Sen. Jay Rockefeller (D-WV) has introduced his public option amendment before the Senate Finance Committee. In making the pitch to the panel's skeptics, he's noted that it will save the federal government about $50 billion over 10 years, and would be, as its name implies optional--i.e. it's not a "government takeover" of health care.
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Late update: To the chagrin of chairman Max Baucus, Rockefeller is lambasting the insurance industry, and citing a number of ways other health care reform bills do a better job at reining in their excesses. He cited insurance industry whistleblower Wendell Potter, who said that, without a public option, health care reform legislation might as well be named the "Insurance Industry Profit Protection Act."
The House bill, Rockefeller noted, would place strict limits on the so-called medical-loss ratio (i.e. percentage of each premium dollar that can go to profits, administrative costs, and other non-health care related activities.)
Late, late update: It's worth mentioning that you can follow the hearing at this link.