NMMA Welcomed New Members In February

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Shows Certification Advocacy Statistics International Membership Customized Briefing for manoj dole February 29, 2024

FEATURED INDUSTRY NEWS NMMA Welcomed New Members In February NMMA is proud to welcome 9 new members in February. As members of NMMA, our new, valued stakeholders have taken an active role in the success and vitality of the marine industry. NMMA would like to thank them for driving the association’s strategic initiatives to advocate for marine businesses and grow recreational boating’s market share. Read More Georgia House Of Representatives Passes Boat Livery Liability Legislation On February 21, the Georgia House of Representatives approved House Bill 994 with a vote of 163-1. Sponsored by Representative Alan Powell, this bill addresses liability issues related to boat rentals, leases, and charters. Read More LEADING ECONOMIC AND POLICY NEWS Congressional Leaders Agree To Short-Term Spending Deal Through March 8 The New York Times reports that on Wednesday, Congressional leaders “agreed to another short-term stopgap spending bill to head off a partial government shutdown at the end of the week, paving the way for a temporary path out of a stalemate that has repeatedly threatened federal funding over the past six months.” According to the Times, “The deal, initially floated by Speaker Mike Johnson, would extend funding for some government agencies for a week, through March 8, and the rest for another two weeks, until March 22.” The Times says “that would only prolong what has been an agonizing monthslong negotiation on federal spending that has gripped Congress for months, as Republicans bent on steep cuts and conservative policy mandates refused to accept a deal with Democrats.”         CNN reports that congressional leaders explained in a statement that the continuing “will be necessary” in order to “give the House and Senate Appropriations Committees adequate time to execute on this deal in principle, including drafting, preparing report language, scoring and other technical matters, and to allow members 72 hours to review.” Roll Call reports the text for the first batch of bills is expected to be released “by Sunday in order for the House to be able to turn around and vote Wednesday, before Thursday gets swallowed up by President Joe Biden’s State of the Union address.”         The Washington Post reports that while Democrats “reacted favorably” to the bill, Sen. Jon Tester (D-MT) warned that “this ‘kicking the can down the road’ crap really does need to stop.”         According to Bloomberg, “hardline Republicans condemned the deal,” with Rep. Ralph Norman (R-NC) calling it “an insult to the American people.” Despite the risk of backlash, Republican leaders have chosen to back the deal by holding up “emergency funding for Ukraine assistance to wring concessions from President Joe Biden.” The AP reports the deal includes “no immediate plan to approve the $95 billion emergency national security funds for Ukraine, Israel and other allies.” However, the New York Times reports House Minority Leader Jeffries said that a “reasonable number” of Democrats would protect Johnson from removal “if he allowed a vote on a foreign aid bill that includes money for Ukraine and faced a Republican mutiny as a result.”         Politico notes that the deal “negates the risk of a government shutdown just as President Joe Biden is set to deliver his State of the Union address,” although “both chambers only have a couple days to pass the stopgap before a partial government shutdown kicks in on Saturday. And there’s still a few hiccups on that point: Johnson will almost certainly need help from Democrats to pass the measure in the House, and all 100 senators will have to agree to speed up debate to move the stopgap through the upper chamber before the March 1 deadline.”         The Wall Street Journal says that uncertainty remains, as lawmakers must pass a stopgap bill this week, and all 12 spending bills next month.         The Hill says the deal “sets up a battle in the House, where Johnson faces a tough challenge in getting through another short-term stopgap measure, particularly as conservatives have pressed a for a full-year stopgap.” Reuters reports both parties’ leaders “will now work on explaining the deal to their rank-and-file with the goal of convincing enough of them to back the arrangement.” However, if a vote on Thursday were to fail, “it would bring the federal government to the brink of partial shutdowns early on Saturday.” Federal Reserve Officials Caution That Rate Cuts Will Be Based On Economic Data, Not Calendar Bloomberg reports three Federal Reserve officials on Wednesday said that interest-rate cuts “will depend on incoming economic data.” Boston Fed President Susan Collins and New York’s John Williams suggested a cut could come “later this year,” while Atlanta’s Raphael Bostic “said he’s currently penciling in a cut for sometime this summer.” However, they all stressed that cuts will not be calendar-based, but instead will rely on the economy and rate of inflation.         In another article, Bloomberg reports Williams said the economy still has “a ways to go on the journey to sustained 2% inflation,” adding that he expects it to “to fall to around 2% to 2.25% this year and 2% in 2025.”         Meanwhile, the Wall Street Journal praises Federal Reserve governor Christopher Waller’s plan to reduce inflation, noting that he is one of the top candidates to chair the Fed in the future. Major Stock Indices Close Slightly Lower As Investors Await Inflation Data CNBC reports, “Stocks slid Wednesday as investors looked ahead to a key inflation report due later this week.” The S&P 500 “pulled back 0.17% to close at 5,069.76,” the Nasdaq Composite “fell 0.55% to 15,947.74,” and the Dow Jones Industrial Average “shed 23.39 points, or 0.06%, to end at 38,949.02 and notch a third straight day of losses.” Previous Top Stories  • Discover Boating Atlantic City Boat Show Opens Today  • After Meeting With President, Congressional Leaders Express Optimism For Averting Government Shutdown But Distance Remains On Foreign Aid

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