Tuesday, July 24, 2012

Affordable Care Act loses 69% of its deficit-reducing effect in 16 months

In March 2011, CBO said that the law would reduce the deficit by $210 billion over 10 years, despite increasing spending by $1.042 trillion over 10 years, from 2012 until 2021. The new estimate covers 2022. Using the same time frame, repeal would only add $65 billion, CBO said. (On The Money)

To recap:

  • March 2011: Affordable Care Act reduces the deficit by $210 billion over 10 years
  • July 2012: Affordable Care Act reduces the deficit by $65 billion over the same time frame.

There is a $145 billion difference between $210 billion and $65 billion which amounts to a 69 percent loss of effectiveness in how much the Affordable Care Act will reduce the deficit.

Some of the change is attributed to fewer covered and other factors in the Supreme Court ruling.

Nonetheless, watch for the trend to continue.

July 24: CBO Analyses Related to the Affordable Care Act

House Schedule

On Tuesday and Wednesday, the House will meet at 10:00 a.m. for morning hour and 12:00 p.m. for legislative business.
On Thursday, the House will meet at 9:00 a.m. for legislative business. Last votes expected no later than 3:00 p.m.
On Friday, the House is not in session.

Legislation Considered Under Suspension of the Rules:
1) H.R. 459 - Federal Reserve Transparency Act of 2011 (Sponsored by Rep. Ron Paul / Oversight and Government Reform Committee)

2) H.R. 4157
 - Preserving America's Family Farms Act, as amended (Sponsored by Rep. Tom Latham / Education and the Workforce Committee)

3) H.R. 5986
 - To amend the African Growth and Opportunity Act to extend the third-country fabric program and to add South Sudan to the list of countries eligible for designation under that Act, to make technical corrections to the Harmonized Tariff Schedule of the United States relating to the textile and apparel rules of origin for the Dominican Republic-Central America-United States Free Trade Agreement, to approve the renewal of import restrictions contained in the Burmese Freedom and Democracy Act of 2003, and for other purposes (Sponsored by Rep. Dave Camp / Ways and Means Committee)
H.R. 6002 - Congressional Replacement of President Obama's Energy-Restricting and Job-Limiting Offshore Drilling Plan, Rules Committee Print (Subject to a Rule) (Sponsored by Rep. Doc Hastings / Natural Resources Committee)
H.R. 4078 - Red Tape Reduction and Small Business Job Creation Act, Rules Committee Print (Subject to a Rule) (Sponsored by Rep. Tim Griffin / Oversight and Government Reform Committee / Judiciary Committee)

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