Today, Congressman Diane Black (R-TN) issued the following statement after the Congressional Budget Office released its latest report on the cost and coverage estimates of the President's health care law in the wake of the Supreme Court's ruling. The gross cost of the bill is estimated at $1.683 trillion over 2012-2022 with 3 million fewer Americans receiving health care coverage.
"The Congressional Budget Office reported today that Obamacare guarantees $1 trillion in higher taxes, $716 billion in cuts to Medicare, and higher insurance premiums. This open-ended new entitlement program increases spending by $1.7 trillion which will result in mountains of new debt in the decades to come. On top of the devastating fiscal and economic consequences, this law ensures lower quality of care and leaves many of those who can least afford health care uninsured and strapped with a stiff penalty tax.
There continues to be immense uncertainty about the implementation of Obamacare, but the bottom line is its implications on the budget, the economy, and access to health care coverage are bad for the American people. Obamacare must be fully repealed and replaced with commonsense market-based, step-by step reforms that lower costs and increase access to health care by empowering patients, not government bureaucrats