NEW YORK – Republicans’ revised plan to repeal and replace parts of the Affordable Care Act would shrink the U.S. budget deficit by $119 billion, $32 billion less than an earlier version of the legislation, according to the Congressional Budget Office.
About 23 million people are expected to lose their health-care coverage by 2026 under the bill which was passed by House Republicans earlier this month. That’s about one million fewer than the CBO’s projection for the previous legislation.
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The CBO said in its projection that more people will get insurance but that the coverage under those plans would be less generous. In some cases, people would use tax credits under the law to buy plans that don’t cover major medical risks.
Republican senators have said they’ll set aside the House’s bill and work on their own repeal-and-replace effort, but the CBO score still holds importance for their work. The Senate bill can’t spend more money than the House bill, constraining efforts by some Republicans to bolster spending on Medicaid or on subsidies to help older people afford health insurance.
Democrats largely oppose the effort to repeal Obamacare and aren’t expected to support the legislation Senate Republicans craft.
Anna Edney and Zachary Tracer are reporters for Bloomberg News.
