CBO Reports on Finance Committee Health Care Bill

Plan will reduce budget deficit.

Published on: Oct 8, 2009

The Congressional Budget Office estimates the Senate Finance Committee's health care legislation will cost $829 billion dollars over 10 years. According to the CBO and Joint Committee on Taxation, the bill would result in a net reduction in federal budget deficits of $81 billion over the 10-year period. The estimate included a projected net cost of $518 billion for the proposed expansions in insurance coverage. The net cost of the coverage expansion would be more than offset by the combination of other spending changes that CBO estimates would save $404 billion and other provisions that would increase federal revenues by $196 billion over the same period.

 

"Our balanced approach to health reform has paid off," said Senate Finance Committee Chairman Max Baucus, D-Mont. "The America's Healthy Future Act remains fully paid for, begins to reduce the federal deficit within ten years and makes significant reductions in federal debt over the next several decades."

 

Most importantly Baucus say it improves and expands health care coverage for tens of millions of American families. Health reform will modernize the health care system for the 21st century by reducing inefficiencies, focusing on quality and ensuring we are getting the best bang for our health care buck.