House Health Reform Bill Reduces Deficit, Says CBO

October 29, 2009

(ChattahBox)—Soon after the House leadership, led by Speaker Pelosi (D-CA) unveiled its merged health care bill on Thursday, CBO chief Doug Elmendorf released a preliminary score of the bill, and it’s great news. The CBO score shows a reduction in the deficit during the first 10 year period, as well as the second decade after the bill is enacted. The health bill’s cost is estimated at $894 billion, which just comes in under President Obama’s preferred limit of $900 billion.

The CBO score calculations show that the bill’s savings would exceed spending by $104 billion. The added revenues and cost savings are projected to grow slightly more rapidly than the cost of the coverage expansions,” said Elmendorf.

Not only is the House bill a deficit reducer, but it also provides health insurance overage to a greater majority of Americans than the Senate Baucus bill. “The share of legal nonelderly residents with insurance coverage would rise from about 83 percent currently to about 96 percent,” according to the CBO report.

Of course, what is frustrating here, is that a more robust public option would save even more money, but the so called, fiscally conservative Blue Dog Conservadems torpedoed a true public option.

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