YouTube Added: 29.03.2012
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.