Evan Vucci / AP

This is the week when House Republicans want to take up their Obamacare repeal and replacement bills in the main health care committees. A senior GOP aide says they're still doing the last-minute drafting and tweaks, but we should see the big release "early this week." Here's what you need to know.

  • Top Republicans insist there's not a huge mystery about what's in the replacement plan. On the Opportunity Lives podcast, House Speaker Paul Ryan said it's "very similar to the bill that Tom Price had worked on for so many years."
  • The main elements, per Ways and Means Committee chairman Kevin Brady on Fox News: repealing Obamacare's taxes, penalties and subsidies, giving states more control over Medicaid, creating new tax credits, and expanding health savings accounts.
  • But the final details could make the difference between covering a lot of people and covering almost nobody.
  • Jonathan Swan confirmed yesterday what has been widely suspected — that a big reason for the last-minute weekend scramble is that the early Congressional Budget Office coverage estimates were awful, and Republicans wanted to make them better.
  • Per Jonathan, House Republicans are adding an income cap to their tax credits. The exact details are TBD, but that's how they're going to target the tax credit better and avoid spending money on wealthy people.
  • That may not solve all of the problems with the flat tax credits in their first draft. Avik Roy, a conservative health care expert, tells me that unless there's a sliding scale, people could still face "benefit cliffs" — a big increase in costs the moment they make too much money to stop getting the credit.
  • In Oregon this weekend, Energy and Commerce Committee Chairman Greg Walden said everyone who's on Medicaid now will keep getting it, but that federal funding may be scaled back in the future "because this is not sustainable," per OPB.
  • In the meantime, Republican senators are warning GOP leaders not to present the bill to them as a "take it or leave it" repeal package. Sens. Rand Paul and Lindsey Graham both delivered that message at separate events.
  • And in case you thought GOP leaders could stop worrying about the moderates, Sen. Susan Collins said on "Face the Nation" that "there is not a consensus" on Obamacare replacement.

What it all means: The real suspense isn't what's in the bill — we already have a pretty good idea. It's whether it can pass at all.

Go deeper

Updated 2 mins 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.

3 hours ago - Health

Moderna's vaccine spurred immune system response to coronavirus

Moderna's stock rose 16% after hours on this news. Photo: Jakub Porzycki/NurPhoto via Getty Images

Healthy volunteers who took Moderna's coronavirus vaccine candidate appeared to generate an immune system response to the virus, and there were "no trial-limiting safety concerns," according to a new study published in the New England Journal of Medicine.

Why it matters: The phase one trial is still small and does not definitively determine how effective the vaccine is. But Anthony Fauci of the National Institutes of Health, which is running the trial, told the Wall Street Journal that these data make it "pretty clear that this vaccine is capable of inducing quite good [levels] of neutralizing antibodies."