WSJ What’s News PM (Dec 17, 2025)

Episode Theme: Frustrated Republican Centrists Join Democrats to Force ACA Vote
Host: Julie Chang (The Wall Street Journal)
Key Guests: Siobhan Hughes (WSJ Congressional Correspondent), Joe Flint (WSJ Entertainment Reporter), Anvi Bhutani (WSJ Reporter)

Episode Overview

This episode explores a rare bipartisan move in the House of Representatives, where moderate Republicans joined with Democrats to force a vote on the extension of enhanced Affordable Care Act (ACA) health care subsidies, directly impacting millions of Americans. The episode also covers significant developments in defense policy, market movements, international affairs, and major shifts in the entertainment industry—the relocation of the Oscars broadcast from ABC to YouTube.

Main Segment: Republican Centrists, Democrats, and the ACA Vote

Background:

• Four moderate House Republicans sided with Democrats to trigger a vote on extending the expanded ACA subsidies, set to expire next year.
• These subsidies, enhanced during the pandemic, are crucial to keeping health care affordable for many Americans.

Key Points & Discussion

Centrist GOP 'Bucks Party' (00:33–02:55)

• Siobhan Hughes: "It is absolutely extraordinary to see this group of Republicans buck their own House leadership, essentially muscle Speaker Johnson aside and say, no, no, no, you must schedule a vote on this bill..." (02:05)
  • These Republicans typically align with party leadership but are taking a dramatic stand due to the electoral stakes around health care.
  • Referenced 2018 elections, where Republican efforts to repeal ACA led to a Democratic "blue wave."
  • Implication: They seek to protect themselves in vulnerable races by appearing proactive on health care.

What It Means for Americans (02:55–03:52)

• Siobhan Hughes:
  • "The premiums of the 24 million people who have Affordable Care act coverage are going to spike next year. Subsidies will revert to pre pandemic levels and people making over 400% of the federal poverty line will lose subsidies entirely." (02:58)
  • A vote is scheduled in January for a three-year extension, though passage is uncertain.
  • Funding deadlines at the end of January could give Democrats leverage, even risking a shutdown over the issue.

Political Pressure and Next Steps (03:52–04:16)

• Julie Chang: "So this forced maneuver could make it more likely to extend the subsidies?" (03:52)
• Siobhan Hughes: "Absolutely. It's going to put enormous pressure on Republicans to do something because it puts a very fine point on the fact that their House majority is on the line over health care costs." (03:56)
  • Raises stakes for both House and Senate Republicans.

GOP Health Care Alternative (04:16–05:03)

• House GOP also pursuing a separate bill that addresses premiums by targeting cost-sharing and allowing more association health plans.
  • Siobhan Hughes:
    • "Their answer, though, has nothing to do with extending federal government subsidies. It has to do with technicalities involving funding certain cost sharing reductions...and also allowing more big groups to come up with their own health insurance." (04:23)
    • Democrats criticize these plans for lacking mandated coverage (e.g., maternity, prescriptions).

Other Major Segments

Defense Policy & Military News

NDAA Highlights (05:06–06:44)

• Senate approved a $901 billion National Defense Authorization Act (NDAA).
• Anvi Bhutani (05:23):
  • "Some of the highlights in the bill include maintaining a minimum level of troops in Eastern Europe, boosting missile defense funding, expanding cybersecurity measures and reinforcing policy aimed at countering Chinese and Russian military influence."
  • Also includes $400 million annually in aid to Ukraine and provisions supporting the US-Israel partnership.
• Limits presidential unilateral military action; withholds Pentagon funds until Congress sees video evidence from Caribbean strikes.

Controversial Airport Provision (06:09)

• Proposal would relax safety rules for military helicopters in Reagan National Airport airspace, sparking criticism due to a past fatal crash.

Health Impact of Wildfires

LA Wildfires Study (06:44–07:44)

• Wildfires in LA this year linked to a 46% rise in heart attack ER visits and 24% increase in pulmonary illness visits.
• "Visits for mysterious symptoms such as chest pain, abdominal pain and dizziness more than doubled..." (06:44)

Markets & Business Headlines

Stock Market Movements (08:03)

• NASDAQ fell 1.8%, S&P 1%, Dow 0.5% due to tech sector slump.

IPO News

• Medline, medical supplies company, raised $6.3B in the largest US IPO since 2021; shares surged over 40% in debut (08:03).

Oil and Venezuela

• President Trump ordered a blockade of sanctioned oil tankers in Venezuela, potentially disrupting global oil supply (08:03).

International News

Putin on Ukraine (08:03)

• Putin stated Russia will achieve its goals in Ukraine "through diplomacy or on the battlefield"—a clear signal that Moscow's ambitions remain unchanged despite US diplomatic pressure.
  • Putin referred to European leaders as "piglets who want to feast on the collapse of Russia."

Entertainment Industry Shifts

Warner Bros–Paramount Bidding War (09:51–10:26)

• Warner rejected Paramount's tender offer, remains committed to Netflix's $72B deal.
• Joe Flint:
  • "They could come back with a higher bid if they don't make a higher bid, though, I'm not sure what other options they may have short of filing some sort of legal action..." (09:51)

The Oscars Go Digital (10:26–11:29)

• After decades on ABC, the Oscars will move to YouTube starting 2029, available to 2 billion viewers worldwide.
• YouTube TV subscribers in the US also get access; ABC retains rights for the next three ceremonies (10:26).

Notable Quotes & Memorable Moments

• Siobhan Hughes (on bipartisan defiance):
  "To see this group of Republicans who are pretty much go along, get along guys not likely to be difficult for leadership do, this really underscores the political potency of the insurance issue." (00:33)
• Siobhan Hughes (on subsidy expiration):
  "Subsidies will revert to pre pandemic levels and people making over 400% of the federal poverty line will lose subsidies entirely." (02:58)
• Joe Flint (on Paramount/Warner situation):
  "They could come back with a higher bid if they don't make a higher bid, though, I'm not sure what other options they may have short of filing some sort of legal action if they really feel they have a strong enough case here." (09:51)

Key Timestamps for Reference

• 00:33: Frustrated GOP centrists force ACA subsidy vote
• 02:05: Siobhan Hughes explains Republican defiance
• 02:58: Specific impact on Americans if subsidies expire
• 03:56: Increased pressure on GOP due to forced vote
• 04:23: Details of GOP's health care alternative bill
• 05:23: Major provisions in the $901B NDAA
• 06:09: Reagan National Airport safety rule controversy
• 06:44: LA wildfires' impact on public health
• 08:03: Markets, IPO, oil blockade, and Putin's Ukraine remarks
• 09:51: Paramount-Warner-Netflix deal drama
• 10:26: The Oscars move to YouTube

Takeaways

• The surprising bipartisan push to force a vote on ACA subsidies highlights the ongoing resonance of health care costs in US politics, especially for vulnerable House Republicans.
• A potentially volatile January looms, with both funding deadlines and health care policy at stake.
• High-stakes corporate maneuvers and major media changes—such as the Oscars shifting fully online—signal evolving industries.
• Ongoing global tensions (Ukraine, oil, defense policy) and the health impacts of climate events remain key threads in the news cycle.