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The 10-Point: My Guide to the Day's Top News

The Wall Street Journal
Good morning,
Decision Day
House Republican leaders said the chamber would vote today on their bill to replace most of the Affordable Care Act, in a show of confidence that they can lock down enough Republican support for a bill that sparked a nationwide debate. House GOP leaders have spent weeks working to rack up enough votes for their bill and came up short twice—once in late March, when they were forced to pull the bill from the floor, and more recently last week, when they opted not to risk a vote. Today’s vote could redeem House Speaker Paul Ryan (R., Wis.) and deliver President Donald Trump his first major legislative win, coming just after the 100-day mark of his tenure passed with little accomplished on Capitol Hill. But it also will cast a long political shadow for House Republicans leading up to next year’s midterm elections.

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Island of Debt
Puerto Rico was placed under court protection on Wednesday in what amounts to the largest-ever U.S. municipal bankruptcy, a stark illustration of the depth of the economic crisis afflicting a U.S. territory with more than three million inhabitants. Puerto Rico and its agencies owe $73 billion to creditors, dwarfing the roughly $9 billion in bond debt owed by the city of Detroit when it entered what was previously the largest municipal bankruptcy in 2013. The move by a federal oversight board installed by Congress is the culmination of years of economic distress and heavy borrowing that more recently has pitted Wall Street creditors, hungry for payments, against the struggling island. The officials’ decision sets up a showdown with Wall Street firms.
Eyes on the Prize
The Federal Reserve said it expected economic growth to rebound after a soft first quarter, signaling the central bank is likely to continue gradually raising short-term interest rates this year. Officials voted unanimously Wednesday to hold their benchmark rate steady in a range between 0.75% and 1%, after a two-day policy meeting. The Fed said slower growth in the January-to-March period was “likely to be transitory,” echoing officials’ recent public comments suggesting the bar to knock the central bank off its policy path is higher now than in previous years. The question now is whether the economy will perform in line with the Fed’s expectation. Greg Ip writes that banks are praying for tighter monetary policy, an ominous inversion of their historical relationship to interest rates.
Indefinitely Delayed
Spring break for hundreds of thousands of Delta Air Lines passengers was disrupted last month by thunderstorms in Atlanta that led to an epic meltdown for the usually reliable airline. At the root of 4,000 canceled flights: telephone busy signals. An internal investigation into the April failure found the biggest problem was that Delta’s 13,000 pilots and 20,000 flight attendants calling in for new assignments couldn’t get through to the people in Atlanta on the front lines of rebuilding an airline schedule. Though puzzling in the age of instant digital communications, employees were dependent on dialing and circuits were overloaded. Computers told gate agents rescheduled crews would be there; customers waited at gates for hours. Then flights would end up canceled for lack of a crew member lost in Delta’s communications fiasco, unaware of the assignment. We take a look at how a recovery that should have taken the airline a day or two stretched into the following week.
TODAY'S VIDEO
Neighborhood Watch
That Was Painless
A new technology called Aura can spot burglars walking through the Wi-Fi radio waves that fill your house. Our Personal Technology columnist Geoffrey A. Fowler tests the system that sees through walls.
TOP STORIES
U.S.

Trump to Ease Restrictions on Religious Groups

Medical Examiners Skip Some Autopsies, as Opioid Crisis Mounts
WORLD

Strong Growth Propels Europe’s Economy Toward Health

French Presidential Candidates Emmanuel Macron, Marine Le Pen Face Off in Debate
BUSINESS

Southern Seeks $3.7 Billion From Toshiba for Georgia Nuclear Plant

After Posting of Violent Videos, Facebook Will Add 3,000 Content Monitors
MARKETS

SEC Probes Solar Companies Over Disclosure of Customer Cancellations

Banks Pull Back on Car Loans as Used-Auto Prices Plummet
NUMBER OF THE DAY
76%
The surge in Facebook’s first-quarter profit as the social network continues to sweep digital advertising, alongside rival Google, despite unrest among marketers about how their advertising is handled.
QUOTE OF THE DAY
It makes me mildly nauseous to think we might have had some impact on the election.
FBI Director James Comey defended in highly emotional terms his decision to alert Congress about a renewed investigation involving Democratic presidential candidate Hillary Clinton shortly before Election Day, saying he still believed it was right to do so.
TODAY'S QUESTION
What did you think of Mr. Comey’s statements? Send your comments, which we may edit before publication, to 10point@wsj.com. Please include your name and location.
—Compiled by Margaret Rawson
READER RESPONSE
Responding to yesterday’s question on the challenges for young executives in the workplace, Leonard Van Wingerden of Connecticut wrote: “The benefit and value of experience is underestimated in every sector of western society. Over time the price of this oversight will be paid by the young who are making it.” Sachin Shivaram of Wisconsin said: “Young people today are brilliant and very savvy navigators of the business world. But I think young and ambitious people in business have always been that way—the key difference now is that there are older managers who are willing to take the risk and look beyond age to give young people a crack at big jobs.” And Russ Hagberg of Illinois shared: “I am retired now, but was promoted to a senior executive position in a large corporation while still in my 30s. I have two observations: 1) It is easier to have been promoted from the inside as you hopefully have a history of accomplishment and respect within the organization that is recognized and appreciated by your staff. 2) Regardless of age, the most important factor driving success is leadership ability. Effective leaders will quickly form and develop a highly motivated staff that achieves excellent results. In that regard, I have found that age has little or no correlation with leadership ability.”

This daily briefing is named "The 10-Point" after the nickname conferred by the editors of The Wall Street Journal on the lead column of the legendary "What's News" digest of top stories. Technically, "10-point" referred to the size of the typeface. The type is smaller now but the name lives on.

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