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Fox News is reporting that several GOP Senators are citing a new CBO letter that claims original estimates for the Health Care Bill “double-counted” revenues and that the bill will actually increase the deficit.
In his letter to Sessions, Elmendorf wrote that government counts money two ways, either through trust fund accounting, in which money is borrowed from future Medicare payments to pay for existing Medicare programs but is like a revolving line of credit, or unified budget accounting, in which the trust fund money is borrowed from Medicare but then spent on other health care programs that don’t generate money to be be paid back into Medicare later.
“The key point is that the savings to the (Hospital Insurance) trust fund under the (Patient Protection and Affordable Care Act) would be received by the government only once, so they cannot be set aside to pay for future Medicare spending and, at the same time, pay for current spending on other parts of the legislation or on other programs,” Elmendorf wrote.
So, the bill MAY increase the deficit….I know you’re probably shocked to hear that. Will it matter to the Senate who is determined to make this happen by any means necessary? Or to a president who pledged this will not add one dime to the deficit?