UPDATE: The Obamacare Repeal Bill- What You Need to Know

President Obama will veto a bill repealing large pieces of his healthcare law and blocking federal funding for Planned Parenthood, the White House said Wednesday morning.

The Senate is voting on amendments to the bill, which is the culmination of a major Republican effort this year to pass an Obamacare repeal bill and send it to the president's desk, even though Obama has long threatened to veto it. Congressional Republicans have voted to repeal the law many times, but this is the first time lawmakers are using a process called budget reconciliation, which requires only a simple Senate majority to pass.

The House has passed a version of the legislation and would have to re-approve it after it is amended by the Senate. The Senate is expected to hold a final vote Thursday.

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