CBO: ObamaCare Best Place To Find Deficit Cuts

It turns out that the single biggest area of potential deficit savings available to lawmakers is ... 'tada' ... ObamaCare ... according to a Congressional Budget Office report.

In its list of "options to reduce mandatory spending" and cut the deficit, the CBO says that repealing ObamaCare's massive insurance subsidies would cut federal spending by $150 billion in 2020 alone. Repealing the individual mandate would save another $40 billion that year, the CBO says.

No other single spending cut proposal on the CBO's list and no tax hikes under serious consideration in Washington even comes close.

The CBO report underscores the enormous cost of Obama's health reform plan.

ObamaCare will add $1.7 trillion in federal spending over the next 10 years, according to the CBO, with annual increase climbing at 6%.

And those cost projections are almost certain to be too low, which has been the case with every other new federal health care program.

The Hill reported this week that some budget cutters are eyeing ObamaCare's insurance subsidies for budget savings, which it notes, extend to families with incomes all the way up to $90,000 a year. And since nobody is getting those subsidies yet, cutting them wouldn't mean taking anything away from anybody.

But the Hill goes on to point out that Democrats are unlikely to approve such cuts, nor would Obama.

Read More Here: http://news.investors.com/ibd-editorials-perspective/111512-633618-obamacare-offers-biggest-deficit-cuts.htm?ven=fox_businesscp
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