The daily business briefing: October 13, 2017

Trump ends ObamaCare subsidies for the poor, Amazon puts studio chief on leave after sexual harassment allegation, and more

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1. Trump to scrap key ObamaCare subsidies

President Trump is cutting off payments to insurers that help millions of lower-income Americans get health care, the Trump administration said Thursday. Experts warn the move could throw health insurance marketplaces into turmoil. Earlier in the day, Trump announced that he was "starting that process" of replacing ObamaCare, signing an executive order easing some insurance requirements. "The competition will be staggering," Trump said. "You'll get such low prices for such great care." The unilateral moves came after Republicans in Congress failed to repeal former President Barack Obama's signature reform law. ObamaCare supporters say Trump is merely allowing "junk" insurance — cheaper policies with fewer benefits — that healthy people will buy instead of more comprehensive coverage, likely leading to sharp premium increases for older, sicker people.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.