Published Tuesday, 12 January 2010
Mr McGimpsey hit out after DUP Finance Minister Sammy Wilson outlined budget cuts totalling around £370m which will hit governmental departments next year.
The cuts will be implemented due to the postponement of water charges in Northern Ireland.
The Civil Service equal pay claim will also cost £160m, though central government is footing part of the bill.
Plans to ensure that each department faced an equal cut were dropped to help protect vital services, although the Department of Health faces the largest cash loss of £113.5m.
The Department of Regional Development and the Department of Education will also endure substantial cuts, while the other departments will make up the rest of the shortfall.
Mr Wilson conceded to critics that there was a risk frontline services could be hit, but he hoped this would be minimised.
He told the Assembly his review of 2010-11 spending plans would put the Stormont finances on a secure footing.
"It's not a crisis budget," Mr Wilson insisted.
"I took the view last summer that pro-active early intervention was prudent to ensure that public finance remained in a sustainable position."
But Mr McGimpsey said he was "disgusted" that the Executive had not found a way to cover costs without hitting vital health services.
"This has not been fairly dealt with. I have written to Executive colleagues saying I have completely opposed this approach," he said.
"We (the Executive) have found ourselves embarrassed to the tune of £400m.
"They are taking over £100m out of health, and I have told them it is outrageous that they would be doing so.
"As far as the people of Northern Ireland are concerned, health is the most important. It is about life saving and pain and distress."
"I am absolutely disgusted."
The health department has by far the largest budget in the Assembly.
But Mr McGimpsey said: "They can't keep on hammering the health service because we get the biggest budget. We get the biggest budget because health is the biggest need."
Sinn Fein said the committees scrutinising departments would have to ensure cuts proposals were carefully considered.
UUP Finance spokesman David McNarry asked if further cuts could be in the pipeline.
Mr Wilson said: "Is this the sum total of cuts which we are likely to face in 2010 and 2011? The answer to that question is I don't know."
Mr Wilson said the amount of money available to devolved administrations after the General Election is likely to be reduced.
"Northern Ireland, I don't believe will escape the consequences of that", he said.
"How hard that is likely to be, I don't know."