Obama signs 'doc fix' bill

President Barack Obama signed "doc fix" legislation on Thursday, overhauling the way Medicare pays physicians and repealing the flawed sustainable growth rate, according to The Hill.

House Speaker John Boehner (R-Ohio) and Minority Leader Nancy Pelosi (D-Calif.) crafted the legislation, which is expected to cost more than $210 billion over 10 years with about $73 billion of that cost offset with spending cuts or new revenue.

President Obama hailed the new Medicare package as a "significant bipartisan achievement," according to The Hill. "This was a bipartisan effort, Republicans and Democrats coming together to do something that's smart and common-sense, and my hope is it becomes a habit," the president said, according to the report.

The U.S. Senate passed the bill in a vote of 92-8 on Tuesday, and the U.S. House passed the legislation with a vote of 392-37 in March.

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