John Cornyn: “my amendment directs the Senate Committee on Finance to find $10 billion in additional savings out of the Medicare…”

“my amendment directs the Senate Committee on Finance to find $10 billion in additional savings out of the Medicare Program and builds on the work done in the Deficit Reduction Act where we reduced the rate of growth for mandatory spending by nearly $100 billion over the next decade. As all Members know, there is increasing pressure on discretionary spending on important priorities because of the growth of Medicare, Social Security, and Medicaid. Medicare and Medicaid alone grew by 22 percent over the last 5 years. This will allow the Committee on Finance to take the stabilization fund, for example, that is used to supplement payments to preferred provider organizations which participate in the Medicare Program, which is available to be recouped to help pay down some of the debt in the amount of $10 billion, as well as other sources of revenue that they can gain out of the Medicare Program. I ask my colleagues to vote ``aye.''”