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CBO report notes increase in Medicare spending over next ten years

A Congressional Budget Office (CBO) report released January 26 says if the 2009 payment rates are maintained throughout this decade, Medicare and Medicaid spending would increase by an average of 7% a year over that period, according to The Wall Street Journal.

The report also highlights the pending consequences of the aging Baby Boomer population. Social Security spending is expected to be growing at 6% a year by 2020, a 3% rise from this year. In addition, gross Medicare spending, which totals $528 billion in 2010, is projected to rise to more than $1 trillion by the end of the decade.