Largest Deficit Reduction in 17 Years, Covers 32 Million More Americans
WASHINGTON, DC-House Majority Whip James E. Clyburn today issued the following statement after House Democrats released a health insurance reform package that the non-partisan Congressional Budget Office(CBO) anticipates will cut the federal deficit by $130 billion over its first decade and $1.2 trillion over its second ten years, and cover 32 million more Americans.
“The Democratic plan for health insurance reform is an effective and fiscally responsible proposal that will expand coverage, strengthen Medicare and reduce the deficit. I am delighted that today’s report by the non-partisan Congressional Budget Office validates the principles in this initiative.
“CBO’s analysis confirms that in its first ten years, health insurance reform will reduce the federal deficit by $130 billion. It will cut the deficit another $1.2 trillion in its second decade. This legislation is fully paid for and two-thirds of its expenses are absorbed by lower health care costs. And 32 million previously uninsured Americans will now have access to quality affordable health insurance.
“The CBO also concluded that the legislation closes the prescription drug Donut Hole, reins in wasteful Medicare costs and extends the solvency of Medicare by at least nine years, while improving benefits and lowering costs for seniors.
“I believe the time for health care reform is at hand. This bill and the accompanying CBO report confirm that we are on the right track. I urge my colleagues to join me in support of this comprehensive, landmark bill.”