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Saturday, March 31, 2012

SURPRISE!!!! - Another $17 Trillion Obamacare Shortfall

By Susan Duclos

This is called F.U.B.A.R.

There has been a hidden shortfall recently found within the Democrats' and Obama's Affordable Care Act Law aka Obamacare law. A $17 trillion shortfall.

Via the Washington Free Beacon:

Staff at the Senate Budget Committee, which calculated the figure using methods based on those used by the Centers for Medicare and Medicaid Services (CMS), found that total unfunded obligations for federal health care programs have jumped from $65 trillion in 2009 to $82 trillion in 2011.

Added to the government’s existing obligation for entitlement programs like Social Security, Medicare, and Medicaid, the total now comes to almost $100 trillion.

That is almost seven times the United States’ annual gross domestic product (GDP).

The figures are calculated over a 75-year period, and represent an estimate of the total mandatory spending on entitlement programs that do not have a dedicated source of revenue.

As Sen. Jeff Sessions (R., Ala.), ranking member on the budget committee, said on Thursday: “It’s money we don’t have, but money we’re committed to spend.”

Sessions took to the Senate floor to denounce the increase as yet another reason why the law “must be removed from the books.”

“It is this kind of long-term, unfunded obligation that has placed this nation’s financial situation at such great risk,” he said. “We don’t have the money. We don’t have another $17 trillion in unfunded liabilities that we can add to our account. We have to reduce the ones that we have.”

WASHINGTON, March 29--On the Senate floor today, Ranking Member Sessions announced that a new Budget Committee analysis has found that the long-term, unfunded liabilities associated with President Obama's health care law will reach $17 trillion. The Committee's analysis is based on the Obama Administration's own numbers as well as those from the Congressional Budget Office. It is a modest, conservative estimate and yet is still more than double that of Social Security.

At a "bipartisan fiscal responsibility summit" in 2009, President Obama's then-OMB Director, Peter Orszag, stated: "To my fellow budget hawks in this room and in the rest of the country, let me be very clear: Health care reform is entitlement reform. The path to fiscal responsibility must run directly through health care." But despite this emphatic statement, the nation's unfunded liabilities--money we must spend but for which there is no source of funds set aside--increased from $65 trillion to $82 trillion since the health law was passed.

To view a graph depicting the increase in unfunded obligations brought on by the law, please click here:

WATCH: Stunning Finding: President's Health Law Creates $17 Trillion In Unfunded Financial Obligations

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