Cost of Health care bill much higher than previously claimed
The Obama administration on Friday defended the new health insurance law after a report from its own Medicare services agency showed the provisions will increase the nation's health care tab over the next 10 years instead of bringing costs down.
The sobering assessment by the Centers for Medicare and Medicaid Services concludes what Republicans had warned about during heated debate -- that the double-counting of Medicare spending -- as both savings and as a means to shore up the debt-ridden government fund for seniors' health care -- means the cost is unrealistic.
The analysis also found that the law falls short of the president's twin goal of controlling runaway costs, raising projected spending by about 1 percent over 10 years, or $311 billion, up from the $222 billion previous estimated. . . .