Republicans in control of both chambers have advanced a budget resolution directing committees to produce a third reconciliation package, following the 2025 One Big Beautiful Bill Act and the June 2026 Secure America Act that funded immigration enforcement. In mid-July 2026 the House Budget Committee approved instructions for roughly $95 billion in new spending and policy changes covering defense, intelligence, agriculture, and administration of voter eligibility measures. Committee submissions and floor consideration remain the key near-term steps, with simple-majority passage possible once the measure reaches the House floor. Traders are watching the pace of committee drafting and any procedural holds that could delay a vote before year-end deadlines or the next appropriations cycle.