Money Matters, Simplified.
Health care bill close to finalization
by Jaspreet Virk - December 20, 2009 - comments
The health care bill is expected to cost nearly $900 million over the next 10 years. The cost for the program will be covered by $483 billion worth of cuts to Medicare and other health programs, as well as by increase in taxes
New York, December 20 -- In a crucial breakthrough towards implementation of Obama's health care program, the Democrats on Saturday garnered the required support, thus giving a major boost to the president’s proposed health care bill.
The breakthrough came after the Democrats worked on a series of concessions to prevent federal spending on abortions under the health care program.
As a result, the Democrats gained the support of anti-abortion senator Ben Nelson, whose vote was crucial for the health care reform legislation.
Nelson’s support gave Democrats the 60-vote majority, which was necessary to overcome resistance from the Republicans.
Welcoming the move, Obama stated, “After a nearly century-long struggle, we are on the cusp of making health care reform a reality in the United States of America.”
More on the health care proposal
With the health care bill firmly on path, 94 percent of eligible Americans will benefit from the program.
Starting 2013, Americans would be required to get insurance either through the employer, government, or by buying it themselves.
The legislation will set up a new insurance exchange to help citizens shop for the best and most affordable health care insurance while complying with the federal guidelines.
The government would provide subsidies to offset the high cost of insurance for those who otherwise cannot afford health care costs.
In order to prevent abuses of the insurance industry, new regulations will be put in place. These will include levying penalties on companies that jack up prices or indulge in other unlawful practices.
The bill is expected to cost nearly $900 million over the next 10 years. The cost for the program will be covered by $483 billion in cuts to Medicare and other health programs, as well as by increase in taxes.
The health care program will reduce federal deficit by $132 billion over 10 years.
Republicans oppose legislation
While the move is a victory for the Democrats, Republicans have continued their attack on the legislations.
Republicans’ leader Mitch McConnell of Kentucky said at a news conference, “This bill is a legislative train wreck of historic proportions."
Criticizing the bill, he added that it includes massive tax increase at the time when the nation is facing double digit unemployment.
The Republicans voiced opposition when Senate Majority Leader Harry Reid sought permission for Nelson to announce his decision.
Despite the opposition, the House has gained the necessary support for the bill. The next vote on the bill is scheduled for 1 a.m. Monday.
In order to pass the bill, the Democrats will again have to secure 60 votes on two additional occasions.