TOMORROW STARTS TONIGHT: SCOTUS UPHOLDS OBAMACARE SUBSIDIES. Sarah Ferris and Peter Sullivan: The Supreme Court has upheld a key provision of ObamaCare, affirming that 6.4 million people can continue to receive subsidies that allow them to purchase healthcare plans.
“The 6-3 decision authored by Chief Justice John Roberts is a huge victory for President Obama; it ensures that consumers purchasing health insurance on the federal exchange in roughly 34 states will continue to be able to do so.
1.) THE RULING: In his decision, Roberts argued that a ruling killing off the subsidies would set the state markets into a death spiral, and that this could not have been the intent of Congress. Roberts: “The combination of no tax credits and an ineffective coverage requirement could well push a State’s individual insurance market into a death spiral. It is implausible that Congress meant the Act to operate in this manner… The argument that the phrase ‘established by the State’ would be superfluous if Congress meant to extend tax credits to both State and Federal Exchanges is unpersuasive.”
{mosads}2.) THE POLICY: From Sarah and Peter: “The case, King v. Burwell, represented the biggest legal threat to ObamaCare since the Supreme Court ruled the law was constitutional three years ago. It puts an abrupt end to the years-long challenge from conservatives, led by the Competitive Enterprise Institute, that have levied a half-dozen other lawsuits against the five-year-old law. The challengers argued that the Affordable Care Act only allowed subsidies to be used in marketplaces “established by the state,” which they said excluded those on the federal marketplace. About 34 states use the federal HealthCare.gov website, with an estimated 6.4 million people getting subsidies there that help them purchase insurance.” http://bit.ly/1KctOkp
3.) THE POLITICS, more from Sullivan and Ferris: “Republicans are back to square one in their fight against ObamaCare now that the Supreme Court has upheld the subsidies at the heart of the healthcare law… the court’s ruling leaves Republicans with limited options, with President Obama certain to veto any legislation that scales back his signature domestic program… Conservative Republicans are now focusing on using the process known as reconciliation to repeal the law with just 51 votes needed in the Senate, instead of the usual 60. But the reconciliation process is fraught with difficulty for the GOP because it cannot be used to make policy changes that add to the deficit.” http://bit.ly/1GAJwAf
THIS IS OVERNIGHT FINANCE, and tomorrow is Friday. Tweet: @kevcirilli; email: kcirilli@digital-release.thehill.com; and subscribe: http://digital-release.thehill.com/signup/48
TUNE IN: I’ll be on Fox News tomorrow at 11 a.m. ET.
LEGISLATIVE DAYS UNTIL EX-IM EXPIRES: Zero. The bank’s charter is set to expire. House Financial Services Committee Chairman Jeb Hensarling (R-Texas) in a statement: “This is a small step toward renewing a competitive free-market economy and arresting the rise of the progressive welfare state and the cronyism connected to it. Ex-Im is not only corporate welfare, it is corporate welfare for foreign companies and countries.” http://bit.ly/1BEMvM8
DEMS ACCUSE GOP OF RACE CARD AT CFPB HEARING, via me: House Democrats accused Republicans of using race discrimination allegations to weaken a government agency during a contentious House Financial Services subcommittee hearing Thursday. The panel’s Oversight and Investigations Subcommittee, chaired by Rep. Sean Duffy (R-Wis.), has had four hearings looking into reports of racism, sexism and ageism at the Consumer Financial Protection Bureau (CFPB)…
Rep. Maxine Waters (D-Calif.), the top Democrat on the committee, said Republicans were only concerned about using the allegations to weaken the agency, which Republicans have opposed since it was created as part of the 2010 Dodd-Frank Wall Street Reform law.
— WATERS: “Do you think that the majority of the members on the opposite side of the aisle are more concerned about discrimination than this side of the aisle?” she said. “Just take a look.”
— REP. MIA LOVE (R-Utah), the first black Republican woman elected to Congress: “Oh my gosh — wow.”
— WATERS: “Yeah, you can, ‘Wow’ all you want.” Story: http://bit.ly/1BPG5tZ
TAA FINALLY CLEARS HOUSE: Vicki Needham and Cristina Marcos with the story: “The House on Thursday easily cleared a key piece of President Obama’s trade agenda that had created a crisis just two weeks ago. In a 286-138 vote, the House approved a workers assistance program known as Trade Adjustment Assistance (TAA) that helps workers who lose their jobs because of increased trade.
“The program, which was combined with other trade measures, was approved with heavy support from Democrats. Only six Democrats voted no. Two weeks ago, most House Democrats voted against the TAA bill because it had been combined with a measure to grant President Obama with fast-track authority, which makes it easier for the administration to finish a sweeping trade deal with Pacific Rim countries.” http://bit.ly/1Ly8AiF
OBAMA HAILS TRADE WIN: From The Hill’s Jordan Fabian: “President Obama on Thursday applauded Congress for passing a package of trade bills vital to his second-term agenda, saying he will sign them ‘as soon as they reach my desk.’
“‘This week’s votes represent a much-needed win for hardworking American families,’ Obama said in a statement.” http://bit.ly/1GANkBw
PELOSI SAYS FIGHT ISN’T OVER: Mike Lillis: “House Minority Leader Nancy Pelosi vowed Thursday that liberals will carry their trade fight into the ongoing talks over a trans-Pacific deal at the top of President Obama’s legislative wish list.” http://bit.ly/1JmsNrg
SCOTUS UPHOLDS HOUSING DISCRIMINATION LAW, via Lydia Wheeler: “The Supreme Court ruled Monday that housing discrimination cases can be based on disproportionate “adverse impact” on any group based on race, national origin, color, religion, sex, familial status or disability. In a 5-4 ruling, Justice Anthony Kennedy said disparate-impact claims are consistent with the central purpose of the Fair Housing Act, which was enacted to eradicate discriminatory practices within a sector of the nation’s economy.” http://bit.ly/1Nkf177
TRANSPORTATION WATCH, via Keith Laing: “The Senate committee overseeing the nation’s infrastructure on Thursday approved a plan to spend nearly $9 billion on Amtrak over the next four years after a deadly crash reignited a debate in Washington about the rail service’s funding.” http://bit.ly/1e6s7IV
POWELL: IMPROVE PAYMENT SECURITY. Ben Leubsdorf for WSJ: “More can and should be done to improve the security of the U.S. payment system, including the adoption of new technologies in a ‘prudent fashion,’ Federal Reserve governor Jerome Powell said Thursday.” http://on.wsj.com/1JmoPPm
CFPB RELEASES BANKING COMPLAINTS: Via me: Federal regulators on Thursday released the first batch of complaints from consumers about banks and other financial services industry players, defying industry groups who opposed their publication. Officials at the Consumer Financial Protection Bureau (CFPB) released 7,700 consumer complaints about their experiences in dealings with the financial services industry.
“The Bureau’s work improves as we hear directly from consumers,” said CFPB Director Richard Cordray in a statement. “Every complaint tells us what people are facing in the financial marketplace. Publishing these consumer stories today is a historic milestone that we believe will lead to better outcomes for everyone.” http://bit.ly/1NfW5Wx
Write us with tips, suggestions and news: vneedham@digital-release.thehill.com; pschroeder@digital-release.thehill.com; bbecker@digital-release.thehill.com; rshabad@digital-release.thehill.com; kcirilli@digital-release.thehill.com.
–Follow us on Twitter: @VickofTheHill; @PeteSchroeder; @BernieBecker3; @RebeccaShabad and @kevcirilli.