The House Budget Committee has approved the House Republican fiscal year 2015 budget introduced earlier this week by Rep. Paul Ryan (R-Wis.), the committee's chairman.
The budget includes $5.1 trillion in spending cuts over the next decade. Approximately $2.9 trillion of those cuts involve healthcare. It would repeal the Patient Protection and Affordable Care Act. "The healthcare law has been a costly mistake, so this plan calls for a full replacement," Mr. Ryan wrote in the budget blueprint.
The proposal would also make significant changes to Medicare, reducing program spending by $129 billion over the next 10 years. Starting in 2012, it would convert Medicare to a premium support program, under which beneficiaries would receive funds from the government with which they could purchase either traditional Medicare coverage or private health plans.
Additionally, the proposal would expand means-testing for high-income seniors enrolled in Medicare Parts B and D and reform medical liability insurance by advancing "commonsense curbs on abusive and frivolous lawsuits." Furthermore, the budget creates a budget-neutral reserve fund for a long-term solution to Medicare's sustainable growth rate formula. Finally, it would give states more flexibility in how they use federal Medicaid funds and would eliminate federal program requirements and enrollment criteria.
The House will consider the budget on the floor next week, according to a House Budget Committee news release.
More Articles on Healthcare Spending:
Paul Ryan's Budget Includes Trillions in Healthcare Cuts
5 Key Findings on National Healthcare Spending
5 Factors That Influence Healthcare Spending Growth