Hatch: CBO Confirms Health Law Will Dramatically Increase Health Costs
President Pledged Law Would “Bend the Cost Curve” and Lower Health Costs
WASHINGTON – U.S. Senator Orrin Hatch (R-Utah), Ranking Member of the Senate Finance Committee, called an analysis released today by the non-partisan Congressional Budget Office (CBO) another reminder of why the $2.6 trillion health law “is one of the most offensive” he’s ever seen. According to CBO, health spending will dramatically increase over the next ten years, despite the Administration’s pledge that it would “bend the cost curve” or lower health costs.
“Only in Washington would people actually say that spending $2.6 trillion on a new unaffordable entitlement would reduce health care costs,” said Hatch. “Congress’ non-partisan scorekeeper, as they’ve done again today, has repeatedly found that this massive government spending bill has only made our spending problems worse. This law is one of the most offensive I’ve seen – it spends more money we don’t have; raises taxes on almost every American; and increases health costs.”
CBO found that the “growth in health care costs will almost certainly push up federal spending significantly relative to GDP under current law.” And “that spending for Social Security, Medicare, Medicaid, and other health care programs will grow from 9.9 percent of GDP in 2010 to 12.0 percent by 2021, driven largely by rapid growth in health care costs.”
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