WASHINGTON (CNN) - The chairman of the Senate Finance Committee unveiled a summary of his long-awaited health-care plan Wednesday, setting the stage for a legislative showdown on President Barack Obama's top domestic priority.
The bill, crafted by Sen. Max Baucus, D-Montana, would cost $856 billion over 10 years and mandate insurance coverage for every American.
In a written statement, Baucus claimed the bill - released with no Republican support - would not add to the federal deficit.
The measure drops the public-health-insurance option favored by Obama and many Democratic leaders, according to the summary. As expected, the plan instead calls for the creation of non-profit health-care cooperatives.