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Obama gets serious about health care
2009-02-26 17:17:45 (GMT) (Caymanmama.com - Health News Top Stories News)
President Obama relayed a “hard choices” budget to Congress outlining a plan that would increase taxes on the wealthy and curb Medicare payments to insurance companies and hospitals
Boston, Massachusetts (CaymanMama.com) –Delivering on his promise to make health care a priority, President Barack Obama relayed a “hard choices” budget to Congress outlining a plan that would increase taxes on the wealthy and curb Medicare payments to insurance companies and hospitals. This plan would pave the pay for a $634 billion down payment on universal health care.
As part an effort to provide relief to the recession, Obama’s administration will propose increasing the deficit by$250 billion more in 2009. This amount would essentially be enough to support some $750 billion in increased spending under the government’s financial rescue package. Doing so would double the $700 billion bailout effort passed by Congress last year.
During a morning briefing, Obama described “hard choices that lie ahead.” He called his budget “an honest accounting of where we are and where we intend to go.”
According to the Associated Press, “The $634 billion down payment on expanding health care coverage would come from a $318 billion increase over 10 years in taxes on the wealthy, defined as couples making more than $250,000 per year and individuals making more than $200,000. The tax increase would occur by reducing the benefit the wealthy get on tax deductions.”
The other half of the Obama universal health care down payment — $318 billion — would come by way of curbing from payments to hospitals and insurance companies under Medicare and drug payments under Medicaid.
CaymanMama.com - Press Release Distribution Service
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