Health Bill Cost Unveiled As Voting Draws Closer
March 19th, 2010 - 8:30 pm ICT by GD ( 5 comments )By Gina Gomez
Washington, Mar 19, (THAINDIAN NEWS) The final version of the much anticipated health care reform package was revealed on Thursday by the Congressional Budget Office with the landmark voting on the health reform legislation scheduled to take place on Sunday. The cost estimates divulged by the Congressional Budget Office provided the country a much more comprehensive look into the much awaited health care reform package.
At the news conference which was held on Capitol Hill on Thursday, House Speaker Nancy Pelosi emphasized that the health care reform package was all set to make history. It has been revealed that the expense of the bill in the first decade would be $940 billion while it would trim $130 from the federal deficit mainly owing to cost savings as well as new taxes. At the same time, it has also been stated that in the next ten years, the bill would be able to cut the federal deficit by more than $1 trillion. Moreover, the bill would also be instrumental in exceeding health insurance security to 32 million American citizens which would result in around 95 percent of the country enjoying the benefits of health insurance. Democrat party leaders are hoping that the new figures revealed by the Congressional Budget Office would help the bill to get the requisite 216 votes to pass in the House.
While reacting to the health care overhaul, United States President Barack Obama implied that it was the most important initiative to lessen the deficit since the 1990’s Balanced Budget Act. Meanwhile, President Barack Obama has adjourned his trips to Indonesia and Australia owing to the much anticipated U.S. House voting over the bill on Sunday.
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Tags: american citizens, balanced budget act, barack obama, capitol hill, congressional budget office, democrat party, federal deficit, gina gomez, health bill, health care reform, health insurance, health reform, house speaker nancy pelosi, landmark, nancy pelosi, news conference, party leaders, reform legislation, speaker nancy pelosi, trillion
March 19th, 2010 at 9:49 pm
What about the 5% not mentioned? Will I be in that % group?
Is there guesstimate on 1 trillion saved based on a faultering economy? How can you have insurance for 95% and not have increases? Its ridiculous to say that the government will fine you if you can’t afford insurance. If people could afford insurance they would be paying for it! So who picks the slack up when the people who are being fined can’t pay. WE DO(THE TAXPAYERS) Our government needs to be spending the time and energy on creating long term jobs.! Lets tax imports coming into this country to level the playing field for our remaining manufacturers. Lets bring back manufacturing jobs. If people are making a decent wage they can afford their own insurance. Walah!! problem fixed
March 19th, 2010 at 10:26 pm
How do you propose to bring back manufacturing jobs to a country that didn’t care enough to try to stop the job losses in the first place? The responsibility of every corporation is to make a profit. Can they really be blamed for taking advantage of better incentives in other countries? Lower labor costs? The #1 expense for most businesses is payroll. If we don’t give corporations reason to stay in the U.S., can we really blame them if they leave?
March 19th, 2010 at 10:53 pm
I agree with Mr. Stanton. Yes they should never have allowed corporations to leave. I think our government has gotten to large. We need to cut government to reduce taxes on company’s.
I think somewhere we need to draw the line on profit. There is way to much greed involved. I think CEO’s are part of the problem with high costs of manufacturing also.
March 19th, 2010 at 11:03 pm
There is no way you can add the expense of covering 30 million more people and expect expenses to be reduced. Only the federal government could come up with these kinds of numbers.
This is nothing but another government ponzi scheme. Sure the income will be less than the expenses the first ten years (maybe) but then that 10 years income is only paying for 6 years coverage. After that it will be pay as you go and the only way to balance things will be more tax increases along with rationing of health care.
March 19th, 2010 at 11:29 pm
There are a number of dynamics at work here. A few of them are; base wages of employees, added benefits of employees, executives salary and benefits, taxes, and profits distributed to shareholders.
The bonuses paid to top executives, if spread among all employees, would be rather small But having said that no one is worth that kind of money especialy when the bonuses are paid no matter how the company is doing.