The bill reflects Republican complaints that the healthcare law contains too much automatic funding for health programs at a time of fiscal crisis.
The bill would set a lower spending level for the program through 2016, and the Congressional Budget Office estimates passing the bill into law would reduce funding under the program by more than half. CBO says it would lower spending to $184 million from 2011-2016, a cut of $195 million over that period.
CBO estimates the bill would save $220 million by the end of 2021.
The bill would also rescind funds that have not yet been obligated under the program, which CBO says would rescind $190 million in FY 2011. According to CBO, only $40 million has been spent on the program in the current fiscal year.