House Healthcare Bill To Contain Public Insurance Option
On Thursday, House Democrats announced a new $894 billion healthcare reform bill designed to overhaul the $2.5 trillion healthcare industry. The House version will contain the much debated public health option, which had been a major stumbling block and the main reason why legislation has taken so long.
The cost which will be factored in over ten years will mostly be funded by a 5.4% surtax on the wealthy and is expected to reduce the number of uninsured Americans substantially by 2013. The health insurance industry has recently criticized the reform bill saying it would cause premiums to rise by about $4000 to individuals by 2019.
The bill which will begin debate sometime next week is expected to be universally opposed by Republicans. Unlike the Senate, which also has a version that contains a public option, House Democrats hold an overwhelming majority and can afford a few defections at this stage.
The Senate which is hoped to finish up it’s bill sometime next month will likely contain a number of differences with the House version and it will be interesting to see what will happen when the committee forms to reconcile those differences. President Obama made healthcare reform his major domestic policy initiative when he took office but it has taken quite some time for his goal to come into fruition.
