Senate Republicans advanced the reconciliation process in late April after both chambers adopted the FY 2026 budget resolution by narrow party-line votes, directing the Judiciary and Homeland Security committees to produce legislation providing up to $70 billion for Immigration and Customs Enforcement and Customs and Border Protection. Committee drafts released in early May total roughly $72 billion over ten years and must be reconciled with House versions by mid-May before floor consideration. The procedure allows passage with a simple majority in the Senate, avoiding the filibuster, while Republican leadership has signaled a target for final action before June. Key variables for traders include the pace of conference negotiations, any procedural holds, and alignment with presidential priorities on border funding.