Reply #23: Baucus Unveils $856 Billion Health-Care Legislation [View All]

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Source: WSJ

Bill Has No Public Option, Would Require People to Purchase Coverage

WASHINGTON -- Senate Finance Committee Chairman Max Baucus formally unveiled a 10-year, $856 billion bill that would extend health insurance to tens of millions of Americans not now covered, moving an important step forward on President Barack Obama's top domestic priority.

"This is a good bill. This is a balanced bill. It can pass the Senate," Mr. Baucus said at an afternoon news conference at which he provided details on the plan.

The sweeping measure is designed to steer a more moderate course on health policy than other major bills moving through Capitol Hill, and it doesn't propose to create a new government insurance plan to compete with private insurers, as proposed in rival House legislation and favored by many liberal lawmakers. Instead, the Montana Democrat is proposing to expand coverage by creating a network of nonprofit health-insurance cooperatives. The cooperatives would be seeded with $6 billion in federal money, enough to cover start-up costs and meet insurance solvency requirements.


Read more: http://online.wsj.com/article/SB125310546537515699.html