Video & Transcript Research : 'CAP'
Page 205 of 284
WY
Transcript Highlights:
- Some communities with maybe less financial resources will cap it.
- :47.280>
financial <02:45:47.760>resources <02:45:48.560>will <02:45:48.760>cap - maybe less financial resources will cap maybe less financial resources will cap it.<02:45:49.320
- Appears on page 127, unit 902 cap con appropriations mineral impact, and I believe we have a note that
KY
Kentucky 2025 Regular Session
Administrative Regulation Review Subcommittee (12-8-25)
Transcript Highlights:
- your pool of insurance and everybody who's in the self-insurance pool for property, that pool has a cap
- your pool of insurance and everybody who's in the self-insurance pool for property, that pool has a cap
- 00:07:59.759>
a pool for property that that pool has a pool for property that that pool has a cap - :08:01.599>
much <00:08:01.759>money <00:08:01.919>in <00:08:02.080>the cap - There's only so much money in the cap.
Summary:
The committee first approved the minutes and then recognized a staff member’s birthday and a guest shadowing Senator Adams. It then moved into informational review of Education and Labor Cabinet, Department of Education regulation 702 KAR 3:30, which sets insurance coverage requirements for school district buildings and structures. Department of Education officials explained that districts are expected to carry coverage at replacement cost and said they understand some districts participate in self-insurance pools with backup policies, but they deferred detailed insurance questions to the Department of Insurance. Senators raised concerns that pooled coverage could leave districts exposed if claims exceed pool limits, and the chair asked KDE to follow up with DOI to confirm districts are adequately covered, especially for bondholders. No vote was taken on the informational review.
The committee then reviewed emergency ABC regulations 804 KAR 130:01 through 130:04 implementing Senate Bill 100’s new licensing requirements for tobacco, nicotine, and vapor product businesses. ABC and Public Protection Cabinet representatives outlined the emergency rules governing enforcement, license applications, denial criteria, and transitional licenses. Retail industry witnesses Shannon Stiglet and Brian Clark said they support licensure in principle but argued the rules add duplicative requirements borrowed from alcohol licensing, create confusion about transitional licenses, and may be too burdensome for the roughly 7,000 affected businesses to meet by the January 1 deadline. They also said guidance has been inconsistent and requested the agency revise the regulations, remove requirements not grounded in law, and provide clearer, separate processes for new and existing businesses.
Committee members asked whether the industry had worked directly with ABC and noted the public comment period was still open. Witnesses said they had communicated with ABC and the Public Protection Cabinet, but responses had been uneven and they wanted written guidance. Members expressed concern about the short timeline and the need to avoid disruption so businesses can operate legally on January 1. Representative Marzian asked for clarification that the discussion concerned emergency regulations already in effect while ordinary regulations remain in process. No formal action was taken beyond receiving the informational testimony and discussion.
MN
Minnesota 2025 1st Special Session
Cmte on Rules - Subcommittee on the Federal Impact on Minnesotans and Economic Stability - 11/13/25
Transcript Highlights:
- Because the rules now cap the amount students can borrow, especially in graduate school and professional
- The Department of Education will also be capping borrowing for Parent PLUS loans to $20,000 annually
- 01:30:35.360>
be Department of Education will also be Department of Education will also be capping - 36.480>
for <01:30:36.719>parent <01:30:37.040>plus <01:30:37.280>loans capping - borrowing for parent plus loans capping borrowing for parent plus loans to<01:30:37.840>
$20,000<
NH
New Hampshire 2025 Regular Session
House Education Funding (11/13/2025)
Transcript Highlights:
- This bill changes the cap to 200% of the federal poverty guidelines, and as I mentioned earlier, that's
- But somehow we can't find the funding to feed kids and remove the cap or rate..." federal poverty guidelines
- <03:28:50.479>
and <03:28:50.880>remove <03:28:51.200>the <03:28:51.439>cap - 52.399>
or <03:28:52.720>rate Representative Damon continued: "Feed kids and remove the cap - , or barely raise the cap for those kids to receive free and reduced lunch, and I can't for the life
Summary:
The work session began with HB 656, as amended, which would treat federal funds received by school districts as unanticipated money unless already listed in the annual report, and would require notices and school board minutes to identify the grant and summarize any obligations attached to accepting it. Supporters said the bill was aimed at transparency so voters would understand the “strings attached” to grants, while opponents raised concerns that the amendment was new, potentially vague, and could require districts to publish lengthy or redundant information, increasing costs and administrative burden. Several members suggested alternative approaches, such as a state-level list of common grant obligations or posting grant documents online. No vote was taken, and some members argued the bill was not ready for action.
The committee then moved to HB 665, which would expand eligibility for free school meals to households at up to 300% of federal poverty guidelines and use education trust fund money to cover the added cost. Representative Damon strongly supported the bill, citing food insecurity and arguing the fiscal note likely overstated costs because the bill requires at least one free meal, not necessarily both breakfast and lunch. The discussion was just beginning when the transcript ended, and no vote or final action on HB 665 was recorded in the excerpt.
HI
Hawaii 2025 Regular Session
ACT 310, SLH 2025 Nonprofit Grants Program Info Briefing - Thu Oct 30, 2025 @ 9:00 AM HST
Hawaii House Floor Meeting
Transcript Highlights:
- We also had $343,000 frozen in our Department of the Interior-funded cap caplehua program, which supports
- We also had $343,000 frozen in our Department of the Interior-funded cap caplehua program, which supports
- > frozen in our department of interior frozen in our department of interior funded<02:53:45.680>
cap - <02:53:46.000>
caplehua funded cap caplehua funded cap caplehua um<02:53:48.160>program
Summary:
This joint informational briefing on Act 310 grants and aid focused on organizations describing how federal funding cuts, Medicaid/SNAP changes, and related policy shifts are affecting their services and budgets. Committee members explained there would be no Q&A, testimony would be limited to one minute, and in-person participants would be heard before Zoom callers. Members repeatedly asked testifiers to identify the amount of federal funding lost or at risk.
Testimony came from a wide range of nonprofits and community providers, including Aloha Care, Hawaii Bicycling League, Hawaii Literacy, Hawaii Youth Symphony, Healthy Mothers Healthy Babies Coalition of Hawaii, the Tsunami Museum, The Kohala Center, West Hawaii Community Health Center, West Hawaii Region Hospital Foundation, Sounding Joy Music Therapy, Big Brothers Big Sisters Hawaii, Dynamic Community Solutions, Feeding Hawaii Together, Girl Scouts of Hawaii, Hawaii Disability Rights Center, Hawaii Youth Services Network, Hawaiian Lending and Investments, Homana, Honolulu Theatre for the Youth, Kids Hurt Too Hawaii, and Kokua Kalihi Valley. Most described reduced or threatened federal support and requested state funding to maintain services such as health care access, food security, disaster preparedness, literacy and digital inclusion, youth mentoring, arts education, housing, and climate or agricultural resilience.
Several speakers emphasized direct impacts on vulnerable populations, including kūpuna, low-income families, immigrants, homeless youth, and people with disabilities. Requests ranged from relatively small planning or program grants to multi-million-dollar stabilization asks, with some organizations citing specific losses such as reduced Medicaid or USDA funding, canceled EPA or FEMA support, or expiring federal grants. No votes or formal committee actions were taken during the briefing.
NH
Transcript Highlights:
- Some of that was due to the cap on credit carry forwards and, like I said, the resetting of estimated
- Some of that was due to the cap on credit carry forwards and, like I said, the resetting of estimated
- was<00:14:37.600>
due <00:14:37.760>to <00:14:37.920>the <00:14:38.160>cap - <00:14:38.399>
on some of that was due to the cap on some of that was due to the cap on credit
MN
Minnesota 2025-2026 Regular Session
Committee on Commerce and Consumer Protection - 04/01/25
Commerce and Consumer Protection
Transcript Highlights:
- This change will keep in line with the spirit of the law that caps THC beverages at no more than 10 milligrams
- This change will keep in line with the spirit of the law that caps THC beverages at no more than 10 milligrams
- This change will keep in line with the spirit of the law that caps THC beverages at no more than 10 milligrams
- the Senate to support their inclusion in the final policy package. with the spirit of the law that caps
- THC with the spirit of the law that caps THC beverages<00:07:16.280>
at <00:07:16.479>no
NH
New Hampshire 2025 Regular Session
House Finance Division III (02/03/2025)
Transcript Highlights:
- There's something referred to often as a county cap, and we're going to discuss that separately on a
- There could be proposals to reduce the amount of level of tax, where 6% is the current cap, but there
- <02:15:59.800>
is <02:15:59.960>the <02:16:00.079>current <02:16:00.440>cap - <02:16:00.760>
but <02:16:00.960>there where 6% is the current cap but there where - 6% is the current cap but there are<02:16:01.199>
some <02:16:01.440>proposals <02:16:01.920
Summary:
The House Finance Division III held an informational hearing on Medicaid, Medicare, Choices for Independence, and related financing, while postponing nursing facility financing and the county cap discussion to a later date. DHHS officials Ann Landry, Jonathan Ballard, and Medicaid Director Henry Litman provided an overview of Medicaid’s role, noting it is a federal-state partnership with state-specific eligibility and benefits, and emphasizing that Medicaid is a major funding and programmatic support for other DHHS initiatives. They also distinguished Medicaid from Medicare and explained that Medicaid funding is not the same as grant funding, though some providers may also receive federal grants through other channels.
The presentation focused on New Hampshire’s relatively small Medicaid program and why it differs from national averages. Officials said about 184,000 residents are covered, roughly one in seven Granite Staters compared with one in five nationally, and attributed the difference largely to the state’s higher per-capita income and older population. They highlighted that about 65% of Medicaid-enrolled adults in New Hampshire are working, that only 22% of births are covered by Medicaid versus 42% nationally, and that the state’s uninsured rate is lower than the national rate. Members asked about covered services, income limits, federal matching rates, and the names of optional eligibility groups; staff explained that New Hampshire offers the optional groups discussed, with matching rates varying by category, including 90% for Granite Advantage and certain other groups, and 65% for children above the required level.
A substantial portion of the hearing covered eligibility rules and recent policy changes. Officials reviewed the history of Medicaid, including HCBS waivers, the CFI program, Katie Beckett, the Olmstead decision, the ACA, and the end of continuous enrollment after the public health emergency. They also discussed the 2023 legislative expansion of postpartum coverage from 60 days to 12 months and child eligibility changes. In response to questions, DHHS said it is tracking utilization and costs for the postpartum expansion and reported that many maternal deaths occur after the prior 60-day coverage period, often involving substance use disorder or suicide; they said the longer coverage is intended to improve access to treatment and prevention. The committee also walked through household-income examples, clarified that Medicaid eligibility is based on household income and categorical rules, and confirmed that Granite Advantage ends at 138% of the federal poverty level unless another categorical basis applies. No votes were taken, and the hearing remained informational.
TX
Texas 89th 2nd C.S.
Homeland Security, Public Safety & Veterans' Affairs May 28th, 2026
Homeland Security, Public Safety & Veterans' Affairs
Transcript Highlights:
- to, the only way she can have an attorney is if it's paid for by her income benefits, and that's capped
- But if you take a property tax on cities and counties and you put a cap on it, what is that going to
- You've got to pay these when you're capped.
- And we can't make those salaries, or we can't meet You've got to pay these when you're capped.
NH
New Hampshire 2026 Regular Session
Committee of Conference on HB 155, HB 1102, HB 1109, HB 1356, HB 1469, HB 1323, HB 1376 (05/26/2026)
Transcript Highlights:
- So the idea to stimulate businesses needs to be both a threshold cap for the small businesses and relief
- businesses needs to be both businesses needs to be both a<00:22:02.320>
threshold <00:22:02.799>cap - /c><00:22:03.200>
the <00:22:03.440>small <00:22:03.679>businesses a threshold cap - for the small businesses a threshold cap for the small businesses and<00:22:05.120>
relief <00
Keywords:
9:00am HB 155
9:30am HB 1102
10:30am HB 1109
11:00am HB 1356
11:30am HB 1469
1:00pm HB 1323
2:00pm HB 1376, 928, house, all
Summary:
The meeting began with unanimous committee approval of amendment 2026-2021S to HB 2. Senator Lang explained the amendment corrected a drafting error so that $2.5 million in state funds, matched with federal money for a total of $5 million, could be spent during the biennium rather than lapse at the end of the fiscal year. The money is intended to stabilize Medicaid per diem rates for county nursing homes, and members agreed without objection to adopt the amendment and continue working from the bill as amended by the Senate.
The committee then discussed HB 155 and a proposed amendment, 2026-201H, dealing with the business enterprise tax. The House side described the proposal as a compromise that would raise the filing threshold from $250,000 to $375,000 and create a trigger that would reduce the BET rate by 0.05% for each $100 million in combined business tax surplus, down to a floor of 0.25%. Senate members opposed lowering the rate at this time, arguing that tax relief should focus on the filing threshold, which they said would remove filing burdens for about 3,500 small businesses, and that rate cuts should be considered in a budget cycle rather than an off-year. Concerns were raised that one-time revenues, such as tax amnesty receipts or federal repatriation-related surpluses, could unintentionally trigger reductions.
Representative Sweeney later offered a revised approach by moving the effective date of the trigger mechanism to January 1, 2028, and said he was also willing to carve out tax amnesty revenues or adjust the effective date to avoid using one-time funds. The Senate remained unwilling to agree to a rate reduction, though it expressed openness to raising the filing threshold further. The committee ultimately did not resolve the business tax issue and recessed to continue discussions at a later time.
The final item discussed was HB 1102, concerning an increase in the research and development tax credit paired with changes to state park fees. House members supported the R&D credit increase but opposed tying it to higher park fees, citing concerns about tourism, especially at border parks, and noting that the Department of Natural and Cultural Resources had said it did not need the increase. Senate members defended the park fee changes as a fairness issue, arguing that New Hampshire residents should pay less than out-of-state visitors and that the department had not raised rates in many years. No vote was taken on this item during the discussion captured here.
MN
Minnesota 2025-2026 Regular Session
House Elections Finance and Government Operations Committee 3/25/26
Elections Finance and Government Operations
Transcript Highlights:
- It also clarifies how to calculate those optional retail registration caps when a city or township has
- calculate those optional<00:21:07.200>
retail <00:21:07.679>registration <00:21:08.320>caps - <00:21:08.960>
when <00:21:09.200>a optional retail registration caps when a optional - retail registration caps when a city<00:21:09.679>
or <00:21:10.000>township <00:21:10.559
Bills:
HF4348, HF4186, HF4202, HF4455, HF3884, HF3883, HF3882, HF3881, HF2688, HF3295, HF3862, HF3362, HF4242, HF3798
Keywords:
HF4186, Minnesota local government finance, housing and redevelopment authority, HRA, public investment authority, qualifying government, State Board of Investment, SBI, index mutual fund, multifamily housing development, long-term equity investment, investment-grade fixed income, federally insured securities, government-sponsored entities, municipal investing, local government investments, housing finance, public funds, investment policy, risk of loss
MN
Minnesota 2025-2026 Regular Session
House Children and Families Finance and Policy Committee 3/17/26
Children and Families Finance and Policy
Transcript Highlights:
- This is the bill regarding fraud in the C-CAP system and tools to adjust to it.
- is the bill regarding uh, fraud<00:25:35.960>
in <00:25:36.040>the <00:25:36.120>C-CAP - system<00:25:37.120>
and <00:25:37.520>tools <00:25:38.000>to fraud in the C-CAP - system and tools to fraud in the C-CAP system and tools to adjust<00:25:38.760>
to <00:25:38.920
Keywords:
child care, child care center, day care, licensed child care, video security cameras, surveillance, security cameras, maltreatment, child abuse, child safety, public and shared areas, camera mandate, child care assistance program, CCAP, Great Start Compensation Support, early learning scholarships, licensed provider, Minnesota Statutes 142B.68, Harvey's Law, privacy
MN
Minnesota 2025-2026 Regular Session
House Commerce Finance and Policy Committee 3/12/26
Commerce Finance and Policy
Transcript Highlights:
- .<00:43:24.640>
Before <00:43:24.960>joining <00:43:25.359>CAP, <00:43:25.680> - Before joining CAP, I served progress.
- Before joining CAP, I served as<00:43:26.160>
senior <00:43:26.400>counsel <00:43:26.720 - But does this cap independent expenditure spending from very rich individuals in Minnesota?
Keywords:
homeowner's insurance, peace officer, property damage, just compensation, exclusion policy, corporate powers, entity law, business corporations, nonprofit corporations, LLC, limited liability company, cooperative, partnership, trust, foreign entity, campaign finance, election spending, political spending, ballot measure, ballot initiative
AL
Transcript Highlights:
- And this bill will remove the cap as well. adopt a model adopt a model a<02:27:33.280>
model <02 - /c><02:27:42.360>
will <02:27:42.800>remove <02:27:43.200>the <02:27:43.320>cap - And uh and this bill will remove the cap And uh and this bill will remove the cap as<02:27:44.200
Summary:
The Alabama Senate convened, heard a prayer and pledge, established a quorum, excused absent senators, and adopted the prior journal. The chamber received House messages, including referral of Senate Confirmation 89 for Rex Jones to the Underground and Aboveground Storage Tank Trust Funds Management Board, and concurred in Senate Bill 231 after a 30-0 vote. Several local House bills were referred to the Committee on Local Legislation.
During personal remarks, Senator Coleman-Madison recognized Women’s History Month and highlighted Alabama native Mary Ellen Jolly and her book, "Accidental Activist," praising women who support the legislature. The Senate then processed committee reports, including favorable reports on multiple Finance and Taxation General Fund bills (SB 143, 144, 145 with substitute, 152, 153, 154, 162, 226 with substitute, and 146 with substitute and one abstention), as well as confirmations for Nancy Sandford, Marty Abrams, and Jim Page to the University of North Alabama Board of Trustees, all of which were confirmed.
Committee reports also advanced several county and municipal and local legislation measures, including SB 292, HB 351, HB 141, HB 273, HB 504, HB 488, SB 343, and SB 346. On the floor, SB 333 on class two municipalities passed after adoption of its BIR and committee amendment, and HB 308, a proposed constitutional amendment for Mobile County, passed after the Senate tabled the committee amendment, adopted a substitute amendment by Senator Figures, and approved the certification resolution. SB 334 for Shelby County, SB 339 for Crenshaw County, and HB 507 for Covington County also passed, with certification resolutions adopted where required. The governor returned SB 228 with an executive amendment, and the Senate concurred 33-0.
The Rules Committee report set the special order calendar for the next legislative day, listing bills including SB 91, SB 280, SB 181, SB 237, SB 326, SB 255, HB 77, HB 104, HB 110, HB 271, HB 362, HB 332, HB 429, SB 211, HB 125, HB 122, HB 124, SB 140, SB 199, and SB 332. Senator Singleton spoke at length criticizing the handling of minority-sponsored bills and questioning several measures, and after debate the Senate adopted the special order calendar 34-0. SB 91 was then carried over at the call of the chair.
CO
Colorado 2026 Regular Session
Colorado House 2026 Legislative Day 050 Mar 5th, 2026
Colorado House Floor Meeting
Transcript Highlights:
- All caps at the bottom just specifies that the standards to be used will be qualitative, objective, measurable
- All caps at the bottom just specifies that the standards to be used will be qualitative, objective, measurable
- So, I move L004 to the committee report. caps at the bottom just specifies that caps at the bottom just
MN
Minnesota 2025-2026 Regular Session
Cmte on Rules - Subcommittee on the Federal Impact on Minnesotans and Economic Stability - 02/20/26
Transcript Highlights:
- approval by the federal government of our changes for program integrity and our higher services and caps
- approval by the federal government of our changes for program integrity and our higher services and caps
- approval by the federal government of our changes for program integrity and our higher services and caps
- approval by the federal government of our changes for program integrity and our higher services and caps
Summary:
The Senate Rules and Administration Select Subcommittee on Federal Impacts on Minnesotans and Economic Stability met on February 20, 2026, to hear from Minnesota Management and Budget State Budget Director Anna Mingi about federal funding changes affecting the state budget. Before testimony began, Senator Rasmusson objected to a draft committee report that had been prepared in advance of the hearing, arguing it was inappropriate to summarize testimony before it occurred. The chair responded that nonpartisan staff had prepared the draft from Mingi’s submitted presentation and could revise it after the hearing if needed.
Director Mingi explained that federal dollars make up more than one-third of state spending and support about 650 federal awards totaling over $23 billion this year, with more than $15 billion supporting state entitlement programs. She said the federal funding environment had changed significantly since January 2025 through executive orders, pauses, terminations, new grant conditions, delayed awards, and the July 2025 passage of H.R. 1, the federal reconciliation bill. Her main focus was H.R. 1’s effects on health care and food assistance, including work requirements for some adults, changes to eligibility for legal non-citizens, limits on retroactive Medicaid coverage and directed payments, new limits on provider taxes, and SNAP changes that shift some benefit and administrative costs to the state and counties. She estimated H.R. 1 would reduce federal funds to state-administered programs by about $327 million in the current biennium and $1.6 billion in the next, with additional costs to hospitals, counties, and other partners beyond the budget horizon.
Members asked follow-up questions about whether the estimates were relative to the forecast and whether federal Medicaid funding would still rise over time. Mingi said the estimates were based on the November forecast baseline and that Medicaid federal dollars would likely continue growing overall, though the law still creates significant losses relative to prior projections. Senator Rasmusson emphasized that point in remarks to the committee. The discussion then shifted to federal grant pauses and cancellations: MMB’s tracker showed about six awards on hold totaling roughly $491 million, 13 confirmed cancellations across areas including clean energy, education, food assistance, and public health, and additional threatened or litigated cuts not included in those totals. Mingi identified two canceled violence-prevention-related grants, including a FEMA public safety grant and a justice reinvestment grant, and noted that CDC had recently moved to cancel or seek cancellation of several Minnesota public health grants, including a $65 million public health infrastructure award.
MN
Transcript Highlights:
- The Centennial Office Building ramp will remain in place for years for use, and the tunnel will be capped
- the<00:51:30.880>
tunnel <00:51:31.280>will <00:51:31.440>be <00:51:31.520>capped - /c><00:51:31.920>
until <00:51:32.160>a <00:51:32.400>new the tunnel will be capped - until a new the tunnel will be capped until a new building<00:51:32.960>
is <00:51:33.599>
NH
Transcript Highlights:
- some relief to low- and moderate-income people on fixed incomes, and I think that would kind of put a cap
- The elderly exemption has an income cap.
- It also has an asset cap, which means, yes, you may only make $600 a month in Social Security, but if
- The way to look at it is, New Hampshire raises—and I think I got this out of the most recent cap—about
NH
Transcript Highlights:
- It establishes a limited restricted fund capped at 4% of prior year contributions, derived from program
- It establishes a limited restricted<02:02:07.119>
fund <02:02:07.440>capped <02:02:07.760 - at<02:02:07.920>
4% <02:02:08.480>of <02:02:08.800>prior restricted fund capped - at 4% of prior restricted fund capped at 4% of prior year<02:02:09.360>
contributions <02:02:09.920
KY
Kentucky 2025 Regular Session
Consensus Forecasting Group (12-16-25)
Transcript Highlights:
- September capped off the first quarter. I make a big point of 3.9% growth.
- <00:42:29.440>
September <00:42:30.000>capped <00:42:30.319>off <00:42:30.480 - September capped off the first quarter.
- September capped off the third<00:42:30.960>
quarter <00:42:32.079>uh <00:42:32.319>
Summary:
The meeting focused on reaching consensus on official Kentucky revenue estimates for fiscal years 2026 through 2028, using updated S&P Global economic forecasts compared with the September presentation. Staff explained that the updated forecast relied partly on alternative data because of the federal government shutdown, and they walked through changes in national and Kentucky economic assumptions across control, optimistic, and pessimistic scenarios. The control forecast was described as slightly more optimistic in the near term but more cautious in fiscal 2027 and 2028, with GDP growth revised up for the current year and down somewhat in the outer years. The pessimistic scenario now assumed a two-quarter recession beginning in the current quarter, while the optimistic scenario was given a higher probability weight than before.
The presenters highlighted several Kentucky-relevant variables that changed since September, including weaker manufacturing employment, weaker housing starts, weaker consumer sentiment, and lower expected non-farm employment in fiscal 2026. At the same time, wage and salary disbursements were revised upward in fiscal 2027, reflecting higher disposable income from tax changes, and real consumer spending was expected to be stronger in the near term. They also discussed assumptions about tariffs, business profits, the Federal Reserve, unemployment, oil prices, retail sales, vehicle sales, exports, and consumer sentiment, noting that some indicators were little changed while others shifted materially. Consumer sentiment was attributed to affordability concerns, tariff impacts, and a general sense of malaise, but was expected to improve in later years from a low base.
Members asked follow-up questions about why the forecast worsened in later years and about the consumer sentiment assumptions. Staff responded that the forecast assumed larger take-home pay and refunds from tax withholding changes, along with some easing of tariff effects, which they believed would help offset a negative wealth effect from stock market declines. They also noted that S&P Global’s December forecast, which had already been published, was essentially consistent with the presentation and that the firm believed its earlier assumptions had tracked recent data well. No vote or final action was recorded in the portion provided, but the discussion was aimed at settling the revenue estimates that will underpin the upcoming branch budget bills.