The new Medicare Plan D prescription drug program is so "financially irresponsible" that it could plunge the entire Medicare program into bankruptcy, warned US Comptroller General David Walker.
During a televised interview on the CBS "60 Minutes" news program, Walker said that, when the first wave of baby boomers start receiving Medicare benefits in 3 years, the result will be a "tsunami of spending that could swamp our ship of state if we don't get serious" about controlling health care and entitlement program costs.
Walker, the nation's top accountant and head of the Government Accountability Office, characterized the new prescription drug benefit as the final straw for an already fiscally shaky Medicare program.
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