House Republicans Release Bill To Replace Obamacare – Let The Knifes Come Out
First, lets review the latest, then analyze why this is so incredibly important for the stock market.
Just a few minutes ago House Republicans released a bill to replace Obamacare.
If you hate your life and/or enjoy torturing yourself, Click Here to read the entire bill.
A quick summary instead:
The legislation keeps President Barack Obama's signature health care reform's protections of pre-existing conditions, but strips away mandates on individuals and employers, as well as some taxes and subsidies. It also allows the states' insurance exchange structures to remain in place.
House Republicans on the Energy and Commerce Committee also released plans to repeal and replace Obamacare in a document titled, "Budget Reconciliation Legislative Recommendations Relating to Repeal and Replace of the Patient Protection and Affordable Care Act."
That plan has drawn objections from more centrist Republican senators too, who want to protect the expansion and are worried about constituents losing coverage and their states losing federal funds.
House Republicans have also objected to the plan, with Conservatives in the House Freedom Caucus calling the bill's tax credit is a “new entitlement.” They have enough votes to kill the bill, but it remains to be seen whether they will actually vote against it.
Well, there goes Trump's promise #1 of completely repealing Obamacare. .
On a more serious note, we have to wait until tomorrow to see how the legislative branch reacts.
If the push back is significant, that might spell doom for the legislation above. More importantly, it would suggest that President Trump is in for the fight of his life. In other words, if the knifes do come out and this legislation dies, the stock market can kiss any tax reform legislation by August goodbye.
I wonder what that would do to the stock market.