Senate Democrats unveil $849B health bill

CNN reports: Senate Majority Leader Harry Reid unveiled a sweeping health care bill yesterday that would expand health insurance coverage to 30 million more Americans at an estimated cost of $849 billion over 10 years.

Reid and other Senate Democrats cited an analysis by the nonpartisan Congressional Budget Office for the coverage and cost figures. The CBO estimates the proposal would reduce the federal deficit by $130 billion over the next 10 years, through 2019. Any effect on the deficit in the following decade would be "subject to substantial uncertainty," but probably would result in "small reductions in federal budget deficits," according to the CBO.

According to Reid, the savings will be substantial.

"We're not going to add a dime to the deficit, in fact, quite the opposite," Reid said. "We'll cut the problems we have with money around here by as much as three-quarters of a trillion dollars."

President Obama hailed what he called a "critical milestone" in the push to meet his top domestic priority for 2009.

"From day one, our goal has been to enact legislation that offers stability and security to those who have insurance and affordable coverage to those who don't, and that lowers costs for families, businesses and governments across the country," Obama said in a statement, adding that the Senate proposal "meets those principles."

The proposal drafted from two separate bills approved by Senate committees now goes to the full Senate, where Republicans have vowed to try to block it.

Democratic leadership sources have said a Saturday vote to start debate is possible. It remains unclear, however, whether Democrats will have enough votes to fend off a filibuster. Even if they do, the ensuing debate is expected to last weeks, challenging the goal of Senate Democratic leaders to pass the bill by year's end.

The 2,074-page Senate bill seeks to reduce the long-term costs of health care for the government, businesses and individuals, while reforming how services are delivered to increase efficiency and effectiveness.

SENATE'S HEALTH BILL
Key components of the Senate's health care bill:

-- Includes a government-run public health insurance option.
-- Prohibits illegal immigrants from participating in a health insurance exchange created for those unable to afford health coverage.
-- Prohibits the use of federal funds for abortion coverage in the exchange.
-- Increases Medicare payroll tax on individuals earning $200,000 a year and couples earning $250,000 a year.
-- Requires individuals to buy health insurance, with a fine for noncompliance.
-- Does not mandate that all employers offer health care.
-- Prevents insurance companies from denying coverage for pre-existing conditions. Reid, D-Nevada, needs to round up 60 votes in the 100-member Senate to overcome a certain GOP filibuster attempt and open the chamber's debate on the bill. It would take another 60 votes to close debate, while final approval of the bill would require only a simple majority.