The bill doesn't cover illegal immigrants and prohibits taxpayer funding of abortion and comes in under budget.
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Senate Majority Leader Harry Reid scrambled Wednesday to pull together 60 votes for his health reform bill – and his effort got a boost from congressional scorekeepers, who said his plan would cost $849 billion over 10 years, comfortably below the president’s $900 billion limit.Obama's statement:
The Congressional Budget Office also gave Reid some good news on the deficit – saying his plan would reduce the deficit by $127 billion in deficit reduction in the first 10 years and $650 billion in the second decade. It would cover 94 percent of all Americans. Read more at Politico
Statement from President Obama on the Patient Protection and Affordable Care Act
“Today we passed another critical milestone in the health reform effort with the release of the Patient Protection and Affordable Care Act. I was particularly pleased to see that the Congressional Budget Office has estimated that the bill will reduce the deficit by $127 billion over the next ten years and as much as $650 billion in the decade following, saving hundreds of billions while extending coverage to 31 million more Americans.
From day one, our goal has been to enact legislation that offers stability and security to those who have insurance and affordable coverage to those who don’t, and that lowers costs for families, businesses and governments across the country. Majority Leader Reid, Chairmen Baucus and Dodd, and countless Senators have worked tirelessly to craft legislation that meets those principles.
Just yesterday, a bipartisan group of more than 20 leading health economists released a letter urging passage of meaningful reform and praising four key provisions that are in the Senate legislation: a fee on insurance companies offering high-premium plans, the establishment of an independent Medicare commission, reforms to the health care delivery system, and overall deficit neutrality. The economists said that these provisions ‘will reduce long-term deficits, improve the quality of care, and put the nation on a firm fiscal footing.’ Those are precisely the goals we should be seeking to attain.
The challenges facing our health care system aren’t new – but if we fail to act they’ll surely get even worse, meaning higher premiums, skyrocketing costs, and deeper instability for those with coverage. Today, thanks to the Senate’s hard work, we’re closer than ever to enacting solutions to these problems. I look forward to working with the Senate and House to get a finished bill to my desk as soon as possible.”