Washington, DC – Today, the Congressional Budget Office (CBO) sent a letter stating that if the enhanced premium tax credits are not extended, almost four million Americans will lose their health care and premiums will increase by up to 8% for millions more. These tax credits, passed in the Inflation Reduction Act, lowered the cost of health care for millions of people purchasing coverage on their own with working families saving an average of $2,400. As a result, a record-high of 21.4 million people enrolled in coverage in 2024. But Republicans want to raise costs on middle-class families while handing out tax breaks to the rich. Unless Congress acts now, costs will go up for millions of people, including small business owners, people living in high-cost rural areas, farmers, people with pre-existing conditions, older adults, and more. The letter was requested by Senator Ron Wyden (D-OR), Representative Richard Neal (D-MA-01), Senator Jeanne Shaheen (D-NH), and Representative Lauren Underwood (D-IL-14).
In response, Protect Our Care Executive Director Brad Woodhouse issued the statement below:
“If Congress fails to act, health care will become out of reach for millions of Americans, leaving middle-class families to struggle and choose between seeing a doctor or keeping a roof over their heads or groceries in the fridge. Instead of helping hardworking families, Republicans have opposed measures to lower health care costs and have instead focused on delivering tax breaks to big corporations and the wealthiest Americans. Health coverage gives people peace of mind knowing they won’t go bankrupt over an injury or illness. Democrats stand ready to extend the tax credits to ensure everyone has access to affordable health care. It’s time for Republicans to get on board.”