The Republican Party is proposing to repeal most of the Affordable Health Care Act, which took effect in 2014 and has provided millions of Americans with health coverage.
The plan would eliminate the mandate that everyone obtain insurance or pay a fine, which Republicans argue has driven up costs for many.
But the proposal does not eliminate the individual mandate that requires most Americans to purchase insurance.
Republicans also want to cut Medicaid by $880 billion over 10 years and eliminate the Affordable Child Care Tax Credit, which helps low-income families afford childcare.
“I think the American people are ready to hear a plan that puts us on a pathway to get back to the status quo, not only in the health care debate, but also in our tax plan,” House Budget Committee Chairman Tom Price said in a statement.
“That’s the message I’m trying to send to my colleagues and to the American public.”
The plan includes a $1.9 trillion reduction in the deficit, which would come out of the $1 trillion the Congressional Budget Office projected for the fiscal year that begins on Oct. 1.
That’s a big number for a party that is still reeling from the financial crisis and the election of President Donald Trump, and is trying to come together after two years of tumult.
But it also reflects a new mood within the Republican Party, as Republicans try to get a handle on the party’s divisions over health care and taxes.
“We are in a much stronger position to pass this plan than we were two months ago, and that’s thanks to the strong leadership we have from our leadership,” Price said.
“If we don’t have that leadership, if we don, as the new majority leader, we’re going to be in a very difficult place to move forward on any major agenda.”
The bill’s plan would cut Medicaid to about 42 million people by 2026, and eliminate or cut $2.3 trillion in taxes over 10 months.
The GOP also proposes a $200 billion tax credit to help families pay for child care and to reduce income taxes for high earners.
Republicans want to lower the threshold for the federal tax deduction for mortgage interest, the biggest expense for most taxpayers.
But they also want a permanent reduction in federal taxes on investment income and business income, and repeal taxes on foreign profits and investment income.
The bill would also lower the top income tax rate from 39.6 percent to 39.5 percent, and end the estate tax.
It also would eliminate or reduce the Affordable Head Start program for preschoolers and the Children’s Health Insurance Program.