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Congressman Mark Kirk describes how we'll pay for the new healthcare legislation.
According to the Congressional Budget office, funding for the nine hundred billion dollar healthcare bill could come from three sources:
$160 billion in Medicare cuts
$580 billion in tax increases
$293 billion to the defecit
For the people of Illinois it will push the top tax rate to 49.97%. Ironically, that's 4 percentage points higher than France.
Markets were reassured when Congress did not pass this bill in July, showing that the direction the Congress wants to go, is directly against the interest of the long term economic growth of the United States.