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Congressional debate over ACA tax credits could impact one in four farmers

A member of the U.S. House Committee on Oversight and Government Reform says the ongoing debate in Congress to extend the Affordable Care Act tax credits will directly impact many farmers.

“Something like one in four farmers uses this.”

Illinois Congressman Raja Krishnamoorthi says the expiration of the credits will add another financial pressure for farmers in an already challenging economy.

“For the 22 million Americans who receive tax credits in order to be able to afford the health insurance that’s on those exchanges, they’re going to see an average increase of like 114%, which is enormous,” he says.

He tells Brownfield that a three-year extension of the credits is being considered.

“Four Republicans joined with all Democrats to basically compel a vote, but it won’t happen until January 6^th at the earliest.”  He says, “Those credits will have expired by December 31st, so people are going to be in a lurch.”

Republicans did not include the ACA credits in this summer’s reconciliation package, citing it as a cost-saving measure. 

In a vote this week, the House approved a bill that Republicans say will lower health insurance premiums for all Americans, but it does not include an extension of the expiring Affordable Care Act tax credits.  That measure moves to the Senate for consideration.

AUDIO: Congressman Raja Krishnamoorthi