US comptroller chides Congress for sticking its head in the sand on unfunded liabilities

  Comptroller General David Walker on Monday”chided” Congress for “ignoring the long-term financial crisis” forentitlement programs such as Medicare and Medicaid, CongressDaily reports.  In an interview with National Journal Groupwriters and editors, Walker, who will leave his post next week, saidthat Congress is “doing nothing about the $53 trillion hole” in fundsfor entitlement programs during the 21st century.   Walkerrecommended that the next president appoint a bipartisan commission todevelop a proposal to address the issue and submit the plan toCongress. In addition, Walker recommended a “mandatory reconsiderationtrigger” for a reduction in Medicare spending in the event thatspending for the program increases at a higher rate.

Undercurrent law, the president must propose legislation to revise Medicarewhen trustees estimate for two consecutive years that general fundrevenue would finance more than 45% of total program costs within sevenyears. The law does not require a reduction in Medicare spending.Walker said, “We write a blank check for (health care),” adding, “Thereis no other country in the world dumb enough to do that.”

Source/more:  KFF Daily Health Policy Report, http://kaisernetwork.org/daily_reports/rep_index.cfm?DR_ID=50917