Global Glance: GOP challenged in finding votes for health care bill; biggest US banks strong enough to withstand recession

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Here are today’s top business headlines from across the nation and world:

GOP’s challenge: Finding votes for Senate health care bill

WASHINGTON (AP) — Senate Majority Leader Mitch McConnell has finally unwrapped his plan for dismantling President Barack Obama’s health care law. Now comes his next challenge – persuading enough Republicans to back the measure and avert a defeat that could be shattering for President Donald Trump and the GOP. McConnell released the bill Thursday after weeks of closed-door meetings searching for middle ground between conservative senators seeking an aggressive repeal of Obama’s statute and centrists warning about going too far. Erasing Obama’s law has been a marquee pledge for Trump and virtually the entire party for years. Read more

Fed: Biggest US banks strong enough to withstand recession

WASHINGTON (AP) — All of the 34 largest U.S. banks are fortified enough to withstand a severe U.S. and global recession and continue lending, the Federal Reserve said Thursday. The first round of the central bank’s annual “stress tests” showed that as a group, the 34 big banks have gained strength thanks to a steadily recovering economy. The banks undergoing the seventh annual check-up included JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Wells Fargo and Co. – the four biggest U.S. banks by assets. Read more

The pain and gain of Brexit vote: British economy a year on

LONDON (AP) — Few events outside of war can have quite as much potential impact on the economy of a country as Britain’s decision a year ago to leave the European Union. The momentous vote on June 23, 2016 has the potential to sever Britain’s ties to its main trading partner, a grouping it has spent more than four decades building ever-closer ties to. Since the vote, the British economy defied the gloomy recession predictions of many, including the British Treasury and the International Monetary Fund. Other forecasts like an immediate house price crash didn’t materialize either. But other predicted events did occur, such as a sharp fall in the pound and rising inflation. And now that the official two-year Brexit process has begun, there are renewed signs of economic pain. Read more

Kids today: They don’t work summer jobs the way they used to

WASHINGTON (AP) — As summer 2017 begins, America’s teenagers are far less likely to be acquiring the kinds of experiences teens in the past found so useful. Once a teenage rite of passage, the summer job is vanishing. Instead of working, today’s teens are more likely to be enrolled in summer school, doing volunteer work to burnish their college credentials or just hanging out with friends. For many, not working is a choice. For some others, it reflects a lack of opportunities where they live, often in lower-income urban areas: They sometimes find that older workers hold the low-skill jobs that once would have been available to them. Read more

Governors wary of Medicaid cost shift in Senate health bill

COLUMBUS, Ohio (AP) — Governors in several states that opted to expand Medicaid under former President Barack Obama’s health care law are wary of the Senate Republican plan to end the added federal funding for it within seven years. The proposal released Thursday calls for a slower phase-out of the Medicaid expansion than a bill adopted earlier by the House. Yet it still would force those states to figure out what to do about the millions of lower-income Americans who used it to gain health coverage. The doubts about the latest plan from Washington came from Republicans, Democrats and the nation’s one independent governor. Read more

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