Senate unveils its Obamacare replacement plan

(Bloomberg) – Senate Republicans’ long-awaited health-care proposal includes sharp cuts to Medicaid for the poor and disabled, more modest trims to other Obamacare subsidies and tax cuts for the wealthy that were included in a version passed by the House.

Labeled a “discussion draft,” the plan would provide an additional $50 billion over four years to stabilize insurance exchanges, relying on a mechanism Republicans have criticized in the past as a way to keep insurers in the marketplace.

It largely resembles the House bill passed last month, including the tax cuts for wealthy people, drugmakers and insurance companies. The Senate bill’s initial Medicaid cuts are more gradual than the House, though both end the open-ended funding of the health care system for the poor.

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