Under the Budget Control Act, the Joint Select Committee on Deficit Reduction must find and recommend $1.2-1.5 trillion in savings by Thanksgiving. Failure on the Congressional committee’s part to find the required savings means the enactment of automatic cuts, including a potential 2 percent cut in Medicare payments.
The potential Medicare cut equates to a reduction of approximately $41 billion from 2013-2021 for hospitals. The change could ultimately lead to nearly 93,000 lost jobs by 2013, reaching more than 194,000 lost jobs by 2021, according to the Tripp Umbach report.
Related Articles on the Budget Control Act:
Analysis Reveals Healthcare’s Financial Contributions to Debt Panel
CBO: Deficit in 10 Years Projected to be $3.5 Trillion, Mainly Due to Recent Budget Control Act
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