CBO: Baucus Health Care Plan Would Cost $880 Billion

September 14, 2009 11:34 a.m.

The latest cost estimate on the Senate Finance Committee’s health care proposal is in, and it’s slightly lower than the $900 billion that President Obama projected in his speech before Congress last week.

According to CBO, the proposal, circulated by Sen. Max Baucus (D-MT) would run about $880 billion over 10 years–lower than many experts believe would be necessary to make sure all consumers can afford private insurance. Baucus has said he plans to cover that price tag with efficiencies wrung from Medicare and Medicaid, as well as taxes and fees on health insurance companies and other industry stakeholders.

Baucus will reportedly unveil a draft of his bill tomorrow, and it committee hearings should begin next week.

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