A Toast 2 Wealth

Nancy Pelosi has announced the new health care bill.  Pelosi’s administration claimed the bill would cut the federal deficit approximately  $30 billion over the next 10 years. The measure is financed largely through a combination of a tax surcharge on wealthy Americans and spending constraints in Medicare and Medicaid.

House Democratic leaders revealed the health care reform bill Thursday that includes a more moderate version of the government-run public health insurance availability to Americans. This bill includes versions passed by three House committees and includes what is called,  a “negotiated rate” public option. It will cost $894 billion over 10 years and extend insurance coverage to 36 million Americans.  It is guaranteed that 96 percent of Americans have coverage.  Medicare expenditures would also be cut by 1.3 percent annually.

Under this House plan, health care providers would be allowed to negotiate reimbursement rates with the federal government, according to Democratic leadership aides.

Any bill passed by the House of Representatives will eventually have to be merged with legislation passed by the Senate. Both chambers would then have to pass a revised measure before sending it to President Obama to be signed into law.