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Preliminary Estimate of the Effects on the Deficit of the Chairman's Mark 1 (October 7, 2009)

handle is hein.congrec/cbo1072 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Douglas W. Elmendorf, Director U.S. Congress Washington, DC 20515 October 7, 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 the Chairman's mark for the America's Healthy Future Act of 2009, incorporating the amendments that have been adopted to date by the Committee on Finance. That analysis reflects the specifications posted on the committee's Web site on October 2, 2009, corrections posted on October 5, and additional clarifications provided by the staff of the committee through October 6. CBO and JCT's analysis is preliminary in large part because the Chairman's mark, as amended, has not yet been embodied in legislative language. Among other things, the Chairman's mark, as amended, 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, display detailed estimates of the cost or savings from www.cbo.gov

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