Virginia’s Congressional lawmakers divided over future of ACA tax credits

RICHMOND, Va. (WRIC) -- Virginians could see their health insurance costs rise by $300 or no longer be able to afford it altogether when Affordable Care Act (ACA) tax credits expire on Dec. 31.

This week, Senate Democrats will try to get an extension after agreeing to end the government shutdown without one in place.

Democrats like Sen. Tim Kaine (D-Va.) are hoping for an extension when the Senate takes up a vote on Thursday, Dec. 11. They will need support from Republicans in order to make it happen, but Republican lawmakers have different ideas of what the future of the credits should be.

"The vote tomorrow will be very instructive," Kaine told reporters on Wednesday, Dec. 10. "Everybody is going to be on the record for whether they support meaningful tax credits to bring down folks' health insurance premiums, or whether they're opposed to it."

Kaine is supporting a three-year extension of the premium tax credits, which allow Americans to buy their insurance from the healthcare marketplace. Kaine was one of several Democratic senators to vote to end the shutdown in November, without an extension, but with the promise of Thursday's vote.

"I'm hoping for success, but, I'm sure not going to give up if we don't succeed tomorrow," Kaine said. "I'm not going to give up on trying to find strategies to make Virginian's health care affordable."

Republicans in Congress are mixed on their support for credits. Some, like Speaker Mike Johnson (R), want to get rid of them altogether.

"[Democrats] are talking about continuing handouts to big insurance companies," Johnson said Wednesday.

Another Republican, Rep. Jen Kiggans (VA-02), has created her own health care framework that does include an extension, but just for a year.

Lorelei Salas, the former Supervision Director with the Consumer Financial Protection Bureau, says when the credits expire, Americans will feel that financial burden come Jan. 1, 2026.

"Premiums are doubling on average," Salas said. "And in some cases, they're four times hire for certain families."

"[The loss of credits] is certainly going to put people in more financial instability than they have already been undergoing the last few months with skyrocketing prices and hikes across utilities, rental, you name it," Salas said.

Salas estimates 5 million people will drop off their health care coverage if they lose their tax credits next month.

Voting in the Senate is set to start Thursday.