On Fox News, Neil Cavuto stated that health care reform legislation under consideration in Congress is "the most costly piece of legislation we have seen in a generation." In fact, the health care reform bill is expected to reduce the federal deficit over 10 years, and even looking at gross costs alone, President Bush's 2001 tax cut bill was more expensive.
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Cavuto: Health care reform is "the most costly piece of legislation we have seen in a generation"
From Fox News' March 20 special coverage of health care reform legislation with Neil Cavuto:
CAVUTO: Stick around. You're watching Fox News' Cost of Freedom coverage of the most costly piece of legislation we have seen in a generation. Now, does it pass? It's close. It's very close.
Bush's 2001 tax cuts were more expensive
In fact, President Bush's 2001 tax cut bill, H.R. 1836, the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), cost more than the current health care reform legislation. In its scoring of EGTRRA, the Congressional Budget Office stated that the bill "would reduce projected total surpluses by approximately $1.35 trillion over the 2001-2011 period." Leaving off 2011's projected $129.4 billion in decreased government receipts and increased outlays, CBO projected the bill to cost $1.22 trillion in its first 10 years. By contrast, in its March 18 scoring of H.R. 3590, the Patient Protection and Affordable Care Act, and the accompanying reconciliation bill, CBO stated that including cost savings and revenue increases, the bill would actually reduce the deficit by $138 billion over the first 10 of its enactment. CBO stated that the bill's "gross cost of coverage provisions" over the same period would be $940 billion.