Tom Rice: “In closing, my friend, I just wanted to point out what the House Budget Committee does to bring the budget within…”

“In closing, my friend, I just wanted to point out what the House Budget Committee does to bring the budget within balance within 10 years, and it is not all this but three major things. One, it repeals ObamaCare, which costs $2.1 trillion over the next 10 years. Two, it initiates what is called premium support for Medicare, what you are just talking about, and it doesn't do away with Medicare, and it doesn't affect anybody who is either retired or retiring within 8 years. What it does for people that are outside that window, Medicare is still offered, and they will allow four other insurance companies to bid for Medicare coverage. The government won't pay for the cheapest; it will pay for the second cheapest. If you want to buy a cheaper policy, you can, but it brings private industry in it. If you want to buy a cheaper policy, you can, and you will get money. If you want to buy a more expensive policy, you can, and you will have to pay a little bit more for it. That is a huge savings in Medicare and something that we have to do. So premium support for Medicare, repeal ObamaCare, and, third, it doesn't cut discretionary spending, defense and nondefense, but it slows the growth a little. Those three things go 80 percent of the way to bringing our budget within balance within 10 years. Let me tell you, my friends, we don't have a choice. We are piling debt on our children and grandchildren.…”