The non-partisan Congressional Budget Office (CBO) unveiled its score of the Senate’s revised bill to repeal major portions of Obamacare Thursday afternoon.
The bill, known as the Better Care Reconciliation Act, is expected to lower the federal budget deficit by $420 billion over the next decade. The reduction is a result of a $903 billion cut to direct spending, which is offset by a $483 billion decrease in revenues.
The largest amount of savings comes from direct cuts to both Medicaid and funding for Obamacare subsidies that help low-to-moderate income individuals purchasing insurance on the state exchanges. Federal spending for Obamacare’s Medicaid expansion program in 2026 would be cut to 26 percent. Some 75 percent of that reduction stems from scaling back the program, starting in 2020, when states can no longer apply for Medicaid expansion funds.
If Congress passes this legislation, some 15 million more Americans would be without insurance coverage in 2018 than those that would lose insurance under Obamacare. That figure increases to 22 million in 2026. Eighty-two percent of Americans under the age of 65 would have health insurance in 2026, compared to 90 percent under Obamacare.
The CBO also released its score of the Senate’s bill to repeal, but not replace, Obamacare Wednesday afternoon.
The CBO projects that the number of uninsured Americans would increase by 17 million in 2018 if Congress chose to pass the amendment and eliminate much of the framework of Obamacare. That figure would increase to 27 million in 2020, as states would no longer be able to apply for Obamacare’s Medicaid expansion program, and the federal government stops paying out subsidies for people that obtain insurance coverage through the Obamacare state exchanges.
Enacting the legislation would cause the federal budget deficit to decrease by $473 billion from 2017 to 2026, the CBO reports. Essentially, repealing the portions of Obamacare included in the legislation would save the federal government roughly $473 billion over the next decade.
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