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Repeal of Obamacare would add to the deficit, not reduce it

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THIS is from the fact-checkers at CNN:

ASSERTION:
Repealing Obamacare will add to the deficit.

President Barack Obama at the Clinton Global Initiative, September 24, said: “It is a net reduction of our deficit…if they repealed the law it would add to the deficit.”

FACTS:

In May, 2013 the Congressional Budget Office wrote House Budget Committee Chairman Paul Ryan, R-Wis, stating, that it and the Joint Committee on Taxation “most recently estimated the budgetary impact of repealing the [Affordable Care Act] in July 2012. In a letter to Speaker Boehner (sent on July 24, 2012), CBO described the direct spending and revenue effects of H.R. 6079, the Repeal of Obamacare Act, as passed by the House of Representatives earlier in July. In that letter, CBO indicated that the net savings from eliminating the insurance coverage provisions of the ACA would be more than offset by the combination of other spending increases and revenue reductions that repeal of the ACA would entail. On balance, CBO and JCT estimated, repealing the ACA would affect direct spending and revenues in ways resulting in a net increase in budget deficits of $109 billion over the 2013-2022 period.”

The ACA law as written requires a lot of money to be shelled out over the next 10 years – $1.4 trillion. But it also raises tax revenue and the hope is that it will help cut health care costs.

As a result, the Congressional Budget Office estimates that the law as a whole would reduce deficits.

VERDICT:
True.

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4 Comments

  1. “…the hope is that it will help cut health care costs.”

    Hope and change is all that we need to survive.

  2. Craig Knauss

    Yeah doc, just hiding under a rock for all those years worked real well, didn’t it?

    The status quo wasn’t working. Period. It was time to shake things up. And any look at history will tell you that all major changes have a shake-out period. That applied to the American Revolution, the abolishment of slavery, and after every one of our wars, for just a few examples.

  3. Im glad this hillarycare stuff is so easy to understand. Getting the truth from these folks is like asking my 4 and 6 year old who got into the peanut butter.

  4. Hiding under a rock? Seriously?

    HSA’s, Medicare drug benefit, expanding medicaid coverage in the states….there was plenty going on for quite a long time and there was plenty more that could have been done. But as they say, elections have consequences. I do agree with you on one thing though, there will certainly be lots of shaking out for quite a long period of time.

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