Soros says he wants to pay more taxes, but prefers Ireland where he paid less than $1,000

George Soros has joined a petition to scrap tax cuts for the wealthiest Americans. But the billionaire prefers Ireland, where his hedge fund paid just $962 in taxes in 2013, according to Bloomberg.

Four hundred wealthy Americans have appealed to the US Congress urging Republican lawmakers not to cut their taxes. They say the GOP shouldn’t cut taxes for the wealthiest when the US debt is at all-time high and inequality is rising.

The letter, signed, among others, by George Soros and Steven Rockefeller, says the proposal “would lead to deep cuts in critical services such as education, Medicare, and Medicaid, and would hamper our nation’s ability to restore investments in our people and communities.”

The signatories are among the highest earning five percent of Americans, who have $1.5 million in assets or who are making $250,000 or more a year.

The proposed cuts are part of President Donald Trump’s program aimed to spur growth and jobs in the country. They would add at least $1.5 trillion in tax cuts to the current national debt. This deficit “would leave us unable to meet our country’s current needs and restrict us in advancing any future investments,” the letter said.

One of the rich who signed the document is George Soros, who has always said wealthy people should pay more taxes. However, he prefers not to pay taxes in the United States, but in countries with more favorable tax laws.

In 2015 Bloomberg reported that Soros’ hedge fund paid $962 in tax in Ireland on $3,851 net income through 2013, while the remaining $7.2 billion operating income was allocated to investors.

A year later, Soros shut down the Irish company and set up another in the tax-friendly Caymans.

By the time the new company in the Caymans was created, Soros had reportedly funneled $13.3 billion in fees, which means he had dodged almost $7 billion in taxes if his business had been entirely located in the United States.

Make it stop: GOP quietly hands Dems EVERYTHING they want on CHIP

THE FAILED BIG GOV CYCLE: CREATE A NEW PROGRAM AFTER FIRST ONE FAILS … BUT NEVER ABOLISH THE ORIGINAL ONE.

by Daniel Horowitz

“Leave no government-run health care program and handout to the insurance cartel behind.” That is the guiding principle of the unibrow party in Washington.

After fully capitulating to the Democrats on the debt ceiling, everything in the budget bill, an insidiously bloated disaster-relief bill attached to the package, and the promise for amnesty and insurance bailouts, the GOP is quietly giving Democrats everything they want on Children’s Health Insurance Program (CHIP) reauthorization.

The question nobody is asking in Washington, or even cares to ask, is: Why should we even have CHIP at this point, now that Obamacare isn’t going anywhere?

In 1997, rather than dealing with the root cause of price inflation in health careand health insurance — namely, government handouts to the insurance cartel — Sen. Orrin Hatch, R-Utah, created yet another government-run program funneled through the insurance cartel.

The State Children’s Health Insurance Program (SCHIP), now simply called CHIP, was designed as a shared federal-state insurance program for children and pregnant women in families whose incomes are too high to be eligible for Medicaid.

Like every other entitlement program, SCHIP started off modestly but rapidly mushroomed into a permanent dependency program. There are now 8.9 million individuals enrolled at a cost of $15 billion, with the federal government picking up three-quarters of the tab.

Much of the expansion occurred during the Pelosi reign of terror in 2009 when the funding, eligibility, and benefit requirements of the program were dramatically increased. As a result, 12 states don’t contribute a penny to the program. I guess that’s why they cropped off the “S” from SCHIP.

By now, some of you might be wondering why we still have the program. We destroyed the entire health care system in order to massively expand Medicaid, mandated everyone purchase insurance, we subsidize everyone else’s insurance up through 400 percent of the poverty rate and leave those above that level in the lurch. Why do we need CHIP after enactment of Obamacare?

Even the drafters of Obamacare essentially envisioned the end of CHIP, which is why they had funding for the program expire in 2015. Between the massive expansion of eligibility for Medicaid and the dependency-driven subsidies under Obamacare, there was no longer a legitimate rationale for the existence of CHIP – even from a liberal perspective. Liberals cannot argue that Obamacare was the end-all for universal coverage and then demand reauthorization of CHIP.

Yet, rather than pocket the one ancillary benefit of Obamacare and let a smaller program expire simply by doing nothing, Republicans agreed in 2015 to a two-year reauthorization of the program as part of a massive $400 billion Medicaid doc fix bill, which created nightmare red tape on doctors (the MACRA payment system). Not only did the Republicans reauthorize CHIP, they expanded funding for the program by as much as $6 billion a year. (Conservative Review included that vote in our Liberty Score.)

This was done with GOP control of the House and Senate. Yet, two years later, with control of all branches of government, rather than letting a government program expire simply by doing nothing, Republicans have once again agreed to reauthorize the program for another five years!

There wasn’t even a battle over the program. Any GOP official committed to their party’s platform would make it clear that CHIP is unnecessary when coupled with Obamacare, and would demand that Democrats pick one or the other. The country could then use the $15 billion in savings for missile defense or border security. But don’t hold your breath.

Some in the “Big Government conservative intelligentsia” are enamored with the CHIP program and will claim that it is less costly and more efficient than the Obamacare exchanges. But if that’s the case, Republicans should hold back on reauthorization of CHIP until they secure concessions from Democrats on Obamacare.

Instead, they are preemptively admitting that CHIP reauthorization is must-pass legislation and are agreeing to fully reauthorize it without any reforms to Obamacare, Medicaid, or broader supply-side health care reforms.

While this all is not making waves in the media, it is perhaps the superlative example of the failed cycle of government.

They create a new program because the first one failed … but then never abolish the original one. But again, this is not about helping the poor; this is about using dependency to create more votes and lining the pockets of the insurance cartel that administers the programs. Thus, government can only add programs but not rescind or even replace them.

This is why our politicians subscribe to the rules of the ancient Persian government described in the book of Esther (9:8), “For a writ that is written in the name of the king and sealed with the king’s ring cannot be rescinded.”

Look no further than the top lobbyists for 2017, almost all of them are part of the health care cartel:

This is why the voters are no longer presented with a choice. Because the special interests are in lockstep with endless growth of government, the options we are presented operate exclusively within the confines of the Democrat premise on any given issue. And that premise is “Leave no wasteful government program behind.”

BOEHNER: REPUBLICANS WILL ‘NEVER’ REPEAL AND REPLACE…

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By Robert Costa July 25 at 6:00 AM

Former House speaker John A. Boehner, who has mostly avoided public commentary since leaving Congress two years ago, told a business gathering last week that Republicans are “not going to repeal and replace Obamacare” because “the American people have gotten accustomed to it.”

“Here we are, seven months into this year, and yet they’ve not passed this bill. Now, they’re never — they’re not going to repeal and replace Obamacare,” Boehner told a private crowd in Las Vegas, according to video footage obtained by The Washington Post. “It’s been around too long. And the American people have gotten accustomed to it. Governors have gotten accustomed to this Medicaid expansion, and so trying to pull it back is really not going to work.”

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Boehner said the Republicans’ best hope in the coming months is to peel away aspects of the law, such as some tax provisions and regulations, and to end health insurance mandates.

“When it’s all said and done, you’re not going to have an employer mandate anymore, you’re not going to have the individual mandate,” Boehner said. “The Medicaid expansion will be there. The governors will have more control over their Medicaid populations and how to get them care, and a lot of Obamacare taxes will probably go.”

Boehner’s remarks diverge from the positions of President Trump and congressional Republican leaders, who are still pushing for legislation to dismantle the Affordable Care Act and scale back Medicaid. Senate Majority Leader Mitch McConnell (R-Ky.) is planning to hold a vote on beginning debate on GOP health-care legislation as soon as Tuesday.

Boehner’s statements were made July 21 at ThoughtSpot, a trade show hosted by Good Neighbor Pharmacy at Mandalay Bay Resort and Casino in Las Vegas. Videos of his appearance were obtained by The Post from a person who requested anonymity to share the clips.

A Boehner spokesman did not respond to a request for comment.

As Boehner sat on the dais in an expansive ballroom, he also shared frank observations about the president and his party. The former Ohio lawmaker’s outlook echoed the frustrations of many Republicans on Capitol Hill, although those views are usually expressed in closed settings.

Boehner warned that the GOP’s infighting, despite having control of Congress and the White House, could have dire political consequences for the party. If Republicans fail to pass legislation on health care, taxes and infrastructure, “they’re going to get annihilated” in next year’s midterm elections, he said.

Boehner described Trump as a “friend of mine. We’ve played a lot of golf together over the years. He was a donor of mine.” But he said he never expected Trump to win the presidency and has been discouraged by how he has handled parts of the job.

“I never really saw him as president. You all know what I mean,” Boehner said as audience members chuckled.

Boehner urged him to “quit tweeting” and avoid spats with media personalities like the hosts of MSNBC’s “Morning Joe.”

“He keeps getting in his own way,” Boehner told the attendees.

“I mean, going after Mika Brzezinski or Joe Scarborough? What the hell is the point?” he asked, referring to Trump’s social-media assault of Brzezinski last month.

Boehner said Trump’s seemingly nonstop battles with news organizations were unwise distractions for him and the party — and risky.

“You never get into a fight with people who buy ink by the barrel. He does it every day.” Boehner said, adding, “Never get into a p—ing match with a skunk. He does it every day.”

“It may have worked during the campaign. But I think he would do himself well if he would just slow the tweeting down and just focus on what he’s doing and not being critical,” Boehner said.

Boehner went on to tell the group that cutting bipartisan deals in Washington is now all but impossible due to the way negotiations unfold in the media. Any interaction with a Democrat risks being covered by conservative outlets as a potential betrayal of the GOP, he said.

Boehner blamed figures on the right who purchase lists of conservative activists and then position themselves as leaders of a movement. He said talks between party leaders can be ruined by “one person who creates a committee to preserve the Constitution” and can “blast out information quickly.”

“You used to have a little breathing room — 24 hours, 48 hours before it actually got in the press. Well, that’s gone. Everything today is instant,” he said.

Boehner recalled that when he used to visit President Obama, he would frequently “sneak into” the White House to avoid being seen by reporters.

“If I didn’t sneak in, if I went in like I would normally go in, the right-wing press would go crazy. ‘What is Boehner up to?’ The left-wing press would go just as crazy. ‘What is Obama doing? He’s going to let Boehner roll him again.’ You’re dead before you even have an agreement,” he said.

Boehner pointed to the fragmentation of the national media as another reason for the paralysis and what he sees as alarming intensity and partisanship in politics.

“What’s making everything even worse today is because we have so much news, people get to choose where they get their news,” Boehner said. “It used to be we had three big TV networks, five big newspapers, and five big radio stations and whatever they said was the news. Everybody else followed what they do.”

 

“They go to places that they agree with, reinforcing the divide that we have in the country already,” he said.

“These radio talk show guys, they carry on, it’s just nonsense,” Boehner said. “Some of these people who run these big blogs, the kind of stuff they put out, I would also disagree with.”

Turning back to health care, Boehner acknowledged that his candor may not be appreciated by Republican leadership on Capitol Hill. The last time he made headlines, his successor, House Speaker Paul D. Ryan (R-Wis.), sent him a dismayed text.

“Gee, thanks,” Boehner said, reciting what Ryan texted him.

Medicaid Enrollees Set to Climb 40 Million Under Obamacare…

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By Terence P. Jeffrey | July 24, 2017 | 5:37 PM EDT

(CNSNews.com) – Under current law—including the Patient Protection and Affordable Care Act (AKA Obamacare)—there will be 112,000,000 people who enroll in Medicaid at some time during fiscal 2027, according to the latest baseline estimate published by the Congressional Budget Office.

That would be an increase of 40,000,000 from fiscal 2013, the last year before Obamacare’s expansion of the Medicaid program went into effect.

In fiscal 2013, according to CBO, there were 72,000,000 enrolled in Medicaid at some point during the year.

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At 112,000,000, enrollees in the U.S. Medicaid program would outnumber the 2016 Census Bureau regional population estimates for the American West (76,657,000); the Midwest (67,941,429); and the Northeast (56,209,510). Only the South—with a Census Bureau-estimated population of 122,319,574 in 2016—had more people living in it last year than the CBO expects will be enrolled in Medicaid at some point in fiscal 2027.

The CBO’s baseline estimates for Medicaid enrollment list two different annual numbers for the program. One is the “average monthly enrollment” and the other is the “total” enrollment.

The “average monthly enrollment” numbers, CBO explained in its latest baseline, “represent the number of beneficiaries, with full and partial benefits, who are enrolled on an average monthly basis.” The “total” enrollment is the “total number of individuals enrolled in Medicaid at any point during the fiscal year.”

The Medicaid baseline projections that the CBO published in April 2014, shortly after the Obamacare Medicaid expansion started to take effect, said that in fiscal 2013 (which had ended on Sept. 30, 2013), there had been a total of 72 million people enrolled in Medicaid and that the average monthly enrollment had been 58 million.

The CBO’s most recent Medicaid baseline projection, published in January 2017, said there was a total of 97 million people enrolled in Medicaid in fiscal 2016 and that the average monthly enrollment for 2016 was 76 million.

That means total annual Medicaid enrollment, according to CBO’s numbers, had increased by 25 million from fiscal 2013 to fiscal 2016 (rising from 72 million to 97 million) and that average monthly enrollment had increased by 18 million (rising from 58 million to 76 million).

The CBO’s January 2017 baseline projection for Medicaid estimates that by fiscal 2027 average monthly enrollment in Medicaid will climb to 87 million and total enrollment will climb to 112 million.

If the CBO projection is correct, that means that from fiscal 2013, the year before Obamacare’s Medicaid expansion took effect, to fiscal 2027, the average monthly enrollment in Medicaid will increase by 29 million (rising from 58 million to 87 million) and total enrollment will increase by 40 million (rising from 72 million to 112 million).

“Historically, Medicaid eligibility has generally been limited to certain low-income children, pregnant women, parents of dependent children, the elderly, and individuals with disabilities; however, as of January 1, 2014, states have the option to extend Medicaid coverage to most nonelderly, low-income individuals,” the Congressional Research Service explained in a report on the Obamacare Medicaid expansion.

“The Patient Protection and Affordable Care Act (ACA; P.L. 111-148 as amended) established 133% of the federal poverty level (FPL) (effectively 138% of FPL with an income disregard of 5% of FPL) as the new mandatory minimum Medicaid income eligibility level for most nonelderly individuals,” said CRS.

“If a state accepts the ACA Medicaid expansion funds, it must abide by the expansion coverage rules,” said CRS.

 

Ann Coulter: GOP Rallies Behind Idiotic Bill

by ANN COULTER12 Jul 2017

Republicans are about to do something very stupid. Using bribery, threats and cajolery, they intend to pass a catastrophically unpopular bill on a party-line vote.

GOP: Obamacare is unpopular, so let’s pass a new health care bill that’s even MORE unpopular.

Normal Person: Why would you do that?

GOP: No, you don’t understand. Obamacare is totally imploding, so if we pass this bill now, all its problems will be blamed on us!

Republicans would be better off doing nothing. They can survive the ridicule for running against Obamacare through four election cycles and then not repealing it. They cannot survive a bill that does nothing to fix the actual problems with Obamacare.

The only explanation for the GOP doing something so stupid and unpopular is that it’s all about tax cuts.

Why can’t we get it through their heads that we didn’t elect Trump to cut taxes? Forty-five percent of people don’t pay any federal income tax — and they voted for Trump! Taxes on high earners (or “Hillary voters”) are at a historic low.

Here’s a somewhat more important issue I’d like to submit for Republicans’ consideration: PEOPLE CAN’T BUY HEALTH INSURANCE THEY WANT, CAN’T SEE THE DOCTORS THEY WANT AND CAN’T AFFORD THEIR PREMIUMS AND DEDUCTIBLES.

How about allowing people the option of buying insurance that doesn’t cover sex change operations, gambling addictions, psychotherapy, liver transplants for illegal aliens and so on?

Instead of squandering this moment, Trump the businessman should seize it to trumpet the free market. This is a golden opportunity to give a speech explaining why, contrary to everything your professors told you, communism doesn’t work. To paraphrase Talleyrand, what Republicans are doing with Obamacare is worse than a crime; it’s a mistake.

Liberals always promise us wondrous cost-saving government programs, and then, it turns out, none of the laws of physics support their exciting plans. Obamacare is crashing and burning — and Trump hasn’t done a thing to anyone’s health care. He can say, perfectly accurately, he was just standing there when the plane hit the ground.

What sets us apart from the rest of the world is freedom — free people, free markets, free minds. That is how America became the most prosperous nation in the world. There’s no genius that can compete with the genius of the free market.

Sentient adults are perfectly capable of making their own choices about what health insurance to buy, the same way they make choices about what food to buy. The whole key to fixing Obamacare is not to repeal it, but to allow the rest of us to buy insurance on the free market.

Right now, it’s illegal to sell an insurance plan that most people would like to buy. Instead, you have to buy plans that cover millions of things you don’t want and nothing that you do want — all in order to pay for other people’s health care.

It would be as if grocery stores were required to charge you $60 for a head of lettuce in order to fund the federal school lunch program.

It is a blood libel to say we don’t care about the old, sick and dispossessed. Everyone has plenty of food in America, even without $60 heads of lettuce. That’s the free market! As Trump said, we will care for them better than they’ve ever been cared for before. But, first, the welfare cases have to be separated from the free market.

Proposed law: “Notwithstanding any other provision of federal or state law, it shall be lawful to purchase or sell any health insurance product in the United States of America.”

Skip the repeal — so there’s nothing for leftist ruffians to protest — and just give the rest of us the option of escaping Obamacare to buy health insurance the same way we buy everything else. Only a free market can guarantee good products at good prices.

Trump used to understand this! In the very first GOP debate, he said, “What I’d like to see is a private system without the artificial lines around every state. … Get rid of the artificial lines and you will have yourself great plans. And then we have to take care of the people that can’t take care of themselves. And I will do that through a different system.”

The “lines around the states” were the 50 state insurance commissions determining which health plans could legally be sold in each state — mandating, for example, that every plan include coverage for acupuncturists, chiropractors, fertility treatments, speech pathologists and so on.

Instead of throwing off the shackles of these commissions and giving us a nationwide free market in health insurance, Obamacare imposed one enormous federal shackle.

As a result, “health insurance” under Obamacare isn’t insurance at all — it’s the government forcing us to pay for other people’s health care through ghastly insurance premiums, deductibles and co-pays in exchange for highly limited health insurance for ourselves.

Trump ought to be using the flaming wreckage of Obamacare to illustrate what’s wrong with all Soviet five-year plans. It could be as iconic as Reagan’s Berlin Wall speech. Teenagers would vote Republican for the next 70 years — 80 or 90 years, if they could finally buy decent health insurance.

THEY’RE BACK! CONGRESS FACES DEADLINES…

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WASHINGTON (AP) — Congress is still trying to send President Donald Trump his first unqualified legislative triumph, nearly six months after Republicans grabbed full control of Washington. Now, lawmakers are returning from their July 4 recess with an added objective — averting some full-blown political disasters.

The GOP campaign to repeal Democrat Barack Obama’s health care law is bogged down in the Senate and flirting with collapse. Efforts to pass a budget are stuck, there’s no tax code overhaul package, spending bills are in limbo and it’s unclear how leaders will find the votes to avert a federal default.

The difficulties flow from Republican divisions. Collectively, the problems are threatening to sink top GOP priorities and undermine the party’s ability to show it can govern effectively.

Lawmakers have three weeks of work before an August recess. Some Republicans are making noise about shortening that respite, but doing so would be a step shy of sacrilege on Capitol Hill.

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HEALTH CARE NAIL-BITER II

It took the House several tries to pass its bill aiming to annul much of Obama’s health care law. Now, Senate Majority Leader Mitch McConnell is struggling to find GOP votes for a similar package replacing that 2010 statute with one easing insurance coverage requirements, cutting Medicaid, erasing penalties on people not buying insurance and repealing tax increases on the well-off.

McConnell, R-Ky., unexpectedly called off a pre-recess vote on the measure — which he’d written privately — as it became clear it would lose. With Democrats arrayed unanimously against him, McConnell needs at least 50 of the 52 GOP senators to vote yes or witness the mortifying crumpling of his party’s high-decibel pledge to uproot Obama’s law.

McConnell has been calibrating changes that might win over worried Republicans, but there’s no sign he’s made progress. Two GOP senators, Bill Cassidy of Louisiana and John McCain of Arizona, issued dire forecasts on Sunday, saying the initial bill is probably “dead.” Revisions under consideration would lessen the bill’s Medicaid cuts, boost spending for programs combatting drug abuse, fatten health care subsidies for low earners and make it easier for insurers to sell skimpier, lower-cost policies.

A vote is expected no earlier than the week of July 16. McConnell has said if the measure flops, he’d push a narrower bill propping up ailing health insurance marketplaces.

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A BUDGET MORASS

Republicans are stuck on a fiscal blueprint for the coming budget year, with disputes between conservatives and moderates over how deeply to cut programs like food stamps. None of the 12 annual spending bills financing federal agencies is finished.

Disagreements have slowed work on a tax overhaul. And no one knows what bargains will be needed to assure autumn passage of a bill extending government borrowing authority and avoiding a crushing federal default.

House Speaker Paul Ryan, R-Wis., told reporters Friday that he’d “prefer” to pass the budget in July, suggesting it might linger until fall, adding to Congress’ late-year mountain of work.

Some conservatives in Congress, meanwhile, want to include measures to cut spending as part of any extension of the government’s borrowing authority.

But Treasury Secretary Steven Mnuchin reiterated Sunday on ABC’s “This Week” that the administration prefers a straightforward extension, without including contentious agreements on spending cuts.

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TAX REFORM

Mnuchin also knocked down a report last week that Trump administration adviser Steve Bannon has floated a tax increase on the wealthiest households as a way to pay for tax cuts for middle-income Americans.

“I’ve never heard Steve mention that,” Mnuchin said on “This Week.” He added that the increase is not part of the administration’s tax plan.

Bannon’s proposal to raise the tax rate for Americans earning nearly $420,000 to 40 percent or higher was reported July 2 by the website Axios.

The administration is aiming to release its full tax plan by September, Mnuchin said, and hopes to pass it into law by the end of the year. So far, the administration has issued a one-page summary of broad principles for tax reform, but few details.

The GOP congressional leadership and the Trump administration have struggled with the issue of how to offset the cost of tax cuts. Mnuchin said the administration’s plan would pay for itself, if about $2 trillion in increased revenue resulting from faster economic growth is included.

Yet congressional budget scorekeepers may not agree that tax cuts would produce such growth.

Under congressional budget rules, tax cuts can be passed by the Senate with a simple majority, but only if they don’t increase the deficit after 10 years. That would allow Republicans, who have 52 Senate seats, to pass the bill without any Democratic votes.

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BILLIONS MORE FOR MILITARY

Defense hawks scoffed at Trump’s proposed 2018 military budget as insufficient. They’re adding billions more.

The House is slated to vote this week on a sweeping policy bill that takes issue with Trump’s proposed trim to missile defense spending as North Korea pushes its development of weapons capable of striking the United States.

The defense bill would provide $696 billion for the Pentagon. It has $28.5 billion more for core Pentagon operations than Trump requested, including an additional $2.5 billion for programs aimed at shielding the homeland from missiles. There’s extra money for new jet fighters, ships and additional active duty troops.

Less certain is how quickly Republicans move on legislation passed by the Senate that would hit Russia and Iran with new sanctions. Democrats are pressing for fast action, but the measure was not on the House schedule for the week. The legislation easily cleared the Senate in June.

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FBI NOMINEE

Christopher Wray gets his turn in the spotlight as a Senate panel holds a confirmation hearing on Trump’s choice to replace ousted FBI Director James Comey.

Wray, a white-collar defense lawyer with a strong law enforcement background, was a high-ranking official in George W. Bush’s Justice Department. He later represented New Jersey Gov. Chris Christie in the Bridgegate scandal.

Trump fired Comey in May as the FBI investigation into Russian meddling in the presidential election pressed on. Members of the Judiciary Committee are certain to press Wray on how independent he would be from Trump.

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NEW ENERGY

Two women — one Republican, one Democrat — have worked closely on energy issues.

Now, Alaska Sen. Lisa Murkowski and Washington Sen. Maria Cantwell have a bill to speed federal approval of projects to export liquefied natural gas and boost other energy sources and efficiency measures. The legislation also sets up a land and water conservation fund.

The proposal resembles one the pair pushed through the Senate last year. Murkowski chairs the Senate Energy and Natural Resources Committee, while Cantwell is the committee’s top Democrat.

The bill failed last year over a dispute with the House, which adopted its own measure focused on oil drilling and rolling back federal protections for the gray wolf and other threatened wildlife.

Murkowski would like the House to vote on the bill before August.

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Associated Press writers Matthew Daly, Richard Lardner, Christopher Rugaber and Donna Cassata contributed to this report.

GOP ponders shoring up Obamacare as repeal falters & lawmakers buy insurance stock

The Senate majority leader has admitted that the GOP may have to work with Democrats to support existing insurance markets if they cannot form a majority to rewrite the Affordable Care Act. Republicans have, meanwhile, been buying up insurance stock.

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“If my side is unable to agree on an adequate replacement, then some kind of action with regard to the private health insurance market must occur,” Senate Majority Leader Mitch McConnell (R-Kentucky) said Thursday at a Rotary Club luncheon in his home state.“No action is not an alternative. We’ve got the insurance markets imploding all over the country, including in this state.”

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It was McConnell who pledged in 2014 to repeal and replace the Affordable Care Act (ACA, better known as Obamacare), as did House Speaker Paul Ryan (R-Wisconsin).

At least a dozen Republican senators, however, have publicly opposed or expressed some reservations about the healthcare bill rewrite, which forced McConnell to postpone a planned vote ahead of the 4th of July holiday recess. The bill will fail if just three of the 52 GOP senators vote no.

The Senate version of the bill, the Better Care Reconciliation Act, would eliminate the ACA’s requirement that people prove they have health coverage, would repeal or delay billions in taxes imposed under the current law, and would make long-term deep cuts to the nation’s Medicaid program.

The dissenting Republicans argue that the cuts to Medicaid are too deep, hurting rural providers and shortchanging efforts to combat the abuse of drugs like opioids.

McConnell’s suggestion to bolster the insurance exchanges created under Obamacare is at odds with Republicans’ stance, which has for the last several months repeatedly claimed that Obamacare is “imploding” and “collapsing.” President Donald Trump has repeatedly said it’s “dead” and often cited the failing exchanges as the main reason to scrap the 2010 law.

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The healthcare exchanges were designed for people without access to healthcare through employment – slightly more than 10 million Americans – who could purchase them through government-subsidized exchanges. More than eight in 10 Americans bought their plans through those federal subsidies.

Senate Minority Leader Charles Schumer (D-New York) on Thursday called McConnell’s statement “encouraging,” and said his caucus is “eager to work with Republicans to stabilize the markets and improve the law. At the top of the list should be ensuring cost-sharing payments are permanent, which will protect health care for millions.”

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So far, there has been no outreach yet from GOP Senate leaders to their Democratic counterparts.

At the same time, however, several Republicans have been busy buying health industry stocks, the Intercept reported. Such purchases could raise serious questions of insider trading.

Documents show the wife of Representative Mike Conaway (R-Texas), added a health insurance company stock from UnitedHealth, worth $30,000, to her portfolio on March 24, as the lower chamber’s rewrite bill, the American Health Care Act, was advanced in the House Rules Committee.

Conaway is part of Ryan’s leadership group.

Senator James Inhofe (R-Oklahoma) also purchased UnitedHealth stock, worth between $50,000-$100,000.

Inhofe’s financial advisor made the stock transaction on his behalf and the stock purchase was routine and “made without the Senator’s prior knowledge or consultation,” Inhofe’s spokesperson countered.

Health industry stocks have grown as Republicans have debated the repeal effort. UnitedHealth has gained nearly 7 percent in value since March 24.