Mar. 14, 2023: House GOP warms up for a budget battle

The Playbook Podcast

POLITICO

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🗓️ 14 March 2023

⏱️ 8 minutes

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Summary

House Republicans are set to embark on a multiweek stretch of ups and downs — starting today, with the release of a massive energy package authored by House Majority Leader Steve Scalise, aimed at boosting domestic oil-and-gas production, lowering consumer costs and drawing a sharp contrast with the Biden administration’s pivot to green energy. The legislation will be designated “H.R. 1,” underscoring how the energy issue is a central plank of the GOP agenda following a campaign cycle dominated by soaring gasoline, electricity and heating fuel prices. While the House is expected to clear the bill by month’s end, the GOP faces a rockier road on the other side: With the debt-ceiling deadline looming, Republicans are already fretting about how they’re going to write a budget that balances in 10 years, as Speaker Kevin McCarthy promised conservatives during his campaign for the gavel, let alone pass one with only a four-seat majority. Subscribe to the POLITICO Playbook newsletter Raghu Manavalan is the host and senior editor of POLITICO's Playbook Daily Briefing.Jenny Ament is the executive producer of POLITICO Audio

Transcript

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0:00.0	Presented by TikTok
0:02.0	Good morning Playbookers.
0:04.0	I'm Rogumanovalin.
0:06.0	The latest on the failure of Silicon Valley Bank, plus the House GOP
0:11.0	readies its first big agenda push, a massive energy bill.
0:16.0	Here are the big things we're watching on Tuesday, March 14th.
0:20.0	The fallout from the failure of Silicon Valley Bank
0:22.8	and two others continued to dominate the news and political ecosystems yesterday. The FDIC
0:29.4	will once again seek to auction Silicon Valley Bank's assets. Andrew Ackerman from the Wall Street
0:35.7	Journal scooped. After the first attempt, this past weekend,
0:39.3	yielded no buyer that regulators approved. Now, with the firm declared systemic, officials believe
0:46.3	the failed bank could be a more desirable target for rival banks. Similar midsize and regional banks
0:53.3	took a beating in the stock market yesterday,
0:56.4	with about a dozen of them triggering a temporary pause in trading as investors reassessed
1:02.6	how much such lenders were worth, among the hardest hit, First Republic, Western Alliance,
1:09.3	Kee Corp, and Comerica.
1:11.3	The Fed announced it would launch an investigation into its oversight and regulation of SVB.
1:17.7	Vice Chair Michael Barr will lead the internal review and put out findings by the start of May.
1:24.3	When it comes to the political fallout, Sungman Kim and Fatima Hussein from the Associated
1:29.5	Press report that this moment of possible crisis in the banking industry amounts to a major
1:35.0	test of President Joe Biden's leadership and ability to maintain stability. Though he said privately
1:41.6	that he won't stage a 2008 repeat with big bank bailouts,
	...

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