WASHINGTON- The Obamacare repeal and replacement bill would strip millions of their health insurance coverage, according to a report released by the Congressional Budget Office (CBO) on Monday.
The CBO report estimated that passage of the American Health Care Act could result in the number of uninsured increasing by 14 million by the end of the 2018. The number of uninsured could increase by 52 million by 2026.
The CBO report also estimated that passage the legislation would cut the federal deficit by $337 billion over the next decade.
The projected increase in the number of uninsured Americans would come about as a result of the phasing out of federal tax subsidies in favor of refundable tax credits as well as the elimination of the individual mandate that allows the government to impose a small a fine on people who choose not to purchase health insurance.
Last week the bill passed both the House Ways and Means Committee and the House Energy Commerce Committee.
The House Budget Committee and the House Rules Committee also must approve the legislation before it is cleared for a floor vote.
Sen. Rand Paul (R-Ky.) along with several members of the more conservative House Freedom Caucus have stated that bill will not pass in its current from due to opposition over the inclusion refundable tax credits and the three-year continuance of Medicaid expansion.
House Speaker Paul Ryan (R-Wis.) and fellow Republican Congressional leaders have stated that the bill cannot please every GOP lawmaker because it must conform with the reconciliation process so as to avoid a Senate filibuster.
Democrats have opposed repealing and replacing the Affordable Care Act from the get-go and have long maintained that doing so would strip millions of their health insurance.
President Donald Trump, who campaigned on a pledge to repeal and replace the ACA, strongly supports the legislation.
Following the announcement, Health and Human Services Secretary Tom Price told reporters that the findings are off since the CBO did not score complimenting legislation and regulatory reforms.
“We disagree strenuously with the report that was put out,” Price said. “We believe that our plan will cover more individuals at a lower cost and give them the choices that they want.”