Mr. STEARNS. Madam Speaker, the Congressional Budget Office came out with its report yesterday, their latest analysis of the President's health bill, and what it confirms is there are flaws in the law.
CBO reports that this $1.6 trillion program will cost individuals and businesses $5 billion more than was initially estimated. CBO says that the health premiums that they already predicted would increase by $2,100 now will increase even more. CBO estimates that 11 million people who currently have employer-based coverage will simply lose their health plan.
The President said we could keep our coverage, but under the law, employers are dropping coverage, and premiums are simply increasing, which drives up the cost of health care for everyone. And remember, historically, the CBO greatly underestimates their analyses.
We need to repeal this law and replace it with commonsense solutions that simply increase competition in the marketplace and places the consumer, not the government, in charge of health care.