Senate Democrats now have their plan to extend expiring Obamacare subsidies, but it’s unlikely that Senate Republicans will give it the green light.
Senate Minority Leader Chuck Schumer, D-N.Y., unveiled Democrats’ plan to prevent the subsidies from expiring by the end of this year on Thursday. Senate Democrats’ strategy, which mirrors the option on the table put forth by House Democrats, would extend the subsidies for three years with no tweaks or reforms.
‘I’m announcing that Senate Democrats will introduce legislation for a clean, three-year extension of the current [Obamacare] tax credits,’ Schumer said on the Senate floor. ‘This is the bill, a clean, three-year extension of [Obamacare] tax credits that Democrats will bring to the floor of the Senate for a vote next Thursday. And every single Democrat will support it.’
Senate Majority Leader John Thune, R-S.D., guaranteed Senate Democrats a proposal of their choosing, but the hope in the upper chamber is that a bipartisan compromise would emerge in time for the vote next week, which is expected to come by Dec. 11.
However, no such plan has materialized given a litany of issues both sides have with moving forward. Senate Republicans want reforms, like income caps and the inclusion of language that would prevent the enhanced subsidies from using taxpayer dollars to fund abortions, while Democrats, who are open to some reforms, largely want a clean extension of the subsidies as illustrated by Schumer’s plan.
Whether Senate Republicans put forth their own plan remains in the air, too.
Senate Health, Education, Labor and Pensions Committee Chair Bill Cassidy, R-La., and Senate Finance Committee Chair Mike Crapo, R-Idaho, have been working on a Republican proposal, which likely largely centers on funneling the subsidy money into Healthcare Savings Accounts (HSAs) rather than directly to insurance companies.
The duo pitched ideas and proposals to Republicans during their weekly closed-door meeting on Tuesday, but no unified strategy emerged.
Schumer argued that Democrats’ proposal would be the last shot the Republicans and Congress would have to prevent the subsidies from lapsing and stopping healthcare premiums from skyrocketing.
‘If Republicans block our bill, there’s no going back,’ he said. ‘We won’t get another chance to halt these premium spikes before they kick in at the start of the New Year. Those insurance premiums in January will land like a hammer blow on the American people.’