Today, the Congressional Budget Office released its latest report on the cost and coverage estimates of the Affordable Care Act after last month's Supreme Court decision.
Upon the release of CBO's report, House Budget Committee Chairman Paul Ryan of Wisconsin released the following statement:
"The Congressional Budget Office reported today that the Affordable Care Act imposes a $1 trillion tax increase and continues to raid Medicare by over $700 billion to fuel a new $1.7 trillion open-ended entitlement, while doing nothing to reduce the backbreaking health care costs for families and businesses. In fact, CBO reported that health insurance premiums will actually increase.
"This law was built with smoke and mirrors to hide the impact of the trillions of dollars of new entitlement spending. Since its passage two years ago, we have seen these gimmicks begin to unravel. The only tool the President has left to prevent this entitlement from blowing another hole in the budget is massive tax increases and a board of fifteen unelected bureaucrats who will cut Medicare in ways that lead to denied care for seniors.
"This future of diminished care is not what Americans deserve. The CBO's update - like the Supreme Court decision - only underscores the fact that it is up to the American people to repeal this misguided law and advance real health care reform."