Five years ago, President Obama’s health-care law was passed and since then, it has faced severe criticism. On Monday, congressional budget officials gave good news that the law will cost taxpayers considerably less than previous estimates.

The nonpartisan Congressional Budget Office said that it is not expected on insurers’ part to charge Americans quite much for coverage. Also, the government will save on subsidies for low and moderate income families.

Another announced made by the CBO was that companies are not cancelling health insurance policies to a level that was considered earlier this year. The health-care law will cost $142 billion to taxpayers, which is less than what was estimated in January.

The cost of providing subsidies for people to buy insurance on the state and federal marketplaces will be 20% less than previous estimates. Experts said the news is positive for the program, which has faced a lot of criticism in the past.

“There’s certainly a lot of rhetoric by the law’s opponents that costs are going to explode, that costs are out of control, that Obamacare had no cost containment in it”, affirmed John Holahan, an economist at the Urban Institute.

The report is considered to be one of the assessments of the law’s impact on the nation’s economy, budget outlook and health insurance market. These topics have been discussed even before the law was passed in March 2010.

The new projections by CBO has come at a time when debate is taking place over whether the Affordable Care Act has helped in controlling health-care spending in past few years. One of the biggest challenges faced by the government is to control health-care costs. As per the CBO, health and retirement spending will overwhelm the federal budget.