Health-care overhaul legislation being drafted by House Democrats will include $600 billion in tax increases and $400 billion in cuts to Medicare and Medicaid, Ways and Means Committee Chairman Charles Rangel said.
Democrats will work on the bill’s details next week as they struggle through “what kind of heartburn” it will cause to agree on how to pay for revamping the health-care system, Rangel, a New York Democrat, said today. The measure’s cost is reaching well beyond the $634 billion President Barack Obama proposed in his budget request to Congress as a 10-year down payment for the policy changes.
Asked whether the cost of a health-care overhaul would be more than $1 trillion over a decade, Rangel said, “the answer is yes.”
One trillion dollars is too much for us to spend on anything right now. Obama is breaking spending and deficit records left and right. Oh, and here.
Democrats have come out with many ways to raise taxes (not just on the top 5% either), but they have repeatedly put the tax cut for 95% of Americans on the back burner.