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As part of the reconciliation process that resulted in the enactment of the 2025 reconciliation act (Public Law 119-21), the House Committee on Energy and Commerce and the Senate Committee on Finance were instructed to recommend legislative changes that met specified budget targets over the 2025-2034 period. This document provides an explanation of CBO’s estimate for the budgetary effects of title VII, Finance, subtitle B, Health, chapter 1, Medicaid, of P.L. 119-21, as enacted in July 2025. The amounts shown in the text and tables are the same as those that CBO estimated in July . . .

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