Friday, June 12, 2009

$600 Billion Tax Hike Coming as Down Payment on $1.5 Trillion Obamacare

June 12 (Bloomberg) -- Health-care overhaul legislation being drafted by House Democrats will include $600 billion in tax increases and $400 billion in cuts to Medicare and Medicaid, Ways and Means Committee Chairman Charles Rangel said.

Democrats will work on the bill’s details next week as they struggle through “what kind of heartburn” it will cause to agree on how to pay for revamping the health-care system, Rangel, a New York Democrat, said today. The measure’s cost is reaching well beyond the $634 billion President Barack Obama proposed in his budget request to Congress as a 10-year down payment for the policy changes.

Asked whether the cost of a health-care overhaul would be more than $1 trillion over a decade, Rangel said, “the answer is yes.” Some Senate Republicans, including Senator Orrin Hatch of Utah, say the costs will likely exceed $1.5 trillion.



Blogger Otter said...

Our only hope in this "health care scare" is for the Republicans and the moderate Democrats to grow some balls and fight this legislation.

I have been keeping tabs on what has been going on with the proposed health care legislation in Congress as much as I can lately and frankly, I am a bit scared by what is being proposed.

12:34 AM  
Blogger Red S Tater said...

Good for you, you should be very afraid... and no I'm not trying to use fear and scare tactics for political gain. We should be very afraid.

9:16 AM  

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