Senators Shaheen and Wyden, Representatives Neal and Underwood, Leaders Schumer and Jeffries Release CBO Findings Detailing Impact on Americans’ Health Insurance Should Enhanced Premium Tax Credits Expire in 2025

**Shaheen and Underwood introduced bicameral legislation earlier this year to permanently extend the vital health insurance subsidies**

(Washington, DC) – U.S. Senators Jeanne Shaheen (D-NH) and Ron Wyden (D-OR), Chair of the U.S. Senate Finance Committee, with U.S. Representatives Richard E. Neal (D-MA), Ranking Member of the U.S. House of Representatives Ways and Means Committee, and Lauren Underwood (D-IL) as well as U.S. Senate Majority Leader Chuck Schumer and U.S. House of Representatives Democratic Leader Hakeem Jeffries secured new data from the U.S. Congressional Budget Office (CBO) detailing the impact on Americans’ health insurance should the Affordable Care Act’s (ACA) enhanced premium tax credits (PTCs) expire at the end of 2025. If Congress does not extend these tax credits, premiums will increase by 7.9 percent and 3.8 million Americans will go uninsured altogether. The full text of the lawmakers’ CBO request can be found here. CBO’s findings released today can be found here. 

“New data from CBO confirms what we feared: if Congress fails to extend these tax credits, health care costs will skyrocket for millions of families and 3.8 million Americans will lose coverage entirely,” said Shaheen. “At a time when Americans are already facing higher prices, we should do everything we can to lower costs when and where we can. It’s time we pass my Health Care Affordability Act to permanently extend the tax credits so many families rely on.” 

“This is a stark preview of health care under Donald Trump: higher insurance premiums for families who buy health coverage on their own, and more uninsured Americans who can’t afford health insurance at all,” Wyden said. “Republicans have an opportunity to end their ideological crusade against the Affordable Care Act and work in a bipartisan manner to make health care more affordable for working families, but instead they seem poised to hand another big tax break to corporations and the wealthy.” 

“These vital tax credits are at risk of expiring – unless we act. Democrats made massive progress in making heath care more affordable for millions of Americans. Congress should work in a bipartisan manner to extend these middle class tax cuts rather than give another tax break to corporations and the ultra-wealthy,” said Leader Schumer. 

“The Affordable Care Act transformed our health care system, and already this year, Open Enrollment is breaking records with nearly 1 million new consumers selecting coverage for 2025,” said Ranking Member Neal. “Today’s analysis shows that abandoning this life-saving credit is a sure-fire way for President Trump and Republicans to throttle the American people with a sicker, more expensive way of life. Unless they want to raise taxes on workers and families and leave millions uninsured, passing an extension is not negotiable.” 

“Because of the American Rescue Plan and Inflation Reduction Act, Congressional Democrats were successful in lowering the cost of health care for millions of hardworking taxpayers. The Congressional Budget Office’s report today illustrates the critical need to extend the enhanced ACA tax credits with the fierce urgency of now. We are calling on House and Senate Republicans to partner with us to lower health care costs for American families," said Democratic Leader Hakeem Jeffries.

“Our Health Care Affordability Act provides quality, affordable health care coverage for millions of American families—many of them for the very first time. These savings are a lifeline, but if we don’t act now, Americans will see higher health care costs when these popular tax credits expire in 2025,” Underwood said. “This legislation works and we are running out of time. Congress must act immediately to pass our legislation and make these lower health care costs permanent.” 

In September, Shaheen and Underwood introduced the Health Care Affordability Act, which would make permanent the Affordable Care Act’s enhanced premium tax credits for Health Insurance Marketplace coverage as extended through the Inflation Reduction Act. 

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