Obama Plans to Cut $313 Billion from Medicare, Medicaid.

ABC World News
June 13, 2009

The major domestic issue ahead is President Obama's sweeping plan to overhaul the healthcare system. In fact, on Saturday, the President began to explain just how he would finance it and tonight objections to that plan are fast and furious. ABC added, "President Obama says he's found a way to pay for healthcare reform."

President Obama: "Today, I'm announcing an additional $313 billion in savings." He says those cuts, along with other savings he's already identified, make up the roughly $1 trillion it will take to overhaul the nation's healthcare system."

Obama: "If more Americans are insured, we can cut payments that help hospitals treat patients without health insurance. If the drugmakers pay their fair share, we can cut government spending on prescription drugs."

Critics say not so fast. Most savings would come in lower Medicare and Medicaid payments to hospitals and drugmakers, and they won't accept less without a struggle.