Congressional Budget Office Says Health Bill Will Make Insurance Available To 95%
The non partisan Congressional budget office today said the health care bill will cut the budget deficit and make health insurance insurance affordable and thus available to an estimated 95 percent of non elderly population in the United States. The office released its finding in a document called H.R. 4872, Reconciliation Act of 2010.
It also said that the health care bill that is emerging as a compromise betweent the House and Senate Democrats will cost nearly $940 billion dollars over the next decade. However, The Congressional Budget Office also added that it would expand the health insurance coverage to nearly 32 million people in America.
As mentioned above it would make health insurance available to 95% of non-elderly Americans, which will in turn expand Medicaid and thus offer various types of tax credits to nearly 24 million US citizens and residents. Otherwise, these people will find it increasingly difficult to access affordable health insurance for themselves and their family members.
In the section covering the effects of this legislation beyond the first ten years the Congressional Budget office writes that in terms of deficite it is better to pass this health care legislation as it will cut the deficit. "Our analysis indicates that H.R. 3590, as passed by the Senate, would reduce federal budget deficits over the ensuing decade relative to those projected under current law - with a total effect during that decade that is in a broad range between one-quarter percent and one-half percent of gross domestic product (GDP)," CBO reports.
CBO also says that some Members have requested that it provides information about what type of budgetary consequences the current pending legislation on health care reform will have on the nation's budget if changes are made in the health insurance system. Thus, it has developed this "rough outlook," which shows that if the current legislation making changes in health insurance system passes, it will cut the budget deficit in the next 10 years.
The report from the Congressional Budget Office also said that "relative to H.R. 3590, the reconciliation proposal would make a number of changes that would affect its longer-term impact on the budget. In particular, it would increase the subsidies offered in the new insurance exchanges and would reduce the impact of an excise tax on health insurance plans with premiums above certain thresholds."