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House passes bill stopping Medicare cut for doctors

AP/Yahoo News, June 24, 2008

The U.S. House has overwhelmingly passed legislation that would void a 10.6% cut for doctors who treat Medicare patients. Under the legislation, the voided cuts would be paid for by trimming payments to private health insurers. The legislation passed despite a veto threat by President Bush and protests from the insurance industry. Payment rates are set to drop by 10.6% on July 1 as a result of a formula that calls for cuts when spending exceeds established goals.