Senate Passes Healthcare Overhaul Bill

This morning, the US Senate passed its version of a healthcare overhaul plan that will effectively extend insurance coverage to 30 million-plus American citizens. In a 60-39 vote, regulators moved the process one step further along the process; with the House passing its version on November 7, Congressional leaders will meet shortly after the first of the year in order to hammer-out a compromise package.

The 10-year $871 billion proposal would, among other changes, widen Medicaid coverage and establish new tax subsidies aimed at lower- and middle-income Americans that have complied with a requirement to purchase insurance. As the WSJ has reported, a fine of up to $750 for anyone not electing to purchase insurance may be attached to this mandate.

The Congressional Budget Office has estimated that over the next ten years, the health-care bill would reduce the budget deficit by $132 billion, while at the same time raising the number of insured legal residents from 83% to 94%.

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