Sen. Eric Schmitt

Maddy summaryThis bill would withhold Congressional salaries in escrow if Congress fails to pass a balanced budget by April 16th of the prior year for fiscal years 2024 and 2025. If a balanced budget isn't passed by the deadline, members' pay would be held until the budget is approved or until the end of the current Congress. For fiscal years 2026 and beyond, members would receive only $1 annually if a balanced budget isn't enacted. It also requires a three-fifths vote in each chamber to pass revenue-increasing bills. The law directly affects all Members of Congress by linking their compensation to budget outcomes.

Maddy summaryThis bill raises the reporting threshold for payment platforms like PayPal or Venmo. It requires these platforms to report transaction data only if a business receives over $20,000 in payments across more than 200 transactions in a year. This change directly affects payment processors and their business users by reducing the volume of transactions they must report to the IRS.