Budget office: President's plan would save $1 trillion - WSFA.com Montgomery Alabama news.

Budget office: President's plan would save $1 trillion

President Obama Thursday again postponed his Asian trip. He is hoping he can sign a health care reform bill in the next few days.  

The delay comes after a new, impartial estimate found the Obama plan will deeply cut the deficit. The CBO report that means more wavering democrats are likely to vote yes which is just what democratic leaders had hoped for. 

Alabama Governor Bob Riley says the healthcare plan is "a prelude to disaster" and is asking leaders to vote against it. He says the plan is full of deals cut with certain states that Alabama can't afford. Riley added that he hopes Alabama doesn't have to go to court to stop the plan, like other states are planning to do.

The non partisan Congressional Budget Office crunched the numbers and reports the Obama health care reform plan would cut the deficit by more than a trillion dollars over 20 years. 

That makes this legislation the most significant effort to reduce deficits since the balanced budget act in the 1990s, the President said. Democratic leaders are relieved.  $138 billion saved in the first ten years. 

The CBO backed House Speaker Nancy Pelosi's basic pitch. "Speaks very eloquently to the deficit reduction that is in our package," said Pelosi. 

More than 72 hours have to pass between the CBO report and a vote in the House. President Obama cancelled his Sunday departure for Indonesia, hoping to sign a bill by then or Monday.

Republicans remain are on the defensive. "It's not too late - all we need is enough dems in the House of Representatives to do the right thing for the American people," said Kentucky republican senator Mitch McConnell. 

That's the key, how many votes will switch? 

More than a dozen House democrats have said they'd be more likely to vote yes if the CBO confirmed that the Obama health care reform plan would leave the U.S. Treasury a lot healthier. 

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