Paul Ryan: Fiscal Train Wreck Must Be Repealed and Replaced
CBO reveals the fiscal facts on the health care law’s costly consequences
WASHINGTON – House Budget Committee Chairman Paul Ryan issued the following statement following confirmation by the Congressional Budget Office (CBO) that using more realistic assumptions, the Democrats’ health care law would add up to a half-trillion dollars to the deficit over the next decade:
“The Democrats’ health care law is a budget buster. Under more realistic assumptions, repealing the massive health care law would reduce the deficit by up to a half-trillion dollars. There is no question that the creation of a trillion-dollar open-ended entitlement is a fiscal train wreck, and House Republicans remain committed to undoing the damage of this costly law.
“What we already know about the President’s health care law is this: Costs are going up, premiums are rising, and millions of people will lose the coverage they currently have. Job creation is being stifled by all of its taxes, penalties, mandates and fees.
“Unless repealed, this law will exacerbate the spiraling cost of health care, explode our deficits and debt, and forever alter the relationship between the government and the American people. House Republicans voted for a full repeal of this law, as we pledged to do, and we will work to replace it with fiscally responsible, patient-centered reforms that actually reduce costs and expand coverage."
Note: Chairman Ryan asked the Congressional Budget Office to analyze the budgetary impact of repealing the Democrats’ health care law using CBO’s assumptions on the most likely policy path ahead, as outlined in their Alternative Fiscal Scenario. According to CBO’s analysis, repealing the health care law would reduce the deficit by up to 0.25% of GDP in the second decade of the law’s implementation.