WASHINGTON, D.C. — The Senate is set to vote Thursday on competing proposals to address the expiration of Affordable Care Act (ACA) premium tax credits, a decision that could have major financial consequences for millions of Americans, including more than one million Georgians.
Democrats are pushing for a three-year extension of the tax credits, which help lower monthly insurance premiums for people who buy plans on the health marketplace. U.S. Senator Jon Ossoff says failing to act would cause costs to surge and urges Republicans to “take that courageous step.”
He states, “Work across the aisle to save Americans healthcare and prevent huge increases in health insurance premiums.”
Ossoff is urging Republicans to support the extension, adding, “the affordability of health insurance should not be a Republican vs Democratic issue.”
Republicans have introduced an alternative proposal that would not extend the tax credits. Instead, it would shift the funds into health savings accounts for low-income Americans. GOP lawmakers argue their plan puts more control into consumers’ hands.
U.S. Senator Bill Cassidy states, “We want money in your pockets for your out of pocket cost, and they want you to front the whole thing.”
Senator Josh Hawley says many Republicans are eager to address rising health costs, stating, “The bottom line, we have got to help the American people with their healthcare costs.”
Both proposals face steep odds. Each requires 60 votes to pass, and observers expect neither plan to secure enough support. Lawmakers on both sides acknowledge the political risk if no solution is reached, with some Republicans expressing concern that they could face voter backlash.
Democrats estimate the GOP plan would fall short of covering real insurance costs, while Republicans argue the Democratic extension would cost taxpayers more than $80 billion.
The Senate convenes at 9:30 Thursday morning.
WSB Radio’s Jonathan O’Brien contributed to this story.