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John1959 Profile
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GOP tax bill could spur $25 billion in Medicare cuts: CBO


The GOP tax bill could trigger automatic cuts worth $136 billion from mandatory spending in 2018, including $25 billion in Medicare cuts, if Congress doesn’t find another way to offset its deficit increases, according to the Congressional Budget Office (CBO).
 
The tax bill would add an estimated $1.5 trillion to the deficit over a decade. Congressional “pay-as-you-go” rules, called pay-go, require that the White House Office of Management and Budget (OMB) automatically cut mandatory spending if legislation increases the deficit beyond a certain point.
 
“Without enacting subsequent legislation to either offset that deficit increase, waive the recordation of the bill’s impact on the scorecard, or otherwise mitigate or eliminate the requirements of the [pay-go] law, OMB would be required to issue a sequestration order within 15 days of the end of the session of Congress to reduce spending in fiscal year 2018 by the resultant total of $136 billion,” CBO wrote on Tuesday.

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But hey, it's just fear mongering.

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“I do not believe in the general promiscuous toting of guns. I think it should be sharply restricted and only under licenses.” - NRA president Karl T. Frederick, 1938
12/20/2017, 9:25 pm Link to this post PM John1959 Blog
 
gopqed Profile
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Re: GOP tax bill could spur $25 billion in Medicare cuts: CBO


A bill to waive the sequestration will be introduced and passed by Congress. Such waivers are routinely passed as part of bills that increase the deficit. For bills passed via budget reconciliation, the waiver can't be included in the bill and must be passed separately.
12/21/2017, 1:23 pm Link to this post PM gopqed Blog
 
John1959 Profile
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Re: GOP tax bill could spur $25 billion in Medicare cuts: CBO


Sure, but there is no guarantee that bill would pass.

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“I do not believe in the general promiscuous toting of guns. I think it should be sharply restricted and only under licenses.” - NRA president Karl T. Frederick, 1938
12/21/2017, 3:17 pm Link to this post PM John1959 Blog
 
gopqed Profile
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Re: GOP tax bill could spur $25 billion in Medicare cuts: CBO


 The only reason it would not pass is that the Democrats decide that they would rather see cuts to Medicare so they can score political points. But then they would have to explain why they favor cuts to Medicare. They will support the bill but, as they should, they will extract things they want from the Republicans to guarantee their support for the bill.
12/21/2017, 3:49 pm Link to this post PM gopqed Blog
 
John1959 Profile
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Re: GOP tax bill could spur $25 billion in Medicare cuts: CBO


But as the article says; "Congress could avoid the sequestration by passing a bill to circumvent the pay-go rules, but that would require Democratic support in the Senate, and may lose the support of fiscal hawks in the Republican Party."

Most Republicans may not be willing to cut Medicare now, but when the deficit explodes - and it will - they will act as though they have no other choice.

Some have already hinted at this;

"The driver of our debt is the structure of Social Security and Medicare for future beneficiaries” Sen. Marco Rubio (R-Fla.)

"We're going to have to get back next year at entitlement reform, which is how you tackle the debt and the deficit" Paul Ryan (R-Wis.)

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“I do not believe in the general promiscuous toting of guns. I think it should be sharply restricted and only under licenses.” - NRA president Karl T. Frederick, 1938
12/21/2017, 4:20 pm Link to this post PM John1959 Blog
 
gopqed Profile
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Re: GOP tax bill could spur $25 billion in Medicare cuts: CBO


The bill passed by the House today to provide funding for the federal government to January 19 and fund CHIP to March includes the PAYGO waiver to prevent the sequestration of mandatory spending (including Medicare.)
12/21/2017, 11:51 pm Link to this post PM gopqed Blog
 
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Re: GOP tax bill could spur $25 billion in Medicare cuts: CBO


The bill also passed in the Senate. It's interesting that Bernie Sanders and 29 democrats voted against it, preferring to support cuts to Medicare and voting against funding healthcare for children.
12/22/2017, 3:08 am Link to this post PM gopqed Blog
 
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Re: GOP tax bill could spur $25 billion in Medicare cuts: CBO


One more thing - about 175 Democrats in the House and the above mentioned members of the Senate voted to shut down the federal government, in addition to cutting Medicare and denying healthcare to children.
12/22/2017, 3:47 am Link to this post PM gopqed Blog
 
shiftless2 Profile
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Re: GOP tax bill could spur $25 billion in Medicare cuts: CBO


quote:

gopqed wrote:

One more thing - about 175 Democrats in the House and the above mentioned members of the Senate voted to shut down the federal government, in addition to cutting Medicare and denying healthcare to children.



Just following the ]Republicans' example.
12/22/2017, 12:13 pm Link to this post PM shiftless2 Blog
 
cooter50 Profile
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Re: GOP tax bill could spur $25 billion in Medicare cuts: CBO


What I see is narrow minded lack of foresight from our illustrious left leaner's, It is NOT due to SSI And Medicare that the Deficit is so huge. It IS due to the Left's imagineered NAFTA and other foreign trades policies allowing mass imports of crap subsidized goods shutting down industries here, ending well paying jobs and decreasing the inputs to those programs from Lack of Employed paying those taxes. Add to that the illustrious Millennial population hung up on Selfie's and FB or instant messaging that interferes with working or in their attitude work interferes with their messaging, takes the toll to the point they cannot retain employ and fail to successfully gain employ.

No decent well paying work and workers and the system implodes, taxes fail to pay bills as they also decline, the lack of vision to advance and access their own lives sets so many older adults in debt trying to keep the Children functional if possible.
12/22/2017, 1:23 pm Link to this post PM cooter50 Blog
 


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