March 26, 2010

ANOTHER OBAMACARE TRIUMPH: AT&T will take $1B non-cash charge for health care.

AT&T Inc. will take a $1 billion non-cash accounting charge in the first quarter because of the health care overhaul and may cut benefits it offers to current and retired workers.

The charge is the largest disclosed so far. Earlier this week, AK Steel Corp., Caterpillar Inc., Deere & Co. and Valero Energy announced similar accounting charges, saying the health care law that President Barack Obama signed Tuesday will raise their expenses. On Friday, 3M Co. said it will also take a charge of $85 million to $90 million.

Hope and change!

UPDATE: Claire McCaskill: Hey, maybe we “overpromised” on ObamaCare. Ya think?

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