CBO lowballed Obamacare costs

Surprise! The CBO now says that the health care nationalization bill will cost much more than it projected when Congress passed the bill:

Congressional Budget Office estimates released Tuesday predict the health care overhaul will likely cost about $115 billion more in discretionary spending over ten years than the original cost projections.

The additional spending — if approved over the years by Congress — would bring the total estimated cost of the overhaul to about $1 trillion.

The Congressional Budget Office expects the federal agencies to spend $10 billion to $20 billion over 10 years on administrative costs to implement the overhaul. The CBO expects Congress to spend an additional $105 billion over 10 years to fund discretionary programs in the overhaul. . .

The CBO estimated in March that the net cost of the overhaul would be $788 billion over 10 years, but cautioned that it couldn’t make an estimate of the discretionary costs without more time and information.

That’s 15% more than its earlier projection. And note that the new estimate still doesn’t account for worst of the gimmicks: the Medicare reimbursement cuts that will never happen, the double-counting, and the back-loaded spending.

Yep, we had to pass the bill to find out what was in it.

(Via the Corner.)

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