Senate Rejects Obamacare Credit Renewal, Teeing Up Premium Spike
Senator Bill Cassidy, one of the authors of the Republican bill, shot down Democrats’ efforts to extend the subsidies, even for only a year, equating it to a giveaway to insurance companies.
Photographer: Al Drago/BloombergThe Senate rejected a pair of partisan measures addressing the impending expiration of Obamacare subsidies, setting up a Jan. 1 spike in health insurance premiums for more than 20 million Americans.
With only a few days left before lawmakers leave for their Christmas break and few signs of life in stalled bipartisan negotiations, the failure Thursday of the dueling partisan plans all but guarantees the expiration of enhanced Affordable Care Act tax credits initiated during the pandemic era.