CBO claims PPACA will slash work hours

President Barack Obama gestures as he speaks in the East Room of the White House, Friday, Jan. 31, 2014, in Washington. (AP Photo/Carolyn Kaster)

Feb. 4 (Bloomberg) – Obamacare will reduce the total number of hours Americans work by the equivalent of 2 million full-time jobs in 2017, the Congressional Budget Office said, sparking renewed Republican criticism of the law and a fresh defense from the White House.

The total number of hours worked will fall about 1.5 percent to 2 percent from 2017 to 2024 as a result of the health-care overhaul, the CBO said today in a report. The reduction, about twice the agency’s estimates in 2010, is due “almost entirely” to low-wage employees who may choose to give up extra hours of work to avoid losing subsidies or tax advantages under the law, the report said.