(The Fiscal Times) One of the Obama Administration and Democrats major selling points of the new health care law was that “ObamaCare is projected to cut the national deficit by over $200 Billion during its first 10 years and over $1 Trillion over the next two decades…” however not according to the Congressional Budget Office.
In a little noticed footnote first reported this week by Roll Call updating estimates of the effects of insurance coverage provisions of the law, the agency headed by Douglas Elmendorf acknowledged, that neither the CBO nor the Joint Committee on Taxation (JCT) could determine precisely how scores of provisions–would impact on longterm government spending.
“CBO and JCT can no longer determine how the provisions of the ACA that are not related to the expansion of health insurance coverage have affected their projections of direct spending and revenues,” the CBO wrote. “The provisions that expanded coverage established entirely new programs or components of programs…Isolating the incremental effects of those provisions on previously existing programs and revenues four years after enactment of the ACA is not possible.”
As the Roll Call story noted, the CBO based its original estimates of long-term deficit reduction on the assumption that ObamaCare which included Medicare cuts and numerous new taxes would be implemented as written, that was before a blizzard of Obama Administration changes and delays in deadlines of the implementation of the health care law.