‘It’s Money We Don’t Have, But Money We‘re Committed to Spend’: Sen. Sessions Reveals ‘Obamacare’ Creates $17 Trillion in Unfunded Financial Obligations
- Posted on March 30, 2012 at 6:00pm by
Becket Adams
Before the passage of the Affordable Care Act (i.e. “Obamacare”), unfunded obligations for federal health programs totaled $65 trillion over a 75-year period, according to the office of U.S. Senate Budget Committee ranking member Jeff Sessions (R-AL).
But now Senate Budget Committee estimates (based on the Obama Administration’s own numbers as well as those from the Congressional Budget Office) show “unfunded obligations” have increased by $17 trillion, to $82 trillion since “Obamacare” passed in 2010.
“Added to the government’s existing obligation for entitlement programs like Social Security, Medicare, and Medicaid, the total now comes to almost $100 trillion,” the Washington Free Beacon’s Andrew Stiles writes.
“That is almost seven times the United States’ annual gross domestic product (GDP),” Stiles adds.
“It’s money we don’t have, but money we’re committed to spend,” Sen. Sessions said on Thursday, “it must be removed from the books.”
Watch Sessions discus the trillion-dollar discovery via BudgetGOP:
“It is this kind of long-term, unfunded obligation that has placed this nation’s financial situation at such great risk,” the Senator said. “We don’t have the money. We don’t have another $17 trillion in unfunded liabilities that we can add to our account. We have to reduce the ones that we have.”
In 2009, President Obama’s then-OMB Director, Peter Orszag, stated the following:
But now Senate Budget Committee estimates (based on the Obama Administration’s own numbers as well as those from the Congressional Budget Office) show “unfunded obligations” have increased by $17 trillion, to $82 trillion since “Obamacare” passed in 2010.
“Added to the government’s existing obligation for entitlement programs like Social Security, Medicare, and Medicaid, the total now comes to almost $100 trillion,” the Washington Free Beacon’s Andrew Stiles writes.
“That is almost seven times the United States’ annual gross domestic product (GDP),” Stiles adds.
“It’s money we don’t have, but money we’re committed to spend,” Sen. Sessions said on Thursday, “it must be removed from the books.”
Watch Sessions discus the trillion-dollar discovery via BudgetGOP:
“It is this kind of long-term, unfunded obligation that has placed this nation’s financial situation at such great risk,” the Senator said. “We don’t have the money. We don’t have another $17 trillion in unfunded liabilities that we can add to our account. We have to reduce the ones that we have.”
In 2009, President Obama’s then-OMB Director, Peter Orszag, stated the following:
To my fellow budget hawks in this room and in the rest of the country, let me be very clear: Health care reform is entitlement reform. The path to fiscal responsibility must run directly through health care.“But despite this emphatic statement, the nation’s unfunded liabilities — money we must spend but for which there is no source of funds set aside — increased from $65 trillion to $82 trillion since the health law was passed,” the BudgetGOP YouTube page reads.
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