Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

The Republican health care plan would sharply decrease the amount of federal assistance offered to low-income people to help purchase health care, according to a draft bill leaked to Politico.

Read on for the highlights of the draft proposal.

  • Eliminates Obamacare's individual mandate, industry taxes and income-based subsidies.
  • It would significantly reduce federal Medicaid spending and cap payments to states based on the number of enrollees. Medicaid expansion would be eliminated in 2020. Expansion states could continue covering those people, but would receive much less money to do so.
  • People would have to keep themselves insured or pay a 30 percent penalty when they sign up for coverage.
  • The minimum benefit requirements would be repealed beginning in 2020. (It's questionable whether this would be allowed under the Senate budget "reconciliation" rules.)
  • Starting in 2020, tax credits based on age — not income — would be given to those on the individual market. Those under 30 would receive a $2,000 credit, which would double for those over 60.
  • $100 billion would be given to states in "innovation grants" to help cover high-risk, expensive enrollees.
  • The tax break for employer-sponsored coverage benefits would be capped at the 90th percentile of current premiums.

Yes, but: The bill-drafting process involves a lot of revision. If estimates of the impact of this proposal are politically unpalatable, we could see a lot of tweaks going forward.

The context: One sign of trouble with this draft: The House health care committees haven't scheduled any markups of the legislation for next week, despite GOP leaders' statements that they'd release more details right after the congressional recess.

Go deeper

Updated 11 mins ago - Politics & Policy

Biden lays out $1.75 trillion "framework" before Europe departure

President Biden in Kearny, N.J., on Oct. 25. Photo: Michael M. Santiago/Getty Images

President Biden announced Thursday a "framework" for $1.75 trillion in social program and climate change spending after failing in prior efforts to win over his fellow Democrats on a much broader and costlier package.

Why it matters: Biden is gambling that by proclaiming the broad contours of the proposal, which he immediately began selling in a meeting with House Democrats before jetting off to Europe, progressives will vote for his $1.2 trillion infrastructure plan if and when House Speaker Nancy Pelosi brings it to the floor.

Economy slows in third quarter amid Delta variant

Data: FRED; Chart: Axios Visuals

The U.S. economy increased at an annual rate of 2% in the third quarter, the Department of Commerce said Thursday.

Driving the news: The gross domestic product figures for July through September come in much lower than the 6.7% increase in the second quarter, reflecting the "continued economic impact of the COVID-19 pandemic," according to the Bureau of Economic Analysis at the Department of Commerce.

Top Dem says Big Oil put Earth on "brink" of catastrophe

Illustration: Annelise Capossela/Axios

Don't expect a sedate House hearing Thursday on allegations that Big Oil has intentionally sown doubt about climate change.

What they're saying: "For far too long, Big Oil has escaped accountability for its central role in bringing our planet to the brink of a climate catastrophe. That ends today," Rep. Carolyn Maloney, chairwoman of the House Oversight and Reform Committee, intends to say in her opening remarks shared with Axios.