NEW YORK (TheStreet) --President Obama addressed the nation from the White House on Monday afternoon. Obama commented on his upcoming and final foreign trip and answered questions regarding last week's election, which saw Donald Trump capture the Presidency.
One of the key issues pertinent to both the Obama administration and the Trump campaign was The Affordable Care Act. Obamacare, as it's more commonly known, is a highly polarizing topic. President-Elect Trump has stated his intentions to "repeal and replace" the legislation.
"Obviously, this has been the holy grail for Republicans over the last six-seven years, was we have to kill Obamacare. Now, that has been taken as an article of faith, that this is terrible, doesn't work and we have undo it,' Obama said.
However, the rules and regulation with which it is replaced remains a fundamental concern, the President noted.
"Now that Republicans are in charge, they have to take a look and say, let's see; we have 20 million people that have health insurance who didn't have it before. And, health care costs have generally gone up at a significantly slower rate, which has saved the Federal Treasury hundreds of billions of dollars," Obama said.
Additionally, people who never had health insurance prior to The Affordable Care Act are also receiving benefits they may not even be aware of, such as free mammograms, he added.
"Now suddenly you're in charge and you're going to repeal it, okay, well what happens to those 20 million people?" Obama asked. "How are you going to replace it? How are you going to approach all these issues?"
The President's view is that if the Republicans can implement a piece of legislation, complete with health care policies that enhance the insurance coverage, is cheaper, and is running smoothly; he'll be the first to congratulate them.
"If on the other hand, whatever they're proposing results in millions of people losing coverage and people who already have health insurance losing protections, then we're going to have a problem," Obama said.