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White House Admits Medicare Drug Plan Will Cost $720 Billion…How Much Will Social Security Plan Really Cost

Date: Feb. 9, 2005
Location: Washington, DC
Issues: Drugs


White House Admits Medicare Drug Plan Will Cost $720 Billion…How Much Will Social Security Plan Really Cost

WASHINGTON, DC - Democratic Chief Deputy Whip Diana DeGette (D-CO) warned that Americans should pay attention to the White House's admission that their Medicare prescription drug plan will cost more than $720 billion, far more than the $400 billion price tag originally promised by the Bush Administration, when they consider the President's Social Security plan. The Bush Administration is already estimating that Social Security privatization will cost $754 billion over the next decade:

"Little over a year ago, President Bush and the Republican Congress swore up and down that we were getting a bargain with their $400 billion prescription drug plan. Unfortunately, as the White House admitted yesterday, we were correct. Now, that $400 billion program has ballooned to $720 billion - and it could go higher. Given the lesson that we are learning from Medicare, how can we trust this Administration's cost estimates for their Social Security plan?"

http://www.house.gov/apps/list/press/co01_degette/050209.html

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