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Here are today’s top business headlines from across the nation and world:
WASHINGTON (AP) — The GOP’s long-promised legislation to repeal and replace “Obamacare” stood on the brink just hours before Republican leaders planned to put it on the House floor for a showdown vote. Short of support, GOP leaders looked to President Donald Trump to close the deal with a crucial bloc of conservatives, in the first major legislative test of his young presidency. The stakes could hardly be higher for a party that gained monopoly control of Washington largely on promises to get rid of former President Barack Obama’s signature legislative achievement and replace it with something better. Now Republicans are staring at the possibility of failure at the very moment of truth, an outcome that would be a crushing political defeat for Trump and Hill GOP leaders and would throw prospects for other legislative achievements into extreme uncertainty. Read more
WASHINGTON (AP) — Goldman Sachs may be about to get another friend in Washington. Jay Clayton, a well-connected Wall Street lawyer who is President Donald Trump’s pick to lead the Securities and Exchange Commission, is sure to face sharp questions from Democrats at his confirmation hearing Thursday over his years of work for Goldman and other financial giants. Trump has already drawn upon Goldman alumni for key financial posts in his administration – notably for Treasury secretary, Steven Mnuchin, and the head of the National Economic Council, Gary Cohn. Clayton, a partner in the white-shoe law firm Sullivan & Cromwell, has done significant legal work for the Wall Street giant. Read more
CHICAGO (AP) — Workers dreaming of early retirement are getting the jitters as Washington debates replacing the Obama-era health care law with a system that could be a lot more expensive for many older Americans. The uncertainty over the cost of coverage in the individual market has caused some in their 50s and early 60s to put plans on hold. Others who already left jobs with health benefits before reaching Medicare age are second-guessing their move to self-employment. Read more
NEW YORK (AP) — Starbucks CEO Howard Schultz presided over his last annual shareholder meeting as head of the company Wednesday by standing by its pledge to hire refugees and expanding on previously announced goals to hire veterans and at-risk youth. The moves underscored the progressive image Schultz has helped cultivate for Starbucks as he prepares to cede the CEO job next month to Starbucks President Kevin Johnson. Read more
WASHINGTON (AP) — Federal Reserve Chair Janet Yellen says a new Fed survey finds that children who grew up in poverty were twice as likely to struggle with financial challenges later in life. The Fed survey found that more than half of young people age 25 to 39 who reported that as children they worried over things like having enough food were currently facing financial challenges. That was double the number with financial troubles who did not face such concerns as children. Read more
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