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Congress Finds New Source of Money to Siphon Off
In cash-strapped Washington, President Obamas $1 trillion health care law is presenting a tempting target for lawmakers seeking funds for other projects, as Congress last week raided the health care piggy bank for the third time in less than a year.This might turn out just like Social Security. Congress last week axed a part of Democrats signature domestic achievement to find $11 billion to cover the cost of repealing a withholding tax that otherwise would have hit government contractors in 2013. Mr. Obama signed that bill into law on Monday. So Congress is raiding money from a fund that has no money until 2013? They have some Cracker-jack Accountants. The withholding bill follows two other efforts one in December and another in April that reworked the health care law to squeeze savings for other priorities. The December bill funded higher payments for doctors who treat Medicare patients, and the April legislation repealed a paperwork provision in the original health care law that businesses said would be onerous. All told, Congress and the president have tapped some $50 billion earmarked to pay for benefits and programs in the health care overhaul in future years to fund more-immediate spending needs. Where are they gonna get the money in futyre years? Borrow more from the Chinese? Both earlier efforts dealt with health care issues, but the bill Mr. Obama signed Monday marks the first time that the massive 2010 law has been tapped to fund something completely unrelated. What happens if the Supremes find the bill unconstitutional? They dont want to open it up. Theyre getting forced to open it up now and then, but to open it up for budgetary reasons, I think the pressures are pretty real, said former Congressional Budget Office Director Doug Holtz-Eakin, who said its easier to cut future benefits than it is to cut programs that are already paying out. The Money quote. Posted by: Deacon Blues 2011-11-26 |
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