This Week In Washington
Statement
With a vote expected this weekend on H.R. 3692, the Affordable Health Care for America Act, I wanted to share the latest information on the bill. The final vote on the bill could come as early as 6 p.m. on Saturday night -- there is also a slight chance that we may be voting on this measure Sunday.
The full text of the legislation, fact-sheets, the Manager's Amendment, and the Republican Substitute, are on my website.
Passage of this bill will directly affect our district. It will ensure that:
72,000 uninsured people will finally get health insurance.
316,000 people will see their employer-based coverage improve.
170,000 households will get tax credits to help pay for their insurance.
Medicare benefits will improve for 78,000 seniors, and the Part D "donut hole" will be closed for 4,800 beneficiaries.
4,300 families will avoid bankruptcy as a result of medical costs.
14,400 small businesses will be able to obtain coverage and up to 11,700 more will get tax credits to provide more affordable insurance to their workers.
Finally, the bill will reduce the amount of uncompensated care provided by our hospitals and health centers -- last year, more than $188 million was spent taking care of the under- and uninsured.
H.R 3692 contains significant protections that guarantee greater stability, lower costs and higher quality insurance and health care. These include:
Ending discrimination for pre-existing conditions, such as diabetes, a heart condition, or cancer.
No dropping of coverage because a patient becomes "too sick."
No co-pays for preventive and wellness care.
Annual caps on what you pay out-of-pocket ($5,000/individual and $10,000/family).
No yearly or lifetime cost caps on what insurance companies cover.
Used with Permission - Bill Day United Feature SyndicateThe bill also has a significant emphasis on innovation, wellness, and prevention. I was pleased Speaker Pelosi recognized the importance of addressing the problem of infant mortality in our community and nationwide by including my infant mortality measure, the NEWBORN Act, in the final bill. Memphis has the highest infant mortality rate in the country -- and is worse than some Third World countries.
We must do more to make sure that women have access to wellness and education programs so they can deliver healthy babies -- and this has to include recruiting the best and brightest medical students to be inner city doctors. The NEWBORN Act will lay the foundation for that effort.
Additionally, H.R 3692 builds on our commitment to children's health care by requiring that public plans available as part of the exchange include well-baby and well-child care; oral health, vision, and hearing services, equipment, and supplies; maternity care; and mental health and substance use disorder services, including behavioral health treatments.
Credit Card Reform
I've heard from a number of constituents that one of the biggest obstacles to getting out of debt is the high interest rates on their credit cards. In recent weeks, many consumers, including myself, have received notices that our interest rates are going up. I believe this is because the "window of opportunity" is fast closing for credit card companies to make as much money as they can from consumer before the playing field is leveled.
Tuesday, the House of Representatives voted to move up the start date for a number of reforms aimed at curbing the worst practices of credit card companies -- including unfair interest rate hikes on existing balances, double-cycle billing and due-date gimmicks. The Senate must still act on this bill. The changes will go into effect as soon as President Obama signs it into law.
Unemployment and Homebuyer Tax Credit Extension
On Thursday, I voted to extend unemployment benefits for an additional 20 weeks for those in our community whose benefits have run out, or will run out by the end of the year. This timely and temporary extension will provide a much needed financial safety net for those who are looking for a new job.
Additionally, this same bill also included an extension of the $8,000 first-time homebuyer tax credit through April 30, 2010 and provides a $6,500 credit to new purchasers who have lived in their current residence for five years or more. It also helps military families struggling to make mortgage payments by making those payments tax-exempt. This bill also allows U.S. companies to carry back losses incurred in either 2008 or 2009 against income earned in any of the five prior years.
President Obama is expected to sign this bill into law today.
Save the Date -- Town Hall Meeting November 14
Next Saturday, November 14, I'll be holding a town hall meeting at The Links at Whitehaven from 10:00 A.M to Noon to discuss federal funding for the Ninth District. I hope you'll join me. If you have questions or would like to know more about the event, please contact my office at (901) 544-4131.
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