CBO now estimates that Obamacare's promised deficit reductions were mostly vapor

Remember how Obamacare was supposed to “bend the cost curve down”? That it was going to produce a savings of just over $100 billion? Well the CBO released the latest estimates today and they show it’s actually going to cost $115 billion more than previously thought.

Congressional Budget Office estimates released Tuesday predict the health care overhaul will likely cost about $115 billion more in discretionary spending over ten years than the original cost projections.

The additional spending — if approved over the years by Congress — would bring the total estimated cost of the overhaul to over $1 trillion.

Republicans pounced on the news, which they called another sign that the Obama administration makes promises it cannot deliver.

“The American people wanted one thing above all from health care reform: lower costs, which Washington Democrats promised, but they did not deliver,” said House Minority Leader John A Boehner (R-Ohio). “It was clearly irresponsible for Washington Democrats to force this legislation through Congress without being truthful about its full impact on the nation’s finances. Republicans are fighting to repeal this job-killing health care law and replace it with reforms focused first on lowering costs and protecting American jobs.”

So much for those savings they promised. As Allahpundit over at HotAir said, “Who could have seen that coming, except everyone?” Indeed. Virtually everyone who was being honest about the matter knew full well that it wouldn’t drop costs and that was without even considering the scope manipulation that went on when Congress forced the CBO to only consider 6 years of outlays but 10 full years of revenues. As Republicans have been saying since this whole thing started, there were – and are – ways to reform the system without driving it into government control that will produce the savings everyone’s supposedly looking for. If the Dems would actually bring some of those ideas to open discussion instead of trying to ram everything through while hiding as much as possible we might actually get some reform that’ll do some good.