Courtesy of www.americanvision.org
The Congressional Budget Office has stated that the federal deficit for fiscal year 2009 is a projected $1.4 trillion, which is 3 times larger than the deficit from 2008. The amount equals to an astounding 9.9 percent of the GDP, where the average is around 3.3 percent.
Fox News reporter Carl Cameron also discusses the Congressional Budget Office’s latest analysis of the health care bill proposed by the Senate Finance Committee. The CBO score includes:
- Overall cost of $829 billion over 10 years
- 94 percent of Americans will be covered
- Federal deficit would decrease by $81 billion over 10 years
- Medicare will be cut by $404 billion
- Tax on high-priced insurance plans will generate $201 billion
Supporters of the bill will likely key in on the proposed $81 billion cuts to the deficit over the next 10 years. Proponents will key in on the Medicare cuts, tax increases (one now called a “defined minimum contribution”), overall cost and that overall cost will skyrocket in by 2013, the year the plan goes into affect.
