Washington (CNN) - The non-partisan Congressional Budget Office estimates that the Democrats' revised health care bill will cost $940 billion over the next 10 years, two House Democratic sources told CNN Thursday.
The bill cuts the deficit by $130 billion during that period of time, according to the sources, and would reduce the deficit by another $1.2 trillion in the following decade.
The measure extends health insurance coverage to 32 million Americans, helping to guarantee that 95 percent of Americans will be covered, the sources said. It also reduces Medicare expenditures by 1.4 percent annually while extending Medicare's solvency by at least 9 years, they added.
Rep. Henry Waxman, D-California, told CNN that the CBO estimates are "better than expected."
Waxman said that many of the remaining undecided House Democrats have been concerned about the bill's impact on future federal deficits.
The CBO estimates "will go a long way to get them to feel comfortable with the legislation," he predicted.
GOP leaders said the new CBO estimates had not changed their opinion of the bill, which they vehemently oppose.
The Democrats are "still going to spend a trillion dollars to impose government health care on the American people," said House Minority Leader John Boehner, R-Ohio.
"It's not too late for the American people to continue to speak up," he said. "They need to yell a little louder and we can stop this."
The health care bill passed by the Senate in December would cost $875 billion over the next decade while reducing federal deficits by $118 billion, according to the CBO.
Democrats have been making a series of changes to the Senate bill in recent weeks in part to make the measure more acceptable to House liberals.
–CNN's Ted Barrett, Dana Bash, Brianna Keilar, and Alan Silverleib contributed to this report
(This story was updated at 10:20 a.m. EST with additional information)
I find it hard to understand how a bill that costs 940 bilion, i.e. that's what the government will spend on this bill would also reduce the deficit by 130 billion ?
Please let's see what the annual deficit figures are for this bill. They're banking 10 years worth of tax increases and benefit reductions to pay for 6 years worth of entitlements.
Please let us know what the year 11-20 deficit figures are.
It is this sort of short-term thinking that the Democrats count on, and is the reason for many of the problems in this country.
Ya we can afford that!
Lets see the bill.
Funny the democrat source says that this morning since they refused to post the CBO score last night.
well then its twice that much....
There we have it. Now you have 72 hours to review it and we should have passage by Saturday.
So.... it COSTS $940 billion, but CUTS the deficit? SHOW ME THE MATH. Any one fool enough to believe this is an idiot. And this cannot possibly take in to account the uncontrolled and spiraling underlying costs of health care caused by greedy attorneys and decreasing supply of doctors.....
And when was the last time Government EVER met cost gaols?
Obama and the democrats are snake-oil salesmen at best.
More smoke and lies , 1 you can't score something that is not complete, ( DUH ) 2 taxes start NOW but benifit pay out starts in 4 years ?? So it cuts deficit for 4 years then hammers us! STOP this then start on something that is good one piece at a time NOT globbed together with student loans and God knows what else , After all they will change it after they vote on it , If they vote on it or .. just deem it to have been voted on or,,, come on people this bull.
It is time for democrats to do the right thing and pass health reform.
In other words, there are at least 810 million reasons to vote against this inefficient and undemocratic so-called reform. Single Payer would have been far more cost effective.
Congress needs to stop borrowing money from China and making me pay it back. This bill is ridiculously bad. I'm just glad my state's attorney has already said he will fight the constitutionality of it and that my state has a bill to make forced coverage illegal. There are going to be a lot of rookies in Congress after the 2010 elections.
There Are No More Excuses For So-Called Democrats. You're Either For Or Against Health Care Reform. God Help Any Of You Who Are Against Health Care Reform.
One has to wonder how those Debt and Spend Republicans will react to something that will reduce the deficit. I know, I know, Republicans only care about obstruction.
Pass the bill now!!
It's still cut the deficit by $130 billion. That sound nice! Let see how the politicians are goint to spin this!
Yeah right and look at what the Democrats did to the Social Security funds too, what government program have ever ran in the black?
Well done. Now pass it!
Well, well, looks like the Dems are putting forth this process and I say who cares. let's see how far they can go.
I think the reality in all this debate is the fact this health care bill is a joke and second of all, is a waste of time. Bellic and Breslow(1972), conducted an illustrative study to promote how to live and have good health habits. They conducted and advertised 7 of them, I think people should look for it if they wanna live healthier lives and longer.
And last but not least, all illnesses and some(not all) are preventable. The reality is that our health beliefs are personally responsibly for the decisions we make and is up to us in the end if choose and make the right decisions. Not being ambivalent, not confusing the two and etc. The net has been a good source of information. Is that easy, if people decide not to smoke, cancer deaths can be reduced by as much as 30%.
In the end, people are responsible for what they put in their body and should evaluate some health values to what makes them suited in the long run. Not what our government tells you.
Wanna bet that the only figure you hear on FauxNoise today will be the cost, not the savings?
This only applied to the bill itself. Think of the number of jobs people will have to cut back on to pay for this, the number of people who don't have health insurance who now 'have' to pay for health insurance (like our (9.7% unemployed), less money in pocket means less spending so the economy is going to stall. Taxes are going to go up because people who can't or choose not to pay for it get subsidized by those who are already paying for health insurance. And it still costs $940 billion BY ITSELF. Wonderful.
Let's talk about the cost of NOT passing the Health Care Bill.
I don't understand what part of "The bill CUTS the deficit by $130 BILLION during the next 10 yrs" people do not seem to understand. They are always clamoring about MASSIVE DEBT? WHAT DEBT will be added by this bill??? NOTHING it will lower it. Also its projected that it will be 1.2 TRILLION the following 10 yrs.
In 60 years I have NEVER EVER seen the government meet a financial projection,ALWAYS goes much over.NEVER EVER do what the projection claims EVER.
For all of you on your high horse about not wanting govt run healthcare and trying to stop this bill - keep on living and one day many of you will be singing a different tune. When you can't pay your bills because you are trying to pay for a loved one's health care - you just wait. When you lose your job, your house and don't have health care - you just wait. Be smug now in your thoughtlessness and hate - but you just wait.
It is on bady and this bill will be passed this week!