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* Health Care - House passes Senate bill 219-212 Sun night. In the final roll call, no House
Republican voted for the bill, and 34 Democrats voted no. The House followed up w/a 220-211
vote to pass the companion reconciliation bill. A deal was reached w/antiabortion Dems to get
their support for the final legislation and will involve Obama issuing an executive order
affirming the existing policy that Federal Funds couldn't be used for abortion. The Senate this
week is expected to vote on the reconciliation bill. Passage was pretty much expected as of late
on Fri although certain elements of the final legislation may receive more attention this week and
spook investors (inc. the tax being imposed on earned income, the overhaul of student lending
that was tucked into the HC bill, etc).
* Municipals - there is a growing fear that smaller municipals could see increasing amounts
of stress as larger state governments choke off funds to smaller towns and cities. "I prefer large
states and cities, as problems within those areas are pushed to local governments," Larry Fink,
chief executive of BlackRock. "The assumption that an investment-grade rating is merited for all
municipal debt is less tenable every day," said Kenneth Buckfire, CEO of investment-banking
firm Miller Buckfire & Co. "This is eerily reminiscent of the early days of the subprime crisis,
where everybody was comforted by the investment-grade ratings but nobody did any analysis."
WSJ