President Donald Trump urged Democrats to make a deal with him on healthcare after he scrapped billions of dollars in Obamacare subsidies to private health insurers for low-income Americans. Fred Katayama reports.
President Donald Trump once again pledged to dismantle Obamacare as California, New York and other states joined forces Friday to sue to block his move. (SOUNDBITE) DONALD TRUMP, PRESIDENT OF THE UNITED STATES (ENGLISH) SAYING: "It's step by step by step, and that was a very big step yesterday, and one by one, it's going to come down, and we're going to have great healthcare in our country." On Thursday Trump signed an executive order to allow insurers to sell lower-cost, bare-bones insurance plans with limited benefits and consumer protections. He also scrapped subsidies to health insurers that help low-income Americans pay out-of-pocket medical expenses. The National Association of Insurance Commissioners cried foul. It said Trump's move would jack up premiums for consumers by up to 15 percent in 2018 and slash payments to insurers by more than $1 billion. ConsumerUnion's Betsy Imholz: (SOUNDBITE) ELIZABETH IMHOLZ, DIRECTOR, SPECIAL PROJECTS, CONSUMERSUNION (ENGLISH) SAYING: "The past two days have really been a double blow to consumers on health care. Between yesterday's executive order and today's announcement about withholding of the cost sharing reduction payments. They really, together, destabilized the market incredibly, will raise prices, and not to mention all the confusion that it's created and the fear for consumers." Shares of health insurers and hospital shares fell. Centene and Tenet Healthcare were hard hit.