Today, I introduced H.R. 2694, the Medicare Firewall Act of 2011, which will secure Medicare’s finances to ensure benefits for future generations. H.R. 2694 guarantees that Medicare Trust Funds are used solely to pay providers and beneficiaries by terminating any ongoing or new demonstration program that is not budget neutral.
Medicare, the federal entitlement program for the elderly and disabled, was signed into law by President Lyndon Johnson 46 years ago this week, but its future is uncertain due to an aging population and programs created under Obamacare that raided the Medicare Trust Funds.
The federal government will spend more than $1 trillion on health care this fiscal year. Over half of that spending will be on Medicare recipients. A decade from now, the number of Medicare beneficiaries will have grown by one-third. We must take action to protect Medicare for our children and grandchildren. One way to ensure Medicare’s financial solvency is to restore funding raided from the Medicare Trust Funds by Obamacare.
The Medicare Firewall Act of 2011 defunds eight programs created by Obamacare that were funded by raiding the Medicare Trust Funds and restores any unobligated balances to the Trust Funds.
I am proud that Representatives Marsha Blackburn (TN), Michael McCaul (TX), David McKinley (WV), Ron Paul (TX), Ted Poe (TX), and Sam Johnson (TX) joined me in introducing this legislation, and I look forward to working with my colleagues in Congress to get this important legislation enacted into law.