Yesterday, President Biden signed into law the the Fiscal Responsibility Act of 2023, legislation to raise the nation's $31.4 trillion debt ceiling through January 2025 in exchange for spending cuts and deficit reduction measures.

This culminates tense negotiations that began in earnest several weeks ago following the passage of the House Republicans' Limit, Save, Grow Act, with the final agreement passed just days before tomorrow's June 5 deadline set by U.S. Treasury Secretary Janet Yellen of when the government would no longer be able to meet all financial obligations (the debt ceiling had officially been reached in January, but the Treasury Department implemented "extraordinary measures" to avert a default since that time).

The legislation was brokered between the White House and House Republicans, with the House passing the bill on Wednesday by a vote of 314-117 (71 Republicans and 46 Democrats voted in opposition). The Senate followed suit on Thursday evening, voting 63-36 to pass the bill, after voting down 11 amendments to the bill (31 Senate Republicans and 5 Senate Democrats voted against the bill).

The deal sets non-defense discretionary spending effectively unchanged for 2024 and to increase by only 1% in 2025. Congress would also have to pass all 12 of its annual appropriations bills by the end of January or face a stopgap funding patch that would cut spending by 1% across the board. The deal also rescinds nearly $28 billion in unspent COVID-19 relief funding, of an estimated $80 billion in remaining unobligated funds. However, it does not impact Medicare, Medicaid, or Veterans funding, and it does not repeal or rescind any portions of the Inflation Reduction Act (IRA), which includes numerous tax credits and other incentives for energy efficiency for which senior living communities may be eligible.

Following months of negotiation and just days before a potential default on the nation's $31.4 trillion debt, the White House and House Republicans announced over the weekend that they reached a tentative agreement to raise the national debt limit.

Both the House and Senate must still vote to pass the Fiscal Responsibility Act of 2023, which will require assembling a coalition of Democrats and Republicans in both chambers, as at least 60 House Republicans have already indicated they plan to vote against the package and many progressive Democrats have suggested similar opposition.

The House is expected to vote on the package as early as tomorrow, in keeping with rules adopted earlier this year to allow 72-hours for lawmakers to review legislation. The Senate will follow with just days to spare before the June 5 deadline announced by U.S. Treasury Secretary Janet Yellen of when the government would no longer be able to meet all financial obligations (the debt ceiling had officially been reached in January, but the Treasury Department implemented "extraordinary measures" to avert a default since that time).

The agreement represents a compromise from the Limit, Save, Grow Act of 2023, which narrowly passed the House in April on a 217-215 vote. That legislation called for raising the debt limit by an additional $1.5 trillion or suspend it through March 31, 2024. It would have also capped fiscal year 2024 discretionary spending at $1.47 trillion (representing an 8% cut from this year), along with rescinding unspent COVID-19 relief funds, repealing numerous provisions of the Inflation Reduction Act (IRA), expanding Medicaid work requirements, and preventing the cancellation of student loans. The Biden Administration issued a Statement of Administration Policy that it would veto the bill should it be passed by Congress.

Ultimately, the agreement reached this weekend includes one of the largest ever rescissions of previously appropriated federal spending. This includes roughly $28 billion in unspent COVID-19 relief funding across the six major legislative packages enacted in response to the pandemic. Democrats on the House Appropriations Committee released a memo last week warning against the cuts, pointing to roughly $80 billion in unobligated funds ($3 billion of this is in the Provider Relief Fund).

Argentum Advocates are invited to join us for our monthly policy briefing on Wednesday, May 31 at 2:00 p.m. ET to learn more about the debt limit deal's impact on senior living, along with an update on our priority legislation and regulations impacting the industry.

We need your help to tell the story of senior living! Community visits with lawmakers are among the most effective ways to tell our story to those best positioned to advance our policy priorities.

Recently, U.S. Representative Jim McGovern toured a community in his district, meeting with residents and staff and seeing first-hand daily life in a community. He was also able to learn more about how our legislative priorities can help more seniors get the care they need, and shortly after his visit he signed on as a cosponsor of one of our bills!

These interactions are critical to our advocacy efforts, but we need your help as senior living advocates to do your part in hosting lawmakers, both at the federal and state levels. Argentum and our State Partners are here to help you plan and execute visits and will provide tools and guidance to ensure you are successful.

Please join us on Wednesday, May 31 at 2:00 p.m. ET for a special Argentum Advocates briefing webinar, offering a tutorial on how you can host lawmakers in your community and help tell the story of senior living.

Today marks the end of the COVID-19 public health emergency (PHE), which was first activated in January 2020 and had been extended every 90 days by the U.S. Department of Health and Human Services (HHS). The PHE provided the foundation for numerous programs and policies established in response to the pandemic, including requiring free rapid tests for private insurance and Medicare, telehealth services, and authorization of the PREP Act.

To help senior living stakeholders best understand the impact of the ending of the PHE, Argentum through its outside counsel Foley Hoag LLP, prepared a detailed summary of considerations, including implications for federal and state liability protections, temporary increases in Home and Community Based Services (HCBS) funding, and other issues. This memo has been updated from the previous version released in February, and is current as of today, May 11, 2023.

The Biden Administration announced yesterday that it would end the national health care worker vaccination mandate concurrently with the end of the public health emergency (PHE) on May 11. The administration terminated the separate COVID-19 national emergency on April 10, by enacting H.J. Res 7.

Argentum Advocates are invited to attend two upcoming webinar opportunities:

• Wednesday, April 26 at 2:00 pm ET: April Policy Briefing
• Tuesday, May 2 at 12:00 pm ET: Tax Credits for Senior Living
  

President Biden signed the Inflation Reduction Act (IRA) into law last August, ushering in more than $400 billion in new federal spending. Among the law’s provisions are numerous tax credits and incentives to promote energy efficiency, including many that may be applicable to senior living communities. Tax credits can help offset the costs of:

Tomorrow at 2:00 pm ET, Argentum will present a member-exclusive briefing on the latest developments on public policy affecting senior living.

During this session, you will learn more about:

• Our requests as part of the annual appropriations process and the Biden Administration's 2024 budget priorities;
• Legislation to expand access of assisted living, with new legislation introduced yesterday;
• Updates to the forthcoming SENIOR Act;
• Other legislation, including the HCBS Access Act, the PRO Act, and health care workforce legislation;
• Regulatory updates, including union rules and the OSHA worker safety rule;
• Our latest reports: the Value of Senior Living and Workforce Projections for Senior Care;
• And how senior living stakeholders can take part in sharing our message at events throughout the country.

On behalf of Argentum’s board of directors, members, and staff, we extend our sincerest sympathy to the family, friends, and colleagues of George L. Chapman, chief executive officer (CEO) and co-founder of Toledo, Ohio-based ReNew REIT, and a longtime leader in real estate investment trusts and the senior living industry.

Calling all Argentum Advocates: Today at 2:00 pm ET, Argentum will present its monthly member-exclusive policy briefing. Learn more about the recently reintroduced legislation to expand access to assisted living for Veterans. Learn more about a renewed version of the SENIOR Act. Learn more about recent hearings on the health care workforce shortage and oversight of the federal COVID-19 response. And learn more about regulatory updates, including the new rule on owner/operator transparency, the OSHA health care worker rule, and non-compete agreements.

Lawmakers are preparing to reintroduce legislation this week that would expand access to assisted living for veterans. The legislation renews the Expanding Veterans’ Options for Long Term Care Act, introduced in the last session of Congress by Senators Jon Tester (D-MT), Jerry Moran (R-KS), and Patty Murray (D-WA), to establish a pilot program for eligible veterans to receive assisted living care paid for by the Veterans Administration (VA).