"It cuts $845 billion, almost a trillion dollar cut in Medicare. And almost a quarter trillion, $240 billion, in Medicaid. Why? Because of a tax cut for the super wealthy that created a deficit of $1.9 trillion, and now they got to go make somebody pay for it."
Full Answer
How much would $515 billion in Medicare spending cuts hurt beneficiaries?
The White House projects that total Medicare spending over the next decade will top $10 trillion. While even $515 billion is a lot of money, very little would directly affect beneficiaries. CRFB figures about 85 percent of the cuts would come from hospitals, doctors, skilled nursing facilities, and other providers.
How much does Obamacare cut Medicare and Medicaid?
"It cuts $845 billion, almost a trillion dollar cut in Medicare. And almost a quarter trillion, $240 billion, in Medicaid. Why? Because of a tax cut for the super wealthy that created a deficit of $1.9 trillion, and now they got to go make somebody pay for it."
How will trump's Medicare cuts affect ordinary Americans?
The prescription drug changes might be the clearest example of Medicare cuts in the Trump budget that affect ordinary Americans. The remaining $545 billion potentially could be absorbed by providers. While Democrats criticize Trump for cutting Medicare, Obama regularly offered his own version of steps to rein in the growth of Medicare.
How did Democrats and Republicans avoid $150 billion in Medicare cuts?
Both parties have repeatedly voted to waive the rule and avoid the cuts with other major reconciliation packages. Democrats joined Republicans to avert $150 billion in cuts that would have been prompted by the 2017 tax overhaul, including a $25 billion chunk from Medicare.
How much money would Medicare save?
The administration also claims Medicare would save about $30 billion from broad changes to medical malpractice laws.
How much money is Trump moving to Medicare?
To start, Trump is moving about one-third of the money--$269 billion —into a different section of the budget. He would not reduce spending for these two programs, which fund certain hospitals and medical education, he’d just shift them out of the Medicare account to somewhere else.
How much did the 2017 tax overhaul cost the Democrats?
Democrats joined Republicans to avert $150 billion in cuts that would have been prompted by the 2017 tax overhaul, including a $25 billion chunk from Medicare.
What is the budget gambit of Biden?
The budget gambit Democrats are embracing to fast-track President Joe Biden’s $1.9 trillion pandemic aid plan will trigger billions of dollars in cuts to critical programs. Top Democrats are already shrugging off the threat, insistent that Congress will once again act in time to head off the slashing to programs like Medicare ...
Will Democrats use reconciliation twice?
Democrats are also considering the use of reconciliation twice this session — once to pass Biden’s pandemic aid plan, and again to push through a massive climate and infrastructure package. That legislation would also add to the cuts Congress must avoid.