Citing a report from the non-partisan Congressional Budget Office (CBO), Congresswoman Chellie Pingree said today that repealing the health care reform law would add $230 billion to the deficit over the next ten years and as much as $1.2 trillion in the decade to follow.
"Not only does repealing health care take away preventative care coverage for over 250,000 seniors and tax breaks for thousands of small business in Maine, it would also put an even bigger hole in the federal budget," Pingree said. "If Republicans were serious about fiscal responsibility, they wouldn't be so serious about repealing health care reform."
Republicans passed new rules in the House yesterday that any bill that would increase the deficit be offset by spending cuts elsewhere. However, Republicans inserted language to specifically exempt the cost of repealing health care reform.
The CBO said the cost of repealing health care reform comes mostly from eliminating waste and fraud savings in Medicare and by giving a tax break to hospitals and insurance companies.
"Repealing health care reform means giving a big tax break to the insurance companies that keep raising our rates," Pingree said. "It's consumers, not the big insurance companies, that need a break right now."
Costs of repeal over the first ten years would equal $230 billion, according to the CBO report out today, and then by an amount equal to more than one-half of one percent of GDP in the following decade.