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House Republicans release proposal to repeal ObamaCare

On Monday, House Republicans unveiled the American Health Care Act, their long-awaited bill to repeal and replace the major tenets of the Affordable Care Act.

The proposal calls for freezing enrollment in the ACA's expanded Medicaid program on Jan. 1, 2020, and moving forward, capping federal funding for Medicaid. Until the end of 2019, states would be able to sign individuals up for expanded Medicaid. The proposal includes refundable tax credits, based on age and capped at a specific income threshold, for people who want to purchase health insurance, and repeals most taxes that were used to fund ObamaCare and the penalty for individual and employer mandates to buy insurance.

House committees want to start voting on the 123-page legislation Wednesday. The plan is expected to cover fewer than the 20 million people insured under the ACA, The Associated Press reports.