Reconciliation bills are special budget-related measures used to advance legislation on federal spending, revenue, and debt limits. These bills streamline the legislative process in the Senate by allowing passage with a simple majority rather than the typical 60 votes needed to overcome a filibuster. They typically begin with the phrase: "To provide for reconciliation pursuant to..." and are tied to budget resolutions passed earlier in the legislative session. This market focuses on whether the Senate will pass a reconciliation bill before May 1, 2025.