Obamacare to be 1 big 'death panel'

Obamacare to be 1 big 'death panel': "President Obama has promised huge cuts in medical spending. In fact, he has warned that, if America fails to make such cuts, it will face financial Armageddon.

'Make no mistake: the cost of our health care is a threat to our economy…,' Obama told the American Medical Association in Chicago June 15. 'It is a ticking time bomb for the federal budget. And it is unsustainable for the United States of America. … If we fail to act, one out of every five dollars we earn will be spent on health care within a decade. And if we fail to act, federal spending on Medicaid and Medicare… will eventually grow larger than what our government spends on anything else today.'"

To avoid this catastrophe, America must make drastic cuts in health spending, says Obama. The size of his proposed cuts varies from speech to speech, but the figure cited most often by Obama's advisers is 30 percent per year – up to $700 billion annually.