Congressional Budget Office: 16 million Americans could lose health insurance under Senate Republicans' 'skinny repeal' of Obamacare

The nonpartisan Congressional Budget Office (CBO) found that 16 million Americans could lose their health insurance under a version of Senate Republicans' health care bill known as the "skinny repeal," a bill that would repeal only some elements of Obamacare.

The so-called "skinny repeal" is one of several bills being considered in the Senate on Wednesday.

Here's what 'skinny repeal' would look like:

• The "skinny repeal" bill would repeal both the individual and employer mandates, which requires individuals to have health insurance, and employers to provide health insurance to employees. If they don't, they face a penalty fee under Obamacare.
• It would also repeal some of the taxes that the ACA put in place - most significantly, a tax on medical-device makers.
• Defund Planned Parenthood
• Repeal Prevention and Public Health Fund
• Repeal Community Health Center Fund

A senior Democratic aide noted that, according to the CBO, the skinny repeal would result in premiums that are roughly 20% higher than they are under the current law, each year.

After the CBO's assessment was revealed Wednesday evening, Senate Minority Leader Chuck Schumer slammed his Republican counterparts on the Senate floor, calling ongoing arguments on the matter a "sham."

"We don't even have a final bill to amend," Schumer said, adding that the process was "never an open and transparent."

Senate Republicans have proposed and wrangled over several versions of health care bills this week in a last-ditch effort to repeal Obamacare, officially known as the Affordable Care Act.

Despite multiple failures and potentially devastating assessments by the CBO, President Donald Trump has pushed his Republican allies to put together a bill he can sign.