The GOP's Health Care Plan Is Dead
- Author: Julie Sanders Mar 27, 2017,
Mar 27, 2017, 4:17
"It leaves investors worrying what's next", Charlie Ripley, investment strategist for Allianz Investment Management, told TheStreet. We never said it was flawless, we always said we'd work with them to improve it.
That could spell trouble for a number of sectors - most notably financials, which received a big boost following Trump's surprise election in November and his promises of relaxed industry regulation.
The President and House Speaker Paul Ryan evidently have not whipped the needed votes in the lower chamber of the legislature to pass their bill that would eliminate coverage for 24 million Americans. "They weren't going to give us a single vote, so it's a very hard thing to do", Trump whined to the press pool.
"We have an actual chance of achieving, repealing and replacing ObamaCare in connection with the administration". A so-called "manager's amendment" in Ryan's failed ACHA bill took specific aim at Kansas and North Carolina, making the states "long shots" at expanding Medicaid until Friday's failed Obamacare repeal.
"We now must take on a horrific Republican budget and efforts at "tax reform" which means huge tax breaks to billionaires and corporations", he said.
But on Sunday, his aides made clear that Trump would be seeking support from moderate Democrats, leaving open the possibility he could still revisit health care legislation.
Still, Mr. Trump said he does not blame the members of the Freedom Caucus.
President Donald Trump is now blaming the far-right conservative Republican faction in the House for the failure of the GOP's Obamacare repeal and replacement legislation on Friday.
"I think the president should reach out to Democrats", Graham (R-SC) said.
The GOP health plan would have repealed almost $1 trillion in taxes that are part of the ACA and would have coupled those cuts with cuts to Medicaid to keep the budget deficit in check.
Donald Trump has been forced to withdraw a healthcare bill set to overhaul Obamacare after it failed to get enough support. "Democrats will crawl back once the system fails on its own", Spicer said.
"Moving from an opposition party to a governing party comes with growing pains and, well, we're feeling those growing pains today", he said. "This is a disappointing day for us".
House speaker Ryan held a separate news conference, confirming that the health care plan would now not face a ballot in Congress. Republicans have been campaigning for several years that they'd repeal and replace Obamacare.