CBO: Repealing health care law will add $109 billion to federal deficit
Repealing the Affordable Care Act will add $109 billion to the federal deficit between 2013 and 2022, according to the Congressional Budget Office.
House Republicans voted to repeal the Affordable Care Act for the 33rd time after the Supreme Court upheld the health care reform law last month.
In a letter to Republican House Speaker John Boehner, CBO Director Doug Elmendorf estimated that H.R. 6079 “Repeal of Obamacare Act of 2012” would end up costing the federal government an additional $109 billion over the next decade. The updated figure is considerably less than the CBO’s 2011 estimate, which pegged the cost of repeal at $210 billion.
“Deficits would be increased under H.R. 6079 because the net savings from eliminating the insurance coverage provisions would be more than offset by the combination of other spending increases and revenue reductions,” Elmendorf wrote.
While repealing the Affordable Care Act will cut about $1.171 trillion in federal spending, it will also eliminate key Medicare cost-saving measures, which will increase spending by $711 billion. In addition, the health care law repeal will reduce tax revenues by $569 billion.
- Congressional Budget Office: Cost estimate for the repeal of the Affordable Care Act – H.R. 6079 (PDF)
- Congressional Budget Office: Cost estimate for the repeal of the Affordable Care Act – H.R. 2 (PDF)
- WhatTheFolly.com: House Republicans repeal health care law for the 33rd time
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