WASHINGTON, Oct. 31 /-USNewswire/ -- In 2008, $2.2 trillion will be spent on health care, and costs are continuing to skyrocket -- making health care one of the most important issues facing policymakers in the United States.
A detailed analysis of each candidate's health care proposals and their considerable costs for the federal government is included in the Guide to Healthcare: The 2008 Presidential Election, released today by U.S. Budget Watch. The analysis uncovers that Sen. McCain's health care plan would cost between $43 and $223 billion -- and he has not proposed new sources of revenue or spending cuts sufficient to cover these costs in the short-run. While Sen. Obama has said that, net of savings, his plan would cost roughly $65 billion a year, U.S. Budget Watch estimates the true amount would be between $52 and $106 billion.
Guide to Healthcare: The 2008 Presidential Election is the fifth and final in a series of reports from U.S. Budget Watch on the budget impact of the proposals made by each candidate and provides the insight to help voters decide what trade-offs they are willing to make as the fiscal realities continue to deteriorate.
"While both candidates have touched on health care costs, coverage, and quality in their plans, the impact to the deficit would be detrimental," stated Maya MacGuineas, president of the Committee for a Responsible Federal Budget and author of the U.S. Budget Watch reports.
"While there is no dispute that growing health care costs are the single largest threat to the long-term budget, the presidential candidates are both putting forth plans that would cost rather than save money," MacGuineas continued.
CRFB this week released four separate reports analyzing the economic proposals of Sens. McCain and Obama: Economic Stimulus, Social Security, Taxes, and Health Care. Each analysis is available on the U.S. Budget Watch website (http://www.usbudgetwatch.org).
These reports follow the U.S. Budget Watch's Promises, Promises: A Fiscal Voter Guide to the 2008 Election. The report analyzed the deficit impacts of the campaign promises of Sen. John McCain and Sen. Barack Obama. The report found that both candidates' policy proposals would increase the deficit by well over $200 billion in 2013 alone.
To download the full reports and to learn more about U.S. Budget Watch, please visit http://www.USBudgetWatch.org.
About U.S. Budget Watch
U.S. Budget Watch is a project designed to increase awareness of the important fiscal issues facing the country through and beyond the election. The project draws attention to the presidential candidates' tax and spending policies to help voters become better informed about these issues and to track the new president's fiscal policies after the election. U.S. Budget Watch is a project of the Committee for a Responsible Federal Budget at the New America Foundation and is supported by the Pew Charitable Trusts. None of these organizations support or oppose any candidate for office. http://www.usbudgetwatch.org.
About The Committee for a Responsible Federal Budget
The Committee for a Responsible Federal Budget is a bipartisan, non-profit organization committed to educating the public about issues that have significant fiscal policy impact. The committee is made up of some of the most important budget experts in the country including many of the past chairmen of the House and Senate Budget Committees, directors of the Congressional Budget Office and the Office of Management and Budget, and members of the Federal Reserve Board. For more information about the Committee for a Responsible Federal Budget, visit http://www.crfb.org.