Oops! Obamacare Will Cost $115 Billion More and Counting
The non-partisan Congressional Budget Office (CBO) released a new estimate yesterday of the cost of Democrats’ government takeover of health care. The new estimate shows Obamacare will cost at least $115 billion more than first claimed.
The CBO continues to sort through the consequences of the Democrats’ smoke and mirror accounting just as the White House launches its campaign to try to convince the public that Obamacare is not as bad as it really is.
“Before trying to ‘sell’ the new health care law, the Obama administration may want to be honest about how much it’s going to cost American taxpayers,” said House Republican Leader John Boehner (Ohio). “This new CBO analysis showing that the new health care law will cost at least $115 billion more than advertised provides ample cause for alarm. This comes just weeks after the Obama administration itself released an analysis confirming that the new law actually increases Americans’ health care costs.”
Late last month, in yet another blow to the Democrats’ credibility on health care (if there was any left), Obama’s own Centers for Medicare & Medicaid Services (CMS) released a report showing that the new law actually increases national health care costs after President Obama pledged it would not.
“The American people wanted one thing above all from health care reform: lower costs, which Washington Democrats promised, but they did not deliver,” Boehner added. “The American people don’t want soothing soundbites, they want the truth.”
The new estimate pushes the pricetag for Obamacare over the $1 trillion mark. And counting. This latest estimate still includes the half-trillion dollars in cuts to Medicare Democrats figured into the mix. It also represents only six years of spending supported by 10 years of new taxation.