Concerns about the employment numbers released on Friday, showing the addition of 22,000 jobs and viewed by some as a troubling sign for the labor market, were a topic of discussion on the Sunday political talk shows. Treasury Secretary Scott Bessent said on NBC's "Meet the Press" that the effects of the tax benefits of the "One Big Beautiful Bill Act" (OBBBA) for companies have yet to be fully realized and suggested that concerns about the President's tariffs are overblown.

Asked about the loss of manufacturing jobs since the April announcement of tariffs that were described as sparking a manufacturing renaissance, Secretary Bessent said, "What we are seeing is a record amount of investment intentions. We've seen a CapEx boom in the first half of the year. And I think that was actually held back. The One, Big Beautiful Bill, which has full expensing for factories and equipment, was passed on July 4th. Many companies were holding back then. So, we are going to see construction jobs. And we are going to see manufacturing jobs."

Additionally, asked to acknowledge that tariffs amount to a tax on the American people, after companies have detailed additional costs they face, Bessent said there are "numerous companies who are doing the opposite. You know, you're taking these from earnings calls. And on earnings calls they have to give the draconian scenario. There are companies coming out and saying, 'Oh, because of the tariffs we're doing this.' But I can tell you … they are upping their investments in the United States."

A story in this morning's Washington Post cited those who say that steep retail job losses could be tied to retailers facing tariff headwinds and consumer pessimism.

There have also been reports of concerns with changes to the trade agreements reached by the Administration. A September 6 Wall Street Journal story reported on frustration with the United States-European Union trade agreement announced in July, resulting in businesses halting exports to the US over the Administration's decision to expand its 50% metals tariffs to cover additional products that contain steel and aluminum, higher than the 15% for most other products. The story said, "The grudging acceptance that greeted the July deal is now threatening to unravel."

In Congress, GOP lawmakers are focused on the upcoming review of the United States-Mexico-Canada Agreement (USMCA) in 2026. Republican Ways and Means members were reported to have met with Mexico's secretary of the economy last week. Punchbowl News reported House Ways and Means Committee Chairman Jason Smith (R-MO) as saying September 7 that the meeting was an opportunity for members on both sides of the aisle to discuss successes and concerns, and that tariffs were also discussed. "We discussed the added tariffs that the president has put in, but it's all something that we have to analyze. USMCA, if we don't renew it, expires. So we need to be sure that it's better than just paper. Contracts need to be enforced," the chairman said.

A WSJ story said the office of the U.S. Trade Representative could begin public consultations within the next month regarding the USMCA, and a request for comment from companies and unions could be issued soon.

There have been multiple press reports about Republican lawmakers' reticence to challenge the Administration on tariffs and other issues. A New York Times story, "Trump Tramples Congress's Power, With Little Challenge from G.O.P.," covered a variety of issues and said there have been challenges to the President's "pocket rescission" of nearly $5 billion in foreign aid but no scheduled action to block the maneuver. Still, Republican members are actively challenging the rescission.

"Senator Susan Collins of Maine, the chairwoman of the Appropriations Committee, called the proposal a 'clear violation of the law,' and has been working with top Senate Democrats to add new safeguards to next year's spending bills that would ensure the Trump administration allocates federal dollars as lawmakers intend," the story said. "'Congress alone bears the constitutional responsibility for funding our government,' Senator Lisa Murkowski, Republican of Alaska, said this week. 'And any effort to claw back resources outside of the appropriations process undermines that responsibility.'"

The pocket rescission is but one of several issues stifling bipartisan cooperation on the upcoming government funding deadline, in addition to opposition by Democrats to the July rescissions package, and the difference in funding levels between the House and Senate appropriations bills — the House bills call for deep cuts in spending levels, while Senate bills generally call for modest increases over current spending. Bipartisan comity in the Senate may also suffer as Republican leaders prepare "nuclear option" rules changes aimed at expediting consideration of the President's nominees.

Congress — As lawmakers return to session for the second week following the August recess, the focus remains on how lawmakers may act to extend government funding that expires after September 30, with the main question being whether a continuing resolution (CR) will last into later in 2025 or carry over into 2026. While weeks remain until the deadline, both the House and Senate are slated to be out of session the week of September 22, shortening the period for consideration of a stopgap funding measure.

The Senate will convene at 3 p.m. today (Monday, September 8) with a vote on a judicial nomination at 5:30 p.m.

The Senate Finance Committee has set a hearing for Wednesday, September 10 (at 10 a.m.) on the nomination of Donald Korb to be IRS Chief Counsel. The Committee will also consider the nomination of Jonathan Greenstein to be a Deputy Under Secretary of the Treasury.

The House is back in session at 2 p.m. today (Monday, September 8) with votes beginning at 6:30 p.m. on suspension bills under the jurisdiction of the Agriculture and Transportation and Infrastructure committees. Later in the week is consideration of the National Defense Authorization Act.

House Ways and Means Committee Republicans are set to meet on Tuesday, September 9 with Treasury Assistant Secretary for Tax Policy Ken Kies regarding the Administration's implementation of tax provisions included in the OBBBA.

There are three hearings on Tuesday, September 9 at 2 p.m.:

• the Ways and Means Committee Social Security and Work & Welfare Subcommittees hold a joint hearing on "Untapped Talent in America: Removing Barriers to Work and Supporting Opportunity for Individuals with Disabilities"
• the Senate Homeland Security & Governmental Affairs Permanent Subcommittee on Investigations will hold a hearing on "How the Corruption of Science Has Impacted Public Perception and Policies Regarding Vaccines"
• the House Committee on Oversight and Government Reform Subcommittees on Healthcare and Financial Services will hold a hearing on "Better Meals, Fewer Pills: Making Our Children Healthy Again."

The staff of the Joint Committee on Taxation has prepared a summary of the present-law Federal tax system as in effect for 2025, "Overview of the Federal Tax System as in Effect for 2025."