WASHINGTON – Congress has run out of time to extend the Obamacare subsidies that will expire at the end of the year, meaning health insurance premiums are about to go up for millions of Americans.

That reality became clear after a last-minute effort failed among Republicans in the House of Representatives who were hoping to trigger a vote on the tax credits, said Speaker Mike Johnson on Dec. 16. Though roughly a dozen moderate GOP lawmakers worked on the issue last weekend as Congress readies to depart for the holidays, Johnson told reporters that no consensus was reached.

"Many of them did want to vote on this Obamacare, COVID-era subsidy the Democrats created," Johnson said in the Capitol. "We looked for a way to try to allow for that pressure release valve, and it just was not to be."

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The top congressional leader's acknowledgment virtually guaranteed the impending conclusion of the Affordable Care Act subsidies, affecting roughly 22 million Americans. Once they run out at the end of the year, the average enrollee who receives the tax credits on the Obamacare marketplace will see their premiums double, according to KFF, a nonpartisan health policy research group.

Among other reasons for the GOP's opposition to extending the credits – including reining in federal spending more broadly – Johnson pointed to a recent report from a nonpartisan watchdog, the Government Accountability Office, that identified persistent fraud risks in the program.

On Dec. 11, a bill that would've continued the COVID-era subsidies for three years failed to advance in the Senate. All Democrats and four Republican senators voted to support it, but the measure didn't reach the 60-vote threshold needed to pass that chamber.

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This week, the House is still expected to vote on a separate GOP-backed bill aimed at more generally reforming the health care system. That legislation would enable businesses to group themselves together to get health insurance. It also pledges to provide funding in 2027 to reduce out-of-pocket costs.

"I hope the Democrats will come along with us," Johnson said about the vote on the new bill (it isn't likely to ultimately pass Congress without addressing the issue of Obamacare subsidies).