President Obama Delivers his weekly address, 7 Aug 2010
President Obama Delivers his weekly address, 7 Aug 2010

U.S. President Barack Obama says a new report shows that reforms enacted earlier this year have added at least a dozen years to the solvency to the government's health insurance program for the elderly.

In his weekly address, President Obama says the findings, in a report from the trustees of Medicare, show the "single longest extension in history."

The president says his administration has extended the life of Medicare by "going after waste, fraud and abuse" while preserving benefits for older Americans.  He says in the coming years, Medicare recipients can expect to save an average of $200 per year in premiums and a higher amount in their out of pocket costs.

In March, Mr. Obama signed sweeping health-care reform legislation that extends health insurance coverage to more than 30 million Americans.

In the Republicans' weekly address, Illinois U.S. Representative Peter Roskam criticized Mr. Obama's plan to let a series of tax cuts for the wealthy expire in January.

Congressman Roskam said "massive tax increases" during a time of economic challenges would stall U.S. growth and stop businesses from creating jobs.

The tax breaks were enacted during the administration of former President George W. Bush.

Some information for this report was provided by AP, AFP and Reuters.