The White House is confident Congress can finalize a bill to repeal and replace the Affordable Care Act (Obamacare) by the time lawmakers go on their August recess, White House spokesman Sean Spicer said on Friday.

Spicer contended that the prospects for the Senate to pass the healthcare reform bill were "very high," clearing the way for a final negotiated bill to clear the House and Senate before the August break.

"I think we're going to get this thing done ... and hopefully by the August recess really have Obamacare repealed and replaced," Spicer told Fox News Channel.

Shares of companies related to the bill including insurers UnitedHealth Group (UNH) - Get Report , Anthem (ANTM) - Get Report , Aetna (AET) and Humana (HUM) - Get Report were all moving lower during late Friday morning trading, following Spicer's comments.

What's Hot On TheStreet:

Well OK then, Jeff Immelt: General Electric's (GE) - Get Report outgoing CEO Jeff Immelt had some choice things to say at an event in NYC on Thursday night, TheStreet's Kinsey Grant reports. First, Immelt revealed a possibly fatal management mistake Kroger's(KR) - Get Report CEO might have made about Amazon(AMZN) - Get Report who as we all know, just inked a $13.7 billion deal for organic grocer Whole Foods (WFM) . Immelt then took a jab at Hillary Clinton and Barack Obama for not visiting factories in their push to lift manufacturing wages. Talk about a well-paid boss going down swinging.

Why Sears Canada is dying: Sears Canada (SRSC) has one foot in the grave just like its ailing U.S. friend Sears Holdings Corp. (SHLD) . Unfortunately for Sears Canada, it's that friend across the boarder that has played a large role in its demise, TheStreet's Michelle Lodge reports. Sears has sucked badly needed cash away from Sears Canada through the years, leaving it unable to upgrade stores and do other things to compete effectively in the always challenging Canadian retail market.

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