Hospitals, Insurers Rise as McCain Opposes GOP Obamacare Repeal
McCain to Oppose Graham-Cassidy Health Bill
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Hospital and health insurance stocks moved upward Friday after Republican Senator John McCain said he would withhold his vote from a GOP proposal to repeal much of Obamacare, potentially dooming efforts to bring the measure to the floor.
The Republican proposal would cut planned federal spending on health care by $215 billion through 2026, according to consulting firm Avalere Health. It would also end a requirement that all Americans have insurance coverage. Both policies helped expand insurance coverage to millions of Americans, providing insurers with more clients and hospitals with more paying customers.