The Wyden-Ryan plan would establish several new provisions in the Medicare program — such as a choice between traditional Medicare and private insurance plans and an overarching limit on how much Medicare spending could increase — but current beneficiaries would be able to stay under the current Medicare setup.
Mr. Carney said that “at the end of the day, this plan would end Medicare as we know it for millions of seniors,” according to the report. However, a spokesman for Sen. Wyden said the proposal is not radical, and it is trying to stimulate a serious conversation among both Democrats and Republicans about how to fix the program.
The proposal is not expected to be acted on during the 2012 election year, and it does not currently include cost projections.
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