Obamacare Repeal Would Cut Deficit, Boost Growth -- CBO

IBD reports:

A little-noticed report released Friday afternoon by the Congressional Budget Office shows that the Senate bill to repeal most of ObamaCare would cut the deficit by as much as $474 billion, while boosting GDP, investment and capital stock.

The findings stand in sharp contrast to promises by President Obama and other Democrats that ObamaCare would accelerate economic growth and lower federal deficits.

According to the CBO, repealing ObamaCare's subsidies and Medicaid expansion would cut federal spending by almost $1.4 trillion over the next 10 years. And getting rid of its myriad tax hikes would reduce tax revenues by $1.1 trillion, resulting in $281 billion decrease in projected deficits over the next decade.

However, the report says that repealing ObamaCare would "boost the economy's output" by nearly 1% starting in 2021, because it would eliminate ObamaCare's negative effects on the labor market and on saving and investment.

Imagine that.