"Obamacare is the law of the land... and we're going to be living with Obamacare for the foreseeable future," Ryan conceded a short time after the bill was dropped.
But the American Health Care Act faced stiff and growing opposition from the time that it was introduced on March 6, with the chorus of moderate and conservative members of the GOP coming out against it growing.
With health care apparently behind them, Republicans appear poised to pursue other parts of their legislative agenda, including border security, rebuilding the military, controlling the deficit and tax reform.
"Now we're going to move on with the rest of our agenda because we have big, ambitious plans to improve people's lives in this country," Ryan said.
Ryan said at the press conference that he told Trump they should drop the bill. "He agreed with me," Ryan said.
The speaker appeared conflicted about the bill that he and the president touted as the replacement for Obamacare, which Trump said was on track to "explode."
"I'm really proud of the bill we produced," Ryan said, but later commented "it is so fundamentally flawed" that he doesn't know if it would be possible to continue to prop up the bill as-is.
He remained steadfast in his opposition to the Affordable Care Act, adding "what's probably most troubling is the worst is yet to come with Obamacare."
Ryan praised other members of Congress for their input on the bill, but cited "growing pains" as the reason why they "came up short."
"Moving from an opposition party to a governing party comes with growing pains and, well, we're feeling those growing pains today," he said.
The Speaker added that the President "gave his all in this effort... he's been really fantastic."
"I will not sugarcoat this, this is a disappointing day for us," Ryan said.