President Obama's health care law will push 7 million people out of their job-based insurance coverage — nearly twice the previous estimate, according to the latest estimates from the Congressional Budget Office released Tuesday.
CBO said that this year's tax cuts have changed the incentives for businesses and made it less attractive to pay for insurance, meaning fewer will decide to do so. Instead, they'll choose to pay a penalty to the government, totaling $13 billion in higher fees over the next decade.
But the non-partisan agency also expects fewer people to have to pay individual penalties to the IRS than it earlier projects, because of a better method for calculating incomes that found more people will be exempt.
Overall, the new health provisions are expected to cost the government $1.165 trillion over the next decade — the same as last year's projection.
With other spending cuts and tax increases called for in the health law, though, CBO still says Mr. Obama's signature achievement will reduce budget deficits in the short term.
During the health care debate Mr. Obama had said individuals would be able to keep their plans.
CBO said that this year's tax cuts have changed the incentives for businesses and made it less attractive to pay for insurance, meaning fewer will decide to do so. Instead, they'll choose to pay a penalty to the government, totaling $13 billion in higher fees over the next decade.
But the non-partisan agency also expects fewer people to have to pay individual penalties to the IRS than it earlier projects, because of a better method for calculating incomes that found more people will be exempt.
Overall, the new health provisions are expected to cost the government $1.165 trillion over the next decade — the same as last year's projection.
With other spending cuts and tax increases called for in the health law, though, CBO still says Mr. Obama's signature achievement will reduce budget deficits in the short term.
During the health care debate Mr. Obama had said individuals would be able to keep their plans.
Read more: http://www.washingtontimes.com/blog/inside-politics/2013/feb/5/obama-health-law-will-cost-7-million/#ixzz2K3ShWarH
Don't liars just piss you off to no end!
Do you think ObamaCare would have passed if the CBO was truthful to begin with and told Americans that 7 MILLION would lose coverage?
ReplyDeleteHELL NO!
Not an obama fan at all, but you are looking at two different things:
ReplyDeletePrivate businesses can do whatever they want. The health insurance reform specifically does NOT force companies to buy insurance, and due to changes in tax codes, the CBO expects that a number of employers will stop buying insurance.
This has nothing to do with Obama stating that the government would not force you to switch insurance.
You do understand that a private company is not controlled by the big scary Obama, right?
Weasel what an appropriate name....
DeleteWeasel what an appropriate name....
DeleteWeasel.....Bullshit.
DeleteHis statement was If you like your current plan you can keep it.
Don't look now but your current plan no longer is available.