President Donald Trump tried to rally Republican lawmakers behind a plan to dismantle Obamacare on Tuesday as U.S. stock markets showed their worst one-day performance since the November election.
The S&P 500 and Dow Jones Industrial Average lost over 1 percent in their worst one-day performances since before Trump's election victory on Nov. 8. The S&P financial index sank 2.87 percent, its biggest daily fall since June.
Some conservative lawmakers believe the healthcare bill does not go far enough, while moderate Republicans worry that millions of Americans will be hurt by the dismantling of the 2010 Affordable Care Act, Democratic former President Barack Obama's signature healthcare legislation.
While Trump predicted that Republicans could face challenges in primary contests ahead of the 2018 midterm elections if they do not gut Obamacare, there is also danger to them in doing so. If the Republican bill is passed, millions of voters might lose their healthcare coverage.
Party leaders hope to move the bill to the House floor for debate as early as Thursday. But the administration and House leadership can afford to lose only about 20 Republican votes or risk the bill failing since Democrats are united against it.
Republican leaders tweaked the bill this week to try to satisfy critics, mainly from their own party.
Republican chairmen for two key committees said late Monday they proposed more funding for tax credits, which conservatives have opposed, that would give the Senate flexibility to help older people afford health insurance. Additionally, Obamacare's taxes would be eliminated in 2017 instead of 2018.
Reference: Reuters
Thai
Eng