The Hill is reporting that the Senate GOP’s bill to repeal and replace ObamaCare would cost more than $1 trillion over a decade, with the House’s bill going for $2 trillion.
The Hill reported that the $2.4 trillion bill is being driven by a number of different provisions, including a $1.2 trillion increase for Medicaid.
That would result in an average increase of $1,764 per American household.
However, a report released Tuesday by the left-leaning Center on Budget and Policy Priorities found that the House GOP bill would result from a “fundamental shift” in the tax code, meaning that it would cut taxes for households with income above $250,000, rather than just those earning $250 to $1 million.
The Center’s report, titled “The House GOP’s $2 Trillion Tax Cut: What it Would Cost in 2019,” found that it’s possible that “the House’s [GOP bill] tax cuts would cost between $1 billion and $2 billion more than the Senate’s version of the bill.”
It also found that “if House Republicans’ tax cuts are enacted, they would result on average in higher tax burdens than Senate Republicans’ bill.”
The report also found “the tax cuts for middle-income Americans would be worse than those in the Senate bill,” meaning that the bill would “cost an average of $2,079 per American family” under the Senate plan.
According to the CBO, the average increase in the federal budget over a 10-year period is about $2 and a half trillion dollars.
The CBO’s estimate of how much money the House bill would cost was based on assumptions about how the Senate tax bill would impact the economy and how much the economy would be able to absorb under the House plan.
The House bill is also projected to reduce the budget deficit by $2 to $3 trillion over the decade.