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There may only be one source of bipartisan agreement when it comes to the Affordable Care Act — opposition to its revenues and cost-control measures. Nothing checks both of those boxes quite as effectively as the law's "Cadillac tax" — which is now on its way out.

Driving the news: In an overwhelming 419-6 vote, the House signed off yesterday on repealing the tax on high-value health plans. Repealing the tax will cost the federal government almost $200 billion over the next decade, according to the Congressional Budget Office.

Real talk: This tax is one of those policies that economists absolutely love, and people who have to stand for election absolutely hate. And in those situations, politics usually wins.

  • Employers and unions — one big constituency for each party — both loathe the tax, which was designed to pressure them to make their health plans less generous or to find other ways to bring down their plans' costs.

What they're saying: "Unfortunately a lot of what Congress has been doing in recent years seems to be ignoring the budgetary consequences," Paul Van de Water, of the liberal Center on Budget and Policy Priorities, told The New York Times.

  • Congress has also delayed, frozen or repealed other revenue-raisers from the ACA, including taxes on medical devices and health insurance plans.
  • The controversial Independent Payment Advisory Board, or IPAB, has never actually been formed, but has engendered plenty of bipartisan opposition even theoretically.

Go deeper

Rep. Lamborn may have misused official resources, ethics panel alleges

Rep. Doug Lamborn departs from a news conference held by the House Republican Israel Caucus on May 19, 2021 in Washington, D.C. Photo: Caroline Brehman/CQ-Roll Call, Inc via Getty Images

Congressional ethics investigators said Monday there is "substantial reason" to believe that Rep. Doug Lamborn (R-Colo.) misused official resources and solicited or accepted improper gifts from subordinates.

Driving the news: Lamborn's aides told investigators they were often asked to run personal errands for his wife, Jeanie Lamborn, and were at one point tasked with helping his son apply for a federal position, according to the Office of Congressional Ethics (OCE). Lamborn strongly denies the allegations.

Biden calls Fox News reporter a "stupid son of a b---h" on hot mic

President Biden blasted Fox News' Peter Doocy on Monday after the reporter asked if the nation's soaring inflation is a political liability, saying, "what a stupid son of a b----h."

Driving the news: The Biden administration has faced rising inflation rates over recent months, which it has labeled as "transitory."

Hope King, author of Closer
2 hours ago - Economy & Business

Investors reset their compass

Data: FactSet; Chart: Axios Visuals

The endpoints of a stimulus-fueled market are being defined.

Why it matters: Conditions that drove excess pricing in riskier assets are steadily being removed, and big swings in the market like those seen today are inevitable as investors try to adjust to the new landscape.

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