By Savannah Smith  |  03-06-2017   News
Photo credit: Zimmytws | Dreamstime.com

The replacement bill for ObamaCare is finally out, ending weeks of speculations and doubts by critics whether Republican lawmakers would be able to come out with something concrete beyond pledges.

Speaker Paul Ryan defends anew in a statement why they have to effectively replace former President Barack Obama's signature health policy. Speaker Ryan describes the ObamaCare as "rapidly collapsing" with skyrocketing premiums, soaring deductibles, and dwindling choices and these are not what the American people were promised seven years ago when ObamaCare was enacted.

In stark contrast, the GOP's replacement bill- The American Health Care Act plans to drive down costs, encourage competition, and give every American access to quality, affordable health care insurance. It also guarantees to protect young adults, patients with pre-existing conditions and provides a stable transition so that no one will have the unfortunate experience of having the rug pulled out from under them. After all, Republican lawmakers insist it is their goal to deliver relief and peace of mind to the millions of hapless Americans suffering under the disastrous ObamaCare.

Speaker Ryan also vowed that enacting The American Health Care Act will adhere to a transparent process of regular order in full view of the public. He also thanked the Trump administration for their commitment to keep the President's campaign promise and get it right this time to correct Obama's colossal mistake.

The bill also puts income restrictions on insurance tax credits and drops a proposed cap on the tax break for employer-sponsored health coverage. The tax credits would be aged-based, not income-based, unlike ObamaCare.

It is expected that the legislation would be marked up later this week. The Congressional Budget Office is also expected to release soon estimates on the bill's cost.

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