Repeal of Obamacare would add to the deficit, not reduce it
THIS is from the fact-checkers at CNN:
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Barack Obama at the Clinton Global Initiative, September 24, said: “It is a net reduction of our deficit…if they repealed the law it would add to the deficit.”
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.