Republican-led Senate takes first step to repeal 'Obamacare'

January 12, 2017

Washington, Jan 12: The United States Senate, on early Thursday, passed a measure to take the first step forward to dismantle President Barack Obama's health care law, responding to pressure to move quickly, even as Republicans and President-elect Trump grapple with what to replace it with.

Obamacare

The nearly party line 51-48 vote came on a non-binding Republican backed budget measure that eases the way for action on subsequent repeal legislation as soon as next month.

“We must act quickly to bring relief to the American people,” said Senate Majority Leader Mitch McConnell, R-Ky.

The House is slated to vote on the measure on Friday, though some Republicans there have misgivings about setting the repeal effort in motion without a better idea of the replacement plan.

Trump oozed confidence at a news conference on Tuesday, promising that his incoming administration would soon reveal a plan to both repeal ‘Obamacare' and replace it with legislation to “get health care taken care of in this country.”

“We're going to do repeal and replace, very complicated stuff,” Mr. Trump told reporters, adding that both elements would pass virtually at the same time. That promise, however, will be almost impossible to achieve in the complicated web of Congress, where Republican leaders must navigate complex Senate rules, united Democratic opposition and substantive policy disagreements among Republicans.

Passage of Thursday's measure would permit follow-up legislation to escape the threat of a filibuster by Senate Democrats. Republicans are not close to agreement among themselves on what any “Obamacare” replacement would look like, however.

Republicans plan to get legislation voiding Obama's law and replacing parts of it to Trump by the end of February, House Majority Leader Kevin McCarthy, R-Calif., said Wednesday on “The Hugh Hewitt Show,” a conservative radio programme. Other Republicans have said they expect the process to take longer.

The 2010 law extended health insurance to some 20 million Americans, prevented insurers from denying coverage for pre-existing conditions and steered billions of dollars to states for the Medicaid health program for the poor. Republicans fought the effort tooth and nail and voter opposition to Obamacare helped carry the party to impressive wins in 2010, 2014, and last year.

Thursday's Senate procedural vote will set up special budget rules that will allow the repeal vote to take place with a simple majority in the 100-member Senate, instead of the 60 votes required to move most legislation.

That means Republicans, who control 52 seats, can push through repeal legislation without Democratic cooperation. They're also discussing whether there are some elements of a replacement bill that could get through at the same time with a simple majority. But for many elements of a new health care law, Republicans are likely to need 60 votes and Democratic support, and at this point the two parties aren't even talking.

Increasing numbers of Republicans have expressed anxiety over obliterating the law without a replacement to show voters.

Sen. Susan Collins, R-Maine, said she wants to at least see “a detailed framework” of an alternative health care plan before voting on repeal. She said Republicans would risk “people falling through the cracks or causing turmoil in insurance markets” if lawmakers voided Mr. Obama's statute without a replacement in hand.

Ms. Collins was among a handful of Republicans to occasionally break ranks to support some Democratic messaging amendments aimed at supporting such things as rural hospitals and a mandate to cover patients with pre-existing medical conditions. They were all shot down by majority Republicans anyway.

Many members of the conservative House Freedom Caucus were insisting on first learning details about what a substitute would look like or putting some elements of the replacement measure in the repeal bill.

“We need to be voting for a replacement plan at the same time that we vote for repeal,” said Rep. Mark Meadows, R-N.C., an influential conservative.

Some Republican senators have discussed a phase-in of three years or longer to give lawmakers more time to replace Mr. Obama's overhaul and make sure people now covered by that law can adjust to a new program.

Some more moderate House Republicans were unhappy, too, including Rep. Tom MacArthur, R—N.J., a leader of GOP centrists in the House Tuesday Group. He said he would oppose the budget because there was too little information about the replacement, including whether people receiving expanded Medicaid coverage or health care subsidies under the existing law would be protected.

“We're loading a gun here,” MacArthur said. “I want to know where it's pointed before we start the process.”

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News Network
February 27,2020

Washington, Feb 27: President Donald Trump has said that the US' relationship with India is "extraordinary" right now and a lot of progress was made in bilateral ties during his maiden official visit to the country where America will be doing a lot of business.

Talking to reporters, after his return from India on Wednesday, Trump said, "He (Prime Minister Narendra Modi) is a great gentleman, a great leader. It's an incredible country."

President Trump visited India from February 24 to 25. He was accompanied by first lady Melania Trump, daughter Ivanka Trump, son-in-law Jared Kushner and the top brass of his administration, including national security advisor Robert O'Brien.

They visited Ahmedabad, Agra and New Delhi before leaving for Washington on Tuesday.

During his stay, he addressed a massive rally in Ahmedabad, visited Agra and held official meetings in New Delhi.

The US President was feted at the world's largest cricket stadium in the "Namaste Trump" event in Ahmedabad and was cheered by tens of thousands of people.

"We were treated very, very well and we really enjoyed it. A lot of tremendous progress was made in terms of relationship - our relationship with India is extraordinary right now," he said.

"We are going to be doing a lot of business with India, they are sending billions and billions of dollars now to the United States," Trump said in response to a question.

In a tweet, his daughter Ivanka said that, Trump announced that US international development finance corporation "will establish a permanent presence in India to strengthen our economic ties, improve development plus further women's economic empowerment through WGDP (Women's Global Development and Prosperity Initiative)!"

On her arrival from India, she thanked PM Modi for "your warm hospitality as we visited your beautiful country and celebrated the strength, spirit and unity of the US and India!"

"Throughout our visit we saw monumental achievements of human creativity and proof of the infinite capacity of the human heart!" she said.

The first lady tweeted two pictures of her with Trump facing the Taj Mahal in Agra.

"One of the Seven Wonders of the World, the breathtaking Taj Mahal!" she said.

President Trump "reaffirmed the strong strategic partnership, vibrant economic ties and expanding security relationship between our two countries. Wonderful trip, but glad to be home! Thank you India!" said White House press secretary Stephanie Grisham.

During the visit, India and the US on Tuesday finalised defence deals worth $3 billion under which 30 military helicopters will be procured from two American defence majors for Indian armed forces.

The deals will include procurement of 24 MH-60 Romeo helicopters by India from the US at a cost of $2.6 billion. Another contract to acquire six AH-64E Apache helicopters for $800 million from the US is also on the table.

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News Network
April 11,2020

Apr 11: The number of global coronavirus deaths has increased to 102,753, while the total number of cases worldwide has surpassed 1.6 million, according to the latest update by the Washington-based Johns Hopkins University.

As of Saturday morning, the overall number of infections increased to 1,698,416, while the tally of those who recovered from the deadly disease stood at 376,677, according to the varsity's Center for Systems Science and Engineering (CSSE).

In terms of cases, the US had the highest in the world at 501,301, followed by Spain 158,273, Italy 147,577 and France 125,931.

Italy accounted for the highest death toll at 18,849, with the US in the second place with 18,769 fatalities.

Other countries with more than 10,000 deaths include Spain (16,081) and France (13,197).

Although the pandemic originated in China last December, it now only accounts for 3,343 deaths with 83,003 confirmed cases.

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News Network
June 25,2020

Jun 25: Tencent Holdings Ltd.'s $40 billion surge this week and the recent ascent of Pinduoduo Inc. have reshuffled the ranking of China's richest people.

The country's largest game developer has surpassed Alibaba Group Holding Ltd. as Asia's most-valuable company, with its shares rising above HK$500 in intraday trading Wednesday for the first time. Pinduoduo, a Groupon-like shopping app also known as PDD, has more than doubled this year.

The rallies have propelled the wealth of their founders, with an added twist: Tencent's Pony Ma, worth $50 billion, has surpassed Jack Ma's $48 billion fortune, becoming China's richest person. And Colin Huang of PDD, whose net worth stands at $43 billion, has squeezed real estate mogul Hui Ka Yan of China Evergrande Group out of the top three earlier this year, according to the Bloomberg Billionaires Index.

The coronavirus pandemic has accelerated the digitization of the workplace and changed consumers' habits, boosting shares of many internet companies. Now tech tycoons are dominating the ranks of China's richest people. They occupy four of the top five spots: Ding Lei of Tencent peer NetEase Inc. follows China Evergrande's Hui.

‘Perform Strongly'

Tencent has come a long way since hitting a low in 2018, when China froze the approval process for new games. Since then, the stock has almost doubled, and last month the tech giant reported a 26 per cent jump in first-quarter revenue.

“Tencent's online games segment will probably perform strongly through the Covid-19 pandemic, and most of its other businesses are relatively unscathed,” said Vey-Sern Ling, a Bloomberg Intelligence analyst.

That has been a boon for Pony Ma, 48, who owns a 7 per cent stake in the company and pocketed about $757 million from selling some 14.6 million of his Tencent shares this year, data complied by Bloomberg show.

The native of China's southern Guangdong province studied computer science at Shenzhen University and was a software developer at a supplier of telecom services and products before co-founding Tencent with four others in the late 1990s. At the time, the company focused on instant-messaging services.

It has been a long comeback for Pony Ma. He overtook real estate tycoon Wang Jianlin as China's second-richest person in 2013 and topped Baidu Inc.'s Robin Li as the wealthiest in early 2014. Later that year, Alibaba went public in the U.S., catapulting Jack Ma's fortune.

Bloomberg Intelligence's Ling notes, however, that Tencent's jump this year has lagged behind some internet peers, especially those in e-commerce, games and online entertainment. Just consider: Tencent shares have climbed 31 per cent in 2020, while PDD's American depositary receipts have more than doubled. Alibaba, meanwhile, has advanced just 6.9 per cent.

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