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Report: Health Care Bill Costs $940 Billion, Helps Deficit

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Photograph of House Speaker Nancy Pelosi at a news conference this morning by Pablo Martinez Monsivais/AP

The non-partisan Congressional Budget Office released a report (PDF) giving the proposed $940 billion health care legislation a boost because it forecasts almost $140 billion in deficit reduction: The Washington Post reports, "The cost of expanding coverage would exceed $200 billion a year by 2019, the CBO said. But new revenue in the package, combined with savings from program cuts, would outpace the cost of coverage, reducing the federal deficit by $138 billion over the next 10 years. The savings would continue to accumulate in the decade thereafter, the CBO said, eventually slicing around $1.2 trillion from the nation's budget gap."

Rep. Steny Hoyer (D-Maryland) said it would have "the largest deficit reduction of any bill we have adopted in Congress since 1993." The AP has other details: The reconciliation bill's plan "would provide coverage to 32 million people now uninsured through a combination of tax credits for middle class households and an expansion of the Medicaid program for low income people... It would restructure one-sixth of the economy, covering 95 percent of eligible Americans, in the biggest expansion of the social safety net since Medicare was created in 1965. It would also impose new obligations on individuals and businesses, requiring for the first time that most Americans carry health insurance and penalizing medium-sized and large companies."

President Obama has delayed a trip to the Pacific in anticipation that the legislation, which was just released (highlights and text here), will be passed on Sunday. Senator Max Baucus (D-Montana) said, "He may have to twist some arms. He may have to talk to some people. His personal presence helps."

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Comments [rss]

  • Bulldog67

    "Medicine is the keystone to socialism" --Karl Marx

    Surely, medical care for all was not his concern.

  • ides_of_march

    Yeah, and if Nasty Pelosi tells you komodo dragons make nice house pets you'd believe her too.

    The federal government has NEVER done anything cheaper or more responsibly. Quite the opposite. By the way, the bill forces people to buy private insurance and will have the IRS go after people who don't.

  • BDS=(Boycott.Divest.Sanction)

    'Take your bullsh17 anti-gubbmint sentiment and cram it up your backside. Spreading this kind of toxic poison can only serve to get people hurt, and it's clearly starting to undermine the United State's ability to maintain it's position of power.

    If "da gubbmint" sucked at everything, why is it important to have one? If "da gubbmint" wasn't necessary, then Rwanda (which effectively has no government) would be a fscking paradise. Yet, despite having no evil gubbmint holding down the people, there's hardly a better example of hell on Earth. Rapes and crime are so rampant, basic infrastructure like roads, water, and power are almost nonexistent. Starvation is the order of the day for those who haven't already been killed by the nearest tyrant.

    Contrast that with YOUR privileged life: The glorious cell phone at your hip that work so well do so because of gubbmint regulations that standardize their broadcast signals, and make those frequencies available. FCC police keep it that way, too. Aircraft don't typically fall out of the sky because of stiff gubbmint regulations that require frequent mechanic reviews so well that an otherwise very dangerous activity has become one of the safest means of transportation...

    period.

    And I can go on and on.

    1) Roads that cost $1,000,000 per mile that are so extensive that you generally expect to go anywhere you like, anytime you want.

    2) Public education available for nearly your entire childhood that made it possible for you to read this post,

    3) Military that protects your interests.

    4) Police that keep "bad guys" from robbing you, raping you, or killing you.

    5) Fresh, pure, clean water so cheap that it's often not even measured. You walk to the sink. You jigger a handle and voila! A virtually endless supply of clean, cheap water so pure that you can pour it straight into your car.

    6) Cars that are safe to drive! You'd think it was in the interests of the car companies to make safe cars, but paradoxically, they've bitterly opposed every single measure introduced by the "gubbmint" to improve either safety or fuel economy. You can get into a car crash at highway speeds and total the car, and even in these circumstances it's most likely that you'll live and suffer only minor to moderate injuries. You get 250 or more miles on a tank and it doesn't break the bank.

    7) Food that's safe to eat. Go to China and you don't really quite know what's in your baby food. It might be good, protein-rich baby food, or it might be Melamine. How do you know? Well, it's the US "gubbmint" that identified the problem and stopped the flow of melamine-infested food before too many people got hurt. I buy my chicken at the local grocery store without having to worry about much more than the price because of strict "gubbmint" regulations on food handling. And China is a pretty good country - it's far worse elsewhere.

    How much longer should I go on? Talking like gubbmint is somehow universally bad is just idiot talk. Sure, it's got it's problems, but the idea that it's somehow the definition of evil is... wrong!

    Get lost, and come back when you have something intelligent to say!'

  • Spirit of 76

    Typical. So caught up in liberal-bashing that you can't be bothered to notice the very first words, "The non-partisan Congressional Budget Office." Pelosi didn't come up with those figures, the CBO did, which you would know if you followed any news outlet. But then again, you hate the liberal press, so I'm not surprised that you didn't know that.

  • Frederick

    We have to pay for 4 years into a plan with NO benefits and still pay for the health insurance we have now?? And what is the government going to do with the money they collect for 4 years?? Spend it freely on what ever suits them.

  • Frederick

    is there any way to stop this liberal wet dream?

  • JacqueMehoff

    I want the public option too but the fact is the industry is too much into the corporate pockets now. now we have managed care for both Medicaid and Medicare. That's why I tell everyone I know not to enroll in any managed care until they know the facts. Go with straight Medicare and Medicaid. You never know when you'll reach any type of limits and then find out you're not covered. or the rigormarole and hoops you have to jump just to see your own doctor or get the RX your doctor wrote then find out it's not covered and you need it right away.

    it really is a damn shame.

  • Ph

    Bullshit bill and I'm a lifelong Democrat.

    What garbage. Total garbage. No public option, no meaningful reform.

    Total garbage.

  • NannyState

    It's been cleverly design for those add-ons, and they'd need a 75% majority to erase it.

  • Mr. Shankly

    This bill is gutless without a public option and tort reform.

  • Spook

    Go head ruin my parade! Yea I know, I know. Jezzzzz. But I'm kinda hoping that once it gets passed then the public option which I'm more concerned with will come next. Actuallly, I bet the republicans would never take tort reform for a public option.

  • Mr. Shankly

    Medicare was the wrong plan to emulate. It's rife with abuse and essentially bankrupt.

    Medicaid isn't much better, and most docs don't take it.

    They should have cloned the VA system: indemnified docs, cost controls, and formulary meds.

  • airtech1

    That's the math I learned in grammar school: spend lots and lots, so that somehow you'll save lots. But spend lots first ... so that one generation gets screwed.

  • Politburo

    You've got to spend money to make money.

    The timeframes we're talking about are not going to screw any generation.

  • Spook

    Nope its more about class, but

    generally people who say what you say tend not to be shall we say big readers? ;-)

  • Zack

    Everything needs to be about skin color?

  • Spook

    It just boggles my mind that a group of mostly white rich men who have the best heathcare can with a straight face deny millions of other white people( and of course others) heath insurance and get away with it

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