White House Will Try To Recoup Cost Of Health Reform Says Orszag 

Thursday, July 23, 2009 at 4:42PM
Staff in Congress, Health Care, News/Commentary, White House, White House Office of Management and Budget Director Peter Orszag, economy

By Courtney Costello - Talk Radio News Service

The White House Office of Management and Budget Director Peter Orszag said during a conference call on Thursday that current health care costs are crowding out important domestic initiatives.

Orszag listed three elements that would help major manufacturers and major businesses prevent their health care costs from growing over time. He suggested a digitized health care system, more information on what works and what does not work, and better incentives for providers. He also explained the Administration’s development of an Independent Medicare Advisory Council.

“We’re putting forward this, what we’re calling the IMAC, Independent Medicare Advisory Council, so that policy can more easily keep up with changes in the health system and we can tweak and refine changes in the payment system overtime as we’re learning what works and what doesn’t with regard to that aspect of health care,” said Orszag.

The White House has proposed that 750 billion to 1 trillion dollars be spent over the next ten years to provide insurance to those who aren't covered and to those who cannot afford their current care, said Orzag.

In addition to separate Medicare and Medicaid revenue proposals that would net close to 600 billion dollars, Orszag said the White House has proposed limiting itemized deductions, the rate at which high income tax payers can itemize the deductions they claim on their tax returns, for wealthy Americans.

He argued that this proposal would provide an additional 300 billion dollars or more to cover the cost of reform.

Article originally appeared on Talk Radio News Service: News, Politics, Media (http://www.talkradionews.com/).