Trump planning his most drastic move yet to end Obamacare

Trump planning his most drastic move yet to end Obamacare

Kevin Lamarque | Reuters

President Donald Trump makes a statement on the mass shooting in Las Vegas in front of a portrait of President George Washington in the Diplomatic Room at the White House in Washington, October 2, 2017.

President Donald Trump is planning to end an important subsidy that is helping to support the Affordable Care Act, Politico reported Thursday evening, citing two sources with knowledge of the matter.

Trump has repeatedly threatened to stop the payments — worth an estimated $7 billion this year — which are made directly to insurance companies to help cover out-of-pocket medical expenses for low-income Americans enrolled in individual healthcare plans under the Affordable Care Act, commonly know as Obamacare.

Republicans have repeatedly attempted to repeal President Barack Obama’s signature health-care bill, but have not yet succeeded.

Earlier Thursday, Trump signed a new executive order aimed at expanding health-coverage options and reducing costs for millions of Americans — an order that Obamacare defenders fear will damage gains made under that health-care law.

For more on the president’s reported plans, see the report in Politico.

—CNBC’s Dan Mangan and Reuters contributed to this report.

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