U.S. Senator Joe Donnelly released the following statement after the non-partisan Congressional Budget Office (CBO) released its budget outlook through 2028. The CBO report projects that the federal budget deficit will reach $1 trillion by 2020, two years earlier than previously expected, and that federal debt will rise to nearly 100% of Gross Domestic Product (GDP) by 2028, which would be the highest debt level since just after World War II. According to the CBO, these adjustments are due primarily to the partisan McConnell-Ryan tax law from late 2017. The CBO also estimated that certain health insurance premiums in the individual marketplace are projected to increase by 34% on average this year due to changes in the tax law.
Donnelly said, “This report confirms my serious concerns about the ballooning deficit, which Speaker Ryan has said he wants to pay for through cuts to Medicare and Social Security, putting seniors and retirees at risk. We have clear evidence that the McConnell-Ryan tax law is blowing a hole in our federal budget and contributing to higher costs for families accessing health through the marketplace.”
In recent weeks, studies from the independent Urban Institute, Covered California, and AARP have shown the harm that the Administration’s efforts have had on health insurance markets, and the potential double-digit increases that Hoosiers may see as a result.