Budget Control Act
For many long-term care providers, dealing with funding cuts that began in March has amounted to making the best of a bad situation. Automatic sequestration cuts are trimming Medicare payments by 2%, while many complementary programs are being held back or halted. That's the bad news. The really bad news is that things are likely to get worse.
Passage of the Affordable Care Act and the Budget Control Act of 2012 improved the budget outlook, but neither are enough to fix the gap between spending and revenue, according to a report by the Government Accountability Office.
Members of the congressional "super-committee" announced Monday that the panel has failed to devise a deficit reduction plan ahead of its Wednesday deadline, drawing sharp criticism from provider groups. The 12-member, bipartisan committee was tasked with finding a way to trim $1.2 trillion from the federal budget deficit over 10 years by a Nov. 23 deadline.