WARNER AND KAINE ON CBO REPORT: REPUBLICANS' REFUSAL TO EXTEND ACA TAX CREDITS WILL SPIKE PREMIUMS, STRIP COVERAGE FROM MILLIONS

The following information was released by Virginia Senator Tim Kaine:

Today, U.S. Senators Mark R. Warner and Tim Kaine (both D-VA) issued the following statement after the Congressional Budget Office (CBO), the nonpartisan budget scorekeeper, released a new analysis of the harm resulting from Republicans' war on health care, including their repeated attacks on the Affordable Care Act (ACA), which will lead to dramatic premium spikes and coverage losses for millions of Americans:

"The math is clear: unless Republicans join us to extend the health care tax credits, Virginians will face crushing premium hikes and thousands will lose coverage altogether. The CBO's nonpartisan analysis makes plain what we've been warning these tax credits are the difference between a family being able to afford health insurance or being priced out of coverage entirely.

"For years, we've fought to lower costs and expand access to care for Virginians, whether that's through strengthening the ACA, closing the Medicaid coverage gap, or lowering the cost of prescription drugs. Now, instead of working with us to protect those gains, Republicans are doubling down on policies that make it harder and more expensive for families to get covered.

"Virginians deserve the peace of mind that comes from knowing they can afford a doctor's visit, fill a prescription, or take their kids to the hospital without going bankrupt. We urge our Republican colleagues to stop the obstruction and work with us to extend these tax credits before families see their premiums skyrocket."

The findings from CBO include:

If Congress fails to act to extend the ACA tax credits before September 30, there will be unavoidable premium spikes and coverage losses in 2026 even if the tax credits are extended at a later date.

Failure to extend ACA tax credits would cause 3.6 million Americans to lose their health insurance, and increase premiums for the over 20 million people who buy coverage on the ACA Marketplace.

Repealing the provisions of the Trump administration ACA rule would protect ACA coverage for 1.8 million people, and reduce out-of-pocket costs for everyone with ACA coverage. CBO's estimates reflect the current court stay on the rule.

Repealing the ACA cuts in the Republican reconciliation bill would protect coverage for 2.9 million people who buy their own insurance on the ACA Marketplace.

The Republican attacks on the ACA this year inject uncertainty into insurance markets across the country that will make premiums more volatile and make it more complicated for working people to enroll and remain enrolled in affordable coverage.

The latest estimate from CBO brings the total Republican health care cuts to nearly $2 trillion, between the reconciliation bill, failing to extend the ACA tax credits, and actions by the Trump administration. 15 million Americans will lose their health insurance, including 7 million losing coverage through the Affordable Care Act. That number could grow pending court action.

The analysis comes as boosted tax credits for Americans who buy health insurance on their own are due to expire at the end of 2025. The time for action is now: open enrollment to purchase health insurance begins on November 1st. If the tax credits are not extended, Americans will see significantly higher premiums and deductibles and many will be deterred from shopping further. Additionally, health insurance companies will begin sending notices about higher premiums to Americans enrolled in their plans once premium rates are finalized in October.

###