Continuing with the series, here is the President talking about health care reform in Portsmouth, New Hampshire:
THE PRESIDENT: And we will do this without adding to our deficit over the next decade, largely by cutting out the waste and insurance company giveaways in Medicare that aren’t making any of our seniors healthier.
(later) First of all, I said I won’t sign a bill that adds to the deficit or the national debt. Okay? So this will have to be paid for.
- CBO says the House bill would increase federal deficits by $239 B over the next ten years.
- CBO says the House bill would increase the deficit in 2019 by $65 B, meaning the bill fails the President’s “10th year test.”
- CBO says the House bill would result in increasing deficits beyond 2019, because the new spending would grow faster than 8% per year, while the offsets would grow only about 5% per year.
- The House bill would not just slow Medicare growth, but would also raise taxes on high-income individuals and small business owners.
Other posts in this series: