Welch stressed the urgent need to extend ACA tax credits before January 2026
WASHINGTON, D.C. — At a Senate Finance Committee hearing this afternoon, U.S. Senator Peter Welch (D-Vt.) exposed how Republicans’ inaction on extending Affordable Care Act (ACA) tax credits will raise premiums for families already struggling to afford health care, food, housing, and other basic needs as a result of President Trump’s economic policies. Senator Welch reiterated that the only path forward is a clean extension of the ACA tax credit.
“Mr. Chairman, here’s the reality: this hearing is a year too late. You had the gavel,” said Senator Welch. “…There’s something fundamentally bogus about us having this discussion about ideas about how we can bring down health care costs, when families in Vermont; when families in Idaho; in Oregon; have no capacity to deal with these macro-issues we’re talking about—with insurance ripoffs; drug company ripoffs; executive pay; shareholder buybacks; huge dividends; trillions of dollars—where all that money that we put into the health care system is not reinvested in the health care system.”
“We have no choice, and no other option other than to extend these tax credits, so we don’t penalize good American families—Republican, Democrat, Independent—for the failure of Congress to do what its job is: and that is to address the rising cost of health care.”
Watch the Senator’s full remarks below:
Read the Senator’s remarks as delivered here.
Open Enrollment for the ACA Marketplaces began on November 1, and the sticker shock is devastating families nationwide. Over 24 million Americans—including nearly 30,000 Vermonters—are seeing their share of premiums more than double next year, on average. Without ACA tax credits, a Vermont family of four making $130,000 a year that currently pays $1,195 a month for a baseline health care plan can expect to pay $3,035 a month for that same plan—a $22,080 annual increase. A Vermont family of four making about $64,000 a year will pay 920% more. Ultimately, Republicans’ actions will kick 15 million Americans off their health insurance, including about 4 million people who will no longer be able to afford an ACA health plan.
This Congress, Senator Welch has led the introduction of several bills to make health care more accessible and affordable for Vermonters, including the Comprehensive Alternative Response to Emergencies (CARE) Act, Strengthening Medicare and Reducing Taxpayer (SMART) Prices Act, Fair Prescription Drug Prices for Americans Act, End Price Gouging for Medications Act, Creating Opportunities Now for Necessary and Effective Care Technologies (CONNECT) for Health Act, Protecting Pharmacies in Medicaid Act, Fair Funding for Rural Hospitals Act, and the Rural Hospital Support Act.
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