Wednesday, June 9, 2010

Deficit panel eyes another bite at healthcare - Yahoo! Canada News

Deficit panel eyes another bite at healthcare - Yahoo! Canada News

WASHINGTON (Reuters) - Concern over rising U.S. debt could force lawmakers to take another crack at reining in healthcare costs long before any promised savings from President Barack Obama's sweeping overhaul are realized.

The new healthcare law, signed by Obama in March, seeks to save about $500 billion from the Medicare government healthcare program for the elderly over the next decade without reducing basic benefits.

But deficit hawks and even some supporters of the overhaul say more cuts are needed to improve the long-term U.S. budget outlook and avoid the kind of financial market turmoil recently sparked by Europe's debt woes.

The Democratic-controlled Congress is unlikely to rewrite the new law, but some experts believe more could be done to speed up Medicare payment reforms and expand other cost-saving measures in the new law.

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