CBO: Entitlements, ObamaCare To Make Up 53% of Federal SpendingFebruary 6, 2013
Source: CNS News
According to projections from the Congressional Budget Office (CBO), entitlements and ObamaCare spending will comprise 53 percent of all federal spending over the coming decade, totaling $24.9 trillion.
In its updated Budget and Economic Outlook report released on Tuesday, the CBO projects that Social Security will account for $11.149 trillion in spending from 2014 to 2023 while federal health care entitlements, including Medicare, Medicaid, and ObamaCare, will spend $13.85 trillion. (That total includes TRICARE, CHIP, and “other” spending listed by the CBO under healthcare.)
ObamaCare’s insurance subsidies, exchange costs, and other spending are expected to cost the government $949 billion over the next 10 years. Medicare is expected cost $8.1 trillion while Medicaid is expected to cost $4.4 trillion.
Combined, these two entitlement categories (Social Security and all health care programs) will comprise 52.9 percent of the projected $47.2 trillion in total federal outlays from 2014 to 2023.