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Obama Increases 2010 Deficit Forecast 19% to $1.50 Trillion

Discussion in 'Political Zone' started by JBond, Aug 25, 2009.

  1. JBond

    JBond Well-Known Member

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    If that is true why is Obama planning to gut medicare to pay for a third and increase taxes to pay for the rest of it. That does not sound very self sufficient to me. It sounds like more of Obama's socialistic redistribution plans. Do you truly believe that the few tax payers left will not be footing the bill for nationalized health care?
  2. Ioz

    Ioz Benched

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    He is not gutting medicare in the way Bush gutted medicaid. He is working on finding efficiencies in the system. Like not getting an MRI if you simply got a head cold. Stuff like that.

    Furthermore, the public option is just a part of the bill, and may not even be included in the final version, the costly aspects of the bill is everything else.

    And there is an inherent hypocrisy in your post: you lambast Obama for "gutting medicare" (which is not true) then you call him a socialist. Huh? Medicare is a single payer system, and as long as you are not on medicare advantage you don't pay a premium unlike the public option. Your post is just plain silly.
  3. JBond

    JBond Well-Known Member

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    There is no hypocrisy in my post. Obama is the one who claimed he was going to take a third of the funding from the already broke medicare program and shift it to Obama care. What premiums are illegal aliens going to pay? Are they going to be turned away if they don't have the Obama care card?

    You are the one claiming Obama care is not going to cost anything and you are calling my post silly? The government has already screwed up medicare, medicade and social security and now you want them to screw up medical care for the rest of us? Yep, I'm the silly one. You got me.
  4. CowboyWay

    CowboyWay If Coach would have put me in, we'd a won State

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    I hope he doesn't triple it. You know....like Reagan did.
  5. Ioz

    Ioz Benched

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    It all comes back to the illegal aliens with you guys, eventhough it is completely unrelated to the issue. You and lou dobbs.:rolleyes:

    I have never claimed that, I merely pointed out the public option would save 150 billion over ten years according to the CBO. You are unable to produce an intelligent response, so you lie about my position. Dirty pool.
  6. Ioz

    Ioz Benched

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    I'll give the canned conservative response, "It was Carter's fault, and the surplus under Clinton was Reagan's fault." It makes no sense, but whatever.
  7. JBond

    JBond Well-Known Member

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    he already has, but instead of billions it's trillions.
  8. JBond

    JBond Well-Known Member

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    You claim that everyone will pay their own way and that is not true. I noticed you were incapable of answering the illegal alien question. Who is going to be forced to pay their way?
  9. CowboyMcCoy

    CowboyMcCoy Business is a Boomin

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    Thanks again, Dumbya.
  10. JBond

    JBond Well-Known Member

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    CBO: Healthcare bill exceeds $1 trillion

    http://thehill.com/leading-the-news/cbo-healthcare-bill-exceeds-1-trillion-2009-06-15.html

    The Congressional Budget Office (CBO) released a report late Monday estimating the cost of a leading healthcare reform proposal at more than $1 trillion, but that figure looked only at a portion of the bill.


    The analysis falls just within the most expensive cost scenario sketched out by Democratic leaders in recent days, but does not include an estimate for a highly contentious government-run insurance plan that would compete with private insurers.


    Senate Republicans are sure to use the data as ammunition to oppose expensive Democratic plans to subsidize healthcare for low-income families, as well as what is not included in the estimate.


    The CBO report raises doubt as to whether Democrats will be able to keep the cost of healthcare reform under $1 trillion, as leaders have predicted.


    The analysis estimated the net impact of a bill sponsored by Sen. Edward Kennedy (D-Mass.) at $1.04 trillion over the decade spanning 2010 to 2019.


    But CBO officials warned the cost of the Democratic plan would likely increase if lawmakers expanded the eligibility of Medicaid or otherwise subsidized health insurance for people earning below 150 percent of the federal poverty level, or $22,000 for a family of four.


    Henry Aaron, a senior fellow at the Brookings Institution, said the estimated expense will make it that much tougher for Democrats to pass.


    “I think they’re setting themselves up for a hellacious summer of negotiations,” Aaron said in an interview shortly before CBO released its report. “They’re trying to find ways to pay for a bill that makes a major dent in the ranks of the uninsured [and that] is going to require some combination of tax increases and spending cuts — nearly all of which are political mine fields.”


    A CBO official emphasized that the report is not a final score or tally of the cost of legislation advanced by Sens. Kennedy and Chris Dodd (Conn.), the senior Democrats on the Senate Health, Education, Labor and Pensions (HELP) Committee.


    Sen. Charles Schumer (N.Y.), vice chairman of the Democratic Conference and a member of the Senate Finance Committee, told reporters last week that healthcare reform would cost between $600 billion and $1 trillion.


    And President Obama said in a speech Monday that “making healthcare affordable for all Americans will cost somewhere on the order of $1 trillion over the next 10 years.”


    Senate Republicans argued on Monday that Democrats were hoping for a less- costly preliminary analysis from CBO.


    “This is significantly higher than they expected,” said a GOP aide, who noted that CBO’s estimate reached the uppermost range set forth by Schumer last week.


    “I think anytime you hear folks on the Hill make an approximate estimate that wide, they’re expecting to come in on the low end. They’re not expecting it to top out,” said the aide.


    CBO’s estimate indicates that legislation introduced last week by the HELP Committee could exceed its preliminary estimate significantly.


    ecause expanded eligibility for the Medicaid program may be added at a later date, those figures are not likely to represent the impact that more comprehensive proposals—which might include a significant expansion of Medicaid or other options for subsidizing coverage for those with income below 150 percent of the federal poverty level—would have both on the federal budget and on the extent of insurance coverage,” the report stated.


    The CBO report focused on only one title of Kennedy’s bill, but that section, Title I, will account for the bulk of the legislation’s cost. Analysts disagree over the projected cost of implementing a public insurance plan. Liberals argue that such an option would reduce the overall cost of reform by bringing down insurance premiums.


    The estimate, however, is less than the price tag some liberal policy experts had initially affixed to reform.


    One liberal policy expert pegged the cost at between $1.25 trillion and $1.5 trillion over the next 10 years.


    The 10-year cost of reform could approach $2 trillion if the projections are made from the date that proposals are fully implemented. While the projected cost for a new system may reach $1.5 trillion for 2010-2019, it could run significantly higher for 2013-2022, as healthcare costs rise steadily each year.


    Aaron, of the Brookings Institution, questioned whether Schumer’s estimate of $600 billion to $1 trillion could buy the policy reforms Kennedy drafted.


    The CBO’s analysis sets the stage for an intense debate among members of the Senate Finance Committee, headed by Sen. Max Baucus (D-Mont.), who now must draft legislation to pay for Kennedy’s plan.


    Baucus is scheduled to release a draft bill at the middle of the week and a final bill on Friday.


    “One of the things that has held things up a little bit is [the need] to get the CBO estimates,” Schumer said last week.

    Jeffrey Young contributed to this article.
  11. JBond

    JBond Well-Known Member

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    Director’s Blog
    --------------------------------------------------------------------------------

    « Modernization of Coast Guard Cutters and Naval Surface CombatantsMeeting at the White House »Preliminary Analysis of the House Democrats’ Health Reform Proposal
    Yesterday CBO released a preliminary analysis, conducted with the staff of the Joint Committee on Taxation (JCT), of H.R. 3200, the America’s Affordable Health Choices Act of 2009, as introduced by several House committees on July 14. Earlier this week, CBO released a preliminary report on the health insurance coverage provisions of the bill; this latest report added analysis of the other provisions.

    According to CBO’s and JCT’s assessment, enacting H.R. 3200 would result in a net increase in the federal budget deficit of $239 billion over the 2010-2019 period. That estimate reflects a projected 10-year cost of the bill’s insurance coverage provisions of $1,042 billion, partly offset by net spending changes that CBO estimates would save $219 billion over the same period, and by revenue provisions that JCT estimates would increase federal revenues by about $583 billion over those 10 years.

    By the end of the 10-year period, in 2019, the coverage provisions would add $202 billion to the federal deficit, CBO and JCT estimate. That increase would be partially offset by net cost savings of $50 billion and additional revenues of $86 billion, resulting in a net increase in the deficit of an estimated $65 billion.
    The figures released yesterday do not represent a complete cost estimate for the legislation. In particular, the estimated impact of the provisions related to health insurance coverage is based on specifications provided by the committee staff, rather than on a detailed analysis of the legislative language. (The estimates for other spending provisions reflect the specific legislative language. JCT has separately published its estimates of the effects of revenue provisions contained in H.R. 3200.) In addition, the figures do not include certain costs that the government would incur to administer the proposed changes and the impact of the bill’s provisions on other federal programs, and they do not reflect any modifications or amendments made after the bill was introduced. Nevertheless, this analysis reflects the major net budgetary effects of H.R. 3200.

    This entry was posted on Saturday, July 18th, 2009 at 9:25 am and is filed under Budget Projections, Health.

    --------------------------------------------------------------------------------
  12. Jarv

    Jarv Loud pipes saves lives. Zone Supporter

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    What can you say if your Obama...Opps, my bad ???

    Sheesh, this guy needs to go and take his Czars with him.
  13. Ioz

    Ioz Benched

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  14. theogt

    theogt Surrealist Zone Supporter

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    I'm not sure where they're getting the $9.05 trillion.

    Adding up the CBO's projected deficits over the next 10 years, I get $7.495 trillion. And that's with a projected 2012 deficit of $590 billion, which is below what Obama claimed he would accomplish.

    Maybe I'm looking at something different, but this appears to be the budget projections from August:

    http://www.cbo.gov/ftpdocs/105xx/doc10521/2009BudgetUpdate_Summary.pdf

    Also, I know $7.495 trillion sounds like a lot, but it is really only 4.4% of GDP over those 10 years, and historically, that's a pretty decent level. Heck, even if it were $9 trillion, it'd only be 5.3% of GDP, which is relatively higher than "normal" for the US, but is not alarmingly high.
  15. Cajuncowboy

    Cajuncowboy Preacher From The Black Lagoon

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    Rat, you realize that the dems can't separate them either, right? Public option, single payer, government run...it's all the same dang thing. And that is a :fact: for you.
  16. Cajuncowboy

    Cajuncowboy Preacher From The Black Lagoon

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    Because they are factoring in the obviously unlikely cuts to programs like WIC. The dems will never ever touch these types of programs so the estimates are based on faulty numbers.
  17. theogt

    theogt Surrealist Zone Supporter

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    This is neither here nor there. The article said that the new CBO budget projected $9 trillion over 10 years. I'm looking at the CBO budget and I don't see where they're getting that number from.

    This isn't a discussion about whether the projections are accurate or not.

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