Obama Seeks Funding to Take Genetic Medicine to Next Level

WASHINGTON (AP) — Holding out the promise of major medical breakthroughs, President Barack Obama on Friday called on Congress to approve spending in medical research that tailors treatment to an individual’s genes. Obama wants $215 million for what he’s calling a precision-medicine initiative that moves away from one-size-fits-all treatments. The ambitious goal: Scientists will assemble databases of about a million volunteers to study their genetics — and other factors such as their environments and the microbes that live in their …

Poll: If Court Rules Against Obamacare Subsidies, Most Want Them Restored

A new poll finds that most people think Congress or states should act to restore health insurance subsidies if the Supreme Court decides later this year they are not permitted in states where the federal government is running the marketplace. The court in March is set to hear King v. Burwell, a lawsuit arguing that the wording of the Affordable Care Act means that financial assistance with premiums is available in only the 13 states that created and are running …

New House Rule Limits Full Consideration of Social Security Solutions

AARP wrote to members of the House of Representatives to express our strong concern with a last-minute amendment to H.R. 5, the House Rules Package for the 114th Congress, that would effectively limit potential options regarding Social Security, including options to protect benefits under the Social Security Disability Insurance Program. Under the amendment, the House could only consider legislation affecting any part of the Social Security program if the overall effect of the changes improved Social Security’s Old Age and …

House Rule Sets Up Election-Year Battle Over Social Security

Buried in new rules that will govern the House for the next two years is a provision that could force an explosive battle over Social Security’s finances on the eve of the 2016 presidential election. The Social Security disability program has been swamped by aging boomers, and unless Congress acts, the trust fund that supports it is projected to run dry in late 2016. At that point, the program will collect only enough payroll taxes to pay 81 percent of …

Congress Extends a Few Tax Breaks for You

So Congress wasn’t totally Scrooge-like this holiday season, as members tossed a few tax breaks to the rest of us. They passed legislation to extend a number of tax breaks that expired at the end of last year. If they hadn’t, you wouldn’t be able to take various deductions and credits when filing your 2014 tax return. >> Discussion: How do you make the most of your money? Among the key tax breaks for individuals: IRA charitable deduction. Those 70½ and older …

Those Pension Cuts and What You Need to Know

Congress recently carved a hole in a 40-year-old pension law that has prevented employers from cutting benefits earned by those already retired. This change applies to people covered under multiemployer plans that are in critical financial shape. Here’s what you need to know: What is a multiemployer plan? This is a pension covering workers and retirees from more than one employer in the same or related industries, such as trucking or construction. (Most of them were established under collective bargaining between …