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☆ Yellen says US GDP is a 'good strong number', may keep bond yields higher
▼ + stars: | 2023-10-26 | by ( David Lawder | ) www.reuters.com time to read: +2 min

"It's a good strong number and shows the economy is doing well," Yellen said at a Bloomberg live interview event. She dismissed suggestions that higher bond yields may be due to worries about rising U.S. deficits or worries about a recession. Yellen said that the U.S. debt servicing burden would be a "bigger challenge if the interest rate path stays higher." She has maintained that the real interest rate costs for the federal government have remained close to 1% of GDP, a manageable level. "The higher the interest rate path, the more that we need to do" on deficit reduction, she said.

Persons: Janet Yellen, Amit Dave, Yellen, Joe Biden's, David Lawder, Daniel Burns, Franklin Paul, Jonathan Oatis Organizations: Treasury, Central Bank governors, REUTERS, Rights, . Treasury, Bloomberg, Commerce Department, Social Security, Thomson Locations: Gandhinagar, India, U.S

☆ With House speaker installed, US Congress returns to spending battles
▼ + stars: | 2023-10-26 | by ( Richard Cowan | ) www.reuters.com time to read: +5 min

Meanwhile, House Republicans are pushing for a full plate of 12 separate funding bills to keep agencies running until Sept. 30, 2024, the end of the fiscal year. This rare feat requires close negotiation between the narrowly Republican-controlled House and the Senate, which has a two-vote Democratic majority. But the fiscal warfare between the Senate and conservative House Republicans that has raged since January is unlikely to end soon. Significant changes by Congress to Biden's request for aid to Ukraine and more money for border security were anticipated. Republicans attack Biden's border security spending, saying it falls far short in shutting down illegal border crossings and the flow of drugs such as fentanyl.

Persons: Kevin Wurm, Mike Johnson, Joe Biden, Johnson, Kevin McCarthy, John Kennedy, Chuck Schumer, Schumer, Tom Cole, Cole, Nanette Diaz Barragan, Joe Manchin, Manchin, Kennedy, Richard Cowan, Scott Malone, Richard Chang Organizations: U.S, Capitol, REUTERS, Rights, House, Republicans, Congress, Democratic, Republican, Senate, Biden, federal Social Security, House Republicans, Congressional, Thomson Locations: Washington , U.S, Israel, Ukraine, U.S, Mexico, Washington, Taiwan, West Virginia

He attached remarks by Johnson praising Louisiana's abortion ban and penalty of "hard labor for 1-10 years" and fines of $10,000-$100,000 for those who perform abortions. The Biden-Harris campaign and other groups circulated and posted images of three bills Johnson has sponsored that the Democrats said would "ban abortion nationwide." Already, six states – Michigan, California, Vermont, Kentucky, Kansas and Montana – have passed referendums that either enshrined abortion rights or rejected efforts to undo the right to abortion. Another referendum, one that would guarantee abortion rights, is on the ballot next month in Ohio. These numbers have Democrats believing they can keep the White House and flip the House – and Johnson has put a face to that effort.

Persons: Joe Biden, Mike Johnson, Johnson, MAGA Mike Johnson’s, Ammar Moussa, Kamala Harris, Donald Trump, Donald Trump’s “, Johnson –, Kevin McCarthy, California –, Nancy Pelosi, Biden, Harris, Don Beyer, Roe, Wade, Marjorie Dannenfelser Organizations: Republican, House Republican Conference, Biden, Louisiana Republican, Republicans, California Democrat, Democratic, Virginia Democrat, Democratic National Committee, Lincoln, Social Security, SBA, Kaiser Family Foundation, White Locations: Louisiana, California, Virginia, America, – Michigan, California , Vermont , Kentucky , Kansas, Montana, Ohio

☆ Only 19% of Americans increased their emergency savings in 2023. That ‘puts households in a bind,’ expert says
▼ + stars: | 2023-10-25 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

It's becoming increasingly difficult for Americans to set money aside. "Rising prices and high household expenses have been the predominant impediments to boosting emergency savings," said Greg McBride, Bankrate's chief financial analyst. "When expenses increase faster than income, that puts households in a bind." But that cash reserve is now largely gone after consumers gradually spent their excess savings from the Covid-19 pandemic years. At the same time, the Federal Reserve's most aggressive interest rate-hiking cycle in four decades made it costlier to borrow.

Persons: It's, Greg McBride, Sung Won Sohn Organizations: Finance, Social Security, Loyola Marymount University, SS Economics

☆ Is a Financial Advisor Worth It?
▼ + stars: | 2023-10-24 | by ( Bernice Napach | ) www.wsj.com time to read: +12 min

The right financial advisor can help you find the right answers to your life’s biggest, most difficult financial decisions. A one-time feeIf all you need is a comprehensive financial plan—a look at how your current savings, including your 401(k) and investments stack up—you don’t need to retain a financial advisor. When a financial advisor may be worth the costA financial advisor is worth paying for if they provide help you need, whether because you don’t have the time or financial acumen or you simply don’t want to deal with your finances. You want reassurancePlenty of investors work with a financial advisor for less tangible reasons too. ”It’s important that you get quality fiduciary advice on all those subjects because they’re irrevocable.”When a financial advisor probably isn’t worth the costThere are several financial areas where paying for a financial advisor may not be worth the cost, especially if you are willing to do a little basic research and have the discipline to stick to your goals.

Persons: Bernice Napach, ”, Rick Ferri, Read, it’s, that’s, won’t, Fee, Micah Hauptman, Peter Palion, —, “ They’re, ” Sheryl Garrett, Eric Amzalag Organizations: Vanguard, Ferri Investment Solutions, Investment, Consumer, Consumer Federation of America, IRS, Advisors, Garrett Planning Network, Peak Financial Locations: Georgetown , Texas, East Norwich, N.Y, Los Angeles

☆ Wall Street hikes forecasts for anti-obesity drug sales to $100 billion and beyond — A look at the numbers
▼ + stars: | 2023-10-23 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +3 min

Most analysts predict the market for new weight loss drugs like Wegovy and Mounjaro will be enormous, but estimates vary for its exact size depending on who you ask. On Monday, Citi raised its estimate for incretin drug sales to $71 billion by 2035, up from its prior estimate of $55 billion. Last month, the firm made a case for there being a $150 billion to $200 billion opportunity for these drugs. At the moment, private insurance coverage isn't a guarantee for those seeking weight loss treatment, and the federal Medicare program doesn't cover weight loss drugs at all. Lilly expects the Food and Drug Administration to approve this drug to treat obesity by the end of this year.

Persons: Seamus, Fernandez, Andrew Baum, Goldman Sachs, Chris Shibutani, Shibutani, Eli Lilly, Lilly Organizations: Monday, Citi, Wegovy, Food and Drug Administration Locations: GLP

☆ Social Security may affect workers differently in 2024. Here are 3 key things to keep in mind
▼ + stars: | 2023-10-21 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

But there are several thresholds workers should keep in mind, based on new numbers for 2024 that were recently announced by the Social Security Administration. If you're a worker who hopes to eventually be eligible for retirement benefits, or you're working and also receiving retirement benefits, here's what you need to know. Up to $168,600 in earnings will be taxed for Social Security in 2024The maximum taxable earnings for Social Security will rise to $168,600 in 2024, up from $160,200 in 2023. The remaining 6.2% is for Social Security and only applies to the taxable maximum, or $168,600 for next year. watch nowApproximately 6% of workers who pay Social Security taxes have earnings above the taxable maximum every year, according to the Social Security Administration.

Persons: Joe Elsasser, Elsasser Organizations: Social, Social Security Administration, Social Security, Workers, Federal Insurance, Medicare, Finance

☆ US budget gap soars to $1.7 trillion, largest outside COVID era
▼ + stars: | 2023-10-20 | by ( David Lawder | ) www.reuters.com time to read: +5 min

The Treasury Department said the deficit was the largest since a COVID-fueled $2.78 trillion gap in 2021. For September, the final month of the fiscal year, the deficit fell to $171 billion from $430 billion in September 2022. The fiscal 2023 deficit would have been $321 billion larger, but was reduced by this amount because the Supreme Court struck down Biden's student loan forgiveness program as unconstitutional. Reuters GraphicsRECORD INTEREST COSTSThe 2023 deficit marks an abrupt end to two years of falling deficits for Biden as COVID-19 spending faded. Fiscal 2023 outlays fell $137 billion, or 2% from the prior year to $6.134 trillion.

Persons: Elizabeth Frantz, Joe Biden's, Biden, Donald Trump, Kevin McCarthy, Biden's, Janet Yellen, Shalanda Young, outlays, Gross, David Lawder, Dan Burns, Andrea Ricci Organizations: U.S, Capitol, REUTERS, Rights, Social Security, Treasury Department, Representatives, . House, Management, Treasury, Reuters Graphics, Federal, Federal Reserve, Thomson Locations: Washington , U.S, Ukraine, Israel, U.S

☆ U.S. budget deficit jumps 23% to nearly $1.7 trillion as Social Security, health costs rise
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +1 min

The U.S. Capitol building is seen in Washington, U.S., April 6, 2023. REUTERS/Elizabeth Frantz Acquire Licensing RightsWASHINGTON, Oct 20 (Reuters) - The U.S. government on Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23% jump from the prior year as revenues fell and outlays for Social Security, Medicare and interest costs on the federal debt rose significantly. The Treasury Department said the deficit was the largest since a COVID-fueled $2.78 trillion gap in 2021 and marks a major return to ballooning deficits after back-to-back declines during President Joe Biden's first two years in office. The deficit comes as Biden is asking Congress for $100 billion in new foreign aid and security spending, including $60 billion for Ukraine and $14 billion for Israel, along with funding for U.S. border security and the Indo-Pacific region. Reporting by David Lawder and Dan Burns; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Elizabeth Frantz, Joe Biden's, Biden, Donald Trump, Kevin McCarthy, David Lawder, Dan Burns, Andrea Ricci Organizations: U.S, Capitol, REUTERS, Rights, Social Security, Treasury Department, Representatives, . House, Thomson Locations: Washington , U.S, Ukraine, Israel, U.S

☆ Ozempic Boom Is an Opportunity for Health Insurers
▼ + stars: | 2023-10-20 | by ( David Wainer | ) www.wsj.com time to read: 1 min

WSJ’s Daniela Hernandez breaks down the science of how diabetes drugs work—and how they could change psychiatry. Photo illustration: Elizabeth SmelovYou would think a new class of high-price weight loss drugs taken by millions of Americans would be a problem for health insurers. But it is more complicated than that: Some insurance giants actually stand to profit from the Ozempic craze. The industry has been calling out the costs of GLP-1 drugs, which are used for both diabetes and obesity. But federally supported Medicare and Medicaid still don’t cover the drugs for obesity, and much of the commercial market is self-insured.

Persons: WSJ’s Daniela Hernandez, Elizabeth Smelov, Aetna

☆ America’s Debt Crisis Burns While Congress Fiddles
▼ + stars: | 2023-10-20 | by ( Tim Smart | ) www.usnews.com time to read: +9 min

Last month, the Penn Wharton Budget Model from the University of Pennsylvania came out with an analysis of the debt crisis entitled “When Does Federal Debt Reach Unsustainable Levels?”Their answer? The concern is that punting the problem into the future, continuing to raise debt even as interest rates rise further or hold at higher levels for longer, the debt will grow even faster in a “snowball” scenario. Similar proposals have been offered over the years but at the same time they seem to lack political support – indeed, Republicans have recently voiced the idea of cutting Social Security. The debt crisis is rapidly worsening at a time when the bond market is having its own set of problems. A recent government auction of debt, an occurrence that is becoming more common as the U.S. borrows more, saw weak demand.

Persons: Dick Cheney, Richard Neal, Democrats –, Blu Putnam, Alan Greenspan, Ben Bernanke, Jerome Powell, ”, Gene Steuerle, Richard B, Fisher, probity, Kevin McCarthy, Kent Smetters, Boettner, Smetters, Richard Robis, Donald Trump Organizations: Capitol, Democratic, Massachusetts, The New York Times, Federal Reserve, Partisans, Democrats, Fed, CME Group, Social Security, Medicare, Urban Institute, California Rep, Penn Wharton Budget, University of Pennsylvania, University of Pennsylvania's Wharton School, Wharton, Social, Republicans, Treasury, Hamas, BCA Research, White House Locations: U.S, United States, Washington, China, Japan, Israel

☆ 10 Charged in $20 Million Scheme to Sell Black-Market H.I.V. Drugs
▼ + stars: | 2023-10-20 | by ( Erin Nolan | More About Erin Nolan | ) www.nytimes.com time to read: +1 min

Federal prosecutors have accused 10 people of orchestrating a $20 million scheme to “get rich” by buying and selling black-market H.I.V. medications that in some cases had been purchased from low-income patients who risked their lives by selling it. Some of those accused in the case then used the proceeds to buy luxury cars, waterfront real estate in New York City, designer clothes, jewelry and gold, according to a statement released Friday by Damian Williams, the U.S. attorney for the Southern District of New York. According to a 24-page indictment filed in Federal District Court in Manhattan, the scheme also involved bribing patients to use specific local pharmacies that were involved in the plot and defrauding Medicare, Medicaid and private insurance companies of millions of dollars since 2017. Mr. Williams said those accused in the case had been “preying on vulnerable members of society.” Several of the defendants are facing decades in prison on various charges, including conspiracy to commit wire fraud and health care fraud and money laundering.

Persons: Damian Williams, Williams Organizations: Southern, of, Court Locations: New York City, U.S, of New York, Manhattan

☆ UBS upgrades this biopharma giant with an underappreciated treatment pipeline
▼ + stars: | 2023-10-20 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Investors may not be fully pricing in Merck 's strong treatment pipeline, according to UBS. Analyst Trung Huynh expects that "underappreciated pipeline readouts" will be the primary contributor to multiple expansion for the company. Huynh also noted that investors continue to underestimate the value of two key Merck treatments: Keytruda — used in cancer immunotherapy — and Gardasil, a vaccine targeting HPV. The analyst added that these two treatments and other underappreciated catalysts have all contributed to Merck's above-peer growth profile. The upgrade comes after the Food and Drug Administration approved the use of Keytruda for treatment with "platinum-containing chemotherapy as neoadjuvant treatment " on Monday.

Persons: Trung Huynh, Huynh, —, Michael Bloom Organizations: Merck, UBS, Food and Drug Administration Locations: China

☆ Bristol Myers' injectable form of Opdivo meets main goal in kidney cancer trial
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

Test tubes are seen in front of a displayed Bristol Myers Squibb logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 19 (Reuters) - Bristol Myers Squibb (BMY.N) said on Thursday the injectable form of its blockbuster cancer drug Opdivo met the main goal in trial that had patients with a type of kidney cancer. "We believe this new option, given as a single injection administered in less than five minutes, could transform the treatment experience for both patients and physicians," Gina Fusaro, an executive at Bristol Myers Squibb, said. The trial also showed a non-inferior response rate to the subcutaneous drug, compared to its intravenous form. Bristol Myers now plans to discuss with regulators the next steps for submission and approval of subcutaneous injections for multiple types of cancers.

Persons: Bristol Myers, Dado Ruvic, Opdivo, Gina Fusaro, Roche, Johnson, Helen Torley, Leroy Leo, Anil D'Silva, Shinjini, Shounak Organizations: Bristol, Bristol Myers Squibb, REUTERS, Therapeutics, U.S, Thomson Locations: Bengaluru

☆ Sanofi to offer insulin product for $35 to all Americans through GoodRx
▼ + stars: | 2023-10-19 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Sanofi Lantus brand insulin pens are arranged for a photograph in the Brooklyn borough of New York, U.S., on Friday, April 5, 2019. Americans, regardless of their insurance status, can now access Sanofi 's most widely prescribed insulin for $35 through the prescription drug savings company GoodRx , the companies announced Thursday. But some patients have struggled to access the $35 price point, even with that program in place. President Joe Biden's Inflation Reduction Act also capped monthly insulin costs for Medicare beneficiaries at $35, but it did not provide protection to diabetes patients who have private insurance. Approximately 8.4 million diabetes patients rely on insulin, the American Diabetes Association said.

Persons: Sanofi, Eli Lilly, Joe Biden's Organizations: Sanofi, CVS, Walgreens, Walmart, Sanofi –, Novo Nordisk –, U.S, Pharma, Life Sciences, Centers for Disease Control, American Diabetes Association Locations: Brooklyn, New York, U.S

☆ Here’s how much your Social Security check may be in 2024, after the 3.2% cost-of-living adjustment
▼ + stars: | 2023-10-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Social Security beneficiaries can expect to get official notice of the size of their 2024 benefit checks from the Social Security Administration. Social Security benefits will go up 3.2% starting in January due to an annual cost-of-living adjustment. That will amount to an increase of more than $50 per month on average for retirement benefits, according to the Social Security Administration. That prompted a benefit boost of more than $140 per month on average, the Social Security Administration said when that increase was announced. Standard monthly Part B premiums will go up by $9.80 per month to $174.70 in 2024, versus $164.90 in 2023.

Organizations: Social Security Administration, Social Security, Finance, Medicare

☆ IRS unveils 'special withdrawal process' for small businesses that claimed pandemic-era tax credit
▼ + stars: | 2023-10-19 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The IRS on Thursday announced a "special withdrawal process" for small businesses that may have wrongly claimed the so-called employee retention tax credit, or ERC. Enacted to support small businesses during the pandemic, the ERC, worth thousands per eligible employee, has been a magnet for fraudulent or "questionable claims," according to the IRS. Many small businesses were misled by ERC promoters, prompting the agency to temporarily stop processing for new claims in September. Small businesses can use the ERC claim withdrawal process if they meet the following criteria:They claimed the ERC on an adjusted employment return (Forms 941-X, 943-X, 944-X, CT-1X). Small businesses can learn more about the ERC withdrawal process by visiting IRS.gov/withdrawmyERC.

Persons: Daniel Werfel, Danny Werfel, Here's, Werfel, haven't, IRS.gov Organizations: Revenue, Senate, IRS, ERC, Finance

☆ Silicon Valley CEO gets 8-year prison sentence in case over blood-testing company that gives off Elizabeth Holmes-Theranos vibes
▼ + stars: | 2023-10-19 | by ( Associated Press | Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

The CEO of medical testing company Arrayit was sentenced to 8 years in prison on Wednesday. Schena's case is similar to Elizabeth Holmes', who was sentenced to prison for defrauding investors in Theranos. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In meetings with investors, Schena claimed he was on the shortlist for the Nobel Prize and falsely represented that Arrayit could be valued at $4.5 billion, prosecutors said.

Persons: Arrayit, Elizabeth Holmes, —, Mark Schena, Schena, Holmes, State Henry Kissinger, George Shultz, Richard Kovacevich, William H, Foege, San Organizations: Service, US Department of Justice, Arrayit Corporation, Stanford University, SEC, State, Wells, Centers for Disease Control Locations: Theranos, Sunnyvale , California, San Jose , California, Texas

☆ US House Republican opponents of Jordan's speaker bid cite government shutdown worries
▼ + stars: | 2023-10-18 | by ( Moira Warburton | ) www.reuters.com time to read: +2 min

But unless you have 217 votes to get behind that idea, it’s not a winning idea," LaLota said in an interview. D'Esposito said he was not sure that Jordan would support a stopgap measure known as a continuing resolution, an outcome becoming increasingly likely, adding: "none of us have crystal balls, but it's pretty clear where we're headed." CONTEXT* The prior Republican speaker, Kevin McCarthy, was ousted after passing the current stopgap funding measure on Sept. 30 with Democratic support, angering hardline Republicans. * Jordan was an architect of the 2013 shutdown over funding former President Barack Obama's Medicare reforms, and he supported the 2018 shutdown over funding for former President Donald Trump's border wall. Reporting by Moira Warburton in Washington; editing by Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

Persons: Jim Jordan, Kevin McCarthy, Jordan, Jim Jordan's, Nick LaLota, Anthony D'Esposito, LaLota, That's, it’s, D'Esposito, Barack, Donald Trump's, Moira Warburton, Grant McCool Organizations: Rep, U.S, Capitol, U.S . House, New, Prevent Government, Democratic, Thomson Locations: Washington , U.S, WASHINGTON, U.S, New York City, Ohio, Washington

☆ Pfizer to price COVID treatment Paxlovid at $1,390 per course
▼ + stars: | 2023-10-18 | by ( Michael Erman | ) www.reuters.com time to read: +3 min

The new list price, which does not include rebates and other discounts to insurers and pharmacy benefit managers, is $1,390 per course, Pfizer said in an emailed statement. The U.S. government paid around $530 per course for Paxlovid it has made available to Americans at no cost. The United States purchased around 24 million courses of the oral two-drug treatment from Pfizer, and still had a large supply, but arranged to return 7.9 million courses last week. In 2022, patients were given around 7 million courses of the drug, according to U.S. government data. Through Oct. 1, around 3.4 million courses had been administered in 2023.

Persons: Wolfgang Rattay, Paxlovid, Michael Erman, Bill Berkrot Organizations: REUTERS, Pfizer, for Clinical, Economic, United, Wall Street, Thomson Locations: U.S, United States, Maplewood , N.J

☆ Millennials, Gen Z Mistakenly Bet on Inheritance From Boomer Parents
▼ + stars: | 2023-10-18 | by ( Ann C. Logue | ) www.businessinsider.com time to read: +14 min

When she died, Grandma Sue left the most common form of inheritance, called an accidental bequest, which is simply the money left over when someone dies. The New York Times reported on a coming inheritance wealth boom in 2023, 2019, 2014, 2008, and 1999. Even for families with incomes in the 51% to 90% range of earners, the average inheritance was $46,000 — hardly life-changing money. Researchers have been talking about the coming Great Wealth Transfer for at least a quarter of a century. But the reality is that all the wealth boomers are sitting on probably won't end up fixing our collective financial problems.

Persons: Grandma Sue, Grandma Sue's, —, Xers, Gen Zers, Xer, shouldn't, Edward Wolff of, Maury Gittleman, Wolff, Gittleman, Michael Bloomberg, Warren Buffett, Larry Ellison, Bill Gates, Isabel Sawhill, It's, Penn, there's, they're, Bank of America cardholders, Joseph Smith, haven't, boomer, Ann Logue Organizations: Social Security, Medicaid, Boomers, Federal Reserve, New York Times, Edward Wolff of New York University, US Bureau of Labor Statistics, Federal, Brookings Institution, University of Pennsylvania, Penn, Medicare, Family Foundation, Bank of America, Consumer, Department of, Northwestern Mutual, IRS Locations: Northwestern, Chicago

Mark Schena, 60, was convicted last year of paying bribes to doctors and defrauding the government after his company billed Medicare $77 million for fraudulent COVID-19 and allergy tests, the U.S. Department of Justice said in a statement. Schena claimed his Sunnyvale, California-based company, Arrayit Corporation, had the only laboratory in the world that offered “revolutionary microarray technology” that allowed it to test for allergies and COVID-19 with the same finger-stick test kit, prosecutors said. In meetings with investors, Schena claimed he was on the shortlist for the Nobel Prize and falsely represented that Arrayit could be valued at $4.5 billion, prosecutors said. Holmes was convicted on four felony counts of investor fraud following a nearly four-month trial in the same San Jose, California, courtroom where Schena’s trial was held. In May, Holmes entered a Texas prison where she could spend the next 11 years.

Persons: Mark Schena, Schena, Elizabeth Holmes, Holmes, San Organizations: JOSE, Calif, U.S . Department of Justice, Arrayit Corporation, Stanford University Locations: Sunnyvale , California, San Jose , California, Texas

Andreswd | E+ | Getty ImagesMedicare beneficiaries have until Dec. 7 to change their Medicare health and prescription drug coverage for the coming year through open annual enrollment. Starting in 2024, people who face high prescription drug costs will not have to pay anything out of pocket once they hit the catastrophic phase of their benefits, she noted, thanks to new prescription drug legislation. Notably, Medicare beneficiaries who take insulin currently do not have to pay more than $35 per month for covered prescriptions. There are other reasons why Medicare beneficiaries should pay attention to the annual enrollment period this year. Medicare open enrollment is when beneficiaries can shop around for health plans or prescription drug coverage that better meet their needs.

Persons: Meena Seshamani, Seshamani, Darren Hotton, Hotton, that's, Catherine, There's Organizations: Getty, Center, Medicare, Centers, Services, National Council, Aging, Insurance, State Health Insurance Locations: Catherine Falls, Medicare.gov, ShipHelp.org, Utah

In Ohio, Jordan is a hometown boy whose Ohio State University wrestling coach title, conservative policies and never-say-die persona on Capitol Hill have earned him more devotion than he's currently receiving in Congress. It was a common theme on a cloudy fall day in downtown Urbana, Ohio — an oasis of cafes and antique stores in the sprawling, rich farmland that makes up most of Jordan’s district. Sherry Vaught, a Democratic mayoral candidate in Mansfield, had harsh criticism for the Ohio congressman as his possible speakership looms. JD Knopp, an 18-year-old resident of Mechanicsburg, Ohio just outside Urbana, said he thinks Jordan will make a great leader for a divided Republican party. Whether Jordan becomes speaker won't affect his opinion, but it might change how he views those who keep the congressman from winning the speakership.

Persons: Jim Jordan, isn't, Jordan, Donald Trump —, He's, he's, “, ”, Betty Lemmon, Jordan's, Joe Biden, Cynthia Leach, Jordan “, Russell Dye, Dye, Sherry Vaught, he’s, Vaught, Herb Asher, Sen, J.D, Vance, ” Asher, JD Knopp, Knopp, ” Knopp, ” ___ Samantha Hendrickson Organizations: —, Democratic, Freedom Caucus, House Republicans, Ohio State University, Trump, Jordan, Associated Press, Capitol, Republican, Social Security, U.S . House, The Ohio State University, America Statehouse News Initiative, America Locations: URBANA, Ohio, Washington, Champaign County, Jordan, Urbana , Ohio, Jordan’s district, It's, Ohio’s, —, Mansfield, Mechanicsburg , Ohio, Urbana

Republicans control the House by a narrow 221-212 margin, and all Democrats are expected to vote against him. At least seven Republicans are expected to vote against Jordan, which would leave him short of the 217 votes he needs. "Jim is a tough person and is going to almost prosecute our conservative agenda through America," said Republican Representative Mark Alford. Should Jordan's bid for speaker stall, Republican rivals have identified several alternative candidates, including McHenry, who is presiding over the speaker vote, and No. 3 House Republican Tom Emmer.

Persons: Jim Jordan, Evelyn Hockstein, Republican Jim Jordan, Jordan, Kevin McCarthy, Juan Ciscomani, holdouts, McCarthy, Marc Molinaro, Joe Biden, Jim, Mark Alford, Donald Trump, Ted Lieu, Hakeem Jeffries, Patrick McHenry, decry, John Boehner, Steve Scalise, We've, Don Bacon, McHenry, Republican Tom Emmer, David Morgan, Makini Brice, Moira Warburton, Andy Sullivan, Scott Malone, Gerry Doyle, Jonathan Oatis Organizations: Republicans, Capitol, REUTERS, Rights, House, Republican, U.S ., Caucus, Democrats, Tuesday, New, New York Republican, Democratic, Senate, Security, Committee, Biden, Ohio State University, Thomson Locations: Washington, U.S, Ohio, Israel, Ukraine, tangling, New York, America

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