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Canceling Government Funding and Expanding Protections for Veterans

hr 4, hr 517, hr1316, s 423, hr1815, s 264, s201Rescissions Act of 2025 (HR 4) – A rescission bill cancels funding previously approved by Congress upon request by the president. Congress has 45 continuous legislative days to enact or reject the proposal, during which time the funds may be temporarily withheld. Introduced by Rep. Steve Scalise (R-LA) on June 6, the House passed this bill on June 12 and the Senate passed it on July 17. Signed into law on July 24, this bill cancels nearly $9 billion in funding for a variety of programs, including foreign aid and the Corporation for Public Broadcasting.

Filing Relief for Natural Disasters Act (HR 517) – On July 24, the president signed into law this bill that allows taxpayers to postpone their filings if their state governor has declared a natural disaster, rather than waiting for the president to declare a federal disaster. The bill was introduced by Rep. David Kustoff on Jan. 16, passed in the House on March 31 and in the Senate on July 10.

Maintaining American Superiority by Improving Export Control Transparency Act (HR 1316) – Introduced by Rep. Ronny Jackson (R-TX) on Feb. 13, this legislation is designed to crack down on U.S. adversaries acquiring cutting-edge technology. The bill mandates that the Secretary of Commerce submit an annual report to Congress detailing dual-use export license applications and other requests for authorization for the export, re-export, release and in-country transfer of controlled items to arms-embargoed countries such as China, Russia, Iran and North Korea. The legislation was passed in the House on May 5, the Senate on May 22 and was signed into law on Aug. 19.

PRO Veterans Act of 2025 (S 423) – The purpose of this act is to prevent fraud and abuse via increased oversight of the Veterans Affairs Department, including critical skill bonuses paid out to senior executives. Moreover, the bill requires quarterly, in-person briefings to congressional veterans’ committees regarding VA departmental budget shortfalls. The legislation was introduced by Sen. Dan Sullivan (R-AK) on Feb. 5, passed in the Senate on April 8 and in the House on July 21. The bill was enacted on Aug. 19.

VA Home Loan Program Reform Act (HR 1815) – This bill was introduced on March 3 by Rep. Derrick Van Orden (R-WI), passed in the House on May 19, the Senate on July 15, and signed into law on July 30. The law reauthorizes the VA home loan partial claim and Veterans Affairs Servicing Purchase (VASP) programs. These programs are designed to help distressed veteran homeowners avoid foreclosure by enabling the VA to purchase a portion of indebtedness (25 percent to 30 percent of the unpaid principal balance) of a VA home loan secured by the primary residence of the borrower.

Improving Veterans’ Experience Act of 2025 (S 264) – This bill is meant to improve satisfaction with VA benefits and services by compiling feedback from veterans, families and caregivers. This legislation establishes a Veterans Experience Office (VEO) to manage customer experience initiatives, collect data and coordinate VA departments in order to prevent duplicate efforts and ensure consistent improvements across the board. The bill was introduced on Jan. 28 by Sen. Angus King (I-ME), passed in the Senate on April 8, the House on July 21 and was enacted on Aug. 14.

ACES Act of 2025 (S 201) – This act was introduced by Sen. Mark Kelly (D-AZ) on Jan. 23. It directs the secretary of the VA to study cancer and mortality rates among aviators and aircrews who served in the Navy, Air Force and Marine Corps; and to correlate incidents of cancer among this select group of military personnel. The legislation passed in the Senate on June 3, the House on July 21, and was signed by the president on Aug. 14.

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The Big Beautiful Bill, Rolling Back Public Television and Radio, and Regulating the Cryptocurrency Industry

The Big Beautiful BillOne Big Beautiful Bill Act (HR 1) – Introduced by Rep. Jody Arrington (R-TX) on May 20, this bill passed in the House on May 22, the Senate with changes on July 1, and once again in the House on July 3. Signed into law on July 4, this bill includes the following provisions:

  • Makes permanent the income and estate tax provisions passed in the Tax Cuts and Jobs Act of 2017.
  • Increases the annual limit to $7,500 for Dependent Care Flexible Spending Accounts (FSAs), starting in 2026.
  • Makes permanent the ability for employers to offer tax-free student loan repayment assistance up to $5,250 a year, with the cap indexed for inflation.
  • Starting in 2026, new tax-advantaged “Trump Account” savings plans may be opened for eligible children under age 18. The account will receive a one-time $1,000 deposit by the government (for children born in 2025 through 2028) and allow for non-deductible/after-tax contributions of up to $5,000 a year (indexed for inflation). However, note that funds cannot be withdrawn before the beneficiary turns 18, and money withdrawn before age 59½ is subject to both income taxes and a 10 percent penalty (with exceptions for college tuition and a first-time home purchase).
  • While the bill calls for untaxed tips and overtime pay, this tax break will be delivered in the form of a deduction claimed on individual tax returns. For cash or charged tips, up to $25,000; for overtime pay, the deduction is up to $12,500/$25,000 for joint filers. Phase-out deductions will apply to both based on income.
  • Allows up to a $10,000 tax deduction for interest paid on an auto loan used to purchase a qualified vehicle.
  • New tax deduction for seniors age 65+: $6,000 for single filers; $12,000 for joint filers.
  • The bill does not include an extension of the enhanced credits for the Affordable Care Act, scheduled to expire at the end of the year. This is expected to increase average exchange health insurance premiums by 75 percent starting next year.

Relating to consideration of the Senate amendment to the bill (H.R. 4) to rescind certain budget authority proposed to be rescinded in special messages transmitted to the Congress by the president on June 3, in accordance with section 1012(a) of the Congressional Budget and Impoundment Control Act of 1974 (HRes 590) – On July 17, Rep. Virginia Foxx (R-NC) introduced this rescissions bill, which essentially cuts $1 billion from the Corporation for Public Broadcasting (CBP). The CBP is a private, nonprofit corporation that was authorized by Congress in 1967 to be the steward of the federal government’s investment in public broadcasting. The elimination of this federal funding will force many local public radio and television stations to shut down. The legislation, which also rescinds $8 billion from a variety of foreign aid programs, was passed as a House rule that enabled full passage of the rescissions bill due to a provision that avoids a direct vote on the bill. The bill passed in the House on July 18 and does not require approval by the Senate or to be signed into law by the president.

GENIUS Act (S 1582) – Introduced by Sen. Bill Hagerty (R-TN) on May 1, this legislation is designed to regulate the currently unregulated cryptocurrency industry. The Act requires issuers to back stablecoins on at least a $1-to-$1 basis. The bill is intended to set guardrails for the industry via full reserve backing, monthly audits, and anti-money laundering compliance regulations. This bill also enables a wider range of issuers to enter the market, including banks, fintechs, and major retailers. The legislation was passed in the Senate on June 17, the House on July 1,7, and was signed into law on July 18.

Anti-CBDC Surveillance State Act (HR 1919) – Introduced by Rep. Tom Emmer (R-MN) on March 6, this is a companion bill to the Genius Act. It would prohibit Federal Reserve Banks from offering certain products or services directly to individuals and disallow the use of central bank digital currency for monetary policy, among other provisions (CBDC stands for Central Bank Digital Currency). The bill passed in the House on July 17 and currently awaits its fate in the Senate.

Digital Asset Market Clarity Act of 2025 (HR 3633) – Another Genius Act companion bill, the goal of this legislation is to provide a regulatory system by the Securities and Exchange Commission and the Commodity Futures Trading Commission for the sale of digital commodities. The bill was introduced on May 29 by Rep. French Hill (R-AR), passed in the House on July 17, and currently lies with the Senate.