>> House Republicans unveiling their long awaited plan to repeal and replace President Obama's signature domestic policy achievement, the Affordable Care Act. The key differences in their proposed legislation, no more tax penalties for those who refuse to buy insurance. A key rallying cry from Donald Trump's presidential campaign.>> Mandating every American to buy government approved health insurance was never the right solution for our country.
>> But the new plan will encourage Americans to stay covered by charging a 30% penalty for any gap in health plans. Also, government tax credits to offset the cost of premiums and deductibles would now be distributed according to age rather than income. And the expansion of Medicaid, through which roughly half of Obama care recipients get coverage, would end in 2020.
With a cap on funding after that. Still, two of the most popular features of the ACA will remain Requiring coverage for those with preexisting medical conditions and allowing children to stay on their parent's plans until age 26. It's not clear if the bill has enough support to pass the Republican led Congress.
What the overall cost would be or how many of the ACA's 20 million recipients will still be able to retain healthcare coverage. Conservative Republican Senator Rand Paul tweeting Tuesday, the House leadership plan is Obamacare Lite. It will not pass. Conservatives are not going to take it. With democrats denouncing what they are quick to label Trumpcare.
Senate Minority Leader Chuck Schumer, echoing colleague Bob Casey by saying, quote, it would mean cuts for seniors, those with disabilities, and with low incomes. Hell no, I won't go along with it. It's even unclear where President Trump himself stands on the legislation, tweeting Tuesday, our wonderful new Healthcare Bill is now out for review and negotiation.
It goes next to two House committees for review.