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Monday, February 22, 2010

Obama Lied When He Said His Plan Was Revenue Neutral

Has Jon Lovitz been hired by the White House to be the President's new healthcare adviser? "Yeah That's the ticket.

The initial claims by President Obama was that his newly created version of Obamacare would be revenue neutral, then it was followed up by something like...Uh, well, did I say neutral? I meant to say it would save money, cut the deficit yeah, I said cut the deficit, sure...that's the ticket.

On it says:
It puts our budget and economy on a more stable path by reducing the deficit by $100 billion over the next ten years – and about $1 trillion over the second decade – by cutting government overspending and reining in waste, fraud and abuse.
Saving one trillion? That's not bad. That is until you read this blog post from Douglas Elmendorf the head of Congressional Budget Office:

This morning the Obama Administration released a description of its health care proposal, and CBO has already received several requests to provide a cost estimate for that proposal. We had not previously received the proposal, and we have just begun the process of reviewing it—a process that will take some time, given the complexity of the issues involved. Although the proposal reflects many elements that were included in the health care bills passed by the House and the Senate last year, it modifies many of those elements and also includes new ones. Moreover, preparing a cost estimate requires very detailed specifications of numerous provisions, and the materials that were released this morning do not provide sufficient detail on all of the provisions. Therefore, CBO cannot provide a cost estimate for the proposal without additional detail, and, even if such detail were provided, analyzing the proposal would be a time-consuming process that could not be completed this week.
So the President knows how much this plan will save over the next 29 years. But he did not even provide enough info for the bi-Partisan CBO score the bill, and even if he had there was no way it could have been scored before the big meeting with the GOP. Sounds like the POTUS is getting a little too much advice from the John Lovitz character when he made that revenue projection. Either that or he is simply hiding something. Which is it Mr President?

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