On Monday, the Congressional Budget Office unveiled the numbers regarding what the GOP’s Obamacare replacement bill will cost Americans, The New York Times reports.
According to the numbers, under the proposed American Health Care Act, 24 million more people would lose coverage by 2026 bringing the total number to 52 million, while the federal deficit would decrease by $337 billion within the nine-year timeframe.
Under the bill, the number of uninsured Americans would jump to 14 million by next year.
For the GOP, the CBO’s report added further fuel to the fire in support of Democrats who staunchly oppose a replacement. Democrats voiced frustration after the GOP released a draft of the bill last week and asked for a reprieve until the CBO numbers were released.
After the report’s release,The House Budget Committee tabled its consideration of the new bill from Wednesday to Thursday.
The one shining light for the GOP was the deficit decrease which speaks to the tenements of the Republican party: “lower deficits, reduced federal spending and tax cuts,” The Times writes.
On Monday afternoon, Tim Price, the secretary of health and human services, denounced the report saying it did not actively reflect a full picture of the provisions the administration intends to take to repeal and replace Obamacare.
Medicaid would also face severe cuts under the new bill, the report suggests. By 2026, Medicaid spending would decrease by 25 percent than the current projection under the ACA. The number of beneficiaries would drop 17 percent, amounting to 14 million fewer people covered by the program.
Among other concerns, the report revealed an uptick in premiums for individuals purchasing their own insurance. According to the CBO, premiums for those individuals would be between 15 to 20 percent higher over the next two years than they are under the current law. However, premiums would drop 10 percent lower by 2026.
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