Lawmakers will have to come up with only less than $1 billion to renew the Children’s Health Insurance Program, according to a new Congressional Budget Office analysis released Friday. That estimate, far lower than previous projections, should ease lawmakers’ task of passing legislation this month.
In a four-page letter to Senate Finance Chairman Orrin G. Hatch, CBO Director Keith Hall said the Senate CHIP bill would cost $800 million over 10 years. Prior to this, the CHIP bill needed to be offset by about $8 billion over 10 years. The total cost of CHIP over 10 years would be $48.4 billion, but decreases in Medicaid and health care marketplace spending would offset much of that amount.