Democrats’ Health Bill Will Reduce Deficit up to $1.2 Trillion

House Democratic leader, Rep. Steny H. Hoyer of Maryland, said that the nonpartisan Congressional Budget Office (CBO) had determined that the package of legislation would produce “the largest deficit reduction of any bill we have adopted in Congress since 1993,” when it passed President Clinton’s budget proposal including substantial tax increases.

In the first ten years, the legislation would reduce deficits by $130 billion, Rep. James E. Clyburn of South Carolina, the House majority whip, said after a meeting of the party’s caucus. The effect on deficits over the following decade would be much greater, a total of $1.2 trillion, he said. The savings would come largely from reductions in the growth of Medicare spending, with new fees and tax increases also contributing.

[Source: New York Times]

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