The CBO just released an estimate of the Senate Finance Committee's "America's Health Future Act of 2009" as amended by the committee, and it is full of good news! As Senator Baucus touted: "This legislation is a smart investment on the federal balance sheet, and it's an even smarter investment for American families, businesses and our economy."
First and foremost, according to the CBO and the Joint Committee on Taxation, this legislation would result in a NET reduction of the federal budget deficit of $81 billion over the next 10 years -- and would continue to reduce the deficit in the following 10 years. It is important to note that this is a net reduction which means that even with the projected net cost of $518 billion to expand insurance, the savings and revenues will more than outweigh those costs.
Additionally, the CBO projects that by 2019, if this plan is enacted, 94% of Americans will have insurance, as we see increases in people purchasing insurance through the exchange and taking-up Medicaid or CHIP coverage.
Despite the good news, we still expect to see more debate on how best to provide truly affordable coverage to as many Americans as possible.
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