GOP releases 'Repeal of Obamacare Act'

House Republicans late Thursday released their proposal to repeal the 2010 healthcare law, arguing that it has increased healthcare costs, puts Americans at risk of losing coverage and is dragging down the economy.

The Repeal of Obamacare Act is a response to the Supreme Court's decision to uphold the law, and argues that despite that ruling, solving the nation's healthcare problems must begin with repeal of the law.

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"The path to patient-centered care and lower costs for all Americans must begin with a full repeal of the law," the Repeal of Obamacare Act reads. The bill was introduced by House Majority Leader Eric Cantor (R-Va.).

The bulk of the seven-page bill consists of a findings section that says the Patient Protection and Affordable Care Act has failed to live up to President Obama's promises for the law. For example, it finds that "tens of millions of Americans are at risk of losing their healthcare coverage," even though Obama promised people they could keep their coverage if they liked it.

It says the law has not lowered healthcare costs, and that average families paid $1,200 more in the year after passage.

The bill also reiterates GOP arguments that the law is a drag on the national economy, in large part due to thousands of pages of regulations even before the law really takes hold in 2014.

"The law and the more than 13,000 pages of related regulations issued before July 11, 2012, are causing great uncertainty, slowing economic growth, and limiting hiring opportunities for the approximately 13 million Americans searching for work," it reads. "Imposing higher costs on businesses will lead to lower wages, fewer works, or both."

The Supreme Court decision found that the law's penalties for failing to buy health insurance are constitutional when seen as a tax, and Republicans have continued to use that decision to their advantage by arguing the law is a large tax hike. The bill follows suit, saying the law imposes 21 new taxes, including 12 on families making less than $250,000.

It also highlights GOP opposition to the implementation of the law when it comes to abortion. The Obama administration has required some religious-affiliated groups to require abortion coverage in their health plans, which the GOP bill says violates their religious beliefs.

"Moreover, the law effectively forces millions of individuals to personally pay a separate abortion premium in violation of their sincerely held religious, ethical or moral beliefs," the bill states.

The House is expected to vote on the bill Wednesday, July 11. The House Rules Committee has set a Monday evening meeting to approve a rule for the bill. The meeting is billed as an "emergency meeting" because the bill will be officially introduced on Monday, even though Republicans made the text of the bill available Thursday.

The measure is expected to pass the lower chamber but die in the Democratically controlled Senate.