Projection Shows Obamacare Will Add Billions To The Deficit In First Decade

So much for President Obama’s pledge not to sign any law that adds one dime to the deficit. I think what he meant to say is that he wouldn’t sign a law that didn’t add billions to the deficit. According to IBD, Obamacare is now projected to add at least $18 billion to the deficit over the first decade.

According to the Congressional Budget Office’s initial forecast made in March 2010, ObamaCare was supposed to cut the deficit a total of $124 billion in its first decade. Democrats seized on this to show Obama had lived up to his promise.

Almost as soon as Obama signed the law, however, his administration started making changes that added costs and cut revenues. The most recent was the one-year delay in the employer mandate.

The result is instead of a $124 billion deficit cut from 2010 to 2019, ObamaCare will likely add about $18 billion in red ink over those same years. And that assumes nothing else changes in the years ahead.

Read the whole thing.