- According to the Congressional Budget Office (CBO), the Democrats’ health care proposal includes over $1 trillion in new spending between now and 2019.
- The plan includes more than $820 billion in job-killing tax increases on small businesses and families making as little as $18,700 per year over the next decade.
- But even these massive new taxes aren’t enough to pay for the Democrats’ plan.
- CBO found the Democrats’ plan will increase the federal deficit by $239 billion over the next 10 years. What the Democrats don’t tell you is that the bill is not fully implemented until 2015, hiding the true costs and deficit impact of this government takeover of health care.
- CBO also confirmed that the Democrats’ rate of spending will lead to “a substantial hole that would need to be filled by the other provisions if the overall legislation were to be deficit neutral at the end of the 10-year window and into the following decade.”As the graph below shows,if the Democrats’ health care spending continues at those rates, it could cause a massive spike in the federal deficit – reaching as high as $1.6 trillion over the next 20 years.
Source: Congressional Budget Office and Joint Committee on Taxation for period 2010-2019. Data for 2020 and beyond based on average annual growth rate after full phase in after 2015, as calculated by Ways & Means Republican Staff