Obamacare likely to cost $300 billion more than thought – Congressional Budget Office: CBO hasn’t officially investigated the cost of Obamacare since the summer of 2012


Obamacare likely to cost $300 billion more than thought – Congressional Budget Office

by RT October 15, 2014

The real cost of Obamacare will be hundreds of billions of dollars more than expected, Republican members of the Senate Budget Committee now say, and will greatly increase the federal deficit during the next decade.

Contrary to claims made by the White House, United States President Barack Obama’s hallmark health care plan will actually have a tremendous toll on the government, GOP members of the SBC committee allege in a new report.

According to an analysis of data received by the Congressional Budget Office, Senate Republican say so-called Obamacare won’t reduce the federal budget deficit by $180 billion by 2019 as predicted, but will actually set the US back another $131 billion in the hole.

The CBO hasn’t officially investigated the cost of Obamacare since the summer of 2012, Senate Budget Committee Ranking Member Jeff Sessions (R-Alabama) says in the report, and complications in the two-plus years since have, according to his group’s analysis, caused costs to change tremendously.

“The most recent CBO estimate, released in July 2012, indicated the law was projected to reduce the deficit by $109 billion over the 10-year period from FY 2013–2022. Nevertheless, considerable changes have occurred since then: a botched rollout of the insurance exchanges; unilateral changes made by the Administration to exempt certain groups from complying with key aspects of the law; technical adjustments to CBO’s baseline projections for federal health spending; updated economic forecasts; a better understanding of the labor market effects of the legislation; and a new 10-year budget window,” the report reads in part. “Together these changes have significant implications for the sign of the deficit impact of the Democrats’ health law.”

“[I]f nothing had changed since 2012,” the report continues, “then the legislation would be projected to reduce the deficit by $180 billion” by 2024.

After reviewing new data, however, that number changes drastically. In all, GOP analysts say the difference between the 2012 prediction and the latest analyses amounts to $311 billion.

MORE: http://www.infowars.com/obamacare-likely-to-cost-300-billion-more-than-thought-congressional-budget-office/

Unknown's avatar

About a12iggymom

Conservative - Christian - Patriot
This entry was posted in Uncategorized. Bookmark the permalink.

1 Response to Obamacare likely to cost $300 billion more than thought – Congressional Budget Office: CBO hasn’t officially investigated the cost of Obamacare since the summer of 2012

Comments are closed.