Today's top headlines: The spill in the Gulf of Mexico could be the most expensive ever, the Governator embraces health care reform, Shanghai set to open the doors on its World Expo, and Warren Buffet gets ready to talk Goldman Sachs.
Word is that Harry Reid is likely to file cloture on financial regulation today, setting up a final vote as early as Wednesday. But no one is celebrating yet: There are still amendments left to be voted on, including a restoration of Glass-Steagall and the Volcker Rule. And what's going to happen in Conference Committee? Meanwhile, the opposition hasn't found its voice against Elena Kagan, but nor, it seems, have her supporters. The oil spill is still a disaster, but for the first time, we're making some headway against it.
Once Obamacare is implemented, America's health insurance system will be a thicket of subsidies and transfers that benefit some people and harm others. Critics of the law have seized on this observation, noting the existence of "rate shock": some people (especially young and healthy ones with moderate and high incomes who buy insurance in the individual market) will pay more than they used to, so others can pay less.
Commentary on the Congressional Budget Office report showing that a given health-care insurance policy will become cheaper under reform has gotten a bit confused. Fox News, for instance, summarized the report as saying, ‘CBO: HC Overhaul Likely Won’t Bring Private Premiums Down.’ Let's assume good faith here, as this stuff is confusing.
"The very fact that we’re all so worried about the CBO highlights the craziness of allowing one office to hold health care reform hostage," write the Wonk Room's Igor Volsky. "Why exactly are [reformers] jumping through hoops to satisfy the CBO?"