PAUL RYAN: Obamacare repeal bill is coming next week

House Speaker Paul Ryan said during his weekly press conference Thursday that Republican members of the House are planning to introduce a bill that would repeal and replace the Affordable Care Act, better known as Obamacare.

“After the House returns following the Presidents Day break, we intend to introduce legislation to repeal and replace Obamacare,” Ryan said.

Ryan said lawmakers were waiting on analysis from groups including the Congressional Budget Office before releasing the bill.

Ryan went on the repeat a common line that Obamacare is already failing, citing the recent decision by Humana — one of the country’s largest health insurers — to pull all of its business from the individual insurance exchanges created by the law. Ryan also cited comments by Aetna CEO Mark Bertolini, who said at a conference on Wednesday that the law is in a “death spiral.”

The details of the proposed legislation were not immediately clear, but Ryan cited tax credits similar to what are in his “Better Way” plan introduced in the past.

More to come…

NOW WATCH: The president’s close friend of 40 years explains Trump’s sense of humour

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.