President Obama went on ABC’s World News with Charles Gibson last night and warned that without the passage of health care reform the federal government will go bankrupt.
“If we don’t pass it, here’s the guarantee,” Obama said. “Your premiums will go up, your employers are going to load up more costs on you. Potentially they’re going to drop your coverage, because they just can’t afford an increase of 25 percent, 30 percent in terms of the costs of providing health care to employees each and every year, and the federal government will go bankrupt, because Medicare and Medicaid are on a trajectory that are unsustainable. And this actually provides us the best chance of starting to bend the cost curve on the government expenditures in Medicare and Medicaid.”
