clipped from www.foxnews.com

AT&T said Friday that it is preparing for President Obama’s health care overhaul to cost the telecommunications giant an additional $1 billion in expenses in the first quarter, possibly forcing the company to cut benefits it offers to current and retired workers.

AT&T is the latest and biggest company to account for the financial impact that the health care overhaul will have on its bottom line. It said the tax ramifications related to the legislation that Obama signed Tuesday will force it to take a non-cash charge — an expense that does not require cash to be paid out but has to be charged against the company’s earnings. blog it

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