Market Mover Thursday: Bankrupcty Cramdown bill back in House and Obama Healthcare Summit…

Bankruptcy cramdown bill back on the floor of the House, with Moderate Democrats back on board. The markets have been worrying about this legislation. Our post on the bill here.

Also today the Obama Healthcare Kickoff Party Summit, see our health care post for details…

The markets have been selling health care since the Obama Budget was released:

Health care companies consider President Barack Obama’s budget a potential profit-killer. Investors agreed and dumped their shares last week, dragging down exchange traded funds.

The budget aims to raise taxes and deduction limits for people who earn more than $250,000 a year.

The ultimate goal is to raise $634 billion to help fix the health care system. The tax hikes will generate $318 billion of that amount, and the rest will be squeezed from Medicare, the government-sponsored health program for seniors.

The Medicare Advantage plans offered by private insurers could lose as much as $175 billion. The Advantage program is on the chopping block because it pays 14% more to providers than Medicare would for the same services.

On the other hand, the U.S. automobile industry and other sectors consider the end of company-sponsored health care the route to international competitiveness.

As a result of the stimulus package all employers are required to set aside a subsidy for a portion of the COBRA premiums for any employee they lay off for- 9 months the employer is required to pay 70% of the premiums.

As we noted in our detailed piece on Health care today, Baucus’ forthcoming health care legislation will reduce the tax deductions employers  receive for their health care contributions as well..

March 5, 2009. Tags: , , , , , , , , , , , , , , . BSG, Cabinet, citigroup, Doo Wop, Economy, Entertainment, Finance, Healthcare, Immigration, Laurell K. Hamilton, Music, Obama Administration, Politics, Saturday Morning Cartoons, Sci Fi, Taxatrion, Taxes, To Have and Have Not, True Blood, Twilight, Uncategorized, Unemployment Statistics, Wall St.

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  1. The Critters are Back in Town: Bankruptcy Cramdown/Judicial Modification Bill Update… « Moderate in the Middle replied:

    […] after we came online here . Also we followed the issue here and here and  here and  here and  here and  […]

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