Today on the Hill: Budget Deal, Drug Pricing Markup Headline Significant Activity on Capitol Hill

Lawmakers are set to strap in for another busy day of legislative business both on and off the floor. In the lower chamber, House lawmakers are expected to pass the compromise budget deal (text; summary) later today, addressing key fiscal deadlines ahead of the six-week August recess. The deal provides for a $321 billion boost in federal spending over the next two years, while also suspending the debt ceiling for two years. The Senate is expected to swiftly take up the bipartisan spending agreement next week prior to the upper chamber’s adjournment.

Meanwhile, the Senate Finance Committee has convened for a highly anticipated markup of its sweeping drug pricing package (summary; modifications). Senators on the panel could be in for a long afternoon, as Committee members filed 110 amendments (list; descriptions) to the underlying bill yesterday amid concerns from industry stakeholders, doctors, and patient groups. Additionally, the Congressional Budget Office (CBO) issued its preliminary score of the Finance Committee’s legislation, estimating over $20 billion in savings over five years and $100 billion over a decade as more of its provisions take effect.