AABP EP Awards 728x90

Obama says he will veto Medicare cuts unless Congress agrees to tax hikes

/wp-content/uploads/2022/11/BR_web_311x311.jpeg

President Barack Obama said today he would veto any cuts to Medicare unless Congress hikes taxes on companies and the wealthy, Reuters reported.

Obama’s remarks came as he laid out a plan to save $3 trillion over the next decade, with roughly half of those savings coming from higher tax revenues.

His recommendations will go to a congressional “supercommittee” that is charged with finding deficit savings reductions of at least $1.2 trillion by Nov. 23. Congress must then vote on the panel’s proposal by Dec. 23 or automatic spending cuts will be triggered across government agencies, beginning in 2013.

Obama’s plan includes $248 billion in Medicare savings, the bulk of which will come from reducing overpayments to health-care providers.

Medicare and Medicaid are viewed by analysts as the biggest contributors to long-term U.S. deficits, which voters see as a key issue in the election. The U.S. budget deficit in 2011 is expected to be about $1.3 trillion.