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June 12 (Bloomberg) -- Health-care overhaul legislation being drafted by House Democrats will include $600 billion in tax increases and $400 billion in cuts to Medicare and Medicaid, Ways and Means Committee Chairman Charles Rangel said.
Democrats will work on the bill's details next week as they struggle through "what kind of heartburn" it will cause to agree on how to pay for revamping the health-care system, Rangel, a New York Democrat, said today. He also said the measure's cost will reach beyond the $634 billion President Barack Obama proposed in his budget request to Congress as a down payment for the policy changes.
Asked whether the cost of a health-care overhaul would be more than $1 trillion, Rangel said, "the answer is yes."
The wife of Sen. Chris Dodd, the lawmaker in charge of writing the Senate's bill, sits on the boards of four health care companies.
Originally posted by Hastobemoretolife
reply to post by Iamonlyhuman
You got that right.
Look at places like Mass. and Oregon. Look at Hawaii they had to cancel their public option because it wasn't sustainable.
Then California is about to collapse.
The rich people are going to flee when their tax burden because unsustainable, it's already happening in places like Cali, NY, and other places that are taxing the rich out of existence.
There are a lot of people that are about to get a backhand slap of reality. They are not going to like it.
Then we have the drive by media that refuses to be tough on Obama.
Unemployment is going to be 20% (U-6) by the end of this year if they don't stop spending. This is bad.
Not only that, but what are going to be the repercussions. They are pushing people into a corner and people are going to eventually start acting out.
And there is nothing we can do to stop it. It's going to get shoved down our throats.