MASSDEVICE ON CALL — The bad news: A law on the books with $110 billion in mandatory budget cuts, including an $11 billion haircut for doctors and hospitals.
The good news: Everybody hates it.
The so-called "financial Armageddon" called sequestration, which would slash $110 billion from the U.S. government’s budget next year on the way to $2.1 trillion over a decade, is the ultimate poison pill. Politicians of all stripes, from President Barack Obama to the Republican and Democratic leadership in Congress to rank-and-file members, are opposed to the measure.
Doctors and hospitals have plenty to dislike about the law, namely an $11 billion cut to Medicare payments, according to an estimate from the White House Office of Management & Budget. The 2% across-the-board cut would cost about 496,000 healthcare jobs next year, according to a hospital industry report cited by Kaiser Health News.
"[S]equestration itself was never intended to be implemented," the OMB reported. "The Administration strongly believes that sequestration is bad policy, and that Congress can and should take action to avoid it by passing a comprehensive and balanced deficit reduction package."
Beltway lawmakers are expected to resolve the issue before sequestration goes into effect, but not until the election-year fervor dies down after the November elections. High-level talks between Democrats and Republicans are already under way, according to Politico.
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