Obama wants cuts in federal health spending
WASHINGTON — President Barack Obama is seeking to help pay for his health care plan by sharply reducing the government's medical spending, mainly by trimming payments to prescription drugmakers, hospitals and other care providers.
The president and his aides said specific ways for achieving the cuts will be decided later.
In his weekly Internet and radio address Saturday, Obama proposed cutting $313 billion from Medicare and Medicaid over 10 years. That's in addition to the $635 billion "down payment" in tax increases and spending cuts in the health care system that he announced earlier.
Together, Obama's plans would provide $948 billion over a decade in savings and/or tax increases to help cover the millions of Americans who lack medical insurance and to slow the rate of soaring health care costs.
The status quo is unacceptable, Obama said. "America spends nearly 50 percent more per person on health care than any other country."
