The Affordable Care Bill, aka Obamacare, is expected to be signed into law in the coming days.
The Obama administration has said that the Affordable Health Care Act is the best thing to happen to the country since Medicare Part D. The bill provides health insurance to millions of Americans, including millions of low-income Americans, who have been unable to obtain it through their employers.
In the last few weeks, the Congressional Budget Office, which released its analysis of the law last week, has found that the bill’s expansion of Medicaid would increase federal deficits by $880 billion over a decade, and that the increase would reduce the economy by an estimated $3.2 trillion.
But, the nonpartisan Congressional Budget Board, which has been analyzing the law since its passage, has also warned that the CBO has not been able to evaluate the full economic impact of the new law.
The CBO has said the new program, which is scheduled to begin in 2020, will lead to $400 billion more in federal deficits over a ten-year period.
And the report said the expansion of the program, if it were to become fully implemented, would add $3,827 for every $1,000 of additional federal revenue that would be generated from Medicaid expansion.
In response to the CBO’s analysis, Democrats and Republicans on Capitol Hill have said the bill should be kept as is, and there should be a bipartisan effort to get a comprehensive overhaul of the health care system done before the next presidential election.
Republicans have also argued that the government should be responsible for providing health insurance, and they are not interested in having their health care costs covered by taxpayers.
However, the Democratic-controlled House passed a bill in the last week that would, among other things, repeal the Affordable Healthcare Act’s subsidies for employer-based insurance.
“This is a bipartisan bill, and I think it’s going to pass.
We’re going to work together to get this done,” Speaker of the House Nancy Pelosi told reporters on Monday.
She added, “I don’t think it will be the end of the road, but I do think we need to look at it.”
Ahead of the vote, the White House issued a statement saying that Republicans were trying to score political points with the repeal of the Affordable Law.