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THIS WEEK IN WASHINGTON Week of May 22, 2017

This Week in Washington ICYMI: Arizona

Thanks for your continued interest in Washington, D.C. Issues in the News happenings and for reading This Week in Washington. Arizona receives additional funds to help conserve water It was by every measure a whirlwind week. Steve Gordon talks about the Elephant in the Room – the problems that are Legislation to provide relief being caused and the opportunities that could be created for for kids struggling with the legislative agenda ­­ in Heard on the Hill. Jim Miller dyslexia discusses both the opportunities and challenges for tax reform. Larry Smith covers the ’s first week Ex­Arizona Social Services as US Trade Representative, which was also a very busy week Head Joins Trump for trade and NAFTA. Jake Ostenso – new to Total Spectrum – Administration covered the Ways and Means Committee’s first hearing on tax reform, and his report is also in this edition. Dana Marston Ducey signs tax break, provides some insight into Senate work on their version of a university funding bills as health care bill and division over Medicaid cuts, the Department of Interior’s review of national monuments, and final work wraps on signs of economic growth at the state level. legislation

While the calendar gives some detail on this week’s hearings Moderate and markups, the Senate and House will recess on Thursday, May 25th for the Memorial Day Holiday. The Senate will Republican, return on June 5th and the House will return on June 6th. Democratic Senators Work on We’ll cover everything significant that happens this week in Health Care ‘Plan B’ an abbreviated edition next Tuesday, and then we’ll be back with a full This Week in Washington on June 6th. Click the image below for an update on the healtch care 'Plan Thanks for your comments and suggestions. Have a safe and B' that moderate senators are meaningful Memorial Day, and thanks again for reading This working on. Week.

Heard on the Hill

Like 0 Share Tweet Share this Page: By Steve Gordon, Managing Director, Total Spectrum

Donald J. Trump ran an unconventional campaign, so it follows that we should expect a unconventional Presidency – and President has not disappointed. Republican Senators and Congressmen have been separating the President’s legislative policy agenda (the News – his GOP Senators agenda that they generally like) from the distractions (the Divided Over Noise—that they generally don’t like), and it’s mostly worked …most of the time … for most of them. Medicaid Cuts

Click the image below to see Last Week’s Heard on the Hill referred to an influential the different factors GOP Republican Senator who said in an off­the­record setting that Senators are examing to he was generally pleased with the President’s agenda but it determine the fate of the was being negatively impacted by distractions. Majority Medicaid program. Leader McConnell later repeated his words in an on­the­ record interview – and called for less Presidential “theatrics”. Read more.

Trade and NAFTA Update

By Larry Smith, President Legislative Strategies Inc and Strategic Consultant to Total Spectrum Fourth Quarter US Trade Representative Lighthizer Sends Notification GDP Growth in Letter to the Congress Every State

As required by Trade Priorities and Accountability Act of Click the image below for a 2015, Robert Lighthizer, the U.S. Trade Representative, complete update on the GDP officially notified the Congress that the Trump Administration growth in every state in the intended to initiate negotiations with Mexico and Canada in fourth quarter. an effort “modernize” the North American Free Trade Agreement (NAFTA). There is now a 90­day waiting period before the talks can actually begin, so the earliest those trilateral talks can start is August 16, 2017.

The Constitution clearly gives Congress jurisdiction over trade agreements, but Congress has delegated the responsibility of negotiating trade agreements to the Executive Branch. The Trade Priorities and Accountability Act maps out the responsibilities given to the U.S. Trade Representative while reserving the right of the Congress to approve or disapprove any treaty proposal. Builders' The notification letter to the Congress offered few details on trade issues other than to say the Administration was going to Confidence of initiate talks with Mexico and Canada and would consult with Housing market the Congress throughout the process. You can find a copy of the notification letter here. Read more. Highest Since '05

Click the image below for a look Tax Reform at the housing market index since 2005. By Jim Miller, Partner, Total Spectrum

When the President's Budget is released early this week, it probably will not flesh out the President’s one­page set of tax reform goals. There probably will not be a Treasury Green Book that describes them. Treasury Secretary Mnuchin's testimony next week before the Ways and Means Committee and Senate Finance Committee is unlikely to provide much further direction.

It does appear that the Administration will call for revenue neutral tax reform which will put pressure on eliminating tax expenditures. It is difficult to see how many expenditures Interior Secretary would survive a 15 percent top corporate tax rate if the goal is Zinke Reviewing revenue neutrality. However, the Administration's concept of Like 0 Share Tweet Share th2is2 P Nagaet:ional revenue neutrality will depend on its own economic analysis as done by Treasury's Office of Tax Analysis (OTA) and it may Monuments be pinning its hopes that the OTA will show the Trump tax cuts will largely pay for themselves. Click the image below to view the 22 land­based monuments being reviewed. But OTA's projections will not govern what happens on the Hill in tax reform. That role falls to the Joint Committee on Taxation, which is not likely to be generous in its analysis of the budget impact of the Trump proposals. Read more.

Ways and Means Committee Hearing on Tax Reform

By Jake Ostenso

The House Ways and Means Committee held its first hearing in the current push for tax reform on tax reform on May 18. The hearing lasted a little over three hours and focused on ways in which tax reform could help grow the American Let's Rebuild economy and what reform might look like. America's Transportation The panel of witnesses included John Stephens (CFO of AT&T), Zachary Mottl (Chief Alignment Officer for Atlas Tool Infrastructure Works, Inc.), David Farr (CEO of Emerson Electric Co.), Douglas Peterson (CEO of S&P Global), and Steven Rattner Click on the image below to see (Chairman of Willett Advisors LLC). what voters have to say about transportaion infrastructure.

Everyone agreed that they want tax reform. The disagreement came when discussing what that tax reform might look like. Despite repeated warnings about the cost of delay from both Republican and Democratic committee members, as well as those testifying, most concerns and suggested reforms fell along party lines.

Democrats repeatedly talked about tax reform that would focus on middle class Americans. Ranking Member Richard On the Calendar This Week Neal (D­MA) said Congress should focus on “middle class tax (All Times ET) reform.” Tuesday 9:30 a.m. Republicans stressed that one way to help middle class Senate Armed Services hearing on Americans would be to free up money for corporations to worldwide threats. Director of National Intelligence invest in the economy through tax cuts, which in turn would and Defense Intelligence Agency create more jobs. Committee Chairman Kevin Brady said that Director Vincent Steward will it was “time to go bold” with tax reform by allowing for full testify. and immediate expensing of purchases in addition to corporate tax cuts. 10 a.m. House Ways and Means hearing on border adjustability. All of the witnesses agreed that any tax reform should try to be deficit neutral, but stressed that there needs to be focus on 10 a.m. reasonable trade­offs. House Select Intelligence open hearing on the committee's Russia investigation. All of the members of the Committee as well as the participants called for more dialogue and stressed the need to 2:15 p.m. hear all sides of this issue. Senate Foreign Relations markup. The agenda hasn't been finalized yet.

2:30 p.m. Senate Environment and Public Works subcommittee hearing on two bills.

3 p.m. House Appropriations Financial Services Subcommittee oversight hearing on the IRS. Treasury Inspector General for Tax Administration Russell George and Like 0 Tweet Share Share thIRiSs' OPlsaogn ew:ill testify.

3:30 p.m. House Armed Services subcommittee hearing on U.S. Cyber Command's fiscal 2018 budget request. U.S. Cyber Command chief Adm. Michael Rogers will testify.

Wednesday 9:30 a.m. House Budget hearing on Trump's fiscal 2018 budget proposal. Office of Management and Budget Director will testify.

9:30 a.m. House Oversight and Government Reform bearing on the FBI's independence.

10 a.m. House Appropriations Agriculture‐ FDA Subcommittee hearing on the fiscal 2018 budget request for the USDA Office of the Secretary. Agriculture Secretary will testify.

10 a.m. Senate Judiciary confirmation hearing on a group of nominees: Vishal Amin to be intellectual property enforcement coordinator for the Executive Office of the President, Stephen Boyd to be an assistant attorney general and Lee Cissna to be U.S. citizenship and immigrations services director for the Homeland Security Department.

10:30 a.m. House Veterans'Affairs hearing on the fiscal 2018 budget request for the Veterans Affairs Department. VA Secretary will testify.

10:30 a.m. House Appropriations Energy and Water Subcommittee hearing on the fiscal 2018 budget request for the U.S. Armey Corps of Engineers' Civil Works programs and the Bureau of Reclamation.

10:30 a.m. Senate Appropriations Defense Subcommittee hearing on Trump's fiscal 2018 budget request for the Navy and Marine Corps.

11 a.m. House Aprropriations Labor‐HHS‐ Education Subcommittee hearing on the Fiscal 2018 budget request for the Education Department. Education Secretary Betsy DeVos will testify.

1:00 p.m. House Foreign Affairs subcommittee markup of four bills.

1:30 p.m. House Appropriations Commerce‐ Justice‐Science Subcommittee hearing on the fiscal 2018 budget request for the Justice Like 0 Tweet Share Share thDeisp aPrtamgeen:t. Attorney General J e f f Sessions will testify.

2 p.m. House Ways and Means hearing on Trump's fiscal 2018 budget proposal. Treasury Secretary will testify.

3 p.m. House Appropriations Homeland Security Subcommittee hearing on the fiscal 2018 budget request for the Homeland Security Department. Homeland Security Secretary John Kelly will testify.

Thursday 9:30 a.m. House Foreign Affairs markup of two measures.

9:30 a.m. House Appropriations Interior‐ Environment Subcommittee hearing on the fiscal 2018 budget request for the U.S. Forest Service. Perdue and Forest Service Chief Tom Tidwell will testify.

9:30 a.m. Senate Armed Services hearing on the defense authorization request for fiscal 2018. Acting Army Secretary Robert Speer will testify.

9:45 a.m. Senate budget hearing on Trump's fiscal 2018 budget proposal. OMB Director Mick mulvaney will testify.

10 a.m. House Appropriations Agriculture‐ FDA Subcommittee hearing on the fiscal 2018 budget request for the FDA. FDA Commissioner Scott Gottlieb will testify.

10 a.m. Senate Finance hearing on fiscal 2018 budget proposals for the Treasury Department, as well as tax reform proposals. Secretary Steven Mnuchin will testify.

10 a.m. Senate Approprations Commerce‐ Justice‐Science Subcommittee hearing on the fiscal 2018 budget request for DOJ. Sessions will testify.

10 a.m. Senate Energy and Natural Resources confimation hearing on Dan Brouillette for deputy Energy secretary, as well as Neil Chatterjee and Robert Powelson to be members of the Federal Energy Regulatory Commission.

10:30 a.m. House Appropriations Commerce‐ Justice‐Science Subcommittee hearing on the fiscal 2018 budget request for Commerce Department Commerce Secretary will testify.

10:30 a.m. Senate Appropriations Homeland Like 0 Tweet Share Share thSeicsu rPitay gSueb:committee hearing o n the fiscal 2018 budget request for DHS. Secretary John F. Kelly will testify.

This e­newsletter is produced by Total Spectrum SGA for members of the Arizona Chamber of Commerce & Industry. The views expressed herein may include subjective commentary and analysis that are the views of the editors and authors alone and do not reflect the views of the Chamber or its members. Information in this e­newsletter is obtained from sources believed to be reliable, but that cannot be guaranteed as independently investigated or verified. Information in this e­newsletter is not an endorsement, advertisement, recommendation, or any type of advice, political, legal, financial, or otherwise. With questions about the content of this e­newsletter, please contact the Arizona Chamber.

For more information visit azchamber.com.

Heard on the Hill, continued. Trade and NAFTA, continued. Theatrics and the resulting and rebutting noise

The response on Capitol Hill to the letter – due are all coming from three main sources: in some part to the letter’s brevity ­­ varied between Republicans and Democrats. * An unconventional President who had Republicans generally acknowledged receiving no previous government experience the letter with little editorial comment, running an unconventional and whereas the response from Democrats was a understaffed White House; little more pointed. Comments such as “disappointingly vague,” “meaningless,” “lack * The press and media who have been of clarity and specificity” tended to be the scorned by this President from the general themes expressed. beginning of the campaign; and

Thirty days prior to the start of those talks, the * A leaking White House with a staff Administration is required to submit to that seems willing to provide Congress a document that specifies those trade information to the media at the drop of issues it intends to raise with Canada and a hat. Mexico. Given the general nature of the notification letter, the NAFTA objectives Washington has been through a dizzying array document will be closely scrutinized both on of events over the last few weeks. But all of Capitol Hill and by the business sector. We these events and related media attention came expect to see this document sometime in mid­ together around the firing of FBI Director July. Comey and the naming last week of Robert Mueller to oversee an investigation about the The day after Lighthizer was officially sworn in alleged connection between some people in the as America’s Trade Representative, eighteen Trump campaign and Russia. Republican Senators, led by Arizona’s Jeff Flake and Nebraska’s Deb Fisher, wrote to the The President left Friday for a trip to Saudi new U.S. Trade Representative to remind him Arabia, Israel, and The Vatican, to be followed that updating NAFTA was needed, but that by a NATO conference and G­7 meetings. The “efforts to abandon the agreement or impose trip is an excellent opportunity for the unnecessary restrictions on trade with our President to look presidential on foreign soil North American partners would have and to expand on his agenda of promoting jobs devastating economic consequences.” Rep. at home, opposing terrorism, and being a Sander Levin (D­) was at the reliable friend to our friends. The early opposite end of the political spectrum when he domestic reaction to the Saudi and Israeli legs expressed concerns about Mexico’s labor of the trip are predictably positive. standards as a “wholly deficient labor regime

that has kept wages low and workers without The appointment of a special counsel could be Like 0 Share Tweet Share this Page: the right to change the system.” a serious problem for the President. It could also be an excellent chance to wall off the While Lighthizer has been guarded on what he ‘Russia problem’ and push the reset bottom on considers specific priorities in the the President’s legislative agenda. negotiations, he did raise currency manipulation as a new issue in his meetings Senate and House Republicans know their with lawmakers in both the House and the assignment – they know that they have to Senate. While neither Canada or Mexico are move their very ambitious agenda. There’s a viewed to have currency practices that are lot of quiet work going on in Congress, and unfriendly to U.S. business interests, the idea that’s our focus in this week’s Heard on the of including currency provisions in the revised Hill. NAFTA might serve as a template that the U.S. can later use when negotiating trade Tax Reform or Tax Reduction agreements with China and other Asian countries. * Treasury Secretary Steven Mnuchin, Chief Economic Advisor Gary Cohn, Lighthizer’s assignment will be to “thread the Speaker Paul Ryan, Senate Majority needle” for real change to NAFTA without Leader Mitch McConnell, Senate losing the support of key sections of the Finance Committee Chairman Orrin American business community. If the Hatch, and Ways and Means Chairman “change” is too little, then he might fail to Kevin Brady met this week to discuss satisfy President Trump’s desire for a treaty taxes. that doesn’t disadvantage the creation of U.S. jobs. If it is too much change, then passage in * The Majority Leader is looking for a both the House and the Senate might be more tax reduction that is revenue neutral. difficult to achieve. And if he fails to obtain a The border adjustment tax seems to be trilateral agreement, then he will be forced to negotiate separately with Mexico and Canada, a non­starter in the Senate, so they will causing a further delay. need offsets like carried interest, and repatriation. The goal is to find a plan that will get 50 votes plus the vote of The 800 pound gorilla in the room is the the Vice President using a budgetary explosive nature of President Trump’s firing of approach of ‘reconciliation’. FBI Director Comey and the ongoing investigations into alleged Russian * Senators Portman, Toomey, and intervention in the 2016 Presidential election. At this stage, we do not believe these McConnell are working together to find controversies will directly affect NAFTA a tax plan that can pass the Senate. I asked a moderate Democrat who negotiations as Lighthizer prepares his previously worked on the staff of the strategy. Ways and Means Committee and now works for a business association for his But Canada or Mexico may decide to take a views. Here’s a portion of the interview harder line at the negotiating table if they I had with him. believe that the Trump Administration needs a new agreement more than they do. This is all pure conjecture at this point ­­ but there are a HOTH: You’ve worked on the Ways and Means Committee in the 1980’s multitude of factors at play here, including and you have worked with all three domestic politics in their countries and our own. Senators involved in recent tax reform discussions. Give me your thoughts on each please and the chance that they The unknowns regarding the NAFTA can cobble together a tax reform negotiations are numerous except for one proposal. thing: Mexico, Canada, and the will sit down at the negotiating table to Answer: Senator Portman is as hammer out a new NAFTA very soon after knowledgeable as anyone in the Senate August 16th. Ambassador Lighthizer has a tough job ahead of him made even more so by on tax reform and his resume couldn't the political unrest in the Nation’s Capital. be stronger for this task. Rob Portman was a leading figure on the tax­writing Ways & Means Committee when he was in the House. He served as the Tax reform, continued. Special Trade Representative and then as the Director of the Office of There has been renewed talk of tax reform, in Management and Budget (OMB) under part, to show that the Republicans will not let President George W. Bush. The OMB the events surrounding President Trump stall Director sees every dollar the federal their agenda. Hearings on tax reform are now government collects in taxes or spends taking place before the Ways and Means on appropriations. As a former trade Committee. Senate Finance Committee Chairman Hatch has turned to Senators representative, he has a keen sense of Like 0 Share Tweet Share this Page: Portman, Scott, and Toomey to develop a tax the competitive disadvantage Americ a reform plan, something Senator Portman has faces having the highest corporate tax been doing for some time. rate in the industrialized world at a confiscatory 35%. Before Congress can take up tax reform in earnest, however, it must finish work on Senator Pat Toomey is a bright, repealing and replacing the Affordable Care extremely policy­focused member of Act (ACA). That effort is being conducted the Senate. He has spent most of his 6 under the FY 2017 Budget Resolution passed 1/2 years in the Senate trying to in January. Tax Reform must take place under promote the need for comprehensive a new Fiscal Year Budget Resolution, as two tax reform AND has not simply given a budget resolutions cannot exist clarion call for tax reform, but has simultaneously. This means that the Senate assiduously studied the many details must act on its own ACA replacement involved in a major re­write of the tax legislation very soon and somehow move to a code. Both Senators Portman and compromise bill with the House. That is a very Toomey serve on the all­important tall order and will take time. Even when that Senate Finance Committee and believe effort is resolved – with or without a bill being that while passing comprehensive tax sent to the President – passing a Fiscal Year reform is going to be an enormously 2018 Budget Resolution will not be easy. The heavy lift, now is clearly one of those Republican right wing, for example, will push rare windows in the 31 years since the for balancing the budget over a period of time passage of the 1986 Tax Reform Act which will require taking on entitlements. when progressives, conservatives, and the media all agree that tax reform is There is also the issue of whether the Fiscal critical to promoting the long­term Year 2018 Budget Resolution will mandate health of the American economy. That’s revenue neutral tax reform or provide where Senate Majority Leader Mitch language that would allow for a simple tax cut. McConnell comes in. McConnell has his The House Republican route to revenue supporters and detractors depending neutrality depends on the inclusion of the on your political views BUT almost border adjustment tax (BAT), but that everyone in Washington agrees that proposal has considerable opposition even Mitch McConnell is one of the best vote among House Republicans and cannot pass the counters in the Senate. And let me add, Senate. he will need every bit of his vote­ counting ability to try to cobble together 50 Republican votes for tax Republicans are seeking to pass tax reform reform from a Senate that includes 52 through the process known as budget Republicans. To state the obvious, reconciliation. That process assumes that only McConnell can only lose 2 of the 52 Republicans will vote for a tax reform bill Republicans to pass tax reform under which they develop and means that such a bill Reconciliation, allowing Vice President can pass in the Senate with only a simple Pence to break a 50­50 tie in the Senate majority vote. The Senate rules will make this in favor of passage of tax reform. Again, process extremely difficult because, for one this is a very heavy lift. Do not thing, a bill cannot increase budget deficits underestimate the abilities of Senators beyond a 10 year budget window. President Portman, Toomey, and McConnell. In George W Bush passed tax cuts that were only fact, Portman and Toomey (the temporary 10­year cuts due to the necessity of legislative technicians) are working in a dealing with these rules. Aside from attention very businesslike manner, running by to the deficit, this is why House and Senate Leader McConnell each of their Republicans pushing for tax reform have thoughts on particular provisions of tax called for budget neutrality. At the end of the reform to get McConnell's blessing that day, however, if there is a tax bill, the the provision will in fact garner the Republicans may end up passing a temporary necessary 50 Republican votes; or tax cut that is not budget neutral simply better said, will not be opposed by 3 or because measures to lead to budget neutrality, more Republicans. like the BAT, do not have the votes.

* Chairman Brady of the Ways and The Department of Justice’s appointment of a Means Committee – like Majority Special Prosecutor will stall the work of the Leader McConnell ­­ is also firm that many committees on the Hill looking at tax reform must be coupled with Russian involvement in the 2016 campaign. revenue raising items. Republicans are likely to seek to take advantage of that lull and focus on their legislative agenda. * The Ways and Means Committee held a hearing on tax reform, the first in this push for reform. At the hearing, Secretary Mnuchin said that the tax cuts would pay for themselves under a dynamic scoring analysis that takes into Like 0 Share Tweet Share this Page: account the economic growth that is created. Jake Ostenso covered the hearing for Total Spectrum, and we have included his report in This Week.

* There are those who see an upcoming fight over the deductibility of business interest expense as a way to help make the bill revenue neutral. The President has long supported the interest expense deduction, and there is skepticism in the Senate about tinkering with it – let alone eliminating it. But the Tax Foundation says it is the 2nd largest pay­for item—potentially even bigger than the border adjustment tax. House Republicans prefer allowing businesses to immediately write off the cost of their investments instead of spreading it out over a number of years, and see a low corporate tax rate and immediate and full expensing as a way to stimulate growth and jobs. Farming, real estate, private equity, and manufacturers are opposed to the elimination of the interest expense deduction.

Budget The President’s budget will be released early this week. We heard on Sunday that the budget will make significant cuts to appropriations, the Environmental Protection Agency and the State Department. The budget is said to target entitlement costs – the fastest growing part of the budget – by making reductions in food programs (like food stamps), children’s health, Medicaid, and disability insurance. We understand the budget balances after 10 years and assumes 3% growth.

Infrastructure * It was Infrastructure Week last week at the U.S. Chamber of Commerce, which coincided with Secretary Chao’s testimony before the Senate Environment and Public Works Committee. She reported the Administration’s goal is to “broaden and expand participation in infrastructure funding without supplanting existing state, local, and private funds already dedicated to infrastructure.” They define infrastructure to include transportation, broadband, and energy, and they want to stimulate infrastructure spending by using federal dollars to incentivize funding from other sectors. A proposal from the administration is supposed to be forthcoming in the fall.

* The Bipartisan Policy Center in Washington, D.C. held an Infrastructure Conference with Congressmen Rodney Davis (R­IL) and John Delaney (D­MD) designed to Like 0 Share Tweet Share this Page: promote both infrastructure and the use of public private partnerships. Key points from the session:

* “We have to push infrastructure spending into the gap between the ‘not a dime caucus’ and ‘it’s never enough caucus’ if we are going to succeed.”

* ”Public­Private Partnerships are not the whole answer but they are surely part of the answer.”

* “I understand that there is unease about profit involved in public infrastructure projects, but we need to create paths to reinvest private wealth. In addition, the public sector already invests money into projects where there are private contractors, and these contractors are making money.”

* “Funding infrastructure – highways, water, air – should be bipartisan.”

* “Rural keeps getting left behind.”

* A group of moderate House Democrats are proposing that tax reform and infrastructure be tied together. They suggested in a letter to the White House that a one­time tax of 8.7% on repatriated foreign funds should be a major source of the funding. A number of conservative groups immediately came out in opposition, calling the issue of repatriated funds a symptom of a broken federal tax code.

* The President suggested in an interview that he would look at raising the gas tax to help fund infrastructure improvements.

Health Care * The Department of Health and Human Services (HHS) is expecting a tough score from Congressional Budget Office on the cost of the health care bill that passed the House.

* A group of Democratic Senators from Medicaid expansion states that have a significant rural constituency discussed this past week the terrible impact reducing Medicaid would have on their rural hospitals and constituents.

* A working group of Republican Senators is fashioning a health care bill. One Senator in the group told me that his office has been absolutely deluged with scheduling requests from health care entities and organizations – and I’d expect that’s true for each Senator Like 0 Share Tweet Share this Page: in the working group.

* The Freedom Partners, a Koch Brothers advocacy group, is rolling out a digital ad focusing on proposed premium hikes in 2018 under the Affordable Care Act (Obamacare).

Dodd­Frank * Secretary Munchin is said to be recommending that the Administration exempt community banks with less than $10 billion of assets from Dodd­ Frank provisions.

* The House bill – the Financial CHOICE Act – that was approved by the Financial Services Committee is not expected to reach the floor of the House until June.

* Majority Leader McConnell has said privately and publicly that he really wants to pass comprehensive repeal. Both Senator McConnell and Senator Crapo, Chairman of the Senate Banking Committee, see the possibility of piecemeal and non­controversial reforms.

Senator McCain Senator John McCain was honored last week by the non­partisan International Republican Institute. IRI advances freedom and democracy worldwide by helping political parties become more issue­based and responsive. He was given their Freedom Award, which is given to individuals who have made a remarkable contribution to the advancement of democracy.