Obama: It's OK to borrow to pay for health care
Obama-proposed budget rules allow deficits to swell to pay for health care plan
Quote:
WASHINGTON (AP) -- President Barack Obama on Tuesday proposed budget rules that would allow Congress to borrow tens of billions of dollars and put the nation deeper in debt to jump-start the administration's emerging health care overhaul.
The "pay-as-you-go" budget formula plan is significantly weaker than a proposal Obama issued with little fanfare last month.
It would carve out about $2.5 trillion worth of exemptions for Obama's priorities over the next decade. His health care reform plan also would get a green light to run big deficits in its early years.
But over a decade, Congress would have to come up with money to cover those early year deficits.
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From where? I think thats something we should know beforehand.