WASHINGTON, March 29--On the Senate floor today, Ranking Member Sessions announced that a new Budget Committee analysis has found that the long-term, unfunded liabilities associated with President Obama's health care law will reach $17 trillion. The Committee's analysis is based on the Obama Administration's own numbers as well as those from the Congressional Budget Office. It is a modest, conservative estimate and yet is still more than double that of Social Security.
At a "bipartisan fiscal responsibility summit" in 2009, President Obama's then-OMB Director, Peter Orszag, stated: "To my fellow budget hawks in this room and in the rest of the country, let me be very clear: Health care reform is entitlement reform. The path to fiscal responsibility must run directly through health care." But despite this emphatic statement, the nation's unfunded liabilities--money we must spend but for which there is no source of funds set aside--increased from $65 trillion to $82 trillion since the health law was passed.
To view a graph depicting the increase in unfunded obligations brought on by the law, please click here: http://1.usa.gov/H4Lk66.
At a "bipartisan fiscal responsibility summit" in 2009, President Obama's then-OMB Director, Peter Orszag, stated: "To my fellow budget hawks in this room and in the rest of the country, let me be very clear: Health care reform is entitlement reform. The path to fiscal responsibility must run directly through health care." But despite this emphatic statement, the nation's unfunded liabilities--money we must spend but for which there is no source of funds set aside--increased from $65 trillion to $82 trillion since the health law was passed.
To view a graph depicting the increase in unfunded obligations brought on by the law, please click here: http://1.usa.gov/H4Lk66.
