REPEAL NOT REPLACE...: Senators Jerry Moran (R-KS) and Mike Lee (R-UT) defected from the Better Care Reconciliation Act, sinking the bill they (and others) believe did not repeal Obamacare or address the rising cost of health care. Many Senators are expressing their support for starting over with a “clean slate,” and following a traditional open legislative process, with President Trump and Senator John McCain (R-AZ) even encouraging input from across the aisle. Majority Leader Mitch McConnell (R-KY), forced to shift gears, says the Senate will be voting on the same repeal they and the House cleared in 2015, giving them two-years to find a replacement. This measure was proposed and dropped earlier in 2017 for lack of support, but there is an alternative to repeal now, replace later - Senators Lindsey Graham (R-SC) and Bill Cassidy (R-LA) have their own measure that moves funding and power to the states.
BLACK’S BUILDING A BETTER AMERICA: Four months behind schedule, House Budget Committee Chair Diane Black (R-TN) scheduled a markup tomorrow for the 2018 budget (committee vote slated for Thursday), with plans to vote on the bill in the full House before the August recess. The “Building a Better America” bill, unveiled this morning, paves the way for a tax overhaul by cutting $200 billion in mandatory spending. An agreement seemed impossible without knowing how much money will be saved from health care, lost from tax cuts, and with trying to include spending increases for military, security, and infrastructure, all without raising the deficit. While the budget is still highly contentious (Freedom Caucus already casting doubt), Congress needs topline numbers for 2018 in order to move on with appropriations and thus tax reform.
A NEW NAFTA?: President Trump has been critiquing NAFTA since its inception in 1993, and yesterday his Administration finally outlined how they would modernize it. His advisers have been pulling him in different directions - some of them staunch protectionists, and others - free-trade globalists. The Office of the U.S. Trade Representative detailed provisions to reduce the U.S. trade deficit with Mexico, while protecting access to their markets by lifting regulatory burdens. They are also encouraging exports of certain agricultural goods that once threatened Canadian dairy, poultry, and egg sales. We hosted a call to discuss the timeline, key issues, and impacts of the deal. Listen to the full replay here.
TRUMP’S CABINET IS STILL BARE: President Trump has filled far fewer top jobs in both the cabinet and sub-cabinet than many other presidents had at this point, mostly because he has been slow at nominating people. Obama had nominated 78% of these positions compared to Trump’s 36%. While the White House blames Democrats for using obstructionist tactics and Democrats blame Trump for not moving quickly on nominations, positions need to be filled in order to move their agenda. Vacancies, like those in the Treasury Department, are stalling key measures, like tax reform.
CALL INVITE | QUARTERLY POLICY THEMES CALL - JULY 19: We will be hosting our Quarterly Policy Themes Call on Wednesday, July 19th at 3:00PM ET. Join us for an in-depth conversation with our policy team as they provide insight on major policy issues developing in Washington. Get the dial-in details here.
EVENT INVITE | DRUG PRICING AND APPROVAL POLICY - IT'S A NEW DAY (JULY 20th @ 11:00 AM ET): Our Senior Health Policy Analyst Emily Evans will give a rundown of all the major drug pricing and policy trends at the state and federal level including 340B and generics approval. Get the event details here.
REPLAY | 3Q17 HEALTH CARE THEMES PRESENTATION: Our Senior Health Policy Analyst Emily Evans updated and expanded on existing themes and presented new work during our 3Q17 themes call on Monday, July 17th at 1PM ET. Get the full replay here.
PRE-EARNINGS: LMT’s F35 READY TO BREAK OUT: Our Senior Defense Analyst Emo Gardner writes LMT’S F35 will be a main beneficiary of upward defense spending pressure in Congress and overseas. To find out more, read the entire piece here.
ALERT: WHITE HOUSE RECONSIDERS VENEZUELA ENERGY SANCTIONS: Our Senior Energy Analyst Joseph McMonigle writes the U.S. “will take strong and swift economic action” in response to Maduro’s July 30 Constituent Assembly election. Big oil and refiner impacts. Get the full piece here.
