Mr. Speaker, I rise today in defense of our Nation's seniors, who are currently under attack. And the worst part about it is many of them are just waking up this morning to the nightmare that faces them. And why is that? Because the…
Mr. Speaker, I rise today in defense of our Nation's seniors, who are currently under attack. And the worst part about it is many of them are just waking up this morning to the nightmare that faces them. And why is that? Because the Republican budget proposal released this week is literally balanced on the fragile backs of our Nation's seniors. That's right. It ends Medicare as we know it. That's the simple truth. It no longer honors our commitment and our promise to our Nation's seniors.
As Americans now know, we are in the midst of a serious budget battle, and the Republicans are even threatening to shut down government. And there are real differences between our approach to the budget and the Republican budget released earlier this week. The Republican budget replaces Medicare with a voucher system. Seniors will have to use this voucher to buy insurance from private insurance companies.
Under the Republican plan, Medicare as we know it will end. And in the same budget proposal, the Republicans give away tens of billions of dollars in subsidies to big oil companies. And under their plan, they will slash support for seniors in nursing homes, while giving away tax breaks to companies that ship our jobs overseas.
And what else? America's seniors, more than 150,000 in my home State of Rhode Island, will literally be paying more for their health care and getting less in order to provide additional tax breaks to the wealthiest Americans, also reflected in this Republican budget.
To make matters worse, the Republican plan does not reduce the deficit. The nonpartisan Congressional Budget Office determined that this budget actually adds $8 trillion to the national debt over the next decade because its cuts in spending are far outpaced by the gigantic tax cuts for the richest Americans.
Our seniors cannot afford this Republican budget. It would deny them health care, long-term care, and the benefits they've earned and deserve.
The Republicans' choice to privatize Medicare, turning more power over to the insurance companies, will result in reduced coverage and exposure to greater financial risks for our seniors.
The Congressional Budget Office determined that under the Republican budget seniors' out-of-pocket expenses for health care would more than double, and could almost triple. To put that into context, the Congressional Budget Office found out that by 2030 seniors would pay 68 percent of premiums and out-of-pocket costs under the Republican plan, compared to only 25 percent under current law. And it found that the Republican plan means seniors will pay more for their prescription drugs because it reestablishes the doughnut hole.
Even Alice Rivlin, the former Office of Management and Budget Director under President Clinton, who worked with the Republican architect of this budget on a deficit reduction proposal, said she could not support his Medicare proposal because it eliminated the traditional Medicare choice and lowered the rate of growth beyond what's defensible.
And the conservative Wall Street Journal concluded earlier this week, quote: The plan would essentially end Medicare, which now pays for 48 million elderly and disabled Americans, as a program that directly pays those bills.
Under the guise of deficit reduction, Republicans are recklessly attacking the vital supports for our seniors.
We all agree that we have to address the deficit. The issue is not whether we reduce the deficit but how we do it. We can't cut what helps us create jobs, innovate for the future, and remain competitive in the global marketplace. And we cannot balance this budget on the backs of our Nation's seniors.
The Federal budget is about more than dollars and cents. It's a statement of our values and priorities as a nation. Republicans in this budget have set the wrong priorities. They would rather cut benefits to seniors than cut subsidies to Big Oil or corporations that ship our jobs overseas. The Republican budget breaks the promise we made to our seniors to protect them in their golden years.
I say to my colleagues on the other side of the aisle: If we can't protect our Greatest Generation, I ask you, what's next?