Senate Republicans' Spending Package Would Lead to 11.8 Million Americans Losing Health Coverage

According to new estimates from the Congressional Budget Office, Senate Republicans' version of President Trump's spending package would push 11.8 million Americans off insurance by 2034. The legislation would also slash federal spending on Medicaid, Medicare, and Obamacare by $1.1 trillion over the same period, with over $1 trillion of the cuts targeting Medicaid. This move confirms the concerns of some Republicans, who are worried about the devastating impact of such drastic cuts on their constituents. The estimates also contradict Trump's promise not to cut Medicaid apart from removing what he describes as fraud and waste.

Key Takeaways:

• The Senate Republicans' spending package would lead to 11.8 million Americans losing health coverage by 2034, according to the Congressional Budget Office.
• The legislation would cut federal spending on Medicaid, Medicare, and Obamacare by $1.1 trillion over the next decade, with over $1 trillion of the cuts targeting Medicaid.
• The proposed cuts would be the steepest to the federal healthcare program in history, sparking concerns among Republicans and Democrats alike.
• The Senate package would also add at least $3.3 trillion to the national debt over the next decade, assuming an additional $1.1 trillion in borrowing costs.
• This would further exacerbate the nation's already dire fiscal forecast, with the CBO expecting the government to borrow an additional $21 trillion over the next 10 years.
• The legislation's tax cuts, including Trump's 2017 tax cuts and further tax reductions, amount to an additional $4.5 trillion in tax cuts.
• Steep cuts to Medicaid and other parts of the social safety net are intended to offset these tax reductions.

Statistics:

• 11.8 million Americans would lose health coverage by 2034 under the Senate Republicans' spending package.
• Federal spending would be cut by $1.1 trillion over the next decade, targeting Medicaid for over $1 trillion of the cuts.
• The legislation would add at least $3.3 trillion to the national debt over the next decade.
• The nation's public debt currently stands at around $29 trillion, with the CBO predicting an additional $21 trillion in borrowing costs over the next 10 years.
• The federal deficit has exceeded $1.5 trillion in recent years, including a record $3.1 trillion in 2020.
• Within the next decade, the country will spend more on servicing debt than on any other federal account outside of Social Security.

Sources:

• Congressional Budget Office report, exact wording not available, as originally mentioned in the source material.
• Speech by Democratic Senator Patty Murray on the Senate floor, as quoted in the article.
• Remarks by Democratic Senator Gary Peters on the Senate floor, as quoted in the article.
• Washington Post, "Trump's spending package would lead to 11.8 million Americans losing health coverage, CBO says" (exact date not mentioned).
• AP News, exact date not mentioned, but the article is likely from the same time period as the Congressional Budget Office report.