THE CONGRESSIONAL BUDGET OFFICE (CBO) COST ESTIMATE VALIDATES CONGRESSWOMAN HANABUSA'S CONCERNS REGARDING ITS IMPACT TO HAWAII INSUREDS
Washington, D.C. – On Monday, March 13, 2017, the Congressional Budget Office (CBO) released its Cost Estimate, developed with the staff of the Joint Committee on Taxation (JCT), regarding the estimated budgetary effects of the Republican proposed American Health Care Act. Key findings in the CBO and JCT report include:
- 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; and
- 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.
Both the CBO and JCT acknowledge that while the estimates in the report are uncertain, they are "in the middle of the distribution of potential outcomes."
Congresswoman Hanabusa: Unfortunately, the CBO report validates my concerns regarding the potential impact a Republican ACA repeal bill will have on health care coverage in Hawaii, where approximately 95% of adults and 100% of children are currently insured. If the Republican bill is passed out of the House and Senate and signed into law by President Trump, Hawaii residents will see changes to their health care insurance and those changes, unfortunately, will disproportionately affect those who are elderly, sick and poor. The CBO report validates what the Democrats knew all along: The Republican ACA repeal bill saves money by taking it from those who can least afford it and need it the most and giving it to the privileged few. Hawaii families will be devastated if the Republicans get their way, and I am going to stand on the side of Hawaii’s families and fight this Republican plan to the end. I encourage everyone to read the CBO and JCT report for themselves: https://www.cbo.gov/publication/52486