FOR IMMEDIATE RELEASE
February 9, 2005
Contact: Josh Freed
(202) 225-4431
 
 
 WASHINGTON, DC – Democratic Chief Deputy Whip Diana DeGette (D-CO) warned that Americans should pay attention to the White House’s admission that their Medicare prescription drug plan will cost more than $720 billion, far more than the $400 billion price tag originally promised by the Bush Administration, when they consider the President’s Social Security plan.  The Bush Administration is already estimating that Social Security privatization will cost $754 billion over the next decade: 

“Little over a year ago, President Bush and the Republican Congress swore up and down that we were getting a bargain with their $400 billion prescription drug plan.  Unfortunately, as the White House admitted yesterday, we were correct. Now, that $400 billion program has ballooned to $720 billion – and it could go higher. Given the lesson that we are learning from Medicare, how can we trust this Administration’s cost estimates for their Social Security plan?”

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