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CBO Proposal 1 (September 16, 2009)

handle is hein.congrec/cbo1060 and id is 1 raw text is: O CONGRESSIONAL BUDGET OFFICE Douglas W. Elmendorf, Director U.S. Congress Washington, DC 20515 September 16, 2009 Honorable Max Baucus Chairman Committee on Finance United States Senate Washington, DC 20510 Dear Mr. Chairman, The Congressional Budget Office (CBO) and the staff of the Joint Committee on Taxation (JCT) have completed a preliminary analysis of specifications for the Chairman's mark for proposed health care legislation that were provided by the staff of the Senate Finance Committee. (CBO has not completed a review of the document entitled Chairman's Mark, America's Healthy Future Act, which was released by the Committee earlier today.) Among other things, the Chairman's proposal would establish a mandate for most legal residents of the United States to obtain health insurance; set up insurance exchanges through which certain individuals and families could receive federal subsidies to substantially reduce the cost of purchasing that coverage; significantly expand eligibility for Medicaid; substantially reduce the growth of Medicare's payment rates for most services (relative to the growth rates projected under current law); impose an excise tax on insurance plans with relatively high premiums; and make various other changes to the Medicaid and Medicare programs and the federal tax code. CBO and JCT's preliminary assessment of the proposal's impact on the federal budget deficit is summarized below. The enclosures with this letter provide estimates of the resulting changes in the number of nonelderly people in the United States who would have health insurance, present the primary budgetary effects of the proposal's major provisions related to insurance coverage, and display detailed estimates of the cost or savings from other proposed changes (primarily to the Medicare program) that would affect the federal government's direct spending. www.cbo.gov

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