BREAKING: CBO Says Repealing ObamaCare Would Reduce Net Spending by $540 Billion

Discussion in 'Politics' started by John_Wensink, Jan 7, 2011.

  1. BREAKING: CBO Says Repealing ObamaCare Would Reduce Net Spending by $540 Billion

    The Congressional Budget Office, in an email to Capitol Hill staffers obtained by the Spectator, has said that repealing the national health care law would reduce net spending by $540 billion in the ten year period from 2012 through 2021. That number represents the cost of the new provisions, minus Medicare cuts. Repealing the bill would also eliminate $770 billion in taxes. It's the tax hikes in the health care law (along with the Medicare cuts) which accounts for the $230 billion in deficit reduction.

    Full email, from Edward "Sandy" Davis, CBO's Associate Director for Legislative Affairs, below.

    To interested Hill staff:

    CBO and the staff of the Joint Committee on Taxation (JCT) have not yet developed a detailed estimate of the budgetary impact of H.R. 2, the Repealing the Job-Killing Health Care Law Act, which would repeal the major health care legislation enacted in March 2010. Yesterday, we released a preliminary analysis of that legislation indicating that, over the 2012-2021 period, the effect of enacting H.R. 2 on the federal budget as a result of changes in direct spending and revenues is likely to be an increase in deficits in the vicinity of $230 billion, plus or minus the effects of forthcoming technical and economic changes to CBO’s and JCT’s projections for that period.

    We have been asked to provide the revenue and direct spending components of that total. Extrapolating the estimated budgetary effects of the original health care legislation and accounting for the effects of subsequent legislation, CBO anticipates that enacting H.R. 2 would probably yield, for the 2012-2021 period, a reduction in revenues in the neighborhood of $770 billion and a reduction in outlays in the vicinity of $540 billion, plus or minus the effects of forthcoming technical and economic changes to CBO’s and JCT’s projections.

    CBO will post a Director’s blog with this information on the CBO website shortly. Please let me know if you have any questions.
  2. 377OHMS


    That makes sense.

    Let the House repeal this nonsense regardless of any anticipated action by the Senate or President. They should vote for repeal because it is the right thing to do.

    Let the liberal Senate and President block the bill. Make them double-down on this huge steaming turd called Obamacare.

    That'll work well for them in 2012 I'm sure. :p

    Any trader in here knows to avoid falling knives.
  3. I'm not even going to comment on why the highlighted part matters. If it's not obvious, I'm not wasting my time explaining it.

    This will: Small businesses buy health insurance because of Obamacare

    So much for it being a job-killer.
  4. Laughable, where to begin.

    1. The article states "partially" due to the tax credit.

    2. How many people are NOT being hired to subsidize the cost.

    3. How many of those that acquired health insurance via a small business are forced to acquire health insurance due to unemployment of a spouse or underemployment?

    A few facts or unanswered questions are conveniently left out.
  5. There is no mandated cost to small business yet: that doesn't start until 2014. So that's just a flat out lie by you.
    The rest of your stuff is unsubstantiated hypotheticals.
  6. Ricter


    If we can make auto insurance work, we can make this work. The only significant difference is that you cannot opt out of driving a body.
  7. 377OHMS


    We don't want it.

    We'll worry about our medical care via the free markets. This Obamination is going to be repealed by the House and wind up in Harry's lap where it will mimic a baked potato fresh out of the oven right up to 2012.

    Today Harry declared "this bill is dead".

    A few years ago Harry declared "this war is lost".
  8. Ricter


    Lol, some "we". You're matched equally in numbers by those who do want it, and matched again by those who want it to do more. You are 1/3.

    You handwringers are the actual un-Americans among us. Yankee ingenuity and optimism will prevail, it usually does.
  9. Hello


    No we cant, government programs never work, period. Show me a single government program which is flush with cash.
  10. Lucrum

    Lucrum :D (not that it's worth anything any more)
    #10     Jan 8, 2011