Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

3 of 8
BACKNEXT
Medicare drug benefit: 2003
Medicare drug benefit: 2003

Without finding a way to pay for it, Congress passed a law in 2003 that expanded prescription drug benefits for seniors on Medicare.

Originally estimated to cost $395 billion over 10 years, costs are now expected to be much higher -- and there is no expiration date.

Bush characterized the measure as "the greatest advance in health care coverage for America's seniors since the founding of Medicare." But there was no corresponding tax increase or spending cuts to pay for it.

Now, it's estimated that Medicare Part D will cost about $1 trillion dollars over the next 10 years.



NEXT: Bush stimulus: 2008
Last updated April 27 2011: 5:01 AM ET
Meanest budget cuts From heating for the poor to removing unexploded landmines, the budget compromise takes the ax to some very worthy programs. More
Famous Fed flubsBernanke and Greenspan aren't the only ones to have put their foot in their mouth over the years. Here's a look at Federal Reserve "oops" moments. More
Kokomo: What stimulus bought This manufacturing town in central Indiana faced crippling unemployment. Now it is working again, thanks to the federal government. More
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.83%3.86%
15 yr fixed2.95%2.94%
5/1 ARM3.13%3.05%
30 yr refi3.95%3.98%
15 yr refi3.05%3.05%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Special Offer