CBO has updated its assessment of the Senate-passed health care bill that will form the basis of the final health care package once the reconciliation package of 'fixes' is complete:
Obama health bill gets boost from budget office
WASHINGTON (AFP) – In a boost to President Barack Obama's flagship reform drive, the Congressional Budget Office said Thursday a Senate health care bill would cut the deficit by 118 billion dollars.
The release of the report thickened the intrigue in a tense period of vote hunting for Obama's Democratic allies in the House of Representatives, with the White House pushing for a crucial vote on the measure within a week.
The non-partisan CBO said in its updated assessment that the Senate bill would cost 875 billion dollars over 10 years and reduce projected budget deficits by 118 billion dollars.
In a bid to thwart Republican obstruction tactics, Obama wants the House to pass the Senate bill along with a package of "fixes" in a delicate political maneuver that represents the last hope for his key domestic priority.
As it currently stands, the legislation would cover 31 million Americans and offer consumer protections to all Americans, eliminating the ability of insurance companies to deny people for pre-existing conditions or to rescind coverage to people who get sick. Its ten-year $875 billion price tag would be funded by Medicare cost-savings (without jeopardizing benefits) and a mixture of new taxes. It would reduce the deficit by $118 billion in the first ten years.
Remember, these budget numbers represent a baseline, and will likely change (presumably for the better) once the reconciliation package is complete. But it's an important reminder that the net financial impact of reform will be a reduction in the budget deficit.
If Republicans want to argue that government should not provide a safety net insuring that all Americans have health insurance, that's their right -- but for them to argue that this bill is a fiscal calamity just isn't grounded in reality.
Join the discussion in Bensonola's recommended diary, CBO: Senate HCR Bill Reduces the Deficit by 118 Billion!.