More than 40 House Democrats and Republicans have banded together to unveil a new plan that aims to fix the problems with the Affordable Care Act and prop up troubled insurance markets.
Reps. Tom Reed (R-NY) and Josh Gottheimer (D-NJ) are spearheading the effort with the Problem Solvers Caucus and other moderate lawmakers from the New Democrat Coalition and the Republican centrist Tuesday Group.
The plan calls for funding for Obamacare's cost-sharing subsidies and bringing the payments under congressional oversight. The subsidies, also known as CSRs, help cover the cost of insurance plans for low-income Americans.
President Trump has repeatedly threatened to cut off the payments, saying Republicans should "let Obamacare implode."
If a new HealthCare Bill is not approved quickly, BAILOUTS for Insurance Companies and BAILOUTS for Members of Congress will end very soon!— Donald J. Trump (@realDonaldTrump) July 29, 2017
"It is clear that the individual health insurance market is deteriorating and we must act quickly to stabilize it," lawmakers wrote in the proposal. "We all agree that the individual market needs restructuring, and we should swiftly implement changes in time to take effect for insurance plans offered for 2018."
The plan also called on Congress to create dedicated stability funds to help states reduce premiums and help insurers make up for losses when providing coverage for people with expensive health care needs.
The bipartisan group proposed several changes to Obamacare that have received support on both sides of the aisle, including repealing the medical device tax and changing the employer mandate so that only companies with more than 500 employees will be required to provide insurance for workers.
The proposal comes just days after senators failed to pass a "skinny repeal" bill that would have done away with Obamcare's individual and employer mandates. GOP senators had hoped passing the bill would trigger a conference between the House and the Senate to amend the legislation.