Transcript for Fallout from Trump's decision to stop Obamacare
Thousand to the developing story about president trump and your health care. Millions of Americans bracing for changes to hair health plans this morning. Taking a major swing at the affordable care act with the swipe of a pen and ABC's David Wright joins us from the white house with more on this executive order and what it all means. David, good morning to you. Reporter: Good morning, Paula and Dan. Some big changes ahead but the president says he's ready to make a deal. Overnight he tweeted that Obamacare is causing grief and tragedy for so many, he urged Democrats to get smart and deal while Republicans have already tried and failed to repeal and replace Obamacare, so the president is trying to force congress to act. Even as he dealt what could be a fatal blow to the affordable care act, president trump insisted he's ready to make a deal. And not just with the Republicans. The Democrats should come to me, I would even go to them because I'm only interested in one thing, getting great health care for this country. Reporter: But for now Democrats don't buy it. Make no mistake, last night the president single-handedly decided to raise America's health premiums for no reason except spite and cruelty. Reporter: What trump did was end $7 billion in Obamacare subsidies to insurance companies, payments designed to help them discount prices for low-income customers. A federal judge ruled last year that the subsidies were illegal because the Obama administration authorized them without an appropriation from congress. That money is a subsidy for insurance companies. Take a look at their stock, look where they are. They're going through the roof. Reporter: Now insurance premiums are likely to go through the roof to make up the difference. Jumping by at much as 20% according to the nonpartisan congressional budget office. Middle class customers like Marcie Shelton, a retiree in Nevada, would likely feel the brunt of this. If it gets too high I'm afraid I won't be able to afford it at all and that's terrifying. Reporter: The poorest Americans would have some protection because if other provisions in Obamacare. The tax paste would still be on the hook to make up the difference for them, which according to the cbo could add nearly $20 billion a year to the federal deficit. We are going to have great health care in our country. We're taking a little different route than we had hoped. Reporter: Now, a bipartisan group of lawmakers have a bill that would restore those subsidies and say they have the votes to pass it. Two problems, though, not clear if it's ever going to get up for a vote and not clear if the president would sign it. Dan and Paula. I think the president said it best taking a little bit of a different route. David, thanks for your reporting from the white house.
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