CBO Raises Cost of the Healthcare Bill

Meister

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I'm not sure if this has been posted on the board, as I was away from the computer for a few days.
I'm thinking this is just the first for the ceiling to be raised on the healthcare debacle. Anyone want to venture a guess on the next surprise?
I'm wondering why this wasn't added into the final number at the time it was being passed. Or, was it by design?



The director of the Congressional Budget Office said Tuesday that the health care reform legislation would cost, over the next ten years, $115 billion more than previously thought, bringing the total cost to more than $1 trillion.

The revised figure is due to estimated costs to federal agencies to implement the new health care reform bill – such as administrative expenses for the Internal Revenue Services and the Department of Health and Human Services -- and the costs for a "variety of grant and other program spending for which specified funding levels for one or more years are provided in the act."
CBO: Health Care Bill Will Cost $115 Billion More Than Previously Assessed - Political Punch
 

Zoom-boing

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I think the $115billion figure will turn out to be far lower than what the actual cost will turn out to be. Look at Medicare's initial cost estimates vs. how much it has actually ended up costing. They can promise some pay-go till the cows come home too . . . . it's all just talk. The health care bill will turn out to be yet another bloated government entitlement program that will end up costing . . . and costing . . . and costing . . . . .
 

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I'm not sure if this has been posted on the board, as I was away from the computer for a few days.
I'm thinking this is just the first for the ceiling to be raised on the healthcare debacle. Anyone want to venture a guess on the next surprise?
I'm wondering why this wasn't added into the final number at the time it was being passed. Or, was it by design?



The director of the Congressional Budget Office said Tuesday that the health care reform legislation would cost, over the next ten years, $115 billion more than previously thought, bringing the total cost to more than $1 trillion.

The revised figure is due to estimated costs to federal agencies to implement the new health care reform bill – such as administrative expenses for the Internal Revenue Services and the Department of Health and Human Services -- and the costs for a "variety of grant and other program spending for which specified funding levels for one or more years are provided in the act."
CBO: Health Care Bill Will Cost $115 Billion More Than Previously Assessed - Political Punch
It's my belief and assertion that their initial figure [before it was passed] was based upon whatever figures those whom wrote the bill gave them. And after further in-depth study...? Surprise! It's gonna cause more...whoda' thunk it? [Of ANY Government program in history of this nation]? Many warned it would be larger and the initial figures were met with skepticism.

Seems they were correct. And even then I don't trust the new figures either. Seems that each week passes? We learn of more pitfalls. I don't trust any of it and think it should be scrapped.
 

boedicca

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This is just the tip of the iceberg of the unfolding ObamaCare Horror Insurance Show.

Just wait until corporations start canceling their health care plans (despite Obama's PROMISE that people could keep their plans if they want to) and dumping employees into the state pools because they will save vast amounts of money by doing so. All of the costs will be shifted to the taxpayers, which is not what is reflected in the current CBO score.

This is why Waxman cancelled the War Against GAAP hearing.
 

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This is just the tip of the iceberg of the unfolding ObamaCare Horror Insurance Show.

Just wait until corporations start canceling their health care plans (despite Obama's PROMISE that people could keep their plans if they want to) and dumping employees into the state pools because they will save vast amounts of money by doing so. All of the costs will be shifted to the taxpayers, which is not what is reflected in the current CBO score.

This is why Waxman cancelled the War Against GAAP hearing.
And why was Henry (Nostrilitis) Waxman so damned upset?

Becuase these Corporations READ the damned thing and announced to the world what they stood to lose, and what they would be FORCED to do with this piece of shit foisted upon them and their employees?

ATT will take a $1 billion in first-quarter costs.

Caterpillar will take a $100 million 1st quarter charge.

3M will take a one-time expense of $90 million or a 12 cents a share charge.

Deere and Co. will take a one-time $150 million expense.

Medtronic announced that it may be forced to lay-off thousands of workers.

Verizon announced to employees that they will need to reduce their benefits offered to retirees or increase the costs substantially. Specifically, in an email to employees:
Verizon offers access to health care coverage to almost 900,000 employees, retirees and their families at a cost of nearly $4 billion a year. As a major purchaser of health care....Because Verizon offers retiree prescription drug coverage today, the government provides a 28 percent subsidy to help offset the financial burden of offering that coverage. The subsidy was intended to help employers continue to offer prescription drug coverage for retirees so that these retirees would not have to use the Government Medicare Part D program. However, changes affecting the Part D subsidy will make it less valuable to employers, like Verizon, and as a result, may have significant implications for both retirees and employers.
Additionally, there is a provision that taxes high-value health plans expected to begin in 2018. Many of the plans that Verizon offers to employees and retirees are projected to have costs above the thresholds in the legislation and will be subject to the 40 percent excise tax.
Other businesses that have stated that they too will be adversely affected by Obamacare, but declined to present specifics include, Citigroup Inc., Duke Energy Corp., Whirlpool Corp., Qwest, Exxon, and Lockheed Martin.

The companies above, unfortunately, are going to be the first in a long line of companies that are going to need to restate their earnings, and rethink what they are going to offer to retirees in light of Obamacare.


_____________________

This Abortion of a LAW has ONLY one intended premise...and that is a full Government take over. Waxman wouldn't HEAR of these companies stating the facts of what they read and KNEW they's have to do to comply.

He was embarrassed that THEY read it weras HE apparently hadn't and those companies were COMPLYING.

Interesting too after the outcry? WAXMAN didn't have the hearings...I wonder WHY?

Why didn't WAXMAN call in the VOTERS for hearings since they are subject and COMMANDED to buy a plan or face JAIL TIME And/Or FINE?

How does the large-nosed fucking MORON answer to them? Those he's supposed to SERVE, and NOT put on trial?

 

NYcarbineer

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I thought the CBO was full of shit. Suddenly they toss out a set of numbers you like and they're geniuses.
 
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I thought the CBO was full of shit. Suddenly they toss out a set of numbers you like and they're geniuses.
The CBO is full of shit....but now he's coming out with some of the real numbers, can't wait until it's all on the table.
 

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I thought the CBO was full of shit. Suddenly they toss out a set of numbers you like and they're geniuses.
The CBO is full of shit....but now he's coming out with some of the real numbers, can't wait until it's all on the table.
Indeed. There's MORE to come. This isn't the end of it by any stretch. And it won't end until the people put a stop to this shit.
 

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I wouldn't say that the CBO is full of shit - but the way they are required to score bill is.

The original score was based on 10 years of taxes and 6 years of benefits, with a lot of blanks (i.e., the 52 programs with TBD funding amounts). The Obama Administration, Pelosi, and Reid engaged in very disingenuous PR to spin this as being deficit reducing bill.

The CBO did provide plenty of info for those who read which outed this sham - and the former CBO director was quite vocal regarding how economically damaging the bill would be prior to its passage.

The real culprits are the Obama Administration and the Congressional Dems.
 

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I wouldn't say that the CBO is full of shit - but the way they are required to score bill is.

The original score was based on 10 years of taxes and 6 years of benefits, with a lot of blanks (i.e., the 52 programs with TBD funding amounts). The Obama Administration, Pelosi, and Reid engaged in very disingenuous PR to spin this as being deficit reducing bill.

The CBO did provide plenty of info for those who read which outed this sham - and the former CBO director was quite vocal regarding how economically damaging the bill would be prior to its passage.

The real culprits are the Obama Administration and the Congressional Dems.
Who Lied and continue to LIE about the costs. They hoodwinked many and deserve to be run out of office on a rail come election time. Obama's impeachment is coming in due course.
 
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I wouldn't say that the CBO is full of shit - but the way they are required to score bill is.

The original score was based on 10 years of taxes and 6 years of benefits, with a lot of blanks (i.e., the 52 programs with TBD funding amounts). The Obama Administration, Pelosi, and Reid engaged in very disingenuous PR to spin this as being deficit reducing bill.

The CBO did provide plenty of info for those who read which outed this sham - and the former CBO director was quite vocal regarding how economically damaging the bill would be prior to its passage.

The real culprits are the Obama Administration and the Congressional Dems.
I found the CBO to be disengenuous and couldn't be trusted when he went to the Whitehouse and talked to barry, it was a conflict of interest IMO. He went in the office a skeptic, and came out with a different opinion. I would liked to have been a fly on the wall with that conversation.
 

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I'm not sure if this has been posted on the board, as I was away from the computer for a few days.

I'm thinking this is just the first for the ceiling to be raised on the healthcare debacle. Anyone want to venture a guess on the next surprise?

I'm wondering why this wasn't added into the final number at the time it was being passed. Or, was it by design?

The director of the Congressional Budget Office said Tuesday that the health care reform legislation would cost, over the next ten years, $115 billion more than previously thought, bringing the total cost to more than $1 trillion.

The revised figure is due to estimated costs to federal agencies to implement the new health care reform bill – such as administrative expenses for the Internal Revenue Services and the Department of Health and Human Services -- and the costs for a "variety of grant and other program spending for which specified funding levels for one or more years are provided in the act."

CBO: Health Care Bill Will Cost $115 Billion More Than Previously Assessed - Political Punch
This has been debunked.

Has the Congressional Budget Office (CBO) just upped its cost estimate for the new health care law by $115 billion, as several media outlets are reporting? Not at all.

In March, when CBO estimated health reform’s effects on the deficit, it appropriately included all of the legislation’s impact on mandatory spending. (Mandatory spending, like Medicare and Medicaid, continues from year to year unless Congress passes new legislation to reduce it.)

CBO’s March estimate did not include the legislation’s impact on discretionary spending — the spending Congress provides each year in appropriation bills — because the legislation did not directly affect discretionary spending...
...

While the new figures are indeed larger than the March ones, the biggest single reason is that they include the cost of renewing the Indian Health Service (IHS), totaling $39 billion over ten years. (Many of the health reform law’s provisions continue existing discretionary programs rather than create new ones.) As CBO’s letter points out, that $39 billion is simply a projection of what the federal government is currently spending for the IHS; not a single dollar represents additional real spending.

In short, yesterday’s CBO letter didn’t provide much new information about the health reform law, which, as CBO has found, will reduce the deficit over the next decade and beyond.

Dispelling Confusion About New CBO Letter on Health Reform Law
 

hboats

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I'm not sure if this has been posted on the board, as I was away from the computer for a few days.

I'm thinking this is just the first for the ceiling to be raised on the healthcare debacle. Anyone want to venture a guess on the next surprise?

I'm wondering why this wasn't added into the final number at the time it was being passed. Or, was it by design?

The director of the Congressional Budget Office said Tuesday that the health care reform legislation would cost, over the next ten years, $115 billion more than previously thought, bringing the total cost to more than $1 trillion.

The revised figure is due to estimated costs to federal agencies to implement the new health care reform bill – such as administrative expenses for the Internal Revenue Services and the Department of Health and Human Services -- and the costs for a "variety of grant and other program spending for which specified funding levels for one or more years are provided in the act."

CBO: Health Care Bill Will Cost $115 Billion More Than Previously Assessed - Political Punch
This has been debunked.

Has the Congressional Budget Office (CBO) just upped its cost estimate for the new health care law by $115 billion, as several media outlets are reporting? Not at all.

In March, when CBO estimated health reform’s effects on the deficit, it appropriately included all of the legislation’s impact on mandatory spending. (Mandatory spending, like Medicare and Medicaid, continues from year to year unless Congress passes new legislation to reduce it.)

CBO’s March estimate did not include the legislation’s impact on discretionary spending — the spending Congress provides each year in appropriation bills — because the legislation did not directly affect discretionary spending...
...

While the new figures are indeed larger than the March ones, the biggest single reason is that they include the cost of renewing the Indian Health Service (IHS), totaling $39 billion over ten years. (Many of the health reform law’s provisions continue existing discretionary programs rather than create new ones.) As CBO’s letter points out, that $39 billion is simply a projection of what the federal government is currently spending for the IHS; not a single dollar represents additional real spending.

In short, yesterday’s CBO letter didn’t provide much new information about the health reform law, which, as CBO has found, will reduce the deficit over the next decade and beyond.

Dispelling Confusion About New CBO Letter on Health Reform Law
B.S. The CBO numbers the first time around were based on what the White House and this administration gave them concerning the health care reform bill. They now have more information than was originally supplied to them and have a revised number.

Surprise, surprise, the administration didn't give the CBO all of the information so that they could make an INFORMED ESTIMATE before the bill was passed. Now they're going to give them little pieces at a time and spread out the bad news that this bill is going to DESTROY the deficit.

Rick
 
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rdean

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Can someone explain to me why Republicans are so concerned over the health care bill which may or not cost another billion but have ZERO concerns over the Republican Drug give a way bill that will cost at least a trillion, possibly two or three trillion?

Why the concern over the small stuff and ignore the big stuff?
 
OP
Meister

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Can someone explain to me why Republicans are so concerned over the health care bill which may or not cost another billion but have ZERO concerns over the Republican Drug give a way bill that will cost at least a trillion, possibly two or three trillion?

Why the concern over the small stuff and ignore the big stuff?
Yeah....1/6 of our economy and rising is the small stuff. :cuckoo:
 

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