Projected GDP Growth doubles 2017 pace.
June 08, 2018
House passes rescission bill. The House of Representatives successfully passed the President’s rescission bill that would recover $15 billion in previously appropriated government funding, with the House voting 210-206. Conservatives recognized the proposal as a win, after expressing their dismay over the high spending budget this past year. The majority of the accounts cut by the bill were lapsed or otherwise inaccessible, including $5 billion to the Children’s Health Insurance Program that had lapsed. CBO reports indicated the move would not impact spending significantly. [The Hill]
US Justice Department claims the Obamacare mandate is unconstitutional. The US Justice Department announced Thursday in a brief filed with a Federal Court in Texas, that it believes key provisions of the Affordable Care Act are unconstitutional. The Department cited the President’s tax law eliminating penalties for not having insurance, arguing that the provision makes parts of the ACA unconstitutional. The Department also indicated it believes the preexisting conditions discrimination and the sociodemographic disinclination bans are unconstitutional. The brief filing comes as several news outlets published news of impending premium hikes on exchange plans in 2019. [The Hill]
GDP Growth doubles 2017 pace. The Atlanta Fed is forecasting 4.6% GDP growth in the second quarter of 2018, double the annualized 2017 rate. The high figures are indicative of a tight jobs market with unemployment at 3.8% and inflation at approximately 2%. The Atlanta Fed released higher figures after than a stronger than expected inventory build. [CNBC]