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Taiwan’s health minister apologised Thursday after he came under fire for suggesting single people should pay more health insurance because they have a higher risk of mental illness.

“I apologise. I should not have used the term ‘mental illness’, which is very sensitive,” Yaung Chih-liang told a news conference. Yaung angered lawmakers at a briefing Wednesday on a planned revision of the national health care program, which calls for higher payment rates for single people in a bid to encourage the public to start families.

“Statistically it is correct,” Yaung replied in footage aired by Sanlih TV news channel, replying to a lawmaker’s question on whether single people face higher risks of developing mental problems. “Generally speaking it’s safer to be in a family. (You’re) less likely to get mental illness. So everybody please start a family as soon as possible,” he said.

His remarks touched off a storm of criticism from lawmakers, who accused the government of punishing people for not getting married. “We protest the new health care programme that punishes single people… it is unacceptable,” said lawmaker Chen Ting-fei, herself unmarried.

Taiwan’s government is desperate to encourage people to have more children as the island’s birth rate has dwindled to one of the worlds lowest in recent years. Yaung has called Taiwan’s situation “tragic”, warning that a declining birth rate and a rapidly ageing society could lead to a spate of social problems.

The island’s birth rate stood at 8.29 per 1,000 people last year, according to official figures. That compares with a global average of more than 20 births per 1,000 people, according to the United Nations. Last year a record low of 191,310 babies were born in Taiwan, which has a population of 23 million, down almost four percent from the previous year.

Taipei, April 8, 2010 (AFP)

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US investment bank Goldman Sachs has refuted allegations that it profited improperly from the state rescue of insurance giant AIG and that it took positions against clients to whom it had sold high-risk property assets.

Goldman Sachs said in a letter to shareholders on Wednesday that AIG was a top credit-rated company with which it had had a wide spread of sophisticated financial business relationships since the mid 1990s. The letter was signed by the chief executive of Goldman Sachs, Lloyd
Blankfein, and the chief operating officer Gary Cohn. The bank, noting that in the last year its relationships with AIG had attracted much interest, said that it had handled its credit arrangements with AIG in the same way as with other big groups, and that “collateral arrangements were tightly managed.”

Goldman Sachs said: “We limited our overall credit exposure to AIG through a combination of collateral and market hedges in order to protect ourselves against the potential inability of AIG to make good on all its commitments.” These arrangements were similar to those it used with “most other counterparty relationships.” In a key passage of its defence against criticism of conflict of interest, the bank said: “As part of our trading with AIG, we purchased from them protection on super-senior collateralized debt obligation (CDO) risk. “The protection was designed to hedge equivalent transactions executed with clients taking the other side of the same trades.

“In so doing, we served as an intermediary in assisting our clients to express a defined view on the market.”The net risk we were exposed to was consistent with our role as a market intermediary rather than a proprietary market participant.”In July 2007, as the market deteriorated, we began to significantly mark down the value of our super-senior CDO positions.” Rigorous accounting and daily trading as a market maker led the bank to reduce its valuations of assets as prices changed. Goldman Sachs said it believed that this policy meant that it had revalued assets downwards “earlier than other institutions” and that this had resulted in collateral disputes with AIG.

“We believe that subsequent events in the housing market proved our marks to be correct — they reflected the realistic values markets were placing on these securities.” In March 2009, AIG said that Goldman Sachs had been the company to benefit most from from 52 billion dollars of public funds used between September and December 2008 to unwind positions taken by the Financial Product subsidiary of AIG. Goldman Sachs had benefited to the extent of 12.9 billion dollars, including 4.8 billion dollars’ worth of US Treasury bonds that AIG had committed in return for a loan of 4.8 billion dollars.

“If AIG hadn’t repaid the loan, we would simply have sold the securities and received the 4.8 billion dollars of value in that way.” AIG also owed 2.5 billion dollars in respect of trades that occurred between the rescue on September 16, 2008, and the end of 2008. Goldman Sachs also received 5.6 billion dollars linked to a special financial vehicle called Maiden Lane III, created in the middle of November 2008 by the US Federal Reserve central bank to unwind high-risk positions taken by AIG. “The Federal Reserve required that the counterparties deliver the cash bonds to Maiden Lane III in order to settle the CDS contracts and avoid any further collateral calls,” they said.

Goldman Sachs said that it was continuously taking all manner of positions in the market as part of its normal business. “This does not mean that we know or even think that prices will fall every time we sell or are short, or rise when we buy or are long. “Clients come to us as a market maker because of our willingness and ability to commit our capital and to assume market risk.” The letter said: “We are not ‘betting’ against them.”

New York, April 8, 2010 (AFP)

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US aerospace giant Boeing said Wednesday it expected to take an income-tax charge of about 150 million dollars in the 2010 first quarter as a result of sweeping health-care reform.

Boeing said that under the legislation, a final version of which was signed into law Tuesday by President Barack Obama, it can no longer claim an income-tax deduction related to prescription drug benefits provided to retirees and reimbursed under a federal subsidy.

“Although this tax increase does not take effect until 2013, accounting standards require that a deferred income-tax asset be written down in the period legislation changing the tax law is enacted,” the Chicago-based company said in a statement.

Boeing said the charge was expected to reduce net earnings by approximately 150 million dollars, or 20 cents per share, in the first quarter of 2010.”Cash impacts of this charge will be realized over many years beginning in 2013,” the firm said, adding that it will update guidance issued on January 27 when it releases first-quarter financial results.

Boeing joins AT&T, Caterpillar, 3M and other major companies which recently have announced charges to cover changes under the landmark reform of health care that extended health insurance to an additional 32 million Americans.

Washington, March 31, 2010 (AFP)

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Pop singer Whitney Houston has cancelled the Paris concert she was due to give Tuesday because of illness, the concert’s organisers said.

Houston was suffering from a respiratory infection and a new date would be announced later in the day, said the statement. The Paris concert, at the Paris-Bercy arena, was to have been the first date in a European tour. Tickets must be kept by fans to go to next date. Insurances will pay concert preparation fees. The next concert in the tour, in Manchester, England on Thursday, was still set to go ahead, said organisers.

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MMA, the broker-only general insurer, has announced today that the company has signed up to the SIRA system (Syndicated Intelligence for Risk Avoidance), joining a number of insurers and financial organisations in the fight against claims fraud.

The SIRA system allows MMA to search financial and insurance fraud databases to identify potential fraud risks either at the policy stage or upon receipt of a claim. The intelligence gained from SIRA will be used to flag potential issues which MMA can then investigate. Bob Perry, Commercial Director at MMA commented: “I am delighted that MMA has signed up to use SIRA. I strongly believe that insurance and financial services organisations should work more closely to prevent fraud.

“We are currently using the system to review all new motor claims and all new motor business with the option to extend the use of SIRA to home and commercial policies and claims at a future date.” SIRA was developed by Synectics Solutions and is based on a foundation of 15 years’ experience detecting fraud for insurers, financial services companies and the public sector.

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Markets in eastern Europe continue to expand, the Vienna Insurance Group (VIG) said Wednesday, noting its strong performance in the region last year despite the economic crisis.

“Unlike in western Europe, people in these countries have a stronger desire to improve their lifestyle,” VIG chairman Guenter Geyer told journalists. “Not everyone has fulfilled their wish to buy a car or a motorbike yet,” he added. “Despite all the negative predictions voiced by numerous Nobel prize winners on eastern European markets, we have seen a good result,” Geyer added.

VIG, which has branches all over the region, reported 8.02 billion euros (10.82 billion dollars) in sales last year, 49.1 percent of which came from eastern Europe. Group profit before tax amounted to 441.2 million euros, according to the company’s annual report published Wednesday. Again, eastern Europe accounted for 40 percent of this result. Countries in the region, with the notable exception of Poland, saw their economies contract last year, prompting a hike in unemployment and the introduction of strict austerity measures.

But VIG sales in central and eastern Europe totalled 3.93 billion euros in 2009, up 0.2 percent compared to the previous year. “People there have a different approach to the word ‘crisis,'” noted Geyer” They compare it to the situation they saw 20 years ago (after the fall of communism) and we’re not at that stage,” he added. Given this, VIG predicted further growth in 2010, despite Europe’s uncertain economic future, and forecast profit before tax to jump by over 10 percent, in part due to restructuring within the company.

Vienna, March 31, 2010 (AFP)

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    Standard & Poor’s Rating Services said today that it has lowered its long-term counterparty credit ratings and insurer financial strength ratings on the core entities of France-based AXA group to ‘AA-‘ from ‘AA’. At the same time, we revised the counterparty credit rating on the holding company AXA to ‘A’ from ‘A+’. The outlook on all of the ratings is stable.

    “The rating action reflects our opinion that, although recovering, it is unlikely that AXA’s capital adequacy and operating performance will recover to levels in line with an ‘AA’ rating in the next one or two years. The rating remains supported by what we view as a “very strong” competitive position, a positive management and strategy, and a “strong” enterprise risk management, compared with “excellent” previously,” said Standard & Poor’s credit analyst Lotfi Elbarhdadi.

    Financial flexibility and operating performance are, in our opinion, now consistent with the current level of the insurer financial strength rating on the group. Weighing on the group’s overall credit strength, according to our criteria, is capitalization that we still view as a relative credit weakness, despite its recovery in recent months. We consider that the group’s strong enterprise risk management will likely prevent the group from experiencing losses that exceed its risk tolerance.

    The change in AXA’s ERM assessment to strong from excellent reflects mostly the delay in the completion of AXA’s risk appetite framework relative to our expectations and the fact that the financial crisis highlighted some shortcomings of AXA’s risk management. We believe the actions AXA took in the U.S. illustrate the group’s ability to quickly deploy corrective actions. However, we believe that the newly reinforced framework is yet to be tested over time.

    The stable outlook reflects our opinion that AXA group’s business fundamentals, earnings, and management and strategy are likely to counterbalance the pressure on the ratings due to capitalization at the current rating level. We could consider a positive rating action if AXA group shows strong signs of higher underlying earnings prospects, along with capital adequacy improved to levels supportive of an ‘AA’ rating. We may lower the ratings if capital adequacy shows signs of weakening further, if ERM practices deteriorate, or if profitability deteriorates.

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    Broker insurer MMA Insurance confirmed on March 25th details of the next stage of its drive into the UK’s commercial lines insurance market, building on the success of its launch 18 months ago.

    Derek Plummer, Commercial Director of MMA, announced that the company is to open a new regional office in Newcastle to service the north east of England on 12 April. This will be followed by two more offices in Chelmsford and Bristol within the next month. Plans for the Newcastle office are well advanced with Ian McIntire leading the underwriting team. Ian has been working out of the MMA Glasgow office since 2008 developing relationships with brokers in the north east area.

    He will continue to work closely with Anthony Harris, Development Manager, who has several years’ business development experience with MMA. Commenting on these new developments, Mr Plummer said: “Our aim over the medium term is to be recognised as a leading broker insurer in the UK for commercial lines SME business. To achieve this, we’re pushing ahead with phase two of our plans which will see a significant expansion of our regional presence and our commercial lines teams. “The three new offices mean we’ll be able to offer brokers in these areas a faster, more local and personal service with increased capability for bespoke SME business, along with local knowledge and dedicated named contacts.”

    “During 2010 we’ll also be out around the country speaking to our brokers and getting their feedback on our commercial lines proposition. Brokers have worked with us to shape and develop our strategy so it is totally focused on their needs. We are therefore confident that all our brokers will be able to benefit greatly from our enhanced regional model and look forward to working with them to achieve their business targets.” MMA first launched its drive to develop commercial lines SME business in October 2008, opening new regional offices in Glasgow, Manchester, Birmingham and Reading. The company has also launched a dedicated underwriting team for its non-standard micro commercial business last August, based in Reading, and improved the broker section of its website (Broker Online).

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    Britain’s credit rating could be lowered if a new government fails to cut massive public debt, Standard & Poor’s warned on Monday as rival parties traded barbs over strained public finances.

    With polls widely expected in early May, S&P affirmed Britain’s top-grade AAA rating but said it remained on “negative outlook,” meaning its creditworthiness could be revised downwards — a move that would cause major shockwaves in the global economy. “The outlook on the United Kingdom remains negative based on our view that… the UK’s net general government debt burden may approach a level incompatible with a ‘AAA’ rating,” S&P warned in a statement.

    “We expect to review the long-term rating and outlook again once medium-term fiscal policy becomes clearer following the 2010 parliamentary elections,” the statement said, referring to polls expected on May 6. “The rating could be lowered if we conclude that the incoming government’s fiscal strategy is unlikely to put the UK debt burden on a secure downward trajectory over the medium term,” it added.

    The ruling Labour Party and opposition Conservatives have made the public finances a key battle ground in the run-up to the polls. The government says it has had to spend massively, increasing both the budget deficit and total debt, in order to keep the economy on track during the worst global slump in decades. Any move now by the Conservatives to withdraw some of the spending so as to balance the state’s books will only undermine what is a still tentative economic recovery, Prime Minister Gordon Brown and his cabinet has argued.

    The Conservatives in turn insist that a massive and growing budget deficit alongside soaring national debt endangers the longer-term future of the country and something must be done. They say spending must be cut but any moves have to be responsible and targeted, with taxes and costs reduced where possible. Earlier Monday, the Conservatives pledged to scrap a planned extra levy on workers’ personal income, saying it was “a tax on jobs and the middle classes.”

    The planned rise in National Insurance contributions was “the economics of the madhouse,” said George Osborne, shadow finance minister, pledging that the Conservatives would cover the cost by cutting six billion pounds (nine billion dollars, seven billion euros) of “waste” from the public sector. S&P forecast that general government debt will rise to 77 percent of gross domestic product (GDP) in 2010 and approach 100 percent by 2014 — far higher than official forecasts — because of weak growth and a huge deficit.

    The government forecasts debt to peak at 89.2 percent of GDP in 2013-2014. “As a result of the sizeable structural general government deficit, together with our weaker economic outlook, we project the general government gross and net debt burdens to continue on an upward trend,” it added. The ratings agency also said that the budget announced last week did not make any clearer how the government planned to deal with the debt in the medium-term, adding that there was “substantial uncertainty” over policy.

    London, March 29, 2010 (AFP)

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      Cesare Geronzi, head of investment bank Mediobanca, will be named chairman of Italian insurer Generali, a person familiar with the matter told AFP Friday.

      Geronzi will replace current chairman Antoine Bernheim at the head of Generali, while French industrialist Vincent Bollore will become vice-chairman. On Friday, Mediobanca said its appointments committee had met to draw up a list of proposed appointments to Generali’s board of directors, a process it said would “be completed by mid-way through next week.”

      The person however said the committee already reached a deal on the leadership according to which Geronzi would become chairman. The nomination of candidates will be approved by Generali’s shareholder assembly on April 24 after which the board will elect its chairman. Mediobanca, a pillar in the Italian economy with large stakes in many companies, is the main shareholder of Generali with 14.7 percent.

      Milan, March 26, 2010 (AFP)

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      Insurer Axa announced today that britains young drivers are more dangerous than other Europeans counterparts, in a overhaul study.

      An international research study from Axa has shown that young British drivers are a better risk on the road than some of their European counterparts. Statistics show that, while young drivers are a significantly worse risk on the road than more experienced drivers, motorists under the age of 25 years old (U25) in GB are more than 30% less likely to claim than those of a similar age in Spain or France and around 25% less likely to claim than the U25 in Germany.

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      US communications giant AT&T said on Friday it took a one billion dollar charge in the first quarter of 2010 to cover changes in US health care law.

      Just days after President Barack Obama announced landmark overhaul of health care, AT&T said it would need the sum to cover changes in the taxation on prescription drugs for seniors. “AT&T Inc. intends to take a non-cash charge of approximately one billion (dollars) in the first quarter of 2010 to reflect the impact of this change,” the firm said in a filing with the Securities and Exchange Commission.

      “As a result of this legislation, including the additional tax burden, AT&T will be evaluating prospective changes to the active and retiree health care benefits offered by the company.” The Dallas, Texas-based company joins at least three other firms who have projected high costs because of the reforms, which would spread health care insurance to around 32 million more Americans.

      On Tuesday Caterpillar announced it had set aside 100 million dollars after tax in the first quarter to cover expected costs. AK Steel predicted a charge of 31 million dollars while John Deere said it might cost the firm 150 million dollars. The new measures would see a cut in subsidies that companies get for providing prescription drug coverage to seniors. The new levies are not due to come into effect until 2011. At 1910 GMT AT&T stocks were trading marginally up 0.16 percent at 26.68 dollars.

      New York, March 26, 2010 (AFP)

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      Sponsored by leading European insurance and financial services group, Groupama since 1997, the giant trimaran, Groupama 3, skippered by Franck Cammas and his crew have won the highly coveted Jules Verne Trophy. The ten men sailed around the globe at an average of 18.76 knots along the optimum course (24.6 knots in relation to the route they actually took), beating the reference time set by Orange 2 in 2005 by 2 days 08 hours 35 minutes.

      Franck Cammas and his crew-members crossed the finish line off the Créac’h lighthouse at Ushant (Finistère) at 21h40’45” UTC Saturday 20th March. The Jules Verne Trophy is a prize for the fastest circumnavigation of the world by any type of yacht and there are no restrictions on the size of the crew. The award is a tribute to the famous Jules Verne novel Around the World in Eighty Days.

      Franck Cammas and the Groupama team broke 4 consecutive World records in 2007 and have now achieved the round the world record under sail via the three Capes.

      In its 48 days 07 hours 44 minutes at sea, Groupama 3 certainly had her highs and lows, as she wasn’t always ahead of the reference time set by Bruno Peyron and his crew in 2005.

      The giant trimaran had a deficit of just over 500 miles in relation to Orange 2 and was only able to beat the Jules Verne Trophy record thanks to a dazzling final sprint from the Equator. At that stage they had a deficit of one day and two hours, but by devouring the North Atlantic in 6 days 10 h 35′, Groupama 3 smashed the reference time over this section of the course.

      Commenting today François-Xavier Boisseau, CEO at Groupama’s UK subsidiary, Groupama Insurances commented: “To win the Jules Verne Trophy in such an impressive manner is the icing on the cake for Franck and his team – and is extremely well deserved. Groupama Group has supported Franck and the team for over 12 years and we have built this success together. We wish them many congratulations on this fantastic achievement and hopefully many more records in the future.”

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      Insurance Australia Group Limited (IAG) today confirmed that, as at the close of business on 25 March 2010, it had received in excess of 13,500 claims in relation to the severe weather which struck Perth on 22 March. As a consequence, the Group expects to claim on its catastrophe reinsurance cover, capping the total pre-tax cost of this event at $75 million.

      To reflect the impact of this event, the Group is lowering its FY10 insurance margin guidance to 9.5% – 11.0%, from 10.5% – 12.0%. The revised guidance assumes IAG’s natural peril costs in the second half of the financial year will exceed the budgeted $184 million allowance by $180 million.

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      The US Congress on Thursday put the final touches on President Barack Obama’s historic health overhaul, passing a set of technical changes to the legislation that will define his political legacy.

      Following a 56-43 Senate vote, the House of Representatives voted 220-207 for the free-standing package of fixes, four days after approving the underlying bill by a 219-212 margin. Obama, who triumphantly signed the main measure into law on Tuesday, was expected to sign the changes within days and pursue his efforts to sell the wary US public on the legislation ahead of November mid-term elections.

      The newly passed measure does not radically alter the president’s plan to extend health coverage to some 32 million Americans who currently lack it, but makes the legislation more politically palatable to the House. No Senate Republicans voted for the bill, while three Democrats — Ben Nelson of Nebraska, and Arkansas Senators Blanche Lincoln and Mark Pryor — voted against it. Republican Senator Johnny Isakson of Georgia was out sick.

      The House of Representatives approved the so-called “reconciliation” changes on Sunday after passing the main bill, but Senate Republicans successfully challenged some measures in the smaller measure, forcing another House vote. On the floor of the House, Republican Representative Mike Pence made a last-gasp appeal to his colleagues to “repeal Obamacare.”
      Shortly before the vote, Democrat George Miller insisted however that with the bill’s passage, “the benefits for Americans start right now.”

      “We promised to do what’s right for the American people, not for insurance companies,” he said, adding that the legislation puts health security “in the hands of every American family.” Speaker of the House Nancy Pelosi brought the gavel down on the final vote at about 9:00 pm (0100 GMT Friday), to cheers and some jeers from the floor. The overhaul, Obama’s top domestic priority, would bring the United States closer than ever to universal coverage and curb insurance company practices like dropping people who get sick and denying coverage for preexisting illnesses.

      Washington, March 25, 2010 (AFP)

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        The massive earthquake that struck central Chile last month, triggering a local tsunami, caused nearly 30 billion dollars in damage, the finance ministry said Wednesday.

        Of the total destruction wrought by the February 27 temblor, one of the worst on record. The government will have to absorb 9.3 billion dollars in costs resulting from the February 27 temblor. The remainder will be picked up by insurance companies (4.9 billion) and the private sector (7.8 billion), the ministry said in a report.

        Additionally, the country will take a 7.6-billion-dollar loss to its output, the report said. President Sebastian Pinera’s government has not yet said how it will finance massive rebuilding needs. The earthquake, which was especially devastating in the Biobio and Maule regions, killed 452 people and left about 100 more missing.

        Santiago, March 24, 2010 (AFP)

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        Ten US states plan to file a lawsuit challenging the constitutionality of health care reform as soon as President Barack Obama signs it into law, Florida’s attorney general said Monday.

        Republican Bill McCollum, who is running for governor in the upcoming November mid-term elections, led the charge to challenge a provision that would require most people to buy health insurance or else pay a fine. He is joined by the Republican attorneys general of South Carolina, Nebraska, Texas, Utah, Pennsylvania, Washington, North Dakota, South Dakota and Alabama.

        “The health care reform legislation passed by the US House of Representatives this last night clearly violates the US Constitution and infringes on each state’s sovereignty,” McCollum said in a statement.”If the President signs this bill into law, we will file a lawsuit to protect the rights and the interests of American citizens.” Obama’s Republicans foes have waged a political war on the historic health care overhaul and have vowed to repeal it should they retake the House and Senate in November mid-term elections.

        The governor of Idaho signed a bill last week blocking federal mandates requiring individuals in his state to purchase health insurance. Some 38 states have either filed or announced their intention to file similar legislation, according to the American Legislative Exchange Council, which opposes the health reform bill. White House spokesman Robert Gibbs said there is “pretty longstanding precedent on the constitutionality of this.” Gibbs said it’s typical for “big pieces of legislation” to face legal challenges and said the White House does not believe their opponents “will be very successful.”

        Washington, March 22, 2010 (AFP)

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        Some 100,000 people were left without power Tuesday after a freak storm battered the Australian city of Perth, hurling golf ball-sized hailstones and causing floods and landslides.

        Western Australia premier Colin Barnett estimated a damage bill of hundreds of millions of dollars after the wild weather smashed into the city late on Monday, paralysing flights and commuter traffic. Thousands of residents jammed emergency phone lines as falling trees downed power cables and crashed into homes in the worst storm seen in years. Hospitals were flooded and some damaged schools remained closed on Tuesday.

        “I think from my memory this would be the most severe weather conditions we’ve had since the famous May storm in 1994, where we had very, very strong winds and a massive loss of power supply,” Barnett told public broadcaster ABC. “Hopefully the damage to the power supply won’t be as severe but I suspect this time we’ve got a lot more damage to buildings and housing.”

        Nearly 160,000 homes lost power at the height of the storm, which brought wind gusts over 120 kilometres (75 miles) per hour and dumped nearly 40 millimetres (1.6 inches) of rain. About 20 people were evacuated from one hospital’s emergency room after the roof collapsed, while a landslip near the city centre crushed two parked cars and filled one apartment with mud. Stained-glass windows and glasshouses were shattered at The University of Western Australia, where vice-chancellor Allan Robson said there had been “considerable” damage. “We were in the eye of the storm, the hail was incredible, the rain was incredible,” Robson said. An “insurance catastrophe” had been declared for the city, the Insurance Council of Australia said.

        Cars had their windscreens and back windows smashed by the hailstones, while hazardous driving conditions worsened when 150 sets of traffic lights went blank. Some central office buildings were evacuated for safety reasons. Further storms are forecast to follow the unusual weather, which comes after Perth’s driest southern hemisphere summer on record with just 0.2 millimetres of rain in December, January and February. On Sunday, a category two cyclone hit the Great Barrier Reef coastline on Australia’s east, ripping trees out of the ground and smashing boats and houses.

        Perth, March 23, 2010 (AFP)

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        In accordance to the website sportune.fr, David Beckham could get 150 million euro after his injury.

        Milan AC and Los Angeles galaxy midfielder registered a contract of insurance for his legs. The amount feels like important for an end-career player. However, the player is a advertising star so it could explain the huge amount. “For high level players, insurances are registered for the player overhaul, not only for his legs”, explained Olivier Matos, Aon France sport-events manager. Then, this kind of contract is used frequently for English football players.

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        President Barack Obama’s Republican foes in the US Senate prepared Monday to wage political war on the last piece of his historic health care overhaul, seeking an edge in November mid-term elections.

        Democrats, riding high after ushering in the most sweeping US social policy changes in more than four decades, said they welcomed the fight and dared their rivals to take a public stand on the measure’s most popular items. The House of Representatives passed the core of Obama’s plan late Sunday, but also a stand-alone package of changes that Senate Republicans planned to fight in hopes of bruising vulnerable Democrats ahead of the autumn ballot.

        “We are going to have a very spirited campaign coming up between now and November. And there will be a very heavy price to pay for it,” Obama’s 2008 White House rival, Republican Senator John McCain, told ABC television. Overturning the plan, which the president was expected to sign as early as Tuesday, was a mathematical impossibility in this election cycle because Republicans cannot win the two-thirds majority needed to override Obama’s veto.

        And the Senate rules for taking up the measure make it unlikely Republicans can block the measure, though they could force a change that would require another politically difficult House vote. Republicans planned to offer a series of carefully targeted amendments aimed at turning up the heat on swing-district Democrats, then gauge their members’ appetite for a free-for-all fight against the bill, two party sources said.

        Republican Senate Minority Leader Mitch McConnell signalled his intent to zero in on items like planned cuts to the hugely popular government-run Medicare program for the elderly, and tax increases on the wealthy. The House vote “marks the beginning of a backlash against Democrats in Washington who lost their way and lost the trust of the people who elected them,” McConnell said in a statement.

        Democrats scoffed, with Obama’s 2008 presidential campaign manager, David Plouffe, saying the party would not passively take its lumps like a “pinata” in the election but would fight back hard. “We’re going to go out there and not just talk about what we’re for, but what the Republicans are voting against,” he told ABC television. Republicans will target Democratic House members from some 50 districts carried by Republican presidential nominees McCain in 2008 and George W. Bush in 2004, said Tony Fratto, a former spokesman for the Bush White House.

        “Those guys had a tough uphill climb to begin with. Some of them walked the plank and made tough votes on (legislation to fight) climate change (last year), which put them in a tough position. And the health care votes will make it even worse,” said Fratto, now a strategic consultant. Democrats have acknowledged the challenge and rallied money and volunteers to help vulnerable party members — led by Obama himself, who has described himself as all too aware of the potential political cost.

        And they have challenged Republicans vowing to repeal the bill to explain to voters why they oppose provisions like banning the insurance company practice of dropping people from coverage for preexisting conditions or when they get sick. Fratto said Republicans would avoid that minefield: “Everybody agreed with the insurance reforms. Republicans aren’t going to run on repealing them, they supported them. It’s going to be about taxes and spending.”

        Republicans were also trumpeting legal challenges in several states to the legislation’s requirement that most Americans purchase health insurance, with government subsidies to help the neediest do so.

        Washington, March 22, 2010 (AFP)

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