A new analysis by the Congressional Budget Office and the Joint Committee on Taxation finds that repealing the individual mandate – the Obamacare regulation that requires Americans to purchase health insurance or a pay a tax penalty – would decrease spending by $311 billion over ten years and reduce the federal deficit by $305 billion over the same window.

Repealing the individual mandate would result in an estimated $110 billion less spent on exchange subsidies and $200 billion less spent on Medicaid and other entitlement programs.

The estimate assumes the individual mandate is repealed toward the end of 2015 and is based on CBO’s March 2015 baseline projections.

See the projections here.