December 05,2024

Wyden, Shaheen, Schumer Release CBO Findings Detailing Impact on Americans’ Health Insurance Should Enhanced Premium Tax Credits Expire in 2025

Washington, D.C. – Senate Finance Committee Chair Ron Wyden, D-Ore., Senator Jeanne Shaheen, D-N.H., and Senate Majority Leader Chuck Schumersecured new data from the U.S. Congressional Budget Office (CBO) detailing the impact on Americans’ health insurance should the Affordable Care Act’s (ACA) enhanced premium tax credits (PTCs) expire at the end of 2025. If Congress does not extend these tax credits, premiums will increase by 7.9 percent and 3.8 million Americans will go uninsured altogether. The full text of the lawmakers’ CBO request can be found here. CBO’s findings released today can be found here. 

“This is a stark preview of health care under Donald Trump: higher insurance premiums for families who buy health coverage on their own, and more uninsured Americans who can’t afford health insurance at all,” Wyden said. “Republicans have an opportunity to end their ideological crusade against the Affordable Care Act and work in a bipartisan manner to make health care more affordable for working families, but instead they seem poised to hand another big tax break to corporations and the wealthy.” 

“New data from CBO confirms what we feared: if Congress fails to extend these tax credits, health care costs will skyrocket for millions of families and 3.8 million Americans will lose coverage entirely,” said Shaheen. “At a time when Americans are already facing higher prices, we should do everything we can to lower costs when and where we can. It’s time we pass my Health Care Affordability Act to permanently extend the tax credits so many families rely on.” 

“These vital tax credits are at risk of expiring – unless we act. Democrats made massive progress in making heath care more affordable for millions of Americans. Congress should work in a bipartisan manner to extend these middle class tax cuts rather than give another tax break to corporations and the ultra-wealthy,” said Leader Schumer. 

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