Majority Leader Mitch McConnell officially revealed the Senate's version of the American Healthcare Act Thursday morning, better known as the Obamacare repeal bill passed by the House.
"In the many years since Obamacare was imposed on the American people, it has continued to hurt the people we represent — over, and over, and over again. Higher costs. Fewer choices. Pain and heartbreak for the middle class. We’ve watched Obamacare unravel before our very eyes with each passing year. Now it teeters on the edge of collapse, and we face a choice — allow the unsustainable Obamacare status quo to continue hurting more Americans, or take action to finally move forward," McConnell said during a speech on the Senate floor. "More Americans are going to get hurt unless we do something."
Here's what we know so far, according to McConnell:
-Repeals the Obamacare individual mandate
-Repeals the Obamacare employer mandate
-Improves the affordability of health insurance
-Eliminates costly Obamacare taxes, including the medical device tax
-Expands tax free health savings accounts
-Deploys tax credits to make coverage more affordable
-Shifts power from Washington D.C. to the states
-Stabilizes the health insurance market with a $15 billion, four year fund
-Transitions away from Obamacare entirely, but not right away
-Protects coverage of preexisting conditions
-Allows parents to keep their children on their health insurance until they are 26-years-old
The legislation has not been scored by the Congressional Budget Office, but an estimated cost of the bill is expected Friday or Monday. It is being classified as a "discussion draft" and is open for changes and amendments.
The bill is 142 pages long. The Obamacare bill, also known as the Affordable Care Act, is 2300 pages with 20,000 additional pages of regulations. You can read the legislation by clicking here.
Republicans must reach 50 votes for passage. Vice President Mike Pence will cast vote 51. Eight Republicans have expressed skepticism the legislation can deliver on promises made to voters.
This is a developing story, stay tuned for additional details.