The Congressional Budget Office estimated Friday that President Obama's budget would reduce Medicare spending by $364 billion over the next decade and would reduce future budget deficits. The White House and Congress will likely soon need to work on a long-term budget solution as the nation again hits its debt limit.
Los Angeles Times: Obama Budget Would Cut Deficits, Report Says
President Obama's proposed mix of tax hikes and spending cuts would reduce future budget deficits more quickly than under current laws, according to a report issued Friday that could rekindle the dormant budget wars in Washington. The outlook from the nonpartisan Congressional Budget Office comes as the government is set to reach its debt limit on Saturday, forcing the White House and Congress back to the negotiating table to work out a long-term budget plan that raises taxes, cuts spending -- or some combination of the two (Mascaro, 5/17).
Modern Healthcare: CBO's Medicare Estimates On Par With White House Figures
Falling closely in line with the Obama administration's analysis last month, the nonpartisan Congressional Budget Office estimates that the policies in President Barack Obama's fiscal 2014 budget proposal would reduce Medicare spending by about $364 billion over 10 years, compared with the administration's estimate of $371 billion. Released Friday, the CBO's analysis said the president's budget proposal for next year would total $5.2 trillion in deficits between 2014 and 2023, or about 2.4 percent of the country's Gross Domestic Product projected for that period (Zigmond, 5/17).
The Hill: Obama Budget Would Cut $364 Billion In Medicare Spending
President Obama's budget proposal would save the Medicare program $364 billion over the next decade, according to the Congressional Budget Office (CBO). The CBO largely concurred with the White House's estimates, which pegged the budget's Medicare savings at $370 billion (Baker, 5/17).