WASHINGTON, D.C. – U.S. Senator Cory Booker (D-NJ) along with Senator Jeff Merkley (D-OR), Ranking Member of the Senate Budget Committee, and Democratic Leader Chuck Schumer (D-NY), and Senator Ron Wyden (D-OR) called on Speaker of the House Mike Johnson (R-LA) and Senate Majority Leader John Thune (R-SD) to reconsider the devastating health care cuts in the House-passed “One Big, Beautiful Bill.” Recent analysis published by Third Way, a centrist think tank, shows that nearly 5.4 million American people – including 2.2 million people on Medicaid and 3.2 million people with coverage through the Affordable Care Act Marketplaces – will go into medical debt. In addition, the medical debt totals for American households will increase by $50 billion—a 15% jump.
“According to a recent Gallup survey, 31 million Americans report having to borrow nearly $74 billion between 2023 and 2024 to pay for health care, and 58 percent of Americans believe they would experience medical debt if faced with a health event. All of which would be exacerbated by the proposed health care cuts,” wrote the senators.
“The impact is significant to individuals and to our economy. Medical debt makes it more difficult for individuals to accumulate good credit and access stable housing. Survey data indicates that more than a third of adults with medical debt report negative credit score impacts, and some report losing their homes through foreclosure or eviction as a result. In addition, medical debt decreases consumer spending, which would hinder economic growth, at a time when economists estimate a 40 percent probability the U.S. enters a recession in 2025,” the senators continued.
To read the full text of the letter, click here.