Obamacare Repeal Bill Could Reduce Deficit By Over $474 Billion

Cortney O'Brien
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Posted: Dec 19, 2015 12:00 PM
Obamacare Repeal Bill Could Reduce Deficit By Over $474 Billion

While liberals mock Republicans for their several failed attempts to repeal the Affordable Care Act, they overlook the fact that these conservatives may actually be doing so out of hopes of fixing our economy. The Senate’s latest anti-Obamacare bill for instance, the Restoring Americans’ Healthcare Freedom Reconciliation Act, which passed on December 3, would help take a big chunk out of our deficit, the Congressional Budget Office reports.

According to the CBO, repealing ObamaCare's subsidies and Medicaid expansion would cut federal spending by almost $1.4 trillion over the next 10 years. And getting rid of its myriad tax hikes would reduce tax revenues by $1.1 trillion, resulting in $281 billion decrease in projected deficits over the next decade.

In total, the deficit reduction has the potential to rise to $474 billion, mainly because the economic growth would boost revenue, Investor's Business Daily explains. 

Hm. Maybe those Republicans aren’t so crazy after all?

Obamacare’s negative effect on small businesses is all too obvious. The law requires employers with 51 to 100 employees to offer health insurance to their workers. Should they fail to do so, they can expect fines up to $3,000 a year. It seems employees will also face higher premiums, meaning many will be forced to buy insurance they can’t afford.

Yet, Republicans are the bullies for trying to scale back the damage.

On Friday, House Speaker Paul Ryan announced that the Obamacare repeal bill will be put up for a vote first thing when Congress returns next year.