Obama’s Health Law Reduces Deficit

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  • WASHINGTON (AP) — Congress' budget scorekeepers are taking a new look at President Barack Obama's health care law — and they still say it is expected to reduce federal deficits.

    It's the first in-depth look by nonpartisan experts since the Supreme Court upheld most of the law last month.

    The court made one exception: States don't have to sign on to a planned expansion of Medicaid for their low-income residents. The Congressional Budget Office said Tuesday that that could reduce the number of people covered by several million. But taxpayers would also save on costs.

    Overall, spending cuts and tax increases in Obama's law more than offset new spending,

    Repealing the law, as Republicans want to do, would increase the deficit by $109 billion from 2013 to 2022.

    Most would avoid higher taxes under Dem, GOP bills

    WASHINGTON (AP) — The election-season battle in Congress over tax cuts set to expire in January has focused on Democratic demands to let taxes rise for the highest-earning Americans, and Republicans' insistence that the wealthy be protected from higher levies.

    But there is a consensus between the two parties that for 2013, most people should not see tax increases. In fact, only around 30 million households face potential tax increases under either the Democratic or GOP tax bills the Senate is debating.

    The Democratic measure would continue income tax cuts next year for everybody but individuals making at least $200,000 annually and couples earning over $250,000.

    Republicans would include them in their tax cuts. But the GOP would not extend some tax breaks that Democrats favor for college students, children and low earners.
     

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