Politics

Report: Obamacare Repeal Would Add $353 Billion To The National Deficit

| by Ethan Brown

A repeal of the Affordable Care Act, or ObamaCare, would add billions of dollars to the nation’s already high deficits and debts and lead to further setbacks in the country’s health system, according to a new report from the non-partisan Congressional Budget Office (CBO).

The report estimates the health care that elderly patients would receive, with around 19 million citizens that would be uninsured if an appeal were to take place. Also, the number of people who purchase their insurance through Medicaid would decline by 30 to 32 million, CNBC reported.

The CBO’s report also alleges that a repeal of President Barack Obama’s signature domestic achievement would raise federal deficits by $353 billion over the next decade. That figure may be inflated, however, as another report showcased the number to be $137 billion after “macroeconomic spending,” or less government spending on costly health programs.

The CBO also left out employment facts, such as small businesses who have been forced to lay off workers and halt hiring based on the requirements under the federal health law. The report suggests that a repeal of the legislation would “increase the supply of labor” and raise living wages and benefits for all Americans, essentially assisting the economy, CNN Money noted.

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ObamaCare has been one of the most contested issues since the legislation was signed by the President in March 2010. Prior to the signing, the legislation was the main political issue for many months, allowing Republicans to make major gain in the 2010 elections, including a January 2010 special election that saw Massachusetts elect a Republican, Scott Brown, to the U.S. Senate.

Republicans in the U.S. House of Representatives have cast several votes to repeal the law, with no success in the Senate. Supporters of the bill won a major victory when the U.S. Supreme Court declared the law constitutional in June 2012, by calling the legislation a tax and giving the federal government the authority to tax Americans through the program.

Sources: CNN Money, CNBC / Photo Credit: Michael Havens, Flickr Creative Commons