Donald Trump announced Thursday the White House will scrap a key component of Obamacare legislation that helps low-income families to pay for healthcare—a move likely to destabilize insurance markets and send premiums soaring.
The administration will cut subsidies—worth about $7 billion in 2017—to insurance companies, with the White House proposing payments stop “immediately.” Almost 6 million people qualified for the cost-saving payments this year, according to figures from the Department of Health and Human Services.
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Congress has failed to find a replacement for the Affordable Care Act in recent months, so Trump is looking to fulfill a key campaign promise to repeal and replace Obamacare by sabotage.
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