While the US government wants to build on the Affordable Care Act, or Obamacare, it will have to roll back some of the changes brought about by the Trump administration that weakened it. Of course, if the Biden administration builds on the ACA, the healthcare segment of IT companies will benefit, says an expert.
Government advocate Noel Francisco argued in a filing late on Thursday that the Affordable Care Act (ACA) - one of former President Barack Obama's signature achievements - became invalid after the previous, Republican-led Congress axed parts of it.
The insurers had said that the lower court ruling, if allowed to stand, would have let the government pull a "bait-and-switch" and withhold money the companies were promised.
The Supreme Court's decision to intervene means the fate of the law formally called the Affordable Care Act, the signature domestic policy achievement of former Democratic President Barack Obama, will be on the line during the ongoing presidential race.
The Centers for Medicare and Medicaid Services said the action affects USD 10.4 billion in risk adjustment payments.
In comments that infuriated Democrats and left some senior Republicans unsure what comes next, Senate Republican leader Mitch McConnell told reporters: "We're optimistic that inserting the individual mandate repeal would be helpful and that's obviously the view of the Senate Finance Committee Republicans as well."
Marc Short, the White House's top liaison to Congress, said on CNN that Obamacare's mandates and taxes would have to be rolled back and consumers be allowed to more heavily invest in health-savings accounts for Trump to sign off on any congressional deal.
"It's dead. It's gone. It's no longer - you shouldn't even mention. It's gone," Trump said of former Democratic President Barack Obama's signature 2010 healthcare law that Republicans have repeatedly tried and failed to repeal.
Trump has repeatedly threatened to stop the payments, which are made directly to insurance companies to help cover out-of-pocket medical expenses for low-income Americans enrolled in individual healthcare plans under the Affordable Care Act, commonly know as Obamacare.
The party was unable to win enough support from its own senators for a bill to repeal the 2010 Affordable Care Act and decided not to put it to a vote, several Republicans said.
The bill which would have given a two-year window to bring a replacement of Obamacare was defeated by 55-45 votes yesterday in the Republican-majority Senate.
Trump's pledge to cut taxes, including a lowering of the rates paid by corporations, was a pillar of his 2016 presidential campaign and provided much of the fuel for the heady stock market rally that followed his Nov. 8 victory.
House of Representatives Speaker Paul Ryan today withdrew a healthcare bill aimed at repealing and replacing the Obamacare policy from vote as the Republican party failed to muster the votes needed to get the legislation passed.
Trump was set to make a final push to secure the votes to begin dismantling Obamacare in the House of Representatives
The immediate focus is on whether Trump can gather enough support in a vote as early as Thursday to pass a bill to roll back Obamacare, a first major test of his legislative ability and whether he can keep his promises to business.
While this has been informally discussed with insurers, a final letter of proposal will be sent soon to finalise the arrangement. It is likely that the concerns and suggestions of all stakeholders will be taken in and changes will be incorporated before the scheme is made public.
In an interview to CNBC-TV18 SP Tulsian, sptulsian.com shared his reading and outlook on the market and also gave recommendations on various stocks.
In a meeting with state governors on Monday, Trump said his administration would be "moving quickly" on regulatory reforms and that his tax plan would be released after a proposal on Obamacare.
Treasury Secretary Steven Mnuchin said Thursday that he wants to see "very significant" tax reform passed before Congress' August recess, in what could prove a tough task as lawmakers work through a complex agenda.
US president-elect claimed pharmaceutical companies were “getting away with murder†with respect to drug pricing; outsourcing of jobs by US firms will soon be a thing of the past.
"It'll be repeal and replace. It will be essentially, simultaneously. It will be various segments, you understand, but will most likely be on the same day or the same week, but probably, the same day, could be the same hour," Trump said at his first press conference in six months.
Trump watchers are still scratching their heads trying to guess what the President-elect‘s policies will look like. His hardline stance on protectionism, anti-immigration, threats to tear up trade pacts and repeal Obamacare has unnerved trade partners.
After being sworn in as US President, Donald Trump would convene a special session of the US Congress to "repeal and replace" Obamacare, the signature healthcare initiative of the outgoing US President Barack Obama, a close aide to the president-elect said today.
A president whose party controls both the Senate and House of Representatives can generally count on getting things done fairly quickly, and Trump likely will not be an exception, despite starting with unusual handicaps.
Scrapping of Obamacare is sure to impact pharma companies both globally and Indian, said Jeff Chowdhry, Senior Portfolio Manager, LGM Investments.