Edit

Tuesday, July 22, 2014 – 11:30 a.m.

Here’s some news flowing across the transom this Tuesday morning. In case you missed it!

Appeals court deals blow to Obamacare

The D.C. Circuit Court of Appeals has ruled subsidies paid under The Affordable Care Act in states where no exchanges exist are illegal. Meanwhile, within hours, a Virginia Circuit Court of Appeals ruled exactly the opposite.

The D.C. Circuit is viewed as more influential. One can expect another trip to the U.S. Supreme Court on the issue.

Currently the federal government is running the insurance marketplace in 36 states.

Detriot workers, retirees vote to cut pensions

Workers and retirees in Detroit, Michigan, have overwhelmingly voted to cut their pension benefits.

The changes will result in a 4.5% cut to existing pensions and the elimination of annual cost-of-living adjustments.(COLAs)

Public Safety Employees will only receive partial elimination of their COLAs, in addition to the reduction in monthly benefit.

Existing home sales up 2.6%

Sales of existing homes rose 2.6% nationally in June.

The report is good news for a housing market that has been luke warm in recent months.

Colonies case returns to court Wednesday

The well-publicized Colonies case returns to San Bernardino County Superior Court tomorrow and Thursday.

The court is scheduled to hear five defense dismissal motions, which could potentially end the case.

Proceedings will be in Department S-11 at 8:30 a.m.