Schakowsky Introduces the Public Option Deficit Reduction Act
WASHINGTON, DC – Today, Rep. Jan Schakowsky, introduced the Public Option Deficit Reduction Act. This bill would create a publicly run health insurance plan that would be available in every Obamacare marketplace, an option that would save $158 billion over 10 years, according to the nonpartisan Congressional Budget Office. Rep. Schakowsky released the following statement on the bill:
“The war on Obamacare is over and Obamacare won. More than 10 million previously uninsured Americans gained coverage in 2014 and millions more have signed up for coverage this year. Consumers have saved $9 billion due to Obamacare’s requirement that insurance companies spend at least 80% of every premium dollar on patient care and quality improvement. And there are many more successes. Yet, there is even more we can do.
It’s time to pursue legislation that builds upon Obamacare. The Public Option Deficit Reduction Act is just that type of legislation. It would save consumers even more money, offering premiums that are 5 to 7 percent lower than private insurance plans and decreasing our deficit by $158 billion over 10 years. The public option means more transparent, lower-cost health care for Americans. This would be a win for consumers, taxpayers and our economy.”