Archive for the ‘Republicans’ Category

Oil Traders Aren’t So Sure About Republicans’ Border Tax Plan – Bloomberg

U.S. President Donald Trump

President Donald Trump has dealt global oil markets a major case of whiplash.

After pilinginto betsthat the benchmark prices for crude oil traded in New York and London would converge by December 2018, traders are now paring those wagersamid doubts that a Republican Congress will be able to push through plans for a levy on oil imports and a tax exemption for exports, moves that wouldincentivize production in the U.S. relative to bringing in oil from overseas.

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The spread between contracts set to expire at the end of 2017, 2018, and 2019 are now well off their earlier-year tights, even though the ideasoutlined by Trump and the House GOP ought to be similar directionally for the WTI-Brent gap, if not in magnitude.

This price action speaks to a larger theme evolving in markets: The unbridled enthusiasm about the incoming administration has been replaced with more caution, skepticism and outright confusion about what exactly the president's policy goals are and how he'll implement them.

The five-year yield on Treasury Inflation Protected Securities, which soared after the election,has fallen back into negative territory on concerns that the new administration won't be too much of a positive for growth. Meanwhile, the U.S. dollar spot index is in negative territory in Januaryafter going on a tear in the fourth quarter, and gold has regained some of its luster after ending 2016 below $1,110 per ounce.

Whether any enacted border tax will be similar to the form envisaged by House Republicans or more selectively applied on companies that outsource jobs, which is more seemingly in line with Trump's rhetoric, remains to be seen.

When it comes to the oil proposals, analysts at Goldman Sachs Group Inc. conclude that a move to the tax program preferred by the House Republicans would cause WTI to trade at a premium to Brent immediately, and for the first time since May 2016 -- causing pain for U.S. consumers in the process. They say U.S. gasoline prices could rise by about 30 cents per gallon at the pump.

But while Trump's steadfast support for protectionist measures implies a meaningful shift in trade policy is in the offing Goldman isn't too bullish on the House Republican's plan coming to pass.

Economist Alec Phillips, a former Senate Finance Committee staffer, sees just a one-in-five chance that a border tax will be implemented. The presence of former Exxon Mobil Corp. chief executive Rex Tillerson in the cabinet, as well as comments from Treasury nominee Steven Mnuchin highlighting Trump's cognizance of how border taxes could increase gas prices, raise the prospect that energy may be ``carved out'' from changes that aim to reduce the U.S. trade deficit, Goldman concludes.

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Oil Traders Aren't So Sure About Republicans' Border Tax Plan - Bloomberg

An Open Letter To President Trump: Don’t Let Congressional Republicans Wreck Your Tax Plan – Forbes


Forbes
An Open Letter To President Trump: Don't Let Congressional Republicans Wreck Your Tax Plan
Forbes
I am writing to you about the tax cut package that congressional Republicans are working on, which holds much promise, but, alas, may contain a poison-pill provision that would severely damage your goal of making America great again. You were right to ...

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An Open Letter To President Trump: Don't Let Congressional Republicans Wreck Your Tax Plan - Forbes

The Republican Health Plan That Doesn’t Repeal Obamacare – The Atlantic

The vast majority of Republicans in Congress havent budged from their longstanding vow to completely repeal the Affordable Care Act. But as the party struggles to write a replacement, a few GOP lawmakers are declaring their support for keeping the law on the books in some form indefinitely.

A group of senators on Monday unveiled legislation that would give states the option of preserving Obamacare, securing federal support for a more conservative health-insurance system, or opting out of any assistance from Washington. Offered as a middle ground in the partisan health-care fight, the proposal breaks with years of Republican orthodoxy on the 2010 law, which party leaders have pledged to rip out root and branch.

Republicans think that if you like your insurance, you can keep it. And we mean it, said Senator Bill Cassidy, a Louisiana Republican and the lead author of legislation he has titled the Patient Freedom Act of 2017. We give states the choice, he said at a Capitol press conference. So California and New York, you have Obamacare, you can keep it. I disagree with it, but Republicans think power is best held at the state level, not by Washington, D.C., so its not for us to dictate.

A Possible Republican Truce on Obamacare

Cassidy introduced a similar proposal last year along with Representative Pete Sessions, a House Republican from Texas. But the bill was ignored by Cassidys Senate colleagues and went nowhere. This time around, hes secured early support from three fellow Republicans in the Senate: Susan Collins of Maine, Johnny Isakson of Georgia, and Shelley Moore Capito of West Virginia. Cassidy, Collins, and Isakson all sit on the Senate committee that will be charged with drafting a replacement plan for the Affordable Care Act.

The Cassidy bill would repeal both the employer and individual insurance mandates in Obamacare while retaining the more popular consumer protections allowing people to stay on their parents plan through age 26 and banning discrimination based on pre-existing conditions. It would still require insurers to cover mental-health and substance-abuse disorders. States could choose to continue to run ACA exchanges and expanded Medicaid, although there would be a 5 percent cut in federal support for subsidies and tax credits. Or they could receive the same level of federal funding to pursue a more conservative program based on expanded health savings accounts and high-deductible plans, which are the hallmarks of many Republican proposals to replace Obamacare.

Whether the Cassidy proposal could function as intended is unclear. The ACA is a complex and highly interconnected law, and its proponents have argued that keeping popular provisions while removing the mandates designed to make them affordable would be nearly impossible. States could also auto-enroll residents in basic health plans, which Cassidy said was designed as an alternative to the ACAs requirement that individuals buy insurance or pay a tax penalty. Maintaining a large enough pool of healthy people enrolled in coverage, he acknowledged, was essential to continuing the ban on insurance companies being allowed to deny plans to consumers with conditions that would be more expensive to cover.

Another challenge for Cassidy and his colleagues is that their proposal represents a compromise at a moment when neither side of the healthcare fight is ready for one. Democrats attacked the plan for its funding cuts and for the likelihood that many Republican-led states would choose to abandon the federal law and kick millions of their residents off the exchanges and Medicaid. Ultimately, this proposal is an empty facade that would create chaosnot carefor millions of Americans, Senate Minority Leader Charles Schumer said.

Conservatives were equally dismissive of the proposal, which would keep the tax increases included in the original law. It doesnt repeal Obamacare, and thats been a Republican pledge since 2010, said Jason Pye, director of public policy and legislative affairs from FreedomWorks, the conservative advocacy group.

Pye said congressional Republicans must, at the very least, pass the same bill that former President Obama vetoed last year, the Restoring Americans Healthcare Freedom Reconciliation Act, which repealed all of the tax-and-spending provisions in the law. Anything other than that, and there will be hell to pay from grassroots activists, he told me. We cant nibble around the edges here. We can't sit here and try to be cute with this effort. We either need to be all in, or Republicans are going own Obamacare. Dan Holler, a spokesman for the conservative Heritage Action, offered a similar criticism. Giving states the ability to keep Obamacare will not empower patients; too many will remain trapped in a failing, centrally controlled system, he said. Congressional Republicans promised to repeal Obamacare for all Americans, not just some. They promised to provide more freedom and choice for all patients, not just some.

That Cassidys bill is getting a second life exemplifies the GOPs dilemma on Obamacare: Republican leaders want to repeal the law as fast as possible, but they have encountered resistance from President Trump and a growing number of rank-and-file lawmakers who are demanding that a replacement be ready immediately. Republican governors in states that embraced the ACA and expanded Medicaid have also warned Congress against taking action that could destabilize the insurance market and threaten coverage. We recognize that our bill is not perfect. It is still a work in progress, Collins said. But if we do not start putting specific legislation on the table that can be debated, refined, amended, and enacted, then we will fail the American people.

Trump on Friday signed an executive order aimed at laying the groundwork for repeal by directing federal agencies to ease the burden of the law on consumers, insurers, and businesses. But in a sign of the division among Republicans on the issue, Collins criticized the order as very confusing. We really dont know yet what the impact will be, she said.

To supporters of Obamacare, the GOP bill represents less a serious policy proposal than an attempt by nervous legislators to grasp onto anything they can describe as a replacement.

It shows that a handful of Republican senators are extremely uncomfortable with repeal and delay, and theyre desperately looking for a way out, said Topher Spiro, vice president for health policy at the liberal Center for American Progress.

The Cassidy bill could begin to look more appealing to some Democrats if Republicans succeed in repealing most of the Affordable Care Act later this year with a simple majority vote in the House and Senate. It would keep the law alive and offer the chance that states would re-embrace it once theyve experienced the alternative. But as they watch Republicans struggle to keep the hardline promise theyve made to their base, Democrats are in no hurryyetto negotiate.

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The Republican Health Plan That Doesn't Repeal Obamacare - The Atlantic

Republicans defend Trump on media coverage – The Hill (blog)

Republicans on Capitol Hill are coming to the Trump administrations defense after the new president declared over the weekend he has a running war with the media.

President Trump and White House press secretary Sean Spicer inaccurately claimed over the weekend that Friday's inauguration was the most-attended in history in defiance of all available data, including aerial photographs, TV ratings and statistics from Washington's Metro system.

But that didn't stop House Science Committee Chairman Lamar Smith (R-Texas) from taking the House floor Monday night to claim the media would cover Trump differently if he werent a Republican.

"No, the national liberal media wont print that or air it or post it. Better to get your news directly from the president. In fact, it might be the only way to get the unvarnished truth, he concluded.

Smith delivers House floor speeches at least once a week criticizing the mainstream media. Earlier this month, he denounced a New York Times column describing the impact of droughts in Africa believed to be exacerbated by climate change as fake news.

His comments on the House floor reflected a similar sentiment expressed earlier in the day by Spicer, who at the White House press briefing said the "negative" media coverage is "demoralizing."

"Its not just about a crowd size. Theres this constant theme to undercut the enormous support he has," Spicer said of Trump. "And its unbelievably frustrating when youre continually told its not big enough, its not good enough. You cant win."

Rep. Mark Walker (R-N.C.), chairman of the conservative Republican Study Committee, argued the Trump team's claims were simply commentary on media coverage.

"I think they are trying to make a case when the press is saying something, dont necessarily take it at face value. Just like hes done to other elected officials," Walker said during a briefing with reporters in his Capitol Hill office on Monday.

When asked if it could be problematic for GOP policy priorities if Trump can't stay on message, Walker acknowledged that "it may be at some point."

But Walker suggested that Trump needed some time to adjust to the office for which he campaigned over the course of more than a year.

"Youre talking about someone who transitioned out of a different world where he was basically in charge of everything," Walker said. "There is a learning curve. Now, when you talk about discipline of message, thats part of what I would say is a political maturation.

"This is a new place in understanding the parameters that our founding fathers laid out many years ago."

Not all Republicans are siding with Trump on the issue.

Earlier Monday, Rep. Adam Kinzinger (R-Ill.) acknowledged the Trump administration had gotten off to a rocky start. He sympathized with the Trump teams sense of media bias, but warned they shouldnt try to promote falsehoods.

"There's a big danger, because there's one thing to push back against perceived media bias as Republicans, we like to see that. It's another thing to come out and say that a fact is only a fact if it fits into your world view," Kinzinger said.

"The campaign way of doing things could get very old if, in fact, this becomes what the new president's team is. I would definitely discourage them from using the term 'alternative facts' again, he said, referring to a term coined by Trump adviser Kellyanne Conway during an interview with NBCs Chuck Todd on Sunday.

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Republicans defend Trump on media coverage - The Hill (blog)

Some Republicans Wary of Repealing ACA Without Replacement Plan – Wall Street Journal


Wall Street Journal
Some Republicans Wary of Repealing ACA Without Replacement Plan
Wall Street Journal
WASHINGTONSenate Republicans' narrow margin of power creates plenty of questions for leaders tasked with steering through the party's repeal of the 2010 Affordable Care Act. High on the list: What does Susan Collins want? Sen. Collins, a Maine ...
The Republicans Own Obamacare Now. How Many People Will They Let Suffer?New York Magazine
Why are Republicans so happy to take away healthcare?Los Angeles Times
Republican Plan To Replace Obamacare Would Turn Medicaid Over To StatesNPR
New York Times -Washington Post -Bloomberg
all 1,341 news articles »

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Some Republicans Wary of Repealing ACA Without Replacement Plan - Wall Street Journal