Shocking (not really) … Republicans were right: GAO report says ObamaCare adds $6.2T to long-term deficit
[It will] lower costs for family, and for business, and for the federal government. …
It is paid for. It is fiscally responsible. …
And here’s what you need to know: first, I will not sign a plan that adds one dime to our deficits. …
Now enters the GAO report that dropped this morning. Senator Jeff Sessions (R-AL) said in a committee meeting this morning that the GAO report “confirms everything critics and Republicans were saying about the faults of this bill,” and, “dramatically proves that the promises made assuring the nation that the largest new entitlement program in history would not add one dime to the deficit were false.” Shock of all shocks, Republicans were right!
Watch the brief video below:
Today, the National Review explained the impact of the GAO report:
The GAO report is essentially the first attempt to isolate and calculate Obamacare’s impact on the deficit beyond the traditional ten-year budget window. GAO ran two simulations “based on broad sets of assumptions about health care spending and other components of federal spending and revenue” over a 75-year period. First, a baseline-extended simulation, which “illustrates the long-term outlook assuming federal laws (applicable at the time the simulation was run) remain unchanged,” and second, an alternative simulation, which “illustrates the long-term fiscal outlook assuming historical trends and policy preferences continue.”
The baseline scenario is far more optimistic, largely because it does not take into account the concerns — expressed by the Congressional Budget Office (CBO), the Centers for Medicare & Medicaid Services (CMS) Trustees, and Medicare’s chief actuary — about “whether certain cost-containment mechanisms included in PPACA can be sustained over the long term.”
However, the GAO report concluded that even under these “more optimistic assumptions,” Obamacare’s cost-control provisions “were not sufficient to prevent an unsustainable increase in debt held by the public.”
The alternative scenario, which incorporates the more realistic “alternative projections” suggested by CBO, the CMS trustees, and the chief Medicare actuary, is even more dire. Under this scenario, the “primary deficit” increases by 0.7 percent of GDP over the 75-year period. The GAO does not put a dollar value on that figure, but Senate Budget Committee staff has calculated, and GAO has confirmed, that it would amount to a $6.2 trillion increase in the federal deficit.
Did you catch that? “A $6.2T increase in the federal deficit” for this bill that was already paid for and would not increase the deficit by one dime.
Obama should be shocked … the Republicans were right! Now, how will the right capitalize on this? What will Republicans do in order to make this point with the media and their own communications? My guess is they will do nothing, and only those of us in nerdland reading blogs and news will be aware of this. Why? Because the Republicans cannot seem to get a good message out if it falls in their lap with “share me, share me!” written all over it.
Turns out someone really did need to read the bill to find out exactly what was in it.
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- Stunner: ObamaCare-supporting Congressman suddenly not so sure you can keep your insurance after all (hotair.com)
- As Sequester Looms, the GOP Already Cost Us $18.9 Billion With Their Debt Ceiling Fiasco (politicususa.com)
- Financially Unstable (freebeacon.com)
- Walker Says Entitlement Programs Should Be Cut to Reduce Deficit (bloomberg.com)
- GAO report: US on ‘unsustainable long-term fiscal path’ (conservativebyte.com)
- Deficit Is To Big To Tote (gadabout-blogalot.com)
- GAO Report: Obama’s Policies ‘Not Sustainable’ (breitbart.com)
- CBO Forecast: 1.4% GDP, 8% Unemployment, 7 Million to Lose Health Ins. (breitbart.com)
- GAO Cannot Audit Federal Government, Cites Department Of Defense Problems (huffingtonpost.com)
- VIEWPOINT: The Debt Everyone Is Freaking Out About Does Not Exist (thinkprogress.org)