Repealing and replacing Affordable Care Act, popularly called as Obamacare is one of the most important campaign pledges of President Donald Trump. He called the ACA expensive and irresponsible. Trump moved to bring a new health care bill and had hoped that the House of Republicans would offer a great support. After all, the Republicans have been against Obamacare since it was introduced. It was considered as a significant political move for Trump. On Friday, the House Speaker Paul Ryan pulled the new health care bill off the floor as he couldn’t muster enough support from his own party.
Trump administration had decided to delay the vote because the House conservatives were not supportive of the new health care bill even though they wanted to repeal Obamacare for a long time. This is a huge embarrassment for the president as his reputation was at stake. Some of the Republicans were worried that the new health care bill retains a lot of the Obamacare policies. Others believed that the new health care bill will result in too many political risks. Trump accused Democrats of not providing any support even though the bill didn’t receive support from his own party.
The Democrats were overjoyed after Trump administration failed to hold a vote. Chuck Schumer, Senate Minority Leader even called the new administration incompetent as it couldn’t close the deal. Trump was criticized heavily for this failure as he has written a book titled, ‘Art of the Deal’ earlier. The Twitter went crazy with millions of people taking a dig at Donald Trump with his popularized political failure.
During the press conference, Paul Ryan said that Obamacare will stay put for the foreseeable future. Trump wants to move on to the tax reforms. He had tweeted that Obamacare will explode soon and then the House will come back to him for the new and improved health care bill. The Republicans have also informed that they want to move ahead in repealing and replacing Obamacare. Paul Ryan had commented that the administration will welcome positive discussions with the Democrats on the health care bill.
On Monday, the Wall Street opened with disappointed investors as the health-care reform had failed. The DOW futures lost around 150 points as the market is becoming impatient. The market experts who had hoped that Trump’s agenda including health care reforms, tax cuts, fiscal spending and tax deregulation could help them to earn big. Trump’s failure to even hold a vote has made the investors anxious. Trump’s agenda is now seriously questioned because they are unsure of the Trump White House administration’s ability.
Strategists agree that health care bill failure doesn’t mean that the rest of the agenda could fail, but it is a major setback. Even the German Xetra DAX and UK FTSE 100 lost 0.7% due to the USA politics. The dollar index was pushed to 99.02 after it enjoyed 100.00 since November. The dollar which was rallying since the Presidential elections has been losing steadily, essentially wiping out all the gains it had made earlier. The benchmark US Treasury Yields were also lower.