Yesterday at 3:00 p.m. ET, the Treasury Department updated its calculation of the U.S. National Debt to: $12,031,299,186,290.07. That $12 trillion record high comes just eight months after it hit $11 trillion and is only expected to rise faster considering the federal deficit for 2009 was over $1.4 trillion. And what is the leftist majority of Congress going to do tomorrow about these skyrocketing deficits? They are going to pile on the spending faster !According to the CBO, just the ten year cost of the legislation will be $210 billion, but the damage does not end there. Medicare is a never ending entitlement program, so the real pain caused by the left’s free spending will be felt for decades to come. According to the latest report from the Medicare Trustees, the 75-year cost of allowing doctor payments to match the percentage change in the medical economic index is $1.9 trillion in more debt.Americans who are concerned about our nation’s exploding deficits under President Obama and the leftist majorities in Congress should keep the doc fix debacle in mind when considering Obamacare. The deficit neutrality of the House-passed Obamacare bill entirely depends on Congress’ ability to cut $500 billion from hospital Medicare payments over the next ten years. Medicare is already underfunded and will be broke before 2017 at the current rate. What is Congress doing about that?Do you want your Medicare benefits cut? Then does anyone believe those cuts will really ever happen? Under our new Oligarchy elete of government, it definately could be.
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