The US Senate Just Took The First Step Toward Repealing Obamacare

The U.S. Senate has taken the first key step toward repealing President Barack Obama's signature health care law.

During an overnight session that stretched into early Thursday morning, senators voted 51-48 to approve a budget measure that Republicans call the "Obamacare repeal resolution."

The resolution gives both House and Senate committees the green light to start working on legislation that will repeal major portions of Obamacare.

Senate Majority Leader Mitch McConnell said in a statement, "The Senate just took an important step toward repealing and replacing Obamacare by passing the resolution that provides the legislative tools necessary to actually repeal this failed law while we move ahead with smarter health care policies."

Repealing Obamacare: What It Could Cost And What It Could Save

The estimate from the Committee for a Responsible Federal Budget includes the repeal's effect on the economy.

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Republicans have said the process of repealing Obamacare could take months. Coming up with a replacement could take even more time.

But President-elect Donald Trump has promised multiple times that he'll quickly "repeal and replace" the law.

"We're going to be submitting, as soon as our secretary's approved, almost simultaneously, shortly thereafter, a plan," Trump said during a press conference. "It'll be repeal and replace. It will be essentially simultaneously."

The budget measure will go to the House next, where a vote is expected Friday.