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CBO: Affordable Care Act Will Reduce the Deficit by $109 Billion

Statement

By:
Date:
Location: Washington, DC

U.S. Rep. Allyson Schwartz issued the following statement today on the report from the nonpartisan Congressional Budget Office (CBO) on the fiscal impact of the Affordable Care Act.

"Today, the Congressional Budget Office (CBO) reaffirmed the critical importance of the Affordable Care Act as a means of containing the growth in health care spending in this country, as well as reducing our federal deficit. CBO now estimates that the law will save $109 billion over the next decade, while increasing access to health care for millions of Americans.

"Still, Republicans continue to call for its repeal rather than working together to advance legislation on job creation and deficit reduction. Repealing the Affordable Care Act increases the deficit, puts insurance companies back in charge of Americans' health care, increases costs and cuts benefits for seniors on Medicare, and eliminates $40 billion in tax credits to help make insurance more affordable for small businesses.

"As a result of the Affordable Care Act, 5.3 million seniors in the Medicare Part D "donut hole' coverage gap have already saved $3.7 billion on prescription drugs, 17 million children with pre-existing conditions now have health insurance, and we are reducing the deficit by $109 billion over the next 10 years. Repealing health care reform reverses this progress and does nothing to support our economic recovery.

"Earlier this month the Supreme Court put an end to any legal uncertainty surrounding the law. And for the fourth time, CBO has affirmed the law's fiscal impact.

"It is time for Republicans to stop putting partisanship ahead of the pressing needs of our constituents and our country. It is time to end their efforts to strip Americans of essential, affordable health care benefits. It is time for states to get to work to implement crucial provisions in the law, and ensure that 3 million Americans do not lose access to health care coverage."


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