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Yellen talks economic fallout from climate ‘shocks’ during North Carolina visit

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Yellen talks economic fallout from climate ‘shocks’ during North Carolina visit


CHAPEL HILL — Treasury Secretary Janet Yellen warned Tuesday of financial calamity if local weather change is just not addressed with quick authorities intervention.

Joined by native enterprise house owners and distinguished Democrats in North Carolina, Yellen mentioned the growing frequency and severity of pure disasters may create devastating short-term provide reductions of on a regular basis items that trigger costs to skyrocket.

Provide-chain disruptions like these skilled on a world scale through the COVID-19 pandemic may quickly develop into commonplace, she mentioned throughout a go to to a photo voltaic farm in Chapel Hill.

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“Right here in North Carolina, you bear in mind properly the devastating toll of Hurricane Florence. That catastrophe killed 22 People. It led to $24 billion in injury and left 1,000,000 North Carolinians with out energy,” Yellen mentioned.

As North Carolina is gearing up for a number of tight races in November, Yellen pitched the advantages of Democrats’ new local weather, well being and tax legislation — the so-called Inflation Discount Act — that may spend $375 billion over the following decade on climate-related investments.

Persons are additionally studying…

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Mixed with final yr’s bipartisan infrastructure legislation, the investments complete greater than $430 billion. The cash can be spent on all the things from offering tax credit to purchasers of electrical autos to establishing clean-manufacturing services.

Republican U.S. Sen. Thom Tillis criticized the Biden administration Tuesday for its “reckless” spending insurance policies that he mentioned have been “a catastrophe for North Carolina households” and the economic system.

“President Biden’s reply to all of our issues has been to spend more cash we don’t have on far-left priorities like inexperienced power welfare, which is able to solely make inflation even worse for North Carolinians,” Tillis mentioned.

On Tuesday, Yellen mentioned spending can be notably impactful in “non-coastal communities which have suffered from disinvestment.”

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Some North Carolinians who misplaced their properties from Hurricanes Matthew (2016) and Florence (2018) are nonetheless ready on repairs or everlasting housing lodging, due largely to provide and labor shortages introduced on by the pandemic, in response to the state’s catastrophe restoration company.

Different insurance policies championed by President Joe Biden — together with the CHIPS Act, which invests $52 billion within the home semiconductor trade — have centered on shoring up important assets to scale back dependency on international producers.

Yellen is the third Cupboard member to go to North Carolina in September alone, following visits from Environmental Safety Company Administrator Michael Regan in Warrenton final weekend and Vice President Kamala Harris in Durham on Sept. 1.

Yellen’s go to is a part of a monthlong nationwide tour highlighting new laws.

The Republican Nationwide Committee known as Yellen’s journey to North Carolina “ironic,” accusing her of touting so-called options to financial issues that she and the Biden administration created, in response to spokeswoman Taylor Mazock.

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Yellen, for her half, mentioned the “persistent, frequent shocks” attributable to local weather change will put better strains on the nationwide price range if unaddressed. “State and native governments could more and more be compelled to dedicate scarce assets to catastrophe mitigation, doubtlessly on the expense of investments in areas like training and employee coaching,” she mentioned.

Six weeks out from the midterm elections, Biden has been showering consideration on the Southern swing state, the place a good U.S. Senate race may shift the steadiness of energy within the narrowly divided chamber.

The White Home hosted greater than 50 North Carolina leaders from Greensboro and throughout the state for a discussion board final week on how Biden’s insurance policies may benefit working class communities.

And with abortion entry within the highlight, Democrats are funneling assets into North Carolina’s state legislative campaigns to stop Republicans from gaining the few seats they should nullify the Democratic governor’s veto on extra stringent restrictions.

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North Carolina

North Carolina Gov. Roy Cooper Drops Out of Harris’ Veepstakes

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North Carolina Gov. Roy Cooper Drops Out of Harris’ Veepstakes


North Carolina Gov. Roy Cooper on Monday withdrew his name from contention to serve as Vice President Kamala Harris’ running mate. In a social media statement, Cooper thanked Harris for her campaign’s consideration and reaffirmed his confidence in her victory. “This just wasn’t the right time for North Carolina and for me to potentially be on a national ticket,” he said. “She has an outstanding list of people from which to choose, and we’ll all work to make sure she wins.” A source told The New York Times, which reported Cooper’s veepstakes exit before his announcement, that his team had reached out to Harris’ campaign a week ago to say he did not want to be considered. Sources told Politico and NBC News that Cooper had dropped out for a few reasons, including a possible U.S. Senate run in 2026 and fears that North Carolina’s conservative lieutenant governor, Mark Robinson, might try to seize power if he left the state to campaign. Harris is aiming to announce her pick for No. 2 by Aug. 7, when the Democratic Party kicks off its virtual nomination process. The party convention is slated to begin Aug. 19 in Chicago.

Read it at The New York Times



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North Carolina Gov. Roy Cooper backs out of consideration to be Harris’ running mate

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North Carolina Gov. Roy Cooper backs out of consideration to be Harris’ running mate


North Carolina Gov. Roy Cooper has informed Kamala Harris’ presidential campaign that he does not want to be under consideration in her search for a vice presidential candidate, the governor said Monday night.

Cooper said in a statement explaining his decision that although he was taking himself out of consideration for the role, he’s still backing Harris’ candidacy.

“I strongly support Vice President Harris’ campaign for President,” Cooper said. “I know she’s going to win and I was honored to be considered for this role. This just wasn’t the right time for North Carolina and for me to potentially be on a national ticket.”

“As I’ve said from the beginning, she has an outstanding list of people from which to choose, and we’ll all work to make sure she wins,” he added.

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The New York Times first reported that Cooper was withdrawing his name from consideration.

One source directly involved in Harris’ search for a running mate said Cooper took himself out of the mix because he wants to run for the U.S. Senate in 2026. The source said Cooper never indicated to the campaign that he wanted to be vice president and told Harris aides that he did not want to be considered.

NBC News previously reported that interviews with some Democratic insiders pointed to Cooper, along with Sen. Mark Kelly of Arizona and Gov. Josh Shapiro of Pennsylvania, as top contenders to join Harris on the Democratic ticket.

Other governors, including Kentucky’s Andy Beshear and Minnesota’s Tim Walz, and Transportation Secretary Pete Buttigieg are among those who have also been floated as potential running mates.

The Harris campaign previously said she plans to select a running mate by Aug. 7.

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Feds approve Cooper plan to relieve up to $4B in NC medical debt, as Harris weighs in

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Feds approve Cooper plan to relieve up to B in NC medical debt, as Harris weighs in


A plan unveiled at the beginning of this month by Democratic Gov. Roy Cooper to leverage Medicaid funds to help North Carolinians struggling with medical debt has been approved by the federal government.

On Friday, the U.S. Centers for Medicare and Medicaid Services (CMS) approved a plan that has the potential to relieve $4 billion in existing hospital medical debt for people in the state, according to a news release. In order for the plan to take effect, hospitals would need to sign on.

“Unlike most other debts, medical debt is not intentional because people don’t choose to get seriously ill or have an accident,” Cooper said, according to the news release.

“Medical debts are often beyond people’s ability to pay, ruining their credit, keeping them from getting credit cards, loans and jobs and sometimes driving them into bankruptcy. That’s why we’re working with hospitals and federal partners to help relieve the burden of medical debt for North Carolina families,” he said.

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Vice President Kamala Harris — who appears set to become the Democratic presidential nominee for the November election, and has been considering Cooper as a possible running mate — has been “coordinating” with state officials on the medical debt plan, The Washington Post reported.

“No one should be denied access to economic opportunity simply because they experienced a medical emergency,” Harris said in a statement sent as part of a news release Monday.

“Yet today, more than 100 million Americans struggle with medical debt — making it more difficult for them to be approved for a car loan, a home loan, or a small-business loan, which makes it more difficult for them to just get by, much less get ahead.”

“I applaud North Carolina for setting an example that other states can follow by advancing a plan that has the potential to relieve $4 billion in medical debt for two million individuals and families. This critical step also strengthens financial assistance for emergency medical procedures moving forward,” Harris said.

Vice President Kamala Harris, joined by N.C. Gov. Roy Cooper, speaks while visiting Durham’s historic Black Wall Street district on Friday March 1, 2024.

Vice President Kamala Harris, joined by N.C. Gov. Roy Cooper, speaks while visiting Durham’s historic Black Wall Street district on Friday March 1, 2024.

Harris wrote that over $650 million in medical debt had been forgiven through the American Rescue Plan, which was passed under the Biden administration.

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The News & Observer has contacted several hospitals and the North Carolina Healthcare Association, which represents hospitals, regarding their stances on the plan.

UNC Health “continues to have discussions with state and federal officials,” UNC Health spokesperson Alan Wolf said in an email.

“We support efforts to reduce medical debt and we expect to receive more details on the approved plan soon,” he said.

Medical debt relief provided

According to Cooper’s news release, hospitals that opt in to the plan must implement the following to be eligible for enhanced payments offered under the plan:

  • For those on Medicaid, relieve all unpaid medical debt dating back to Jan. 1, 2014.

  • Relieve all unpaid medical debt that has become virtually impossible to collect dating back to Jan. 1, 2014, for people not enrolled in Medicaid whose income is at or below at least 350% of the federal poverty level (FPL) or whose total debt exceeds 5% of their annual income. A family of two at 350% of the FPL makes about $71,000 a year.

  • Provide discounts on medical bills for people at or below 300% FPL.

  • Automatically enroll people into financial assistance, known as charity care.

  • Not sell medical debt of people making below 300% FPL to debt collectors.

  • Not report debt covered by policies laid out in the plan to a credit reporting agency.

Patients of participating hospitals will not need to take any actions to benefit from medical debt relief, according to the news release.

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Plan to leverage Medicaid funds

When the state expanded Medicaid in December, it implemented a mechanism that allowed hospitals to receive higher federal reimbursements in return for paying the state’s share of costs under the expansion bill.

The federal government covers 90% of Medicaid coverage costs for the expansion population, while the state covers 10%. This funding mechanism was called the Healthcare Access and Stabilization Program.

The medical debt relief plan further leverages federal funds by providing higher HASP payments to hospitals that choose to implement the plan.

Hospitals often only collect a small fraction of the medical debt they are owed, Cooper said during a press conference announcing the plan on July 1.

However, large debts that remain on the books can prevent people from buying a home or getting a credit card and sometimes can lead people into homelessness and bankruptcy, he said.

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North Carolina has one of the highest percentages — 13.4% — of adults with medical debt, according to KFF, a health policy organization. About 20 million people — or nearly 1 in 12 adults — owe a combined total of at least $220 billion in medical debt in the United States, KFF says.



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