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X gets voted -- dedicated -- on and -- billion dollar baucus bill.
But -- tax -- looming and millions still uninsured.
He was not on board Idaho senator Mike -- about is on the Senate Finance Committee voted now.
Senator where's this going now on whether it's likelihood.
Sort of gambling -- the success.
Well you know as you indicated we voted on a bill or shall I say -- concept paper today the bill still hasn't been written.
And yet it's being -- written and merged into another bill as we speak somewhere in the capital behind closed doors.
But we do know is that the vote today was for a bill that increased the size of government somewhere between 800 billion in a trillion dollars over the next ten years.
Increase taxes by about ten penalties by about 500 billion dollars and cuts Medicare by about 400 billion dollars and as you said.
It does not stop the skyrocketing increases in the price of health insurance and does not achieve universal coverage.
-- we're -- -- you know he's you know we were some bulls I think but you know both sides that are part of a little in particular but.
He takes round numbers that just seems staggering to me where did she get the 500 billion in Medicare and it's going to be cut because that's a lot.
It -- the net result in Medicare is 400 billion dollars and it comes right out of the CBO score on this concept paper.
In the finance committee but isn't at all senses an -- that none of it is not offset that the net is.
It's not nearly that.
No that is the net number the actual gross numbers larger.
And that number is 404 billion dollars of cuts in Medicare but you just -- -- we will -- the little explain those senators it makes it look like.
Everyone an -- you're gonna see big cuts and to the tune of four today -- -- you're not gonna get squat return.
When it back when you for this or not you are gonna get something.
Well if you're on Medicare and you're one of the four in Medicare -- 11 out of every four Medicare is on Medicare Advantage.
You are going to see your benefit significantly reduced.
There is not a reduction in the statutory Medicare benefit but all that means is that we're going to continue driving toward that cliff when Medicare goes bank.
-- but the reason why assets and a senator and later it's an important one because there and I ask that is then you're assuming that the companies that are handling this new insurance companies.
Are going to pass along those those benefit cuts -- those increased cost.
That there are expensive to their customers -- in this environment they would probably be -- -- to do so.
Well actually both the Congressional Budget Office and the joint.
Committee on taxation have indicated that in fact yes.
The vast majority of those cuts will be passed on and we'll show up in Canada now Iranians but had -- very -- cost of medical devices.
Well -- these are the ones who make these kinds of economic predictions about what the impact of the provisions in the bill will be.
And that they have made these judgments based on their valuation of the economy in their handling of these kinds of tax provisions over the years.
So when they ended that say.
This is going to be deficit -- -- you're not buying that part of it.
Well it'll be definite neutral but it's a representation.
Of about 500 billion dollars of new taxes about 400 billion dollars in cuts in Medicare.
And then about eight to 900 billion dollars in new spending when it when you net it all out.
There is small reduction in the deficit but remember this too.
This reduction in the deficit is off budget which means that its deficit dollars coming out of the Social Security trust fund which is another point that they don't want to talk about.
All right and maybe we'll talk about another visit senator great having thank you very much.
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