Mon, May 28, 2012, 12:24 PM EDT - U.S. Markets closed for Memorial Day

Discover Yahoo! With Your Friends

Explore news, videos, and much more based on what your friends are reading and watching. Publish your own activity and retain full control.

To get started, first

YOUR FRIENDS' ACTIVITY

    Fantasy Finance

    WASHINGTON (AP) -- The Republican-led House on Wednesday voted to repeal a financially troubled part of the 2010 health care law that was designed to provide affordable long-term care insurance.

    The House vote comes months after the Obama administration suspended the Community Living Assistance Services and Support program, known as the CLASS Act.

    Health and Human Services Secretary Kathleen Sebelius in October said she was unable to find a way to make the program financially solvent.

    Still, the White House has said it does not support repealing the program, under which workers would pay a monthly premium during their careers and collect a daily cash benefit if they become disabled later in life.

    Republicans have targeted the program as part of their overall goal of dismantling the health care overhaul law. Action on the bill in the Democratic-controlled Senate is uncertain.

    "Republicans are committed to repealing and defunding it, piece by piece if necessary," House Speaker John Boehner, R-Ohio, said of the health care bill after the CLASS Act vote.

    The House vote was 267-159, with 28 Democrats joining all 239 voting Republicans in support.

    The Senate has ignored House votes in the past year to repeal the entire health care law or to block funding for parts of it. One of the few changes Congress has been able to bring about concerned a requirement for small businesses to file more health care paperwork.

    The CLASS Act was supposed to address the crisis in long-term care coverage. Currently some 10 million Americans need long-term care, and that number is expected to hit 15 million by 2020. But only about 8 percent of people buy private long-term care insurance.

    Under the voluntary program, a priority of the late Sen. Edward Kennedy, monthly premiums would be used to finance benefits of at least $50 a day for those needing long-term care. The money would go for services at home or to help with nursing home bills.

    But government actuaries determined that unless a large number of healthy people signed up, premiums would have to soar to unaffordable levels to meet the growing needs of the disabled.

    Experts have concluded, said Rep. Phil Gingrey, R-Ga., that "the CLASS program can't be operated without mandatory participation so as to ensure its solvency." Unless it is terminated, he said, "it poses a clear danger to the fiscal health of our budget and to the American taxpayer."

    The administration finally has come to the conclusion "that we knew even before the bill passed, that this was unsustainable, it was unworkable, it was fatally flawed," said the bill's sponsor, Rep. Charles Boustany, R-La.

    But Rep. Henry Waxman, D-Calif., said the Republican goal was to "tear down and dismantle programs that provide health care in the United States." He said "the solution is to amend the program to make it work, not just repeal it and leave nothing in its place."

     

    15 comments

    • Robert Paulson  •  Chicago, Illinois  •  3 months ago
      Where's the jobs bill?
    • Bond, James Bond  •  Bahama, North Carolina  •  3 months ago
      The GOP is a private insurance company; of course they will try to repeal.
    • disgruntled tax payer  •  3 months ago
      15 trillion in debt. 47% of Americans don't pay taxes. Over 50k that each American owes in national debt. 40 cents of every dollar goes to interest on that debt. And Congress keeps spending! Republicans on military and Democrates on entitlements. Both need to be cut, but no one in Congress is willing to make the tough decisions to cut both. Make you voice heard in 2012!
    • heritagesoftailclassic  •  3 months ago
      Another reason to support Pres Obama's health care reforms. Ready for a couple of facts, courtesy of our own CIA?

      Canadians live, on average, FOUR YEARS longer than we do. (Source: CIA World Factbook / Rank Order, available online without charge.)

      Canadians have universal health care. We do not.

      Canadians treat cancer as a disease. Before Pres Obama, we treated it as a profit centre. Guess which system has the better outcomes? Not ours. We are the richest country in the world -- but our life expectancy ranks No. 49 in the world. Pitiful.

      Pres Obama has succeeded in turning the tide, and started to bring us into the 20th Century with all of the other industrial economies. It will take a bit longer to reach the 21st.

      Meantime, those of you who wish to die FOUR YEARS early may continue to support the Republicans. The rest of us prefer progress.
    • heritagesoftailclassic  •  3 months ago
      hey fools , the outrageous money now going into our blothed hc system is more than enough what a single payer system would need to work well ion the U.S. !!!!
    • David  •  3 months ago
      I'm all for healthcare reform but not by making someone buy something they would already have if it was affordable. Let's make it to where even the poorest American could actually afford health insurance rather then punish them for being poor. " If everyone had a college degree someone would still need to sweep the floor"
    • tommy  •  3 months ago
      Republicons tearing down the good for the people. What a waste. We are a truely dispicable nation; not caring for the sick or needy. Jesus forgive us all.
      • Muncha Pusay 3 months ago
        Jesus only needs to forgive the democrats. The rest of us haven't done anything that needs forgiving.
    • Pat E  •  3 months ago
      There are to many people on the planet and its going to get worse. By reducing the availability of health care world wide it will help this problem.
    • the doctor  •  Los Angeles, California  •  3 months ago
      as usual, Waxman makes a claim he cant back up. So the solution is to amend the program? fine, make money appear out of thin air! making impossible commitments that ignore the warnings with the idea that a solution will come up later is exactly why states and cities are near bankruptcy from retirement plans that were never economically feasible. Doing it again in the face of Sebilius's warnings would be stupid.
    • Mike  •  3 months ago
      Some people just don't get it. This entire bill is rotten to the core. Even if the "mandate" to purchase insurance gets repealed,that's just the start in the right direction. There are too many other "communistic"clauses attached to the "healthcare" bill that completely reverse our constitutional rights and freedom. Congress designed the bill knowing that it will still have it's power with the mandate removed. They are hoping we will be nieve enough to feel like we won and we just shut up. Don't just take my word for it,do your research yourself and you will find the information is out there that they don't want you to know.
      • ladner 3 months ago
        I agree. Most people don't have a clue.All they think is they are getting something free. The only free thing coming from this is the R.F.I.D. CHIP. You don't read about that part in the media. Most are ignorant and too stupid to educate themselves.
    • David  •  3 months ago
      there only part of the truth people. if obama gets his obamacare we will be screwed. no if's, and's or butt's about it. this is why they forced it thru before anyone could read it. i am sure they have plans on how to pay for it and we will be the ones that have to do it
      • Robert Paulson 3 months ago
        The insurance companies opposed it. It must have been good.
    • James  •  Mesa, Arizona  •  3 months ago
      All you socialized medicine lovers should go live in United Kingdom for awhile and experience the huge cost and beaurocracy associated with it. There are normally long waiting periods for to see any type of specialist. So if you are ready to impoverish the nation and ready to start paying $8.00 a gallon for gas, then by all means support national health care. Just look at the living standards for anyone in the UK versus anyone in the USA. Everyone in the UK is poor compared to the USA. If you socialized medicine lovers want this service then pay for it yourselves. Don't force the rest of who don't want it to pay for it.
      • Robert Paulson 3 months ago
        Socialized medicine??? All medicine is socialized unless you're paying 100% out of pocket, genius. If medicine wasn't socialized, then why aren't you declining your insurance coverage and just paying it all yourself.

        Don't be a hypocrite.
      • James 3 months ago
        I am not being a hypocrite. I have a job that does have medical insurance and that is part of my salary. I am not going to pay part of somone elses salary by providing health insurance for them too. If they want health insurance then they have to pay for it. A national health care system does not need everyone to be a part of it. If half the population wants it (150 million) then that should be enough taxpayers to support it (if it is viable). Don't force us who dont want to be part of the system to pay for the system. If it was such a great system then everyone would want to be part of it. But considering that half the American population does not want to be a part of it, that should tell you something. I think you should stop being a dicatator and telling everyone how to live their lives.
    • Muncha Pusay  •  Cleveland, Ohio  •  3 months ago
      David is gay.
    • Muncha Pusay  •  Cleveland, Ohio  •  3 months ago
      Rat faced Waxman should get his nose fixed. You can see his sinuses through his nostrils.
    • Mr. Don'tknowitall  •  Cheyenne, Wyoming  •  3 months ago
      Obama care is not healthcare, it just making people buy worthless insurance. Obama is just taking care of his cronies.

    RATES

    Stay in touch with Yahoo! Finance

      YAHOO! FINANCE ON TWITTER

    Subscribe

    [X]

    How to subscribe

    Roll over each section to subscribe using Add to My Yahoo! or RSS Feed feeds.

    Yahoo! News offers dozens of RSS feeds you can read in My Yahoo! or using third-party RSS news reader software. Click here to find out more about RSS and how you can use it with Yahoo! News.