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Public Statements

Obamacare Costs

Floor Speech

Location: Washington, DC

Mr. PITTS. Mr. Speaker, the true cost of the Affordable Care Act is being revealed day by day. We knew from the beginning that the law was double counting more than $716 billion in cuts to Medicare to pay for the new entitlements. Another $115 billion in implementation costs were left off the books. Then we saw the $70 billion in projected revenues evaporate as the long-term care insurance plan was proven to be unsustainable and abandoned.

Now the President is telling us he needs more than double the anticipated amount to pay out the law's subsidies. Could this be because the administration will use the honor system to determine eligibility for subsidies, with no verification procedures in passing out subsidies?

Maybe we should use the honor system more often. We could trust that everyone paid their taxes. That would save us all money we spend on IRS agents.

We could trust that industries aren't polluting. That would save a lot of money we spend on the EPA.

Reagan used to say, ``Trust, but verify.'' The byword for this administration is ``Trust, and hope you aren't being defrauded.''

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