Graham Statement on CBO, JCT Confirming True Cost of Dems’ Obamacare Subsidy Expansion
Subsidy expansion would cost billions more than previously claimed
WASHINGTON – Senate Budget Committee Ranking Member Lindsey Graham (R-South Carolina) today made this statement on analysis from the Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) showing Democrats’ proposal to significantly expand Obamacare tax subsidies would add billions of dollars to the federal deficit to the benefit of wealthy Americans.
“The true cost of expanding the Obamacare subsidies is almost $250 billion when you exclude the budget gimmicks.
“Senator Manchin has historically opposed gimmicks when it comes to taxing and spending bills. To suggest that the Obamacare subsidies will be only renewed for two years is a complete gimmick.
“Those pushing this reconciliation bill would extend them forever but they can’t because it adds hundreds of billions to the deficit, destroying their talking point about reconciliation.
“When you extend the subsidy for a ten-year period, which is Democratic reality, then you add almost $250 billion to the deficit.”
The CBO/JCT analysis was in response to a letter requesting the true cost of an expansion of premium tax credits sent by Senator Lindsey Graham (R-South Carolina), Ranking Member of the Senate Budget Committee, Senator Richard Burr (R-North Carolina), Ranking Member of the Senate Health, Education, Labor and Pensions Committee, and Senator Mike Crapo (R-Idaho), Ranking Member of the Senate Committee on Finance.
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