The Congressional Budget Office (CBO) tonight released a new score for the health insurance reform legislation as revised by the 9-page manager’s amendment introduced today. The CBO found the revised legislation reduces the deficit even more-$143 billion in the first 10 years.
Four key points you need to know:
1. Cuts the Deficit
Cuts the deficit by $143 billion in the first ten years (2010 – 2019).
Cuts the deficit by $1.2 trillion in the second ten years.
2. Reins in Wasteful Medicare Costs and Extends the Solvency of Medicare; Closes the Prescription Drug Donut Hole
Reduces annual growth in Medicare expenditures by 1.4 percentage points per year-while improving benefits and lowering costs for seniors.
Extends Medicare’s solvency by at least 9 years.
3. Expands and Improves Health Coverage for Middle Class Families
Expands health insurance coverage to 32 million Americans.
Helps guarantee that 94 percent of Americans will be covered.
4. Is Fully Paid For
Is fully paid for – costs $938 billion over a decade. (Americans spend nearly $2.5 trillion each year on health care now and nearly two-thirds of the bill is paid for by reducing health care costs).