Medical insurance costs would rise 25% in 2017 and double by 2026. The federal deficit would come down by $473 billion.
The Republican-controlled Senate has failed to pass their healthcare bill twice.
Repealing Obamacare was US President Trump's signature campaign promise.
32mn to lose health-coverage if Obamacare is repealed
What does Trumpcare propose to do?
The American Healthcare Act termed "Trumpcare" aims to reduce government interference in health care, providing people more options.
It repeals taxes including penalty for not buying health insurance and allows states to be rid of the pre-existing conditions clause, which prevented insurance companies from charging higher rates from patients with pre-existing conditions.
It further cut down on funds under Medicaid program for the poor.
Trump frequently flip-flops over Obamacare
Over the past two days, Trump has frequently changed his stance. He urged Obamacare to be repealed and replaced, then just repealed, then allowing it to fail before reverting to repeal and replace.
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Republicans plan Obamacare repeal vote next week
Republican Senators are planning to repeal Obamacare in a vote next week.
Trump earlier called on Republicans to postpone their summer vacation unless they manage to repeal and replace Obamacare with their healthcare program.
"For seven years you promised the American people that you would repeal Obamacare," Trump told 49 Republican Senators at the White House. "People are hurting. Inaction is not an option."
Republicans can only afford to lose two votes
The Republicans have a 52-48 majority in the 100-seat Senate. The Democrats are united in opposition against the bill. The Republicans can only afford to lose two votes from their majority for the Senate. So far, at least two Republican Senators have opposed Obamacare's repeal.