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J. Scott Applewhite / AP

The Senate has voted down a bill to repeal the Affordable Care Act without replacing it — the leading alternative to the Senate repeal-and-replace bill, a version of which got shot down last night. Seven Republicans voted with the Democrats to defeat the bill, which was supported by Sen. Rand Paul and leading conservative groups. President Trump has also suggested straight repeal as a strategy if the Senate couldn't pass a replacement.

Why it failed: Conservatives were putting heavy pressure on Republican moderates to support it, since most of them voted for a similar bill Congress passed in 2015 (then-President Obama vetoed it). But some moderates, including Lisa Murkowski and Shelley Moore Capito, have said they couldn't support repeal this time without a replacement. Other "no" votes — like John McCain — were a surprise.

Republicans who voted no: McCain, Murkowski, Capito, Lamar Alexander, Susan Collins, Rob Portman, Dean Heller.

What's next: The search continues for a repeal bill the Senate can pass.

Go deeper

Dan Primack, author of Pro Rata
13 mins ago - Economy & Business

Trump blocks banks from limiting loans to gun and oil companies

Illustration: Sarah Grillo/Axios

Big banks are no longer allowed to reject business loan applicants because of the industry in which they operate, according to a new rule finalized on Thursday by the Trump administration.

Why it matters: Wall Street has curtailed its exposure to industries like guns, oil and private prisons, driven by both public and shareholder pressures. This new rule could reverse that trend.

Former FDA commissioner: "Reliable drug supply is absolutely critical"

Axios' Caitlin Owens and former FDA commissioner Mark McClellan. Photo courtesy of Axios Events

Having a reliable supply of pharmaceutical drugs throughout America will be "absolutely critical" to boosting affordability in health care during the Biden administration, former Food and Drug Administration (FDA) commissioner Mark McClellan said at a virtual Axios Event on Friday.

The big picture: McClellan, who served under President George W. Bush, says drugs having limited supply and limited competition leads to elevated pricing. He considers drug supply to be a national security and public health issue.

Felix Salmon, author of Capital
3 hours ago - Economy & Business

Americans are still spending money

Source: Census Bureau; Chart: Axios Visuals

Americans spent more money at stores and restaurants in 2020 than they did in 2019 — even in the face of a devastating global pandemic that shut down broad sectors of the economy.

Why it matters: The monthly retail sales report this morning came in well below expectations, and showed consumer spending falling on a seasonally-adjusted basis. Total expenditures were still higher in December 2020 than they were a year previously, however.