Paul Coverdell: “the whole Nation is waking to yet another trustees' report that should paint a very bright, vivid red light to every…”

“the whole Nation is waking to yet another trustees' report that should paint a very bright, vivid red light to every American. We have gone past the yellow light. I would like to share with the Senate just a few facts that have recently been published by the Coalition To Save Medicare. Fact: Medicare's hospital fund will be broke in less than 5 years. Fact: Because Medicare reform was not enacted last year, $133 billion more in savings is needed to meet the trustees' own minimum requirements. In other words, when the President of the United States vetoed the attempt to keep Medicare solvent, to make it solvent for almost 20 years, to improve the options that seniors would have, to increase the investment in it 70 to 80 percent, the net effect is in 1 year we have made the job of solving and saving Medicare $133 billion more difficult. Fact: Each day, Medicare is spending $25 million more than it takes in. Fact: Without reform, a working American's annual payroll taxes will have to increase between $1,880 and $3,185 immediately to assure the long-term health of Medicare. Fact: Maintaining the current system as it is for the long term without reform or tax increases will require immediately increasing the annual hospital deductible a senior pays to between $5,380 and $6,540. Fact: Without reform, a working American's annual payroll taxes must immediately increase to between $1,229 and $1,564 just to ensure that Medicare survives 25 years.”