The Associated Press reported that “even the nonpartisan Congressional Budget Office says” health reform bills “with the elements Obama wants would add around $1 trillion to the deficit over the next 10 years.” In fact, the CBO has found that the only complete bill to be given a cost estimate “would result in a net increase in the federal budget deficit of $239 billion over the 2010-2019 period.”
From the August 3 AP article:
Obama claims his health effort will not dig the nation deeper into debt and over time will help reduce deficits. He has vowed to not sign any health bill that raises deficits.
But even the nonpartisan Congressional Budget Office says that none of the health plans pending on Capitol Hill would control long-term spending, and that ones with the elements Obama wants would add around $1 trillion to the deficit over the next 10 years.
CBO estimated House health bill would increase deficit by $239 billion -- not $1 trillion
CBO found that the House tri-committee bill would increase the federal budget deficit by $239 billion over 10 years -- not $1 trillion. In its July 17 cost estimate of the bill as introduced, CBO explained that its “estimate reflects a projected 10-year cost of the bill's insurance coverage provisions of $1,042 billion, partly offset by net spending changes that CBO estimates would save $219 billion over the same period, and by revenue provisions that [the Joint Committee on Taxation] estimates would increase federal revenues by about $583 billion over those 10 years.” CBO thus concluded the legislation “would result in a net increase in the federal budget deficit of $239 billion over the 2010-2019 period.”
Media continue to promote cost estimate falsehood
The AP joins New York Times, Fox News Sunday, CNBC's Bartiromo, Fox News' Rove in advancing cost estimate falsehood. During the July 27 edition of MSNBC's Morning Joe, CNBC host Maria Bartiromo falsely asserted as fact that the health care reform proposal under consideration in Congress would cost a “trillion dollars over 10 years.” Likewise, a July 28 New York Times article falsely reported that the House health care reform bill is estimated to cost "$1 trillion over 10 years." During the July 29 edition of Fox News' Hannity, Fox News political contributor Karl Rove claimed that House Democrats were “planning on a 1 trillion, 420 billion -- 420 million dollar price tag of additional spending over the next 10 years.” NPR's Mara Liasson and Fox News' Chris Wallace also advanced the falsehood that health care reform is estimated to cost $1 trillion over 10 years.