New York election race compared to Batman movie
Kernen's comments on CNBC followed Democratic socialist Zohran Mamdani's victory in the city's Democratic mayoral primary.
The presenter likened the situation to a 'class warfare' against Wall Streeters.
Mamdani, a self-described socialist, ran his campaign with the high cost of living as a central issue.
His proposals include free buses, universal childcare, and a higher minimum wage, funded by new taxes on the rich.
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The Independent
27 minutes ago
- The Independent
Grad student loans could soon be capped. Here's what that could mean for you
The House of Representatives moving the GOP 's 'Big Beautiful Bill' closer to President Donald Trump's signing brings graduate students nearer to facing unprecedented limits on funding higher education. While critics argue that the spending bill would disproportionately block marginalized communities from pursuing advanced degrees, Republicans say the limits will help control college costs by reducing incentives for schools to raise tuition. Starting next summer, the bill will affect borrowers taking out loans and those stuck on the Biden -era SAVE plan, potentially causing monthly payments to increase by hundreds of dollars, according to the Student Borrower Protection Center. What are the proposals? The 'big beautiful bill' proposes significant changes to how graduate and professional students finance their education. One of the biggest changes would be the elimination of the federal Grad PLUS loan program beginning in July 2026, which currently allows students to borrow up to the full cost of attendance for graduate programs. In its place, the bill raises annual and lifetime limits on federal Stafford loans, but these new caps may not be enough to cover further education for students. Graduate students would be limited to borrowing up to $20,500 annually, with a lifetime cap of $100,000, while professional students, such as those in medical or law school, could borrow up to $50,000 per year, with a $200,000 lifetime maximum. What impacts could the proposals have? The proposal could force students to rely on private loans with less favorable terms, delay or abandon plans for graduate education, or choose less expensive programs that may not align with their career goals. Experts warn this could worsen shortages in high-demand fields, particularly in rural healthcare, where access to graduate-trained professionals is already limited. What's happened to student loans so far? Recent student loan policy changes include the restart of loan payments following a pandemic pause, modifications to income-driven repayment plans, and ongoing legal battles over loan forgiveness programs. In June 2023, the Supreme Court struck down the Biden administration's plan to cancel up to $400 billion in student loans, and a court order continues to block its new income-driven repayment program. Meanwhile, the US Department of Education has resumed collecting on defaulted federal student loans. What's next? White House Press Secretary Karoline Leavitt announced Thursday that President Trump is scheduled to sign the "big, beautiful bill" on Friday at 5 p.m. EST.
Telegraph
29 minutes ago
- Telegraph
Battle Lines: Trump wants a new armada. Can America still build one?
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Reuters
36 minutes ago
- Reuters
Explainer: Key healthcare provisions in Trump's tax bill
July 3 (Reuters) - The U.S. House of Representatives passed President Donald Trump's tax-cut and spending bill on Thursday, which contains sweeping changes to the government's Medicaid healthcare program covering about 71 million low-income Americans. Nearly 12 million of those enrollees could lose their insurance under the program if the bill is implemented and those changes become law, according to a June estimate from the Congressional Budget Office. Below is a breakdown of some of the key healthcare provisions in the current draft of the bill and how they could affect enrollees and businesses: Frequent eligibility checks U.S. states would be required to conduct eligibility checks at least twice a year for the roughly 20 million Medicaid enrollees covered through the Affordable Care Act (ACA) expansion, rather than yearly. These "expansion enrollees" are people with incomes of up to 138% of the federal poverty level, which roughly translates to $21,597 a year in 2025. The new bill also includes provisions to prevent Medicaid beneficiaries from simultaneously enrolling in more than one state Medicaid program. Mandatory work requirements Medicaid enrollees are not currently subject to work requirements under the law, but the new bill proposes that adults aged 19-64, with a few exceptions, complete a minimum of 80 hours of work or community engagement activities a month or be enrolled in an education program at least half time to qualify for the program. The requirements will apply from January 1, 2027. Scale back on provider taxes Medicaid is jointly financed by the federal and state governments. States help cover their share by collecting taxes from hospitals and other healthcare providers, known as provider taxes. The bill would tighten federal oversight of those taxes by replacing the current 6% cap on provider tax revenue with a new limit that is indexed to inflation. It would also restrict how states structure the taxes, including stricter rules on what kinds of services can be taxed and how payments are distributed across providers. While the bill does not reduce provider tax rates directly, the changes could make it harder for states to use these taxes to draw additional federal Medicaid funds. The final version of the bill also sets up a $50 billion rural hospital fund to help rural providers who have argued that the provider tax changes would force them to scale back service. Tightening verification Medicaid is currently open to some immigrants who are lawfully present in the country, though many - including green card holders - must wait five years before they can sign up. The new bill removes Medicaid eligibility for some non-citizens, including refugees, certain abused spouses and children, and people granted asylum. Increased cost-sharing requirements The current law gives states an option to impose nominal co-payments on individuals with incomes exceeding 150% of the federal poverty level. The new bill requires states to impose mandatory cost-sharing on expansion enrollees earning more than 100% of the federal poverty level. Co-pays can reach up to $35 per service, with some exemptions, including emergency care and preventive services. The bill could put a strain on the finances of insurers and hospitals, analysts said. Spencer Perlman, director of healthcare research at Veda Partners, estimated Medicaid enrollment could drop by 5 million compared to current projections. Since Medicaid insurers are paid a fixed amount per member, the decline could directly hit revenues of insurers like Elevance Health (ELV.N), opens new tab, Centene (ELV.N), opens new tab, and Molina Healthcare (MOH.N), opens new tab, which have significant exposure. In 2024, over 88% of Molina's total membership came from Medicaid plans, Centene derived about 46%, and Elevance about 19.5%. Analysts also warned of risks to insurers' exchange businesses, forecasting ACA marketplace enrollment to fall to 18 million by 2027 from 24 million in 2025, due to eligibility restrictions and likely subsidy expirations. "For companies like Centene, this is a double whammy," Perlman said. Hospitals face similar challenges, though a proposed $50 billion rural hospital fund could offset some reimbursement cuts, Jefferies analyst Brian Tanquilut said. Drugmakers are expected to see little impact, as Medicaid typically represents under 15% of their U.S. sales, UBS analyst Trung Huynh said.
