CBO report: Obamacare repeal bill to leave 24 million more uninsured, save $337 billion in budget

The Congressional Budget Office (CBO) released its highly-anticipated analysis of the new legislation to repeal and replace Obamacare on Monday afternoon, including findings that the law will leave millions more people uninsured compared to the current health care law.

The CBO report finds that under the American Health Care Act, which repeals the Affordable Care Act signed into law by former President Barack Obama, 14 million more people would be uninsured than under current law by 2018.

"Most of that increase would stem from repealing the penalties associated with the individual mandate," according to the report.

The report also suggests that the deficit of uninsured Americans would rise to 24 million in 2026 and the report also indicates the legislation bill "would reduce federal deficits by $337 billion" by 2026 as well.

See reactions to the report:

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Twitter reacts to CBO of American Healthcare Act
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Twitter reacts to CBO of American Healthcare Act
Today, the CBO confirmed what we already knew. The Republican health care plan is a disgrace. https://t.co/W8WF39K5kj
CBO report confirms it → American Health Care Act will lower premiums & improve access to quality, affordable care.… https://t.co/AOJjaiQ8Ki
CBO makes clear #Trumpcare will cause serious harm to millions of American families. This should be a looming stop sign for the GOP.
Statement from House Budget Committee Chairman @RepDianeBlack on CBO Score https://t.co/xroQNflQfV https://t.co/j6GUu7xr8q
Chairman @repgregwalden's statement on @USCBO's score of the American Health Care Act >> https://t.co/efhyox1jgk
CBO report on GOP health plan: -24 MILLION fewer insured -$880 billion cut from Medicaid -Premiums 20% higher by 2018 Is this "winning?"
CBO estimate confirms: #Trumpcare is dead on arrival&I will do all that I can to ensure its defeat
FYI, House GOP handpicked the CBO director. Their own guy is the one saying the bill is a humanitarian catastrophe waiting to happen.
The CBO warns us at least 14 million Americans will lose their insurance by 2018 under the GOP health care plan
Plan where 24M people lose health care shouldn't be called a "health care plan" Should be called "a plan to take away people's heath care"
Kicking 24 million people off health care to finance a huge tax cut for the wealthy does not seem like a winning populist message
According to CBO, a 64-year-old with income of $26,500 pays $1,700 for ACA coverage. Under Ryan bill: $14,600. More than half their income.
In recent days, GOP began saying its plan's goal was not necessarily to cover everyone, but to cut costs. CBO now confirms it does neither
Trump vocally promised not to cut Medicaid. The CBO says that his plan amounts to a 25% cut to Medicaid by 2026.
Hot public policy take: a plan that takes Healthcare access away from a population the size of Canada sounds bad. #AHCA #CBO
A 64-year-old making $26,500 a year could see a ***758%*** increase in their premiums ($14,600 yr vs $1700), plus much higher copays: CBO🚨
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The primary impacts on the uninsured rate will come from changes to those who purchase nongroup health insurance, made up of people who use the insurance marketplace established by Obamacare to purchase insurance outside of an employer plan or other health option.

The initial growth in the uninsured rate would likely be driven by people opting to not buy health insurance once the mandate disappears, but the report suggests the increasing costs of insurance premiums would drive even more consumers to opt out in the ensuring years.

The report finds the average premiums would increase until 2020, and then begin to decline after that point. Those costs in 2018 and 2019 are expected to be 15 to 20 percent higher than they would have been under Obamacare. By 2026 those premiums should decrease by 10 percent from projected costs under Obamacare for those health insurance consumers.

The CBO report also reinforces analyses from other experts suggesting the proposal would be costlier for older Americans than for younger ones.

SEE MORE: Winners and losers in the major Obamacare repeal bill

"Under the legislation, premiums for older people could be five times larger than those for younger people in many states, but the size of the tax credits for older people would only be twice the size of the credits for younger people," the report states. "Because of that difference in how much the tax credits would cover, CBO and JCT estimate that, under the legislation, a larger share of enrollees in the nongroup market would be younger people and a smaller share would be older people."

The projection of 24 million fewer people being insured by 2026 than under current law is based on three major expected changes. The report states that approximately 14 million fewer would enroll in Medicaid, two million fewer would "obtain coverage through the nongroup market" and another seven million would be expected to opt out of employer-based coverage.

"Part of that net reduction in employment-based coverage would occur because fewer employees would take up the offer of such coverage in the absence of the individual mandate penalties," the report notes. "In addition, CBO and JCT expect that, over time, fewer employers would offer health insurance to their workers."

The bill has been subject to criticism from both Democrats, who do not want to see Obamacare repealed, and by conservative Republicans, who think it keeps too much of Obamacare in place.

The scoring analysis was produced in cooperation with the staff of the Joint Committee on Taxation.

RELATED: Paul Ryan under fire for health care presentation

18 PHOTOS
Twitter TROLLS Paul Ryan's healthcare PowerPoint
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Twitter TROLLS Paul Ryan's healthcare PowerPoint
So...when do the Paul Ryan PowerPoint presentation photoshops start coming in? Because I'm sitting here waiting, and I don't see any.
LOL Turn to CNN, Government officials hella stressed Turn to Fox News, Everything's fine, Paul Ryan is explaining RyanCare with PowerPoint
@realDonaldTrump Really that's why Paul Ryan is on tv and running a PowerPoint show because everyone loves it...What a joke Very Sad
One time my mom interviewed Paul Ryan and got the impression he was exactly this stupid. Never trust a white dude… https://t.co/MvU9aIY1Cd
Paul Ryan explaining healthcare with that PowerPoint just now looks like a 15 year old in a high school science class
Paul Ryan's dumbass is giving a PowerPoint presentation right now
Paul Ryan giving a PowerPoint presentation during a press conference is highkey funny tho
Please, SNL, have Steve Carell play Paul Ryan & his 480p Powerpoint presentation this Saturday.
If you are impressed with Paul Ryan's use of powerpoint I can only conclude you have never used a computer.
Paul Ryan: "The time is here the time is now this is the moment and this is the closest that this will ever happen." #PowerPoint #Healthcare
Paul Ryan giving reporters a PowerPoint presentation right now. Happy Thursday!
#PowerPoint is trending in DC. Paul Ryan means business.
Paul Ryan is also using a 4:3 PowerPoint deck on a 16:9 screen with a bunch of fake graphs. I'm convinced.
@CNN @CNNgo Paul Ryan rolls up his sleeves and breaks out the Powerpoint to sell us something he claims we are already demanding. This guy.
Memes for Paul Ryan's powerpoint already starting
Paul Ryan + PowerPoint slides + policy talk = bae
i am so here for photoshops of a paul ryan powerpoint presentation
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