Silly little details.. tax plan triggers $25 billion in Medicare cuts
In case you missed it,
CBO: House GOP tax plan triggers $25 billion in Medicare cuts
https://www.google.com/amp/s/www.yahoo.com/amphtml/finance/news/cbo-house-gop-tax-plan-triggers-25-billion-medicare-cuts-195501778.html
If the House GOP tax plan passes, it is projected to cut revenue significantly, likely increasing the deficit by $1.456 trillion from 2018 to 2027, according to the Joint Committee on Taxation and Congressional Budget Office (CBO).
With a number that large, Congress’s “pay as you go” rules that prevent unchecked spending would fall into place, a move that could cut Medicare’s budget by as much as $25 billion for 2018.
In a letter to House minority whip Steny Hoyer (D-MD), the CBO explained that without any more money to offset the fall in revenue, the Office of Management and Budget (OMB) would be required to issue a “sequestration order” to reduce spending in 2018 by $136 billion.
The effects of this sequestration order would trigger automatic cuts to various programs, including Medicare. According to the CBO, this could be as much as 4% for Medicare, which amounts to $25 billion in 2018. Furthermore, all non-exempt programs would be eliminated, which include some farming subsidies, border security, and student loan help. Others, like Social Security, would remain untouched.
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