Majority Leader Mitch McConnell said the Graham-Cassidy bill is dead, and the Senate's focus is now on tax reform. Photo: Ron Sachs / MediaPunch via IPx

Senate GOP leaders announced Tuesday that they will not hold a vote on the Graham-Cassidy health bill before the Saturday deadline, with Sen. Bill Cassidy conceding, "we don't have the votes." Mitch McConnell said the Senate will now focus its energy on "our next priority," tax reform, and added that they will return to health care once that's dealt with.

Go Deeper: What the Dems are saying

Next steps: McConnell said the Senate Budget committee will mark up the FY18 budget next week, which will set up the tax overhaul process.

Key quotes from the Senate GOP's briefing:

Mitch McConnell:

  • "We haven't given up on changing the American health care system. We're [just] not going to be able to do that this week."

Lindsey Graham:

  • "With a process that gives more attention and time, we will repeal and replace Obamacare with a block grant to pass Graham-Cassidy-Heller-Johnson... It's a matter of if, not when."
  • "The leadership team has done everything we've asked them... anyone out there who thinks Mitch has not done all he could, I don't know what you're talking about."

Bill Cassidy:

  • "We don't have the votes. We made the decision that because we don't have the votes, we will postpone the vote."

John Cornyn:

  • "I think we ought to leave the health care debate for a different track." Added that he wants the FY2018 budget reconciliation instructions to focus on taxes, not health care.

Go deeper

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 2 hours 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.