The Obama administration is PULLING THE PLUG on a long-term care insurance program created by the new health care law because it was too costly and would not work:
Although the program had been dogged from the start by doubts about its feasibility, its elimination marks the first time the administration has backed away from a key piece of President Obama’s signature legislative achievement.
Republican critics of the law immediately said the decision proved that the legislation is unsound and unsustainable. Every major GOP presidential candidate has pledged to work to repeal it.
Because the insurance program had been projected to reduce the federal deficit by $86 billion over the next 10 years, terminating it complicates the nation’s budget picture. It is now estimated that the health-care law will cut the deficit by $124 billion from 2012 to 2021, according to the Congressional Budget Office.