CBO says that the Affordable Care Act will bring significant reductions.
A statement has been released by U.S. Rep. Allyson Schwartz regarding the financial impact of the health care reforms based on the report issued by the nonpartisan Congressional Budget Office (CBO).
In it, Schwartz explained that $109 billion will be saved from the national budget by the system changes.
In her statement, she explained that “Today, the Congressional Budget Office (CBO) reaffirmed the critical importance of the Affordable Care Act as a means of containing the growth in health care spending in this country, as well as reducing our federal deficit.” She added that over the next decade, spending will have been reduced at the same time that care is improved for millions of Americans.
This means the health care reforms will play an important role in advancing deficit reduction.
At the same time, said Schwartz, Republicans are maintaining their efforts to repeal the health care reforms instead of choosing to work together to reduce the deficit and create new jobs. She added that if the law were to be repealed, this would only increase the deficit further and put insurance companies back in the position of control over the medical care that Americans receive.
The statement also said that repealing the law would increase the Medicare cuts which would reduce the benefits received by seniors, and it would increase costs. Moreover, it would remove the $40 billion that is designated for tax credits to improve the affordability of medical insurance for small businesses.
Schwartz took the opportunity to add a number of the Affordable Care Act’s achievements, so far, as well. According to her, there have already been 5.3 million seniors within the “donut hole” coverage gap of Medicare Part D that have received $3.7 billion in savings on the cost of prescription drugs. Furthermore, as children who have pre-existing medical conditions cannot be refused coverage, 17 million more of them now have a plan.
She was quick to point out that by repealing the health care reform, all of the improvements and progress that have been made, and that are already being enjoyed by millions of Americans, would be reversed.