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ARTICLE | Politics & Policy

CBO slashes Medicare spending estimates

August 24, 2012 12:18 AM UTC

The Congressional Budget Office lowered its projection for 2012 Medicare spending by $19 billion from its March estimate as a result of a slowdown in the growth of spending in the first half of this year. The CBO published the revised figures on Thursday in its updated economic outlook report. The updated projected spending for Medicare in 2012 is $560 billion. The agency said the revisions are based primarily on lower-than-expected spending for Part B services during 1H12. The CBO also lowered its estimated 2012 outlays for Part A hospital insurance and Part D prescription drugs from the March report, but by a smaller degree. ...