Home Budget, Economy CBO: Healthcare Reform Bill Cuts Deficit $130 Billion Over First 10 Years

CBO: Healthcare Reform Bill Cuts Deficit $130 Billion Over First 10 Years

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The crucial Congressional Budget Office “score” of President Obama’s healthcare reform bill is out, and it looks like good news.

1. CUTS THE DEFICIT Cuts the deficit by $130 billion in the first ten years (2010 – 2019). Cuts the deficit by $1.2 trillion in the second ten years. 2. REINS IN WASTEFUL MEDICARE COSTS AND EXTENDS THE SOLVENCY OF MEDICARE; CLOSES THE PRESCRIPTION DRUG DONUT HOLE Reduces annual growth in Medicare expenditures by 1.4 percentage points per year-while improving benefits and lowering costs for seniors. Extends Medicare’s solvency by at least 9 years. 3. EXPANDS AND IMPROVES HEALTH COVERAGE FOR MIDDLE CLASS FAMILIES Expands health insurance coverage to 32 million Americans Helps guarantee that 95 percent of Americans will be covered. 4. IS FULLY PAID FOR Is fully paid for – costs $940 billion over a decade. (Americans spend nearly $2.5 trillion each year on health care now and nearly two-thirds of the bill’s cost is paid for by reducing health care costs).

So much for the Republican/Tea Party “argument” that this bill “costs too much.” In fact, it reduces the budget deficit significantly, according to the non-partisan CBO.  Now, on to passage, hopefully in about 72 hours!