Republicans release Obamacare replacement, the 'American Health Care Act

Republicans released the text of their proposed replacement for Obamacare in anticipation of a repeal of former President Obama's signature legislation.

BREAKING NEWS → We just introduced our bill to #RepealAndReplace Obamacare. https://t.co/Ut0DDR4wzG pic.twitter.com/1qTCXvkZzE

— Paul Ryan (@SpeakerRyan) March 6, 2017

House Speaker Paul Ryan (R-Wisc.) released a statement on the release of the Republican replacement, dubbed "the American Health Care Act."

“Obamacare is rapidly collapsing," the statement began. "Skyrocketing premiums, soaring deductibles, and dwindling choices are not what the people were promised seven years ago."

It’s time to turn a page and rescue our health care system from this disastrous law. The American Health Care Act is a plan to drive down costs, encourage competition, and give every American access to quality, affordable health insurance. It protects young adults, patients with pre-existing conditions, and provides a stable transition so that no one has the rug pulled out from under them.

Working together, this unified Republican government will deliver relief and peace of mind to the millions of Americans suffering under Obamacare. This will proceed through a transparent process of regular order in full view of the public.

Finally, Ryan thanked the Trump administration among others "for their commitment to keep this promise and get this right."

President Trump signed an executive order to instruct the states and other agencies to prepare for the repeal just hours after being sworn into office. Since then the Republicans have been debating on how exactly to repeal Obamacare without kicking millions off their insurance, or without adding significant cost to the taxpayer's wallet.

Vice President Pence vowed that if people liked their Obamacare health insurance that they would be able to keep it under the replacement, which sounded very similar to the broken promise Obama made about his legislation.

Democrats like Minority Leader Nancy Pelosi (D-Ca.) have promised to protect Obamacare, despite their losses in the 2016 election that secured a Republican majority in both houses of Congress. Democrats have leaned on Republican politicians whose districts voted for Hillary in an attempt to secure enough votes to defeat a repeal.