Sens. Mitch McConnell and Chuck Schumer reached a budget compromise. Photo: Al Drago-Pool/Getty Images

The bipartisan spending agreement unveiled in the Senate today would fund a host of important health care priorities. It includes money to combat the opioid crisis and would add a few more years onto the latest extension of the Children’s Health Insurance Program.

The impact: In addition to authorizing new health care spending, the budget deal would repeal one of the Affordable Care Act's most controversial efforts to control future spending — a panel known as the Independent Payment Advisory Board that was created to automatically cut Medicare payments if the program's spending grows too quickly.

The deal includes:

  • A 10-year CHIP extension, up from the six years Congress passed last month.
  • $6 billion to combat the opioid epidemic and related mental-health crises.
  • $7 billion, over two years, for community health centers.
  • $2 billion for the National Institutes of Health and nearly $500 million for the National Health Service Corps.
  • A roundup of so-called Medicare “extenders,” including delays in scheduled cuts to certain hospitals that primarily serve low-income patients.

What’s next: This deal still has to actually pass, but its broader agreement on the balance between military and domestic spending should help win over reluctant Democrats.

Lawmakers are still negotiating a separate package to help stabilize the Affordable Care Act’s insurance markets. Insurers had been hoping some of those provisions would be able to catch a ride on this must-pass spending bill, to improve their chances of ultimately passing. But that effort will have to play out on its own.

Go deeper

Trump's new TikTok threat

Photo illustration: Aïda Amer/Axios. Photo: Jim Watson/AFP via Getty Images

President Trump said twice Monday that the U.S. Treasury would need to get a portion of the sale price of TikTok, as a condition of regulatory approval.

Why it matters: This is akin to extortion — the sort of thing you'd expect to hear on a wiretap, not from the White House in front of reporters.

Ford names James Farley as new CEO amid ongoing turnaround effort

James Hackett, left, is retiring as Ford CEO. Jim Farley, right, takes over Oct. 1. Photo: Ford

Ford announced Tuesday that James Farley will take over as its next CEO, replacing James Hackett, 65, who is retiring after three years in the job.

Why it matters: It leaves Farley to complete the company's ongoing turnaround effort. The transition will be that much harder as the industry tries to navigate the coronavirus-induced economic slowdown which shuttered Ford plants for two months on the eve of some of its most important vehicle launches.

Updated 4 hours ago - Politics & Policy

Watch the full "Axios on HBO" interview with President Trump

In this episode of “Axios on HBO”, President Trump discusses his handling of the coronavirus pandemic, the upcoming election and much more with National Political Correspondent Jonathan Swan.

The interview was filmed on Tuesday, July 28 and aired Monday, Aug. 3 on HBO.