September 25, 2009

Baucus Releases Finance Committee Bill

Senate Finance Committee Chair Senator Max Baucus, D-Mont., has released his long-awaited version of a health care reform bill. Baucus said the bill would lower costs and expand coverage to millions of Americans. It is the last to emerge from five congressional committees that worked intensely through the summer on reform packages. The bill, which has not been endorsed by any Senate Republicans so far, includes several major elements.

• costs $856 billion throughout 10 years
• gives tax credits to small businesses to help them buy insurance
• creates health-insurance cooperatives, not a government insurance plan
• requires individuals and families to buy insurance coverage
• gives refundable tax credits to poor Americans to help buy coverage
• creates Internet-based insurance exchanges
• levies new taxes on drugmakers and insurers to help pay costs
• expands Medicaid eligibility to 133 percent of the federal poverty level

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