As voters head to the polls for Tuesday’s election, they will also elect a new Congress. And whichever party takes control of the House and Senate will have to decide how to handle a series of consequential policy issues. NBC News reports.

Whether it’s the expiration of tax cuts and health care subsidies, a new round of government funding, or much-needed measures like a debt ceiling extension and a new farm bill, the Congress will have its hands full.

And the next president… Donald Trump Or Kamala Harris — with the new Congress, the agenda will be set.

Here are four major issues that the 119th Congress will need to tackle.

Trump’s multibillion-dollar tax cuts will expire after 2025

Significant portions of Trump’s 2017 tax law, totaling $3.3 trillion, will expire at the end of 2025. And the question of what will be extended under the Tax Cuts and Jobs Act – and what may expire – depends on which party wins this election.

It will be one of the most important tasks of the new Congresswith drastic tax hikes at stake if lawmakers don’t act. If the expiring provisions were to expire, the standard deduction for filers would be cut in half, the top rate for top earners would increase from 37% to 39.6%, and the estate tax exemption would be cut in half , among others. changes.

Former President Trump said he wanted to fully extend expiring tax breaks to all income levels and pursue deeper tax cuts. Vice President Harris and Democrats say they want to extend tax cuts for those making $400,000 or less, while ending them for the richest Americans.

Another issue: the deduction of state and local taxes, or “SALT,» that Trump and Republicans capped at $10,000 in the 2017 law. That limit will reset to infinity at the end of 2025. Trump has wavered on the issue, while Democratic leaders are determined to lift the SALT cap, which hits disproportionately Americans in high-tax blue states like California and New York.

In their closing statements, Vice President Kamala Harris and former President Donald Trump closed Tuesday’s debate with divergent messages about America’s future.

End of a series of Obamacare subsidies, threatening to increase premiums

An expansion of funding within the framework the affordable care actadopted by Democrats in 2021 and extended the following year, expires at the end of 2025. The funding expands premium tax credits to ensure that Americans can purchase a cash “benchmark” plan on the Obamacare exchanges for up to 8.5% of their income.

Will this money be extended? If it expires, many Americans would see their insurance premiums rise, potentially putting pressure on Congress to act. Continuing funding would cost about $25 billion a year, according to a 2022 study. analysis by the Congressional Budget Office.

The result could be significantly different depending on the election. Harris called for extending the money and protecting the 2010 ACA, a major legacy for Democrats that was signed by President Barack Obama. Republicans may have a harder time authorizing funding. Trump has a a long history of attempts to dismantle the ACA And called for replacing the law during a debate in September.

Debt ceiling still needs to be raised

The next debt ceiling fight is scheduled for 2025; the country will reach the debt limit on January 1 and will start using “extraordinary measures” to pay the bills. These measures will likely last for months, and the Treasury Department will later announce a “Xdate» by which Congress must act or risk default.

The debt ceiling is one of the peculiarities of Congress: it regularly passes laws requiring the U.S. government to borrow money, but then it is required to vote separately on whether to borrow money or default on the country’s financial obligations, which economists say could trigger a global economic collapse.

And over the past decade and a half, debt ceiling struggles have become increasingly intense on Capitol Hill, with a Republican-controlled House pushing the United States to the brink repeatedly, amid conservative demands for spending cuts as the price to pay for raising the debt ceiling.

Will there be another intense fight next year? It depends on who wins this week’s election and whether the result will empower conservatives, known for using the borrowing cap as a vehicle to make political demands.

There will be another battle for government funding

Funding for much of the federal government is set to expire on December 20, 2024, leaving the lame-duck Congress to deal with it after the election. But whether lawmakers push the topic back to early 2025 or reach a full funding deal by the end of this year, the new Congress will go back to the drawing board and renegotiate the size of government with the president at sometime next year.

Government funding bills and stopgap measures are subject to the Senate’s 60-vote threshold, keeping the government bipartisan no matter who controls Congress or the White House. But the priorities could be very different depending on which party wins the election and the margins in Congress. A faction of far-right Republicans aligned with Trump have called for a government shutdown if they fail to meet their spending goals. If they exert their influence next year, things could get complicated.

Alongside government funding is the Farm Bill – an agricultural and food policy law that is supposed to be passed every five years. The last one expired in 2023 and has been operating on autopilot ever since. The next Congress will face the challenge of reaching a long-term agreement on issues such as farm subsidies and food stamps.

A divided government could make each party equal partners in negotiations over the next round of funding and agricultural policy, while a “trifecta” for one party would give it the power to set the agenda.

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