Lawmaker Warns, "Reckless spending agenda in Washington could put the U.S. on course for a Greek-type economic collapse"
Congressman Leonard Lance (NJ-7) released the following statement in response to new projections from the non-partisan Congressional Budget Office (CBO) showing that the new health care law will cost an additional $115 billion over the next ten years:
"The new estimates from the non-partisan CBO showing an additional $115 billion in cost confirms what many members of Congress have known all long -- the new health care law was unaffordable and rushed through the legislative process under faulty pretenses," Lance said. "Now more than ever we need to work to repeal this unaffordable measure and replace it with fiscally responsible health care solutions that lower the cost of health insurance."
For his part, Congressman Leonard Lance was the first member of the New Jersey congressional delegation to call for a repeal of the health care law and replace it with sensible health care reform proposals. These reforms include allowing insurance to be sold across state lines, establishing high-risk insurance pools, limiting frivolous lawsuits and prohibiting insurance companies from discriminating on the basis of pre-existing conditions.
The new CBO report comes on the heels of last month's report from President Obama's chief actuary of the Centers for Medicare and Medicaid Services (CMS) which found that the new health care law actually increases national health care costs over the next 10 years by $311 billion. CMS also determined that the new law will force more than seven million seniors off their current Medicare coverage while jeopardizing employer-sponsored health care coverage.
Lance raised concerns that these new estimates combined with a reckless spending agenda in Washington could put the United States on course for a Greek-type economic collapse.
"If we do not take immediate steps to cut out-of-control federal spending and reduce our national debt will run the risk of a Greek-type economic meltdown. We are spending one-half more than we are taking in this year with a projected budget shortfall of $1 trillion over the next ten years. And like Greece, we are cooking the books by hiding the cost of bailout out mortgage giants Fannie Mae and Freddie Mac. Barring a dramatic change in the way Washington does its business the United States could ultimately find itself where Greece is today," Lance concluded.