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Push for health insurance 'public option' to slash debt

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    Rep. Schakowsky weighs in on plan

  • Duration 6:58
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Sixteen point four trillion dollars and counting the nation's debt limit is still.

Still -- To -- the -- my next guess advocates at least more agreement it comes to health care.

It's global public option Deficit Reduction Act a democratic congresswoman.

Ted's house aides said there would be a method.

Adding to explain congressman.

Well actually the public option -- decrease the deficit.

By about a 104 billion dollars over ten years had a -- on and that's this Congressional Budget Office estimate of what it would do this is not numbers I -- I made up.

Because it would in fact.

Lowered the caught a provide an option and this would be completely by -- For people who don't want to pick this public option among the private sector choices within a health exchange.

And -- for premiums are estimated to be about five to 7% lower.

Meaning those people in the and they exchange that needs a subsidy.

Would take fewer tax dollars that it is also estimated that it would serve as an anchor because there's competition.

To bring down the costs of health care even in the private sector as well when is it that's -- -- That's why does the government ever ever done that I mean would would would George Bush's plan of which were quite critical and you had a right to be at the time.

Four prescription drug benefit that argument was that it would drive down the cost of those drugs -- anything.

They've soared since that benefit came in because the government cannot.

Act as a as a as a source of of of even buying in bulk of cutting those prices down.

Well that's exactly right and in fact.

I've I'm also supportive of legislation that would allow Medicare just like the veterans administration does.

To negotiate with the drug price that the manufacturers the drug companies.

For lower drug prices.

And I and I guess the point is that there are there is an area died -- Didn't work -- -- -- the drug was present if you expand this to care.

None none of what what is the sense that you would you would get more bang for the.

Okay but here's -- here's the difference if Medicare were allowed to negotiate with the pharmaceutical companies it would work.

And again that estimate is about over ten years about 200 billion dollars.

In lower prices that the federal government and consumers would it would have to pay for for a prescription drugs so.

I'll let you know aids in the government in a room with a drug prescription company is a -- you're not a great man and sometimes you very good reason not to -- On the day would come out the better of a deal.

While the veterans administration doesn't and certainly come up that are in the deal that because residents scale private insurers write and if you look at it.

Who have already on average lifted their premiums fifty to 75%.

Since the president's health care law went into effect.

When they were.

Supposed to cover all of these things that they hadn't had to cover before.

And their premium increases which -- Democrats are coming are now etched in stone.

Well that's because states like mine in California.

Don't have any authority.

To actually.

And didn't do anything but review these rate increases but states that have review those.

Rate increases have actually forced those rates now and end.

Because it they -- -- might be right there might have that power and authority and Friday.

But let's say someone like the united don't get tries to push through a 20% increase in man of getting 88 team presented -- Still a big increase I guess what I'm getting -- congresswoman I was -- the best of your intentions here it seems we're doing everything but addressing.

Underlying.

Spending when we say things like spending isn't a problem health care spending is.

Maybe that will do the trick when we come up with the idea or not you looked -- trillion dollar point to get around the debt ceiling mess or fourteenth amendment.

To give the president the power to avoid that mess and just like the ceiling and so we don't do these elaborate hoops to do everything but address.

The spending itself.

Well actually that that's not really true -- -- change the structure.

Of the the programs -- certainly many Republicans are always in favor of you know making.

Government more efficient and and changing the way we do business.

Then we know that we can actually lowered the cost of those of those programs and and be successful.

And so I would hang your hat on that and not tried to.

Rain and either the entitlements themselves are slowly over decades increased the retired -- aids -- those.

Those who might be too wealthy to enjoy of debt free Medicare maybe not to pay as much more to -- more.

They do things like that you would be against.

What will the first let me let me just say that the president has already signed into law about -- point four trillion dollars worth of deficit reduction and about three quarters of that cap and actually viewers that we stop fighting righted that already factored -- -- but a bunch of that is for spending cuts not necessarily spending cuts that I that I really like.

But spending cuts nonetheless so -- -- I would take it now -- -- -- agree with him when he says we -- -- -- spending.

No I think that we do have certain things that we can cut in and spending.

But in fact right now I think the crisis that we have right now is a jobs crisis I think it's an income inequality crisis and our country.

I think -- there's an investment.

Crisis you know we don't talk enough -- about the third -- That debt reduction which is not only spending.

Not only raising revenue but growth in the economy and you know this debt ceiling issue is just crazy I stand ballistic over -- This -- hours ago and a lot of your democratic colleagues and I am.

Voted against raising was a crazy well.

Well except that it wasn't real and this is real and the last -- heartedly guerrillas in the I'd have a holder congresswoman.

-- it's been altered -- it I guess it's to hundreds now.

No it was more you know you know that that was it but those past votes were were more symbolic.

But when we really had.

A crisis over the debt ceiling in 2011.

There were real consequences.

Real lasting consequences and we didn't either we do is the debt ceiling in the end but we we saw we saw the deficit grow -- -- When there was this threat to end so as I -- -- the Coke Brothers.

The US chamber of commerce.

Against.

You know if this does hostages -- over the deck right.

Well congress and I always appreciate your coming on and you did as well as its and I appreciate that congress and -- -- fonts in Illinois.

Meantime.

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