Budget Office: Obama’s Health Law Reduces Deficit

July 24, 2012 | By
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WASHINGTON (AP) — President Barack Obama’s health care overhaul will reduce rather than increase the nation’s huge federal deficits over the next decade, Congress’ nonpartisan budget scorekeepers said Tuesday, supporting Obama’s contention in a major election-year dispute with Republicans.

Republicans have insisted that “Obamacare” will actually raise deficits – by “trillions,” according to presidential candidate Mitt Romney. But that’s not so, the Congressional Budget Office said.

The CBO gave no updated estimate for deficit reductions from the law, approved by Congress and signed by Obama in 2010. But it did estimate that Republican legislation to repeal the overhaul – passed recently by the House – would itself increase the deficit by $109 billion from 2013 to 2022.

“Repealing the (health care law) will lead to an increase in budget deficits over the coming decade, though a smaller one than previously reported,” budget office director Douglas Elmendorf said in a letter to House Speaker John Boehner, R-Ohio.

Tuesday’s budget projections were the first since the Supreme Court upheld most of the law last month. The CBO said the law’s mix of spending cuts and tax increases would more than offset new spending to cover uninsured people.

Read the whole story: AP

 

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Category: POLITICS, WELL-BEING

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