But on Saturday, the Congressional Budget Office said the proposal to give an independent panel the power to keep Medicare spending in check would only save about $2 billion over 10 years- a drop in the bucket compared to the bill's $1 trillion price tag.
"In CBO's judgment, the probability is high that no savings would be realized ... but there is also a chance that substantial savings might be realized. Looking beyond the 10-year budget window, CBO expects that this proposal would generate larger but still modest savings on the same probabilistic basis," CBO Director Douglas Elmendorf wrote in a letter to House Majority Leader Steny Hoyer on Saturday.
My guess is that they are going try to force Elmendorf out of his job before too long. That will of course open up a whole new can of worms and it will dwarf any other political blunders of the last few decades. If that should happen then that would be the so-called "Katrina moment" for Obama and his people.
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