Senate Minority Leader Chuck Schumer, D-N.Y., has introduced a bill aimed at repealing the healthcare cuts in the One Big Beautiful Bill Act and permanently extending ACA premium tax credits.
Mr. Schumer’s legislation would reverse all the cuts in the budget bill that President Donald Trump signed in early July, according to an Aug. 5 news release from his office.
According to the Congressional Budget Office, the legislation would decrease Medicaid spending by around $1 trillion by 2034, and the number of uninsured individuals would increase by 10 million.
Mr. Schumer’s legislation would also permanently extend the ACA’s enhanced premium tax credits that are set to expire at the end of 2025.
In 2021, amid the COVID-19 pandemic, the American Rescue Plan Act increased the amount of these tax credits and expanded Marketplace eligibility to households with an annual income over 400% of the federal poverty limit, capping out-of-pocket premiums for a benchmark plan at 8.5% of income. Since the introduction of the enhanced tax credits, ACA marketplace enrollment has more than doubled from 11.4 million in 2020 to 24.3 million in 2025, according to KFF.
The entire Democratic caucus has signed on to co-sponsor Mr. Schumer’s legislation, according to the release.
