Jul 29, 2017

Trump may end health subsidy for members of Congress

The other part of President Trump's tweet this morning that will get a lot of attention from members of Congress: he hinted he might overturn an Obama-era rule that allows members of Congress and their staffers to get subsidies for their health insurance, which they have to get through an Affordable Care Act health exchange. That's what he meant by "BAILOUTS for Members of Congress."

The back story: The ACA requires members of Congress and their staffs to get health coverage through its exchanges, but it was never clear on whether they should get subsidies to pay for most of their premiums, the way employers pay for most of their workers' health premiums. The Obama administration issued a rule that allowed them to get those subsidies — because if it hadn't, members of Congress worried that talented staffers would leave rather than pay the full cost of the premiums.

But conservative groups have been urging the Trump administration to withdraw the rule, insisting that members of Congress and their staffs shouldn't be shielded from rising ACA premiums. It's now clear that Trump is thinking of taking their advice, although a senior administration source says no final decision has been made.

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Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.

Situational awareness

Photo: Win McNamee/Getty Images

Catch up on today's biggest news:

  1. Roger Stone sentenced to 40 months in prison
  2. Top NSC official reassigned to Energy Department amid "Anonymous" fallout
  3. Morgan Stanley to buy E*Trade in $13 billion deal
  4. Coronavirus slams companies' 2020 sales projections
  5. Black activist group gives its first presidential endorsement to Elizabeth Warren

Coronavirus kills 2 Diamond Princess passengers and South Korea sees first death

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. U.S. numbers include Americans extracted from Princess Cruise ship.

Two elderly Diamond Princess passengers have been killed by the novel coronavirus — the first deaths confirmed among the more than 600 infected aboard the cruise ship. South Korea also announced its first death Thursday.

The big picture: COVID-19 has now killed more than 2,100 people and infected over 75,000 others, mostly in mainland China, where the National Health Commission announced 114 new deaths since Wednesday.

Go deeperArrowUpdated 2 hours ago - Health