely on benefits that potentially hang in the balance as a result of the megabill’s provisions.
After reading a story from Arizona and criticizing Rep. Juan Ciscomani (R-Ariz), Jeffries told the chamber: “I’m still in the A section right now, so strap in.”
He read another story from a constituent in GOP Rep. David Valadao’s district in California, which Jeffries said has the highest concentration of Medicaid recipients in the country. The writer’s son has Down syndrome and autism and lives at home with aging parents. He requires in-home care, which is provided through a Medicaid service that could be threatened.
Jeffries said his goal in reading out these stories is to “lift up the voices of every day Americans all across the country.”
“This one big ugly Republican bill has put a target on their back,” Jeffries said. “This is a question for so many individuals of life and death … It is so extraordinary that in the middle of the night, Americans face a bill that will target their healthcare.”
The minority leader is also hinting at the vulnerability of certain Republicans who are voting to advance the bill in potentially toss up districts. Jeffries said one letter came from someone in a district “currently represented by Congressman Gabe Evans — currently represented.”
Speaker Mike Johnson predicted Jeffries would speak for an hour, but it’s unclear how long the speech will go on.
“I’m going to take my time,” Jeffries declared to applause from Democrats on the floor.
Congress
Capitol agenda: Mike Johnson on the cusp of megabill victory
Speaker Mike Johnson is potentially just a couple of hours away from sending Donald Trump his “big, beautiful bill,” defying expectations that he could meet the president’s arbitrary but unwavering deadline.
After it appeared to be derailed late Wednesday by hard-right holdouts, Republicans advanced the bill around 3:30 a.m. and are set to vote on final passage around 6 a.m.
During the all-nighter, GOP leaders kept the procedural vote open for almost six hours as they worked to flip 12 votes. Rep. Brian Fitzpatrick was the lone Republican to vote “no” at the end.
Things looked dire until around the 2 a.m. hour, when Johnson and Majority Leader Steve Scalise returned to the House floor saying they had the votes. Not long after, the speaker was seen talking, laughing and what appeared to be praying with some of the House Freedom Caucus holdouts.
How did they get there? Per Meredith Lee Hill, holdouts say they’ve secured commitments from the White House on a variety of topics, especially on how the megabill is implemented. But House Republicans described the hours of talks as more of a venting session for the hard-liners.
“It was more just expression of concerns and priorities that are shared by the administration,” said one person granted anonymity to relay the conversations.
The holdouts said earlier Wednesday they were discussing future legislative opportunities, including a second reconciliation package, and the possibility of executive branch moves to address aspects of the bill they don’t think go far enough.
There was some tough love, too. Several MAGA-world figures including long-time Trump aide Jason Miller and Trump’s 2024 co-campaign manager Chris LaCivita threatened the Republican holdouts on social media. Trump, who’d been privately helping Johnson press them all day, piled on pressure in a series of increasingly irritated missives. “RIDICULOUS!!!” he fired off at 12:45 a.m. as the bill was in limbo.
The mood among House Republicans is that they’re likely to pass the bill later this morning.
“I do so deeply desire to have just [a] normal Congress, but it doesn’t happen anymore,” Johnson said around 1:30 a.m. “I don’t want to make history, but we’re forced into these situations.”
What else we’re watching:
— New E&C subcommittee chair: Rep. Morgan Griffith is in line to be announced today as the next chair of the House Energy and Commerce Health Subcommittee, according three people granted anonymity to discuss the plan. “There’s a good possibility,” E&C Chair Brett Guthrie said Wednesday when asked if Griffith would get the post. “We’re announcing tomorrow though.”
— Race for DHS chair: Rep. Carlos Gimenez has entered the race to lead the House Homeland Security Committee. After Rep. Mark Green announced his retirement, Gimenez sent a letter to the GOP Steering Committee on Tuesday notifying his intent to run for the seat.
David Lim, Bethany Irvine and Ali Bianco contributed to this report.
Congress
The ‘big, beautiful bill’ is one vote away from Donald Trump’s desk
Republicans’ “big, beautiful bill” is one vote away from President Donald Trump’s desk after clearing a key procedural hurdle that sets up a floor vote early Thursday morning.
Pulling an all-nighter two days after senators did the same, House Republicans were finally able to unite on the test vote around 3:30 a.m. Thursday — closing out a six-hour voting window that might have been extraordinary if the previous vote hadn’t been held open nine hours for similar reasons.
The discord inside the House GOP centered on Senate changes to the megabill, which first passed the House in May. Senators piled on more tax cuts and toughed some changes to safety-net programs, creating a two-front hassle for House whips that began early Wednesday morning and stretched overnight.
But the 219-213 vote on the “rule” — the procedural measure setting up final floor debate on the megabill — bodes well for Speaker Mike Johnson as he seeks to keep a promise to send the bill holding the lion’s share of the Republican legislative agenda to Trump’s desk by July 4.
“It’s been a good day — we’re in a good place right now,” Johnson said last Wednesday after the earlier, nine-hour procedural vote. “This is the legislative process. This is exactly how I think the framers intended for it to work.”
The breakthrough came after hours of meetings between GOP leadership and holdouts, exploring what executive actions or other promises could assuage hard-line fiscal hawks who were incensed about the Senate-passed bill’s budget deficits.
Action was nudged along by a Truth Social post from the president, just minutes after members of the House Freedom Caucus told reporters they didn’t want to vote Wednesday night.
“It looks like the House is ready to vote tonight. We had GREAT conversations all day, and the Republican House Majority is UNITED, for the Good of our Country, delivering the Biggest Tax Cuts in History and MASSIVE Growth. Let’s go Republicans, and everyone else – MAKE AMERICA GREAT AGAIN!” Trump wrote on his social media platform.
Within minutes of Trump’s call for a vote, House leaders locked in the schedule and called the vote. The move was essentially a dare to the Freedom Caucus holdouts to vote against the legislation that is the cornerstone of Trump’s agenda. But many more hours of talks ensued.
Later Trump shared the exasperation many on Capitol Hill shared: “FOR REPUBLICANS, THIS SHOULD BE AN EASY YES VOTE. RIDICULOUS!!!”
In the end, only one Republican, moderate Brian Fitzpatrick of Pennsylvania, joined Democrats in voting against the rule for floor consideration of the Senate-passed bill
Cassandra Dumay and David Lim contributed to this report.
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