FOX Business correspondent Grady Trimble reports on the heated discussions in Congress over ObamaCare subsidies and the growing impact of the government shutdown on “Varney & Co.”
Republicans and Democrats remain far apart on what to do about Obamacare, with how to handle the expiration of subsidies the main sticking point in negotiations to reopen the federal government.
When former President Barack Obama signed the law into law in 2010, he promised it would “reduce costs for families, businesses and the federal government, reducing our deficit by more than $1 billion over the next two decades.”
But Republicans say Obamacare has done the opposite, with Sen. Rick Scott, Republican of Florida, telling FOX Business: “Look how much this is costing us. Obamacare was sold on a lie. Costs have skyrocketed. »
FLASHBACK: TED CRUZ PREDICTS OBAMACARE SUBSIDY BOLT NOW AT CENTER OF FIGHT TO STOP
Senate Majority Leader Chuck Schumer, D-N.Y., delivers remarks to the press on February 27, 2024. (Roberto Schmidt/Getty Images / Getty Images)
The Congressional Budget Office (CBO) estimates that extending expired premiums would increase the deficit by about $350 billion through 2035, while the Washington Post reports that average Obamacare premiums are expected to increase by 30% next year.
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All this comes as Republicans say they are ready to negotiate subsidies once the government reopens, but Senate Democrats are cut off.
