CBO: Senate Bill Costs $849 Billion, Major Deficit Reducer

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November 18, 2009 11:52 a.m.

Democratic leadership has distributed figures to reporters from a CBO analysis of Senate health care legislation. The numbers affirm what we reported this morning–that Majority Leader Harry Reid is very pleased.

The health care bill–which includes an opt-out public option–will require $849 billion over 10 years in new spending, to be paid for with cuts to Medicare, while reducing the deficit by $127 billion.

In that time it will extend coverage to 31 million Americans–94 percent of citizens will be covered by 2019.

Over the second 10 years, CBO projects even greater cost savings–up to $650 billion, with the caveat that after 10 years, their analyses become highly uncertain.

This meets all of President Obama’s goals, and, as has been the pattern during this legislative process, the Senate bill comes at a lower cost, and with greater cost-savings than the House bill, while the House bill covers more Americans.

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