Word: exempted
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...fighting over it isn't going away anytime soon. Republicans have already issued notice that they plan to campaign in this fall's midterm elections on a pledge to repeal it. There will be constitutional challenges. And in dozens of states, legislatures are considering measures that would attempt to exempt their citizens from some of its provisions, including the requirement that individuals purchase insurance...
...course, a tough bill would face long odds. The money and power of the financial industry would be arrayed against it. There would be so many arcane moving parts - How much authority for the Fed? Should end users be exempt from derivatives regulation? Should something be done about naked credit default swaps? - that reaching consensus by August would be challenging even if everyone wanted it. And it's not clear that anyone is desperate to have it; there probably won't be another meltdown this year, and Democratic leaders may be content to let Republicans block reform so they...
...promise to make changes to its original measure. Among those: scaling back the so-called Cadillac tax on very expensive health care policies and stripping the bill of sweetheart deals for individual Senators, such as the now infamous "Cornhusker kickback" that Nebraska Senator Ben Nelson arranged to exempt his state from having to pay additional costs for expanding Medicaid. One possibility under discussion would have at least 51 Senators signing a letter promising to uphold their end of the bargain. (Watch TIME's video "Uninsured Again...
...President Obama's limited spending freeze won't in itself do much to address that disconnect, Elmendorf suggests. The CBO director projects that even if such a spending cap were to extend to all discretionary government outlays (Obama would exempt national security), it would save only $10 billion in the next fiscal year, less than 1% of the budget. Nor is it likely that Congress will make much of a dent in the problem, at least not in the short term. (See 10 players in health care reform...
Citigroup's clawback only applies to its top executives, or about 200 of the company's 250,000 employees. And it only requires employees to return pay in instances when they have broken either the law or firm policies. Bad trades are exempt. But unlike other firms, Citigroup's clawback covers all types of pay, including cash or vested stock...