Senate Health Care Legislation Would Cost $849 Billion Over Next Decade

During a Wednesday night press conference that was held to unveil details surrounding the Senate's version of the health care reform bill, Democratic Senator Harry Reid of Nevada announced that his proposed legislation carries a price tag of $849 billion that would be stretched out over the next decade. According to The New York Times, Senator Reid described his opinion that new taxes that would be implemented by the government in combination with significant reductions in government spending would help to reduce budget deficits by approximately $127 billion.

Senator Reid asked President Barack Obama to clarify the maximum amount of money that the health care reform plan could cost before he revealed specific information from his legislation. At Wednesday night's press conference, Democratic Senators displayed confidence that they would be able to generate the 60 votes that are necessary for the bill to take the next step.

The New York Times is reporting that the Democratic Party will need all 58 of the Senate Democrats, as well as two independent Senators who reportedly are in favor of the proposed legislation, to vote in favor of Senator Reid's health care bill on Saturday for it make the next step.

White House Chief of Staff, Rahm Emanuel, commented on his impression of Senator Reid's bill by saying, "This legislation meets the President's objectives, provides protection from insurance companies, contains true cost controls and extends coverage to working families."