CBO: New House Health Bill Spending Estimate, $3 Trillion over 10 Years
The totals below, I am told by the Heritage Foundation, do NOT include the $250 billion extra spending on Medicare to buy off the American Medical Association for their support of the U.S. House bill.
The Democratic House Leadership has completely lost touch with fiscal reality.
The following is a cut and paste of a media statement by the ranking Republican on the Senate Budget Committee, Senator Gregg (R-NH):
Senator Gregg: Updated CBO Estimate of House Bill Pulls Back the Curtain on Majority’s Intent to Grow Government by $3 Trillion
Senator Judd Gregg (R-NH), ranking member of the Senate Budget Committee today commented on the Congressional Budget Office’s (CBO) more detailed cost estimate of the manager’s amendment to the House health reform bill.
Senator Gregg stated, “The CBO estimate released last night finally sheds light on the smoke and mirrors game the majority has been playing with the cost of their health care reform proposal. Over the first 10 years, this legislation builds in gross new spending of $1.7 trillion – and most of the new spending doesn’t even start until 2014. Once that spending is fully phased in, the House Democratic bill rings up at more than $3 trillion over ten years.
“Additionally, this bill cuts critical Medicare and Medicaid funding by $628 billion, accounts for nearly $1.2 trillion in tax and fee increases and will explode the scope of government by putting the nation’s health care system in the hands of Washington bureaucrats. The $3 trillion price tag defies common sense – we simply cannot add all this new spending to the government rolls and claim to control the deficit.
“If we continue to pile more and more debt on the next generation, they will never be able to get out from under it. The health care system needs reform, but this massive expansion of government, financed by our children and grandchildren, is the wrong way to proceed.”