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Medicare Bill Cost Increases By $130 Billion

HeadlineJan 30, 2004

Less than two months after Congress approved overhauling the nation’s Medicare systme, the White House said the new plan would cost $130 billion more than previously stated over the next 10 years. At the time of the vote, Congress was assured the 10-year cost would not exceed $400 billion. But yesterday the White House estimated the cost will be at least $530 billion, roughly one-third more. The bill was passed by a narrow 220 to 215 vote in the House. The New York Times reports the bill may have not been approved if lawmakers saw the half-trillion dollar pricetag. Democrats said much of the added costs will go toward drug manufacturers and insurers. Senator Edward Kennedy, of Massachusetts said “The news on the Republican Medicare bill gets better and better for drug company profits and H.M.O.’s, and worse and worse for seniors and the Medicare program.” Conservative Republican said this was one more example of Bush’s out-of-control spending problem. Overall federal spending has increased by 20 percent since 2000 while revenues have declined. Gail Wilensky, a Republican health economist who ran the Medicare program in the first Bush administration, said “I’m not sure I’ve ever heard of such a big discrepancy … weeks after legislation is passed.”

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