Republicans' health care pitch doesn't add up, according to CBO. Photo: J. Scott Applewhite / AP

Passing a bipartisan health care fix would not blunt the damage of repealing the Affordable Care Act's individual mandate, the Congressional Budget Office said today.

Why it matters: CBO is deflating one of the primary arguments GOP leaders are making to senators who aren't yet sold on the proposed tax bill.

Background: The Republicans' tax plan would repeal the individual mandate. CBO has previously said that would cause premiums to rise by about 10% and leave roughly 13 million more people without health insurance, over a decade. Some GOP senators, notably Sen. Susan Collins, are worried about those effects.

What's happening now: GOP leaders are seeking to address those concerns by saying that if they repeal the mandate, they'll also pass the ACA stabilization bill from Sens. Lamar Alexander and Patty Murray. But that wouldn't make much difference, CBO said. The budget office said "the interactions among the provisions would be small."

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.