Treasurer Steiner Decries “Ugly” Health and Cost of Living Impact of Senate Vote on the Federal Budget

Oregon State Treasurer Elizabeth Steiner, MD denounced today’s vote in the United States Senate to pass the federal budget reconciliation, which Congressional Republicans have called the One Big Beautiful Bill Act. Nationally, the federal budget reconciliation bill cuts more than $1 trillion in Medicaid and Food Stamps over the next 10 years. The Senate budget bill would cut more than $300 billion from Affordable Care Act tax credits, which will raise premiums nearly $400 to $3,000 per year. It is projected to raise the federal deficit by more than $3 trillion.

In Oregon, the bill is projected to cut $1 billion from the state’s Medicaid budget. It would jeopardize health coverage for more than 500,000 Oregonians, and recent data estimates that more than 500 Oregonians per year would die due to lost Medicaid coverage and benefits.

Treasurer Steiner said:

“As a physician and a state treasurer, I am deeply concerned about the ugly health and economic consequences that the One Big Beautiful Bill Act will have on families and communities across Oregon and the nation.

Make no mistake: Medicaid and other health care cuts will raise the cost of health care premiums, deductibles and copays for everyone, including business owners. They will push more people into debt and financial instability. They will devastate the health care system, close hospitals and clinics, and eliminate jobs, especially in rural parts of the state.

Adding trillions of dollars to the federal debt will raise interest rates and choke credit that Oregon businesses need to expand, hire and grow. Divesting in clean energy puts our nation at a competitive disadvantage as the world shifts away from fossil fuels.

I urge House members to vote no on this reckless bill, which transfers trillions of dollars to the wealthiest and big corporations by making food and health care more expensive for working and middle-class families.”