Hill some investors are saying its more about what she did not say than what she did. Well explain. Meantime, United Airlines is unveiling a new program to avoid upset passengers on overbooked flights. Wait until you this is actually a good idea. I love it. A great idea, and well outline it for you coming up. But we begin today with Senate Republicans unveiling a new version of the Health Care Bill, including offering plans with less coverage, the skimpy plans, quote, unquote, and keeping some of obamacares taxes. Kayla tausche has the details. Kayla . Reporter earlier today the Senate Majority leader said that the draft that came out today will be scored by the Congressional Budget Office early next week and after that point he hopes to bring it for a vote on a motion to proceed. That is where senators will say whether they think it should move forward, be amended, have changes be submitted by colleagues on both sides of the aisle and then have a vote on a final draft, but we are getting some sense of exactly where this vote could stand right now there are two hard nos from senator Susan Collins of maine and senator rand paul of kentucky, but there are about half a dozen undecided who said they either need to read the bill further they want to talk with exactly changes could be coming and talk to their constituents about whether this bill makes wholesale changes far enough to actually win their support there are some tweaks to medicaid, but they change the calculations they dont necessarily change outright and say the year that a transition would happen or the inflation peg that its tied, to and then there is a change that allows, as you just mentioned, sews schismier plans to be sold. So if an Insurance Company offers a plan that complies with the Affordable Care act exchanges, it can then sell plans that dont comply, but a letter from the insurance industrys lobby said that would threaten the stability of the overall market that would create adverse selection from people who have preexisting conditions and wont create broadbased enrollment to bring costs down the way we want. We did see a tweet were senator collins of maine saying there are still deep cuts on medicaid and will vote no on the motion to proceed and is willing to work with any colleagues to make any changes to help get a replacement off the ground here or to fix the aca, in her words in, that tweet, so well see exactly how support either coalesces or doesnt but its clear that the Senate Majority leader wants a decision on this in a matter of days. Guys it seems like it feels like the count is what were watching most closely right now, kayla, to see if its, you know, one or two, maybe three senators right now expressing some opposition or whether it it have two nos so theres no wiggle room right now, and i heard Lindsey Graham was reaching out to the democrats hoping that maybe some of them with these changes would come across the aisle, but i doubt thats going to happen, dont you . Reporter potentially, but senator gram and senator bill cassidy of louisiana this morning rolled out a proposal of their own to funnel about 110 billion from federal funds directly to the states let them create their own insurance marketplaces because they say vermont might want single payer but some place like South Carolina might want a more stable private market for their citizens, so certainly thats a little bit of a wrench being thrown in the mix here as this situation becomes even more complicated as it heads to some sort of conclusion perhaps next week, so well see, but certainly theres a lot to figure out here, and theres certainly a lot of senators who really want to sit down with the bill and figure out exactly whats in it and exactly whether they can support it. All right kayla, thank you Kayla Tausche there at the capitol. Lets talk about this with dan haller and zeke emanuel, chair of medical ethics and Health Policy at the university of pennsylvania his new book is called prescription for the future. Gentlemen, thank you for joining us dr. Emmanuel, just on first blush, when i see that the medicaid cuts are still in place on one hand thats not going to please the moderates and, on the other hand, the taxes, the obamacare taxes are back in again. Thats not going to please conservatives, so what do we have here, do you think . Well, first of all, in a large measure this bill is actually worse than the previous version because the cruz amendment actually destabilizes all the individual Insurance Markets making sure that Healthy People stay out of the exchanges having only sick people in the exchanges, actually going to drive premiums sky high. Its going to be a much worse bill i would also note that on your list you did not have as undecided dean heller from nevada up for reelection and he depends on hes going to go with what his governor says who is very heavily dependant on the Medicaid Expansion and who has been against this bill, so i think Mitch Mcconnell is not doing well, and if only one more senator goes, youll then see ten more senators vote no in the safety of not being the one who killed it. I think this is actually going down. Dan, especially now that they are going to rethat inthis investment tax, do you guys support this legislation do you think it should be passed yeah. I dont think anybody thinks that this is the bill that republicans campaigned on. This isnt a repeal of obamacare, not a sweeping replace but from our Vantage Point its an improvementment over the Current System. What you have to understand is what obamacare said, hey, people who like your health insurance, were going to mess around you, put a bunch of regulations and taxes and restrictions on you and give Something Else to somebody else, and the problem is that you messed up the peoples plans that they liked, and what were seeing now in the revised bill with the cruztype language is theres going to be more choice and more competition and more options for individuals who are buying on the individual and small group markets. Were trying to restore that through this plan. Thats a good step its not sufficient to fix everything that obamacare broke, but it is a step in the right direction. Can i just clarify. Go ahead, dockor. Can i just clarify one thing. The more choice you have, you can not have choice and the preexisting disease exclusion so that people with cancer or multiple sclerosis or Rheumatoid Arthritis can get insurance at a same rate as everyone else if you want to have the preexisting disease exclusion, can you not give unlimited choice to people because then the Healthy People are going to choose to be out or get skimpy plans and the whole system collapses. This is fundamental problem. Behind the rhetoric of choice is a total undermining of the system. Dan, what do you say . This is one of the problems, right, is that folks on the left and dr. Emmanuel, too, are saying its not okay for individuals to have choice, the type of choice they want when it comes to health insurance. They can have choice, sure, defined by whoever is in power and writing the rules at hhs but thats not actual choice that doesnt create competition. It basically says 535 members of congress are insurance commissioners. If you want to be an insurance commissioner, go back to your home state and run for insurance commissioner dont try to federalize everything and take away choices and options for the american people. Heres the problem. My patients with cancer if we have the system that the Heritage Foundation and rand paul want will not have any choice because they will be denied insurance or the premium will be so high they cant afford it. That isnt choice. That is simply leaving people destitute because they cant afford health care and vulnerable to the system thats not choice to those people at all. Giving choice to the Healthy People who dont need insurance and not to pay actually leaves people who are sick really vulnerable. Dan, what about that . I mean, again, the presumption here, and this is this is what we see from washington, d. C. All the time is that the people in washington can micromanage these things and do it well, and what were saying is what heritage is saying and what youre starting to see come through the process in the house and the nat is the that were going to make sure we restore choice and were also going to make sure that states have the ability to regulate their health Insurance Markets again, like they have in the past obamacare took that away from the states this is simply giving it back. If i may. And go run for state level office and vote there if you want to make the decisions if i may, let me get to you address specifically what dr. Emmanuel was talking about, people with preexisting conditions, cancer or parkinsons, whatever it is, they end up with the sky high premiums if they are denied a regular policy, right . Well, i mean, i think one of the things that you see in the bill, and were still going through the bill obviously, but one of the things you see in there is theres a lot of money flowing to states to prop up what basically becomes highrisk pools, something that a lot of Health Care Scholars have talked about as a way to deal with the chronically ill, people with preexisting conditions. States use them a lot before obamacare so this is not necessarily anything new and were transferring that authority back to the state instead of having it tall here at the federal level. The highrisk pools were a uniform failure. We did have 50 Million People uninsured. The Affordable Care act got 22 million more people covered and without changing medicaid thats at least this revised bill has at least 15 Million People thrown off of insurance and probably more. That is not a good plan. To dan hollers choice, there is more money in this, since they are keeping the obama taxes in place, theres more to put back to the state that would help the Insurance Companies and the other and the hospitals to be able to treat those people with those highrisk pools, right . And we know. So there would be that would be a positive, wouldnt it this bill is adding 100 million over ten years 10 billion a year over ten years in a Health Care System thats 3 trillion thats nowhere near enough money. It is simply a bandaid to buy off particular people who are worried about the highrisk pools. We know that you need at least 25 billion or 35 billion for the highrisk pool to even have a chance of working. This is totally inadequate as is the amount of money that they are giving for the opioid endeckic, 45 billion over ten years. The president s own commission on the Opioid Epidemic says you need at least 220 billion, plus they are giving it in a totally inefficient way. These are not they may sound like big numbers, but over ten years they are very tiny numbers in a Health Care System and they will not address the problems of the fact that Cancer Patients will have super high premiums and people with other diseases or the elderly older people, over 50, are going to pay more in this, not less. This does not address any of the affordability problem. We have to go at this point thank you both for your time on an incredibly important topic right now. Thank you. Thanks for joining us we have breaking news on fan duel and draftkings. Kate rodgers, tell us. The online Fantasy Sports companies are saying they are going to terminate their merger agreement. There were antitrust concerns from the ftc about both Companies Joining forces of both of the ceos have very similar statements out right now saying its in both of their Companies Best interests to terminate this merger agreement and move forward as independent conditions once again, fandowell and draftkings announcing they are terminating that merger agreement. Kate, thank you. Fed chair janet yellen talking rate hikes and inflation during Senate Testimony today. Steve liesman here with the highlights. Reporter its what the fed chair janet yellen that didnt say that caught everybodys attention. Yellen did not go back on her fairly dovish comments before the house on wednesday she left that view intact, an heres what she said today about inflation. Weve had several months of low inflation readings, and were focused on trying to understand it, have felt that it probably remains prudent to continue on a gradual path of rate increases, but its something we will watch very carefully, and i want to emphasize that Monetary Policy is not something thats set in stone, and if our evaluation changes with respect to inflation, that will make a difference you can tell there wasnt much change because the probability of a rate hike around 42 , 43 for december thats the third rate hike this year so quite a bit of doubt and debate about whether the third rate hike happens. Yellen says getting the 3 growth south out by President Trump would be difficult because productivity is so hard, and she was also peppered with questions on regulatory reform, trying to defend the Current System but saying the fed is open to easing in certain places, and you can get a little pop today, bill, in the financials all right thank you, steve, very much. Steve liesman there. Back at hq lets get to our Closing Bell Exchange nothing like the past two days where we had some volatility because of headline risk its been a pretty placcid rate and the dow up 21 points cnbcs contributor art cashin is with us and joe is john manley, the chief strategist for Wells Fargo Fund and Rick Santelli gheks from the cme so, arthur, weve got the health care the revised Health Care Bill coming out. Weve got janet yellen testifying again, but its oil thats moving this market today. Yeah. The market had coined of a tripolar personality. We started out with a bounce in the morning hoping that yellen would bring in another box of candy to the game. When she failed to do that, the market pulled back, and then from late morning until just a little while ago the fact that oil moved from threatening to break below 45 to up above 46, that gave us the midday rally, and then believe it or not getting close to well, i shouldnt say getting close. Finding a Health Care Bill that was not fully dead on arrival gave them the feel not so much about health care but that maybe tax reform might have some life. If these guys can get close to agreeing on health care and got us up to the rally now and now were fading a little bit. The early look on the market closes is to the sell side and of some significance would i caution the viewers that we still have plenty of time till the close, but markets sometimes reacts to that. John, anything that stood out for you from hearing from janet yellen today or yesterday beyond what weve just talked about, kind of the moderation on the inflation language in. She gets it shes aware of whats going on shes at least as smart as i am. One of the things that amazed me, so much strategist that think they know more than the fed chair, we dont. Shes aware of the inflation risk and deflation risk and aware of the asset bubble risk and is aware of all of these things and will proceed cautiously when she sees those things, the odds of being wrong, well, they are there, but the odds of being wrong for long is really damaging, and i dont think they are there. Rick, if you want to call it a yellen rally that we had in treasuries yesterday, thats been given back today so so much for that, right . Yeah, you know, keep it simple as long as were 2. 0 to 260, anywhere in that, its not that anything is really change the. The market could be in that zone its spent a lot of of time there in the earlier part of the year i do think theres something going on though, and art and i have talked about it throughout the day and thats pay very close attention to upcoming meetings by the ecb, jackson hole, kuroda, whats going on in japan because in order to really get a handle on our Balance Sheet reduction known as qt, quantitative tightening or how that will inhibit or enhance actual rate increases, all of that have is a global game, and were just one of three players. Actually you can see were zero out of the three players because we virtually stop the qe other than replacing runoff. Its really in their court, and thats going to make a huge difference thats why two weeks ago mario draghi hints at something and all rates moved higher you know, investors are highly attuned to this, and as for janet yellen, i guess im still amazed theres much discussion that, you know, from 2007 to 2010 the fed did good things. Stopped a lot of bad things from happening. Okay even if you concede that they have had seven years to try to get growth up we were thinking 1. 5 growth, 2. 75, never materialized this the administration, no matter what you think about them, they had seven years, they have the administration had seven months i was really amazed in two days, she doesnt give any nod to the notion that a fiscal rescue, any kind of policy is a good thing i remember not that many years gone under a different president. They were begging for some fiscal help because Monetary Policy couldnt do it alone. You know. He mentioned