FOR IMMEDIATE RELEASE
October 22, 2009
Contact: Katie Laning Niebaum, Leah Vest DiPietro
(202) 224-4843

**RADIO ALERT**

AUDIO: Lincoln: Use TARP Funds to Fix Medicare and Tricare Doctor Payments System

Washington – During a conference call with Arkansas reporters earlier today, U.S. Senator Blanche Lincoln (D-Ark.) discussed her vote this week to advance legislation that would temporarily fix Medicare reimbursement rates so that Arkansas’s seniors can continue to see the doctors that they know and trust. Lincoln said she voted for the legislation in order to introduce her two amendments that would redirect unused funds from TARP to cover the cost of this needed improvement to the Medicare program. 

“I firmly believe that Congress can and should work to implement a long-term solution to the flawed payment formula once and for all.  It is vital to preserve the ability of Arkansas’s seniors to see their physicians when they need medical care,” said Lincoln.  “However, it must be done in a fiscally responsible way.  Before this can pass with even 51 votes in the Senate, I believe that it must be paid for. That’s why I authored two amendments to the Medicare Physician Fairness Act that would redirect unused funds from TARP to cover the cost of this needed improvement to the Medicare program.” 

Lincoln’s audio from today’s call is available in mp3 format at the following website:

http://demradio.senate.gov/actualities/lincoln/lincoln091022_1.mp3

Lincoln’s Remarks As Prepared For Delivery:

“This week, I voted to advance legislation that would fix Medicare reimbursement rates so that Arkansas’s seniors can continue to see the doctors that they know and trust but only so I would have the opportunity to introduce my amendment to pay for this fix with unused funds from the Troubled Asset Relief Fund (TARP).

“I firmly believe that Congress can and should work to implement a long-term solution to the flawed payment formula once and for all.  It is vital to preserve the ability of Arkansas’s seniors to see their physicians when they need medical care. 

“As the AMA and AARP have noted, “If left unchecked, physicians face an unprecedented 21.5 percent cut in Medicare payment rates in 2010, with additional cuts in future years. These cuts will hurt older Americans who rely on Medicare and baby boomers who soon will.” 

“However, it must be done in a fiscally responsible way.  Before this can pass with even 51 votes in the Senate, I believe that it must be paid for. That’s why I authored two amendments to the Medicare Physician Fairness Act that would redirect unused funds from TARP to cover the cost of this needed improvement to the Medicare program. 

“In January, I voted against authorizing further taxpayer funds to continue the operation of TARP because the program had failed to provide relief to families and small businesses in Arkansas hit by the credit crisis. 

“In this year’s third quarter, two Wall Street banks, JPMorgan and Goldman Sachs, realized strong profits and have set aside billions for executive compensation.  In the same time period, nearly 800,000 American jobs were lost, including 3,600 Arkansas jobs, and thousands of Americans filed for bankruptcy because of rising health care costs. 

“TARP expires at the end of this year, and just yesterday, TARP’s Inspector General said he did not expect U.S. taxpayers to get back all of the funds that were released by the program.  To date, only $70 billion have been repaid and another $200 billion remain unused.

“I believe we should redirect these funds to directly assist Main Street businesses throughout the country and to preserve seniors’ access to their regular physicians.  We should use TARP funds to help our seniors instead of spending one more dollar for excessive Wall Street bonuses.  Enough is enough.

“I am committed to continuing to work with members on both sides of the aisle to provide a solution to this problem in a way that will not increase the debt burden for future generations.”

-30-