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Overview: The House of Representatives passed the debt limit deal on Wednesday, and the Senate passed it Thursday night with solid bipartisan votes. As written, the bill allows the federal government to borrow whatever is necessary to pay its obligations over the next two years. It also imposes spending caps for two years and expands SNAP work requirements for able-bodied recipients in the age range of 50 to 54. The bill now moves to the desk of President Biden, who is expected to address the nation on Friday. Economy: In the week ending May 27, the advance figure for seasonally adjusted initial unemployment claims was 232,000, an increase of 2,000 from the previous week’s revised level. The previous week’s level was revised up by 1,000 from 229,000 to 230,000. The 4-week moving average was 229,500, a decrease of 2,500 from the previous week’s revised average. The previous week’s average was revised up by 250 from 231,750 to 232,000. In May, employers in the U.S. added 339,000 jobs. The economy added 339,000 new jobs in May, a significantly higher number than expected. Medicaid and CHIP: In March 2020, the Centers for Medicare & Medicaid Services (CMS) temporarily waived certain Medicaid and Children’s Health Insurance Program (CHIP) requirements and conditions. The easing of these rules helped prevent people with Medicaid and CHIP—in all 50 states, the District of Columbia, and the five U.S. territories—from losing their health coverage during the pandemic. As of February 1, 2023, states were allowed to restart Medicaid and CHIP eligibility reviews. According to some estimates, up to 15 million people could lose their current Medicaid or CHIP coverage through the Medicaid and CHIP eligibility renewal process. In an effort to minimize the number of people that lose Medicaid or CHIP coverage, CMS is working with states and other stakeholders to inform people about renewing their coverage and exploring other available health insurance options if they no longer qualify for Medicaid or CHIP. CMS views Medicaid and CHIP continuous enrollment unwinding as 2 phases: Phase 1: Prepare for the renewal process and educate Medicaid and CHIP enrollees about the upcoming changes. Phase 2: Ensure people with Medicaid or CHIP take the necessary steps to renew coverage, and transition to other health coverage if they’re no longer eligible for Medicaid or CHIP. CMS has provided a toolkit to help inform people about their options and an interactive map for information about how to renew Medicaid or CHIP in each state. |
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