Tag Archive | "debt limit"

Republicans Propose Possible Deals on Healthcare

Republican leaders on Sunday said that they would be receptive on possible negotiations regarding healthcare costs- one of the main obstacles to realize a deal that would likely cut the financial debt in the United States.

The chairman of the House of Representatives Budget Committee, Paul Ryan, said that he would be very willing to talk with the Democrats who have criticized his healthcare plans for the elderly and poor citizens in the state. Ryan said it is already time to discuss matters that would help control U.S. debts.

Health reform has been the main subject on both parties as they try to come up with a budget deal that would offer lawmakers a political cover to support a raise in the United States’ borrowing ability. Also, it appears to be one of the main campaign issues as the 2012 elections draws nearer.

Last week, the United States already reached its debt limit worth $14.3 trillion. The U.S. Department of the Treasury said it can evade a default only until early August. According to experts, non-payment of debts can bring the country back into the state of recession and stir the markets around the globe.

However, Ryan’s plan to scale back Medicaid for the elderly and poor could possibly save $2.2 trillion. It would also annul President Obama’s health reform program, which is known as the 2010 Affordable Care Act.

President Obama then proposed to save $480 billion worth of money through hastening improvements in the program. Yet, Republicans urge the government to repeal the reforms.

Chris Van Hollen, Democratic representative, said Washington might be able to find savings through cutting the costs that the government pays for prescribed medications instead of weighing back patients’ benefits.

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The President’s Debt Cutting Plan All Set

U.S. Presiden Barack Obama is expected to settle differences with Republicans on Wednesday to draw out a plan regarding the country’s growing debt and some saving options. Some of these saving alternatives are possible tax increase and trimming costs in a couple of government programs such as Medicare.

Officials said on Monday this week that Obama will set a new deficit-reduction goal that will potentially benefits the country in the long run. This is a huge contradiction to the plans of Republicans to cut at least $5 trillion in the next ten years.

Specific details of the said plan are still confidential but is expected to reach public knowledge during Obama’s speech, Wednesday. The speech will serve as a declaration of the president’s commitment to push his long-term budget principles.

After the president’s direct avoidance of issues regarding his planned cuts on very important programs for the old and poor, he is now expected to acknowledge budget cuts on Medicaid and Medicare. However, the White House said that Obama also aims to increase tax collection from the wealthy.

While Obama makes his speech Wednesday at George Washington University, the Congress prepares for a feisty fight to increase the country’s debt limit. Republicans will use this to take out more discipline from the president and the rest of the Democrats.

Many speculate that the president’s speech will confirm his stand that he will never cut costs on education, infrastructure, research, innovation, and energy. Whatever the outcome of Wednesday’s speech is, the White House wants to make sure that people understand that this recent debate on this year’s budget is not the same with the much needed talk on the nation’s debt.

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