Drum Roll Please…
|October 7, 2009||Posted by ITUP under Blog||
The CBO just released their score of the Finance Committee’s bill…..and its all good news.
Major findings over 2010-2019:
-Net cost: $518B
The bill will cost $829B over 10 years (well below Obama’s $900B request): $345B for expanded Medicaid/CHIP, $461 for Exhange subsidies, $23B for small employer tax credits
The bill will increase revenues by $311B: $4B from mandate penalty, $23B from employer penalty, $201B from excise tax, $83B from other revenues
Total savings: $599B
$404B from provisions affecting direct spending and $196 from provisions affecting revenue
*****Overall, the bill will REDUCE the federal deficit by $81B (net cost minus savings) over the time frame with even higher deficit reductions at 10-15% annually over the second decade*****
-Insurance expanded to 94% of population, with 25 million remaining uninsured (one-third of whom will be ‘unauthorized’ residents)
-23 million will purchase through the new exchanges, and 14 million new enrollees in Medicaid and SCHIP
-$3B of the proposed $6B would spent on co-operatives by 2019, but the co-ops will have very little effect in enrollment because, as proposed, seem UNLIKELY to establish a significant market presence
The Finance Committee will pass this bill easily, and the show now moves to the Senate floor.