Sessions Comments On CBO Revelation Of Growing Price Tag For President’s Health Law
WASHINGTON—U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued a statement today following yesterday’s updated baseline from the Congressional Budget Office, which revealed that projections of the gross costs associated with President Obama’s health law had increased, as did the number of people who would be dropped from their employer-sponsored coverage:
“President Obama told the American people his health law would cost around $900 billion over 10 years, but CBO’s numbers reveal that we will spend more than $1.75 trillion on only the coverage provisions over just 9 years. What’s more, Committee estimates show that once the law has been fully implemented (FY2014–2023), total spending under the president’s health care law will reach $2.6 trillion. CBO’s numbers also show that 4 million fewer Americans will have employer-based coverage as a result of the law, a figure we expect to rise dramatically once the new entitlement is fully implemented.
The fact that the outlook for the law continues to worsen so rapidly, even before it is implemented, is ominous. And despite massive tax hikes and new penalties to pay for the bill, which CBO estimates have risen by another $99 billion compared to their estimates last March, Committee estimates show that the president’s health spending law will add at least $700 billion to the deficit over its first 10 years (FY2010–2019). Sadly, it may prove much worse than that.”
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