Democrats have posted the updated health care reform bill online. They plan to vote Sunday.
The Congressional Budget Office estimates the legislation will cost $940 billion over ten years and will cut the federal deficit by $138 billion during the same period. The CBO also suggest the legislation will continue to drive down the red ink after that.
Democrats say the bill will provide coverage to 32-million uninsured Americans. It also includes new regulations for insurance companies and imposes new obligations on individuals and businesses.
President Obama applauded the CBO report.
"This is but one virtue of a reform that would bring accountability to the insurance industry and bring greater economic security to all Americans. So I urge every member of Congress to consider this as they prepare for their important vote this weekend."
Beginning in 2014, most Americans will be required to carry health insurance. Medium and large companies that don’t provide coverage for their workers will face stiff fines.
Republicans remain steadfast in their opposition to the bill, which restructures one-sixth of the U.S. economy. Today Senate Minority Leader Mitch McConnell says this bill includes “even higher taxes and deeper Medicare cuts” than the first Senate bill.
“Taking a bill that House Democrats are too embarrassed to vote on, adding more than $150 billion in new taxes and slashing $60 billion more from our Senior’s Medicare and keeping sweetheart deals may make some Washington Democrats ‘giddy’, but it’s not reform.”
Meanwhile President Obama has once again delayed his trip to Asia. The President wants to be in Washington for Sunday’s expected vote. Democratic Senator Max Baucus says the President “may have to twist some arms.”
You now have a chance to read the bill for yourself. Should Congress pass the legislation? Let me know your thoughts.
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WYMT Mountain News
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