House Republicans on Monday released their long-awaited plan for repealing and replacing Obamacare, fulfilling a key promise made during the 2016 election. If enacted, the bill, called the American Health Care Act, would dramatically scale back the federal government’s role in health care.  

“The American Health Care Act is a plan to drive down costs, encourage competition, and give every American access to quality, affordable health insurance,” said House Speaker Paul Ryan, R-Wisconsin. Ways and Means Committee Chairman Kevin Brady, R-Texas, told Fox News’ Special Report with Bret Baier, “We begin by repealing the awful taxes, the mandate penalties and subsidies in ObamaCare,” 

Among the provisions of the sweeping legislation:

• Repealing ObamaCare’s taxes along with the so-called individual and employer insurance mandates. No longer would Americans be forced to buy insurance they don’t want.
• Repealing the Affordable Care Act’s subsidies, replacing them with tax credits for consumers. As Fox News explains, “While subsidies would be repealed in the new bill, they would be replaced by monthly tax credits. The credits, worth between $2,000 and $14,000 a year, would be used by low-and-middle-income families who don’t get work- or government-sponsored insurance to buy state-certified plans.
• Continuing the expansion of Medicaid to additional low-earning Americans until 2020. After that, states adding Medicaid recipients would no longer receive the additional federal funds Obama’s law has provided.
• Overhauling the federal-state Medicaid program, changing its open-ended federal financing to a limit based on enrollment and costs in each state.
• Enhancing and Expanding Health Savings Accounts (HSAs) — “nearly doubling the amount of money people can contribute and broadening how people can use it,” according a website set up by the House GOP detailing the legislation. 
• Keeping the popular consumer protections within ObamaCare, such as insurance safeguards for people with pre-existing medical problems, and allowing young adult children to stay on their parents’ plans until age 26.

The bill would also block for one year any federal payments to Planned Parenthood. It also forbids people receiving tax credits to help pay premiums to buy coverage under a plan that provides abortions.

Kentucky Sen. Rand Paul, himself a doctor, is critical of the plan, suggesting it doesn’t go far enough in reforming the health care system. “It still looks like Obamacare-lite to me,” he said, “It’s going to have to be better.”

While not weighing in on the merits of the bill, White House Press Secretary Sean Spicer says in a statement that its release is “an important step toward restoring healthcare choices and affordability back to the American people.” 

You can read the American Health Care Act yourself online at readthebill.GOP.