The director of the Congressional Budget Office is testifying today before the House Budget Committee on the economic impact of ObamaCare.

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The CBO released a stunning report yesterday that projected ObamaCare will cost the equivalent of 2.3 million jobs.

Director Doug Elmendorf said during the hearing, “What the Affordable Care Act does is to provide subsidies, focused on lower and lower middle income people to buy health insurance.”

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To encourage people to buy expensive health insurance, Elmendorf said the subsidies end up being “large in dollar terms.”

“By providing heavily subsidized insurance to people with very low income, and then withdrawing those subsidies as income rises, the act creates a disincentive for people to work,” he testified.

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