Budget Committee Chairman Paul Ryan said this afternoon that contrary to claims that Obamacare will reduce the deficit, it will actually increase the deficit by roughly $700 billion.

Ryan said this afternoon at the National Press Club that the only reason a Congressional Budget Office letter claims the national health care law will reduce the deficit--i.e. bring in more revenue through tax hikes and Medicare cuts than it spends on Obamacare--is because "the books have been severely cooked"--not by the CBO  but by the Democrats who wrote the bill. 

"CBO has to score what you put in front of them," Ryan explained. "And if you put a bill in front of them that ignores the discretionary cost of the $115 billion you need to spend to run this new Obamacare program, that double counts the Medicare savings, that double counts the CLASS Act revenue, that double counts the Social Security revenue, that does not count the "Doc Fix"--you add all that stuff up, net it out, we're talking about a $701 billion hole--deficit."

"So if you actually do real accounting, get away the smoke-and-mirrors, get away the budget gimmicks, this thing is a huge deficit-increaser. And so we're not interested in enshrining, and endorsing, and accepting all the budget gimmicks the Democrats used to cram this thing through [Congress]," Ryan continued. "Mark my words: this thing will not reduce the deficit. I am very confident in saying that. They have a piece of paper from CBO that they contorted to suggest that it does. But that's not reality."