US comptroller chides Congress for sticking its head in the sand on unfunded liabilities

  Comptroller General David Walker on Monday "chided" Congress for "ignoring the long-term financial crisis" for entitlement programs such as Medicare and Medicaid, CongressDaily reports.  In an interview with National Journal Group writers and editors, Walker, who will leave his post next week, said that Congress is "doing nothing about the $53 trillion hole" in funds for entitlement programs during the 21st century.   Walker recommended that the next president appoint a bipartisan commission to develop a proposal to address the issue and submit the plan to Congress. In addition, Walker recommended a "mandatory reconsideration trigger" for a reduction in Medicare spending in the event that spending for the program increases at a higher rate.

Under current law, the president must propose legislation to revise Medicare when trustees estimate for two consecutive years that general fund revenue would finance more than 45% of total program costs within seven years. The law does not require a reduction in Medicare spending. Walker said, "We write a blank check for (health care)," adding, "There is no other country in the world dumb enough to do that."

Source/more:  KFF Daily Health Policy Report, http://kaisernetwork.org/daily_reports/rep_index.cfm?DR_ID=50917