CBO report just released: Obama's health care plan would REDUCE the deficit

The Congressional Budget Office just released a report on the cost of President Obama’s health care plan and it reduces the deficit, as Obama has stated repeatedly, over the ten year period.

The total cost will be 829 billion, instead of the trillion dollars predicted by Republican alarmists, and would end up reducing the deficit by 81 billion over a decade. T

The president explained repeatedly in town hall meetings across the country: the cost of health care reform would be covered by the elimination of waste in the system. It would also include modifications of Medicaid and a 40% excise tax on high-cost insurance policies starting in 2013.

The Senate Finance Committee version of the health care bill would extent medical coverage to 30 million people and would increase coverage to 94% of Americans by the year 2019, up from the current 83% of coverage.

According to CNN White House correspondent, Dana Bash, one moderate Republican, Susan CollinsSusan Collins of Maine, when told about the CBO report said, “that is well below the 900 billion magic number,” indicating an acceptable level for her party.

"This is transformative. This is game-changing," Finance committee Chairman Max BaucusMax Baucus (D-Mont.) said. "For two years now, that's exactly what we have been doing in the Finance Committee -- working to get this result."

President Obama made a commitment to the American people that he would not sign a bill that would “increase the deficit by a single dime” and that will be accomplished with this legislation.

The cost of the bill has been a major excuse used by conservatives, Republicans, and a handful of Blue Dog Democrats, not to support the president on health care reform.

Now that cost can no longer be used as an obstacle, it will be interesting to see if the obstructionists on health care will actually step up and do what a majority of American’s want: to reform health care and reign in the insurance industry.

The current version of the bill does not contain a public option.

***Copyright DelilahStarling 2009