Are we one step closer to health care reform? The Senate Finance Committee sure gave that impression by putting forth a $829 billion health care bill today. The bill passed in committee by a vote of 14-9 with Sen. Olympia Snowe (R-ME) representing the lone committee member to not vote along party lines.
What does the vote mean? Nothing concrete – don’t get excited. It just means that the matter will go to the full Congress for debate. I wouldn’t expect that to be easy.
This version would be financed by reductions in spending for Medicare and other government programs (about $400 billion); new fees on the health industry; and taxes on the so-called “Cadillace” insurance plans (about $200 billion).
The latter is not expected to make it through the full House without significant changes. Notably, unions, which tend to support Democratic candidates, are insisting that the taxes be dropped. House Democrats may, instead, favor a surtax on high earning taxpayers (individuals with incomes of more than $500,000 or families with combined incomes of $1 million or more). Republicans are opposed to the surtax.
Notwithstanding that the Democrats have a majority in Congress and a limited amount of crossover support, don’t expect a vote any time soon. There are still many details to work out, including how to pay for the bill and whether to incorporate a public option.
Hold on, it should be an interesting ride this fall!
Olympia Snowe has put the American people ahead of the Republican party today and I congratulate her for that.
Actually I hold in her n contempt for messing up the american people by voting this bill out of committee
This new information was based on a study performed by Price Waterhouse, who was hired by the insurance lobbyist. This study looked at the cost, without any attention being payed to the cost savings within the bill. The overall result was so inaccurate, that the accountants who participated in the study distanced themselves, and explained just that. To look at this for what it really is, is to know that the insurance companies are basically saying, pass this bill and we raise your premiums!