NASBP Focal Point – November 5, 2025

Federal Report

Federal: Registration for the 2026 Fly-in is now open. Once again, there will be no registration fee to attend, making it the perfect opportunity to join your NASBP colleagues in an effort to ensure federal policymakers understand the significant role bonds play to protect taxpayer funds and advance public works infrastructure projects. The Fly-in will kick off on Tuesday, February 24, with an afternoon “Washington Program” and a welcome reception at the host hotel, the Hilton Washington DC Capitol Hill. Wednesday, Feb. 25, will be dedicated to Capitol Hill appointments, which will be secured on attendees behalf. While the room block has sold out, there are several alternate hotels located within a block of the Hilton. Please see “Additional Program Info & Reserve Your Hotel Room” which includes links to alternate Hotels.

Government Shutdown: The government shutdown is now officially the longest ever at 36 days and counting. However, House Speaker Mike Johnson is on the record as saying, “he is tired of making history,” so an agreement may be in sight. This morning President Trump called Republican senators to the White House for a breakfast meeting, which maybe another signal that an agreement is forthcoming. Democrats, on the other hand, have committed to not fund the government until an agreement is reached to extend covid-era subsidies to prevent health care premiums from increasing.

Election Results

Key Election Takeaways:

·      Two former members of Congress, Abigail Spanberger (VA) and Mikie Sherrill (NJ), both won their respective governors races by landslides.

·      Democrat Abigail Spanberger won the gubernatorial election by 15 points, while in New Jersey, Democrat Mikie Sherrill prevailed by 13 points — a nine point and seven point improvement, respectively, over Vice President Kamala Harris’ showing in those states in the 2024 General Election.

·      In the Virginia House of Delegates, Democrats now hold 64 seats having flipped more than a dozen seats, while Democrats held onto three Pennsylvania Supreme Court retention races.

·      In California, Proposition 50, a redistricting ballot initiative, was called within minutes of the polls closing. 

New Jersey: The Associated Press declared Mikie Sherrill the winner just over 90 minutes after the polls closed over Republican Jack Ciattarelli, a former member of the state Assembly who was making his third run for governor. Sherrill succeeds term-limited Democratic Gov. Phil Murphy, giving Democrats a third term in a row, something which has not been accomplished since 1961. Sherrill becomes the second female governor in New Jersey’s history. The first was Republican Christine Todd Whitman.

Virginia: Abigail Spanberger became the first woman to be elected Governor in the Commonwealth. Her margin of victory surpassed Kamala Harris’ numbers from last November, but particularly in heavily Hispanic areas in Northern Virginia’s Prince William County. The county shifted 16 points in Spanberger’s direction, giving her a 34-point win after having only voted for Harris by 18 points and by 15 points over Republican Glenn Youngkin in the 2021 race for governor. Democrat Jay Jones was able to defeat Republican Incumbent Jason Miyares, by more than 6 points in the race for Attorney General even in the aftermath of a text messaging scandal.

NYC Mayoral Result: New Yorkers elected a democratic socialist, Zohran Mamdani, who tallied the 50 percent vote threshold. Mamdani becomes the city’s first Muslim Mayor. Mamdani defeated two other candidates including former NY Governor Andrew Cuomo, who lost to Mamdani in the June Democratic primary and subsequently ran as an Independent.

CA Ballot Initiative/Prop 50: California voters went to the polls on Tuesday not to cast a vote for a particular candidate, but rather to vote on a ballot measure, Proposition 50, which calls for the redrawing of congressional maps. As of Wednesday morning, a “Yes” vote on Prop 50 led by 28 points, an even larger margin than Kamala Harris’ 20-point victory in the state last year. With the passage of Prop 50, Democrats believe they may be able to flip three to five U.S. House seats, while protecting their own House incumbents in the 2026 Mid-Term elections.

If you are aware of any bills impacting the industry, please reach out to Larry LeClair, NASBP’s Director of Government Relations, and let us know.