The nonpartisan Congressional Budget Office said Friday that a repeal of the Affordable Care Act would over the next decade "probably increase budget deficits with or without considering the effects of macroeconomic feedback." (Tweet This)
Depending on those economic considerations, the federal deficit could increase up to $353 billion over the next 10 years as a result of a repeal of Obamacare, the CBO said.
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The report also estimates that the number of nonelderly people uninsured could increase by about 19 million by 2016. In most of the next decade, the number of people with employment-based coverage would increase by about 8 million and the number of people with coverage purchased individually or though Medicaid would decrease by between 30 and 32 million.
The ACA become law in March 2010, but has been targeted by a number of proposals for its repeal over the past few years. In this report, the CBO and staff of the Joint Committee on Taxation evaluate the economic consequences of such a repeal.
In their first major analysis of the issue in three years, the two government entities said a repeal would increase the number of uninsured Americans and would lead to higher Medicare costs.
Without considering the effects of macroeconomic growth, the CBO estimates that federal deficits would increase by $353 billion in the 2016- 2025 period if the law were repealed. However, including the effect of growth would bring the number down to $137 billion over the period. "That estimate takes into account the proposal's impact on federal revenues and direct (or mandatory) spending, incorporating the net effects of two components," the report said.
—Reuters contributed to this report.