Loebsack Statement on the CBO Report Confirming Republican Healthcare Plan Rips Coverage from Millions
Congressman Dave Loebsack released the following statement after the Congressional Budget Office (CBO) released their report on the Republican plan to repeal the ACA. The report concluded that in the next 10 years, 24 million fewer Americans will have health insurance coverage than under the current bill.
“Today’s CBO report confirms what many had feared – that this Republican plan rips healthcare coverage from millions of Americans while giving the top 400 highest income families an annual $7 million tax break. The bill also puts Iowa’s and America’s most vulnerable, including seniors, children, people with disabilities and the working poor, at greater risk by cutting nearly a trillion dollars from Medicaid. I remain committed to working to fix the ACA so that it works better for all Americans.”
Key Findings of the CBO Report
- 24 million Americans will lose their health coverage – including 14 million in 2018 alone;
- Under the GOP bill, 19 percent of the nonelderly population will be uninsured in 2026, compared to 10 percent in 2026 under current law.
- The bill would have the effect of slashing Medicaid by $880 billion over the next 10 years.
- Under the GOP bill, a 64-year-old with an income of $26,500 in the individual market will pay $12,900 more in their premiums each year.
- By defunding Planned Parenthood for one year, the bill would have the result of many women losing access to care, including contraceptives and other family planning services.
- The bill gives $600 billion in tax cuts to the wealthiest Americans and large corporations – including $2.8 billion to the 400 richest families in America alone.