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FBN’s Lou Dobbs on the rising cost projections for the health-care law and its impact on the government’s already increasing deficit.
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I was floored.
About what we discovered at a time when we should be trying -- half to.
Shore up.
Programs that are threatened by default.
Medicare.
Social Security Medicaid.
This health care law adds an entirely new obligation.
That's senator Jeff Sessions the ranking member of the Senate Budget Committee he was announcing to the entire senate.
That the Republican committee staff had just discovered trillions of dollars that's right I said trillions of dollars.
In hidden costs within obamacare.
And I guarantee you you'll be as shocked as the senator and his Budget Committee staff were when we go through some of these numbers let's do that right now first.
President Obama -- -- call told us all that his health care law would cost 900.
Billion.
Dollars.
And that number of course was to keep -- under a trillion he did so.
But obamacare.
It was still nonetheless.
A little a little -- even back off 900 billion.
And then along comes.
The Congressional Budget Office which suggested to us what many of us have expected.
And that wasn't that wasn't quite adequate.
And two weeks ago the Congressional Budget Office informed us that the administration had missed its projection slightly.
The new projection is one.
Point 76.
Billion.
Dollars that is.
One.
Trillion dollars.
1000000000760.
Billion.
Dollars.
That's almost double obviously what the White House at a projected originally now.
Two weeks later we've just heard senator -- session.
Reveal what the Budget Committee the Republican Budget Committee staff -- Projecting the cost over the next decade.
Not at 900 not at one point 76.
Trillion dollars.
But instead.
To.
-- point.
Yeah.
060.
Trillion -- 2600.
Billion dollars almost three times the original budget.
But as bad -- that is that is not where the bad news in -- That's because senator sessions and his staff discovered that the law obamacare contains as well.
Long hidden long term funded unfunded liabilities that amount to 715.
Trillion.
Dollars.
Seventeen.
Trillion.
Dollars.
-- unfunded.
And unfunded liabilities.
Now.
Home.
Hold us.
All of this is perhaps explainable.
By a simple you know maybe the Republicans came up with a -- a formula.
Maybe someone introduced new numbers.
Senator sessions told me this afternoon.
That this is actually a modest estimate.
Because the Republican Budget Committee staff.
Based its analysis and projections on the Obama administration's.
Own optimistic assumptions and their own numbers.
When combined with existing Medicare and Medicaid funding shortfalls.
Obamacare is actually projected to leave taxpayers on the hook.
For what will be over the course of 75 years.
-- extra eighty.
Two -- change this right now.
82.
Trillion.
Dollars.
The national debt is already set to go over the sixteen trillion dollar debt limit within the year.
Including what will be five trillion dollars more of deficits run up by this administration.
By this fall.
This is a debtor nation in perpetuity.
Unless we come to terms.
Off.
With this entitlement.
As well as Social Security Medicare and Medicaid.
And there is nothing ideological in that statement it is just plain simple straightforward fact.
That both parties have to confront.
