When will the House pass a reconciliation bill?
Short Answer
1. Executive Verdict
- Intraparty friction is identified as a risk for missing May 2026 deadlines.
- Overall House passage in 2026 appears less certain due to internal friction.
- Provisions lacking direct budgetary impact risk Byrd Rule challenges from the Parliamentarian.
- House Freedom Caucus and Main Street Partnership have primary points of contention.
- A unified government is a key catalyst for reconciliation bill passage.
Who Wins and Why
| Outcome | Market | Model | Why |
|---|---|---|---|
| Before May 22, 2026 | 34.0% | 23.2% | Significant intraparty friction may prevent passage before May 22, 2026. |
| Before May 23, 2026 | 50.0% | 37.1% | House Freedom Caucus friction is a plausible mechanism for missing May 2026 passage deadlines. |
| Before Jun 12, 2026 | 90.1% | 80.4% | Intraparty friction, particularly from the House Freedom Caucus, makes timely passage less certain. |
| Before Jul 3, 2026 | 89.0% | 80.4% | Significant intraparty friction raises concerns about passage by July 2026. |
| Before Jan 1, 2027 | 90.4% | 81.0% | Intraparty friction makes overall reconciliation bill passage in 2026 less certain. |
Current Context
2. Market Behavior & Price Dynamics
Historical Price (Probability)
3. Significant Price Movements
Notable price changes detected in the chart, along with research into what caused each movement.
Outcome: Before May 23, 2026
📈 May 07, 2026: 8.0pp spike
Price increased from 29.0% to 37.0%
Outcome: Before May 22, 2026
📉 May 01, 2026: 17.0pp drop
Price decreased from 71.0% to 54.0%
📈 April 30, 2026: 37.0pp spike
Price increased from 36.0% to 73.0%
Outcome: Before Jul 3, 2026
📉 April 27, 2026: 8.0pp drop
Price decreased from 91.0% to 83.0%
4. Market Data
Contract Snapshot
For the "Before May 23, 2026" market, a "Yes" resolution occurs if a reconciliation bill passes the House of Representatives before May 23, 2026. Conversely, the market resolves to "No" if such a bill has not passed by this date. The market closes early if the event occurs; otherwise, it closes by May 23, 2026, at 10:00am EDT, with outcomes verified by the Library of Congress for bills typically starting "To provide for reconciliation pursuant to...".
Available Contracts
Market options and current pricing
| Outcome bucket | Yes (price) | No (price) | Last trade probability |
|---|---|---|---|
| Before May 22, 2026 | $0.34 | $0.67 | 34% |
| Before May 23, 2026 | $0.50 | $0.55 | 50% |
| Before Jun 12, 2026 | $0.90 | $0.10 | 90% |
| Before Jul 3, 2026 | $0.96 | $0.10 | 89% |
| Before Jan 1, 2027 | $0.98 | $0.09 | 90% |
Market Discussion
5. Which potential provisions drafted for the FY2026 reconciliation bill are most at risk of being challenged by the Senate Parliamentarian under the Byrd Rule?
| Provisions Most At Risk | No budgetary effect, incidental budget effects, jurisdictional mismatch, or net outlay/revenue effects outside reconciliation window [^][^] |
|---|---|
| Repeated Parliamentarian Pushback | Provisions primarily repealing or unwinding existing programmatic rules or authorizations [^][^][^] |
| Byrd-Rule Vulnerable Examples | Repealing Medicare/Medicaid eligibility/enrollment rules, nursing-home staffing rules, new Social Security Number requirement for credits/deductions [^][^][^][^] |
6. What mandatory procedural steps and average timelines exist between the May 15, 2026 committee submission deadline and a final House floor vote on the reconciliation bill?
| Committee Submission Deadline | May 15, 2026 [^][^] |
|---|---|
| Budget Committee Role | Package recommendations without substantive revision [^][^] |
| Average Enactment Time (from budget resolution) | 152 days [^][^] |
7. How does the legislative calendar and political alignment for the FY2026 reconciliation process compare to the conditions surrounding the passage of the Tax Cuts and Jobs Act of 2017?
| TCJA First House Passage Date | Nov. 16, 2017 (H.R. 1) [^] |
|---|---|
| TCJA Final House Passage Date | Dec. 19, 2017 (Conference version) [^] |
| FY2026 Reconciliation Bill House Passage Date | Not specified in available research [^] |
8. What public data sources are available to track the submission of legislative text from instructed House committees ahead of the May 15, 2026 deadline?
| Primary Submission Tracker | U.S. House Clerk’s Committee Repository (docs.house.gov/committee) [^] |
|---|---|
| Monitoring Data Format | XML file for each posted Committee meeting [^] |
| Example Submission Date | 05/15/2025 (reconciliation markup text) [^] |
9. What are the primary points of contention between the House Freedom Caucus and the Republican Main Street Partnership that could delay the omnibus reconciliation bill past the May 2026 deadlines?
| DHS Funding Strategy | Freedom Caucus demands GOP-only "reconciliation 2.0" for all DHS, rejecting a two-step plan [^] |
|---|---|
| Potential Delay Cause | Intraparty friction from packaging DHS funding could delay reconciliation timelines [^] |
| Omnibus Bill Deadline Risk | Hardline opposition can lead to missing May 2026 House passage deadlines [^] |
10. What Could Change the Odds
Key Catalysts
Key Dates & Catalysts
- Expiration: May 03, 2026
- Closes: January 01, 2027
11. Decision-Flipping Events
- Trigger: Key bullish catalysts for the passage of a House reconciliation bill in 2027 include a unified government, where the same party controls the Presidency, House, and Senate, especially if they lack a 60-vote supermajority in the Senate [^] [^] .
- Trigger: For example, a Republican trifecta was in place during the passage of the "One Big Beautiful Bill Act" in 2025 [^] [^] .
- Trigger: Additionally, significant policy expirations, such as the 2017 tax cuts or certain Affordable Care Act subsidies, could create urgency for a reconciliation bill to extend or modify them [^] [^] [^] .
- Trigger: A unified party with a clear, high-priority fiscal agenda that fits within reconciliation rules, affecting spending, revenues, or the debt limit, would also be more likely to pursue this path [^] [^] [^] .
13. Historical Resolutions
Historical Resolutions: 1 markets in this series
Outcomes: 0 resolved YES, 1 resolved NO
Recent resolutions:
- KXRECNCH-26-MAY01: NO (May 01, 2026)
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