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AP file photo

Chris Jacobs, a conservative health care analyst, discovered that a "technical change" to the tax credits could cut out veterans who are eligible for Veterans Administration health care but not enrolled in it. According to Jacobs, as many as 7 million veterans could be ineligible for the tax credit under the new language.

The House Rules Committee is meeting now, so it would have been easy for them to just introduce another technical amendment to rewrite the language. But the big question, Jacobs writes, is: "What other changes, tweaks, errors, or other unintended consequences might such rushed legislation contain?"

Update: Republicans say veterans wouldn't actually be shut out of the tax credit. They're eligible now through a regulation, but House Republicans wanted to write that into law. The Senate said no, because that could violate the rules of the budget "reconciliation" procedure they're using. So House Republicans took the language out, and will try to pass it separately. Meantime, the regulation is still in place.

Go deeper

Dan Primack, author of Pro Rata
55 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
4 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.