Report: Healthcare Overhaul Will Increase Costs

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President Barack Obama's recently passed healthcare reform won't reduce costs, according to a report from experts at the Health and Human Services Department.

The department's economic experts concluded that the plan will cover an extra 34 million people, but it will also raise projected spending by about 1 percent, or $300 billion over the next 10 years.

"A trillion dollars gets spent, and it's no surprise - healthcare costs are going to go up," said Rep. Dave Camp, R-Mich., a leading Republican on healthcare issues.

The report also warned that Medicare cuts may be unrealistic. It projected that the cuts could drive 15 percent of hospitals and other providers into the red.

"During 2010-2019, however, these effects would be outweighed by the increased costs associated with the expansions of health insurance coverage," wrote Richard S. Foster, Medicare's chief actuary. "Also, the longer-term viability of the Medicare...reductions is doubtful."

During the healthcare debate, the president promised that the reform would provide more coverage and lower costs.

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