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article imageObama says without health care changes U.S. 'will go bankrupt'

By Michael Krebs     Dec 17, 2009 in Politics
In a late-hour push to see the Democrats' health care measure through the Senate, President Obama said that without it the government 'will go bankrupt.' Obama later signed a $1.1 trillion spending bill into law
Citing the "unsustainable" nature of Medicare and Medicaid, President Barack Obama sought to portray a scenario where the federal government "will go bankrupt" should the health care bill looming in the Senate not make it into law.
“If we don't pass it, here's the guarantee….your premiums will go up, your employers are going to load up more costs on you,” Obama told ABC News. “Potentially they're going to drop your coverage, because they just can't afford an increase of 25 percent, 30 percent in terms of the costs of providing health care to employees each and every year.“
The health care debate has taken numerous turns in the Senate, and it is now believed that there will not be an agreement by the year-end deadline President Obama had desired.
But without action, the upward projections on Medicare and Medicaid costs will cause a ripple effect and "the federal government will go bankrupt," Obama warned.
Meanwhile, the president on Wednesday signed a $1.1 trillion spending bill into law - move that Democrats believe will help the U.S. economy pull out of the recession. Most Republicans opposed the spending bill, citing concerns about runaway spending at a time when the government should show commitment to reducing its debt obligations.
The U.S. debt currently stands at a staggering $12 trillion.
More about Obama, Health care, Debt, Spending, Bankrupt
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