Oops! We’ve told you this over and over since it was passed……..
President Barack Obama promised his health-care law would cost approximately $900 billion over ten years when he first proposed it.
Since then, the price tag has continued to climb. Total spending under the Affordable Care Act will reach $2.6 trillion over its first full decade, according to a Senate Budget Committee analysis, which was based on Congressional Budget Office estimates and growth rates.
The analysis was released by the committee’s ranking member Republican Sen. Jeff Sessions, of Alabama.
The president announced his proposal to a joint session of Congress in 2009, saying: “[The] plan I’m proposing will cost around $900 billion over 10 years — less than we have spent on the Iraq and Afghanistan wars, and less than the tax cuts for the wealthiest few Americans that Congress passed at the beginning of the previous administration.”
The CBO found that the president’s claim fell short by $5 billion, however, when leveled against their estimates of spending provisions necessary for the new law. Adding up costs like implementation and closing Medicare coverage gaps, the CBO estimated that the law would cost $1.4 trillion from fiscal year 2010 to 2019.
But the majority of the spending provisions do not take effect until 2014, four years into the decade Obama based his estimates on.