May 11, 2010

Entire Health Care Law's Projected Savings Wiped Out

CBO Now Estimates Health Law Will Cost $115 Billion More Than Original Projections, Wiping Out Savings Projections, And Putting CBO’s Current Price Tag For Law Over “$1 Trillion”

“Congressional Budget Office Estimates Released Tuesday Predict The Health Care Overhaul Will Likely Cost About $115 Billion More In Discretionary Spending Over Ten Years Than The Original Cost Projections.” (“CBO Ups Health Care Cost Projections,” Politico, 5/11/10)

“The Additional Spending — If Approved Over The Years By Congress — Would Bring The Total Estimated Cost Of The Overhaul To About $1 Trillion.” (“CBO Ups Health Care Cost Projections,” Politico, 5/11/10)

“The Congressional Budget Office Expects The Federal Agencies To Spend $10 Billion To $20 Billion Over 10 Years On Administrative Costs To Implement The Overhaul. The CBO Expects Congress To Spend An Additional $105 Billion Over 10 Years To Fund Discretionary Programs In The Overhaul.” (“CBO Ups Health Care Cost Projections,” Politico, 5/11/10)

“The Nonpartisan CBO Expects The Internal Revenue Service To Spend Another $5 Billion To $10 Billion On Implementing The Rules Regarding Premiums And Cost-Sharing Credits.” (“CBO Ups Health Care Cost Projections,” Politico, 5/11/10)

President Sold The Bill By Saying It Would “Reduce Our Deficit” By More Than $100 Billion

President Obama: “It Will Reduce Our Deficit By More Than $100 Billion Over The Next Decade, And More Than $1 Trillion In The Decade After That.” (President Obama, Remarks, 3/22/10)

“CBO And JCT Previously Estimated That Enacting H.R. 3590 By Itself Would Yield A Net Reduction In Federal Deficits Of $118 Billion Over The 2010-2019 Period...” (CBO Director Doug Elmendorf, Letter To Rep. Nancy Pelosi, 3/18/10 (P.2)

Tags: health care, deficit, CBO, no savings, Cross Posted from the ARRA News Service. To share or post to your site, click on "Post Link". Please mention / link to America's Best Choice. Thanks!

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