Good News: ObamaCare to Cost 3 Times More than First Thought
The Republicans on the Senate Budget Committee (via Daniel Halper) released a nifty little chart showing the progressively more dire estimates for the cost of ObamaCare over a decade.
President Obama promised a joint session of Congress in 2009 to spend $900 billion over ten years on his health care law: "Now, add it all up, and the plan that I’m proposing will cost around $900 billion over 10 years." Adding up all the different spending provisions in the health care law, however, (including closing the Medicare 'donut hole,' implementation costs, and other spending) total gross spending over the FY 2010–19 period is about $1.4 trillion, based on CBO estimates," the Senate Budget Committee Republican staff explains. "And most of the major spending provisions in the law do not even take effect until 2014. Congressional Democrats delayed these provisions in order to show only six years of spending under the plan in the original 10-year budget window (from FY2010-19) used by CBO at the time the law was enacted. Therefore, the original estimate concealed the fact that most of the law’s spending only doesn’t even begin until four years into the 10-year window. A Senate Budget Committee analysis (based on CBO estimates and growth rates) finds that that total spending under the law will amount to at least $2.6 trillion over a true 10-year period (from FY2014–23)—not $900 billion, as President Obama originally promised.