Health Care Bill Update - Dems: Health Bill To Cost $940B Over 10 Years

House Democrats are on track for a Sunday vote on sweeping health care legislation that will expand coverage to millions of uninsured while also reducing the federal deficit, leaders said this morning.

The health care bill delivers on President Obama's top domestic priority by providing coverage to more than 30 million people now uninsured at a 10-year cost of $940 billion. It does so through a combination of tax credits for middle class households and an expansion of the Medicaid program for low income people.

The No. 2 Democrat in the House said the health care package would also reduce the federal deficit by more than $100 billion over its first 10 years -- and more than $1 trillion in the second decade.No elaborations were made.

The big expansion of coverage would not come until 2014, when new health insurance marketplaces open for business.

In the meantime, the legislation calls for a series of new consumer benefits. Insurers could not deny coverage to children because of an pre-existing health problem, nor could they place lifetime dollar caps on the amount of coverage. A new high-risk health insurance pool would provide coverage to uninsured people who can't get private coverage because of health problems.

Once the legislation is fully phased in, most Americans would be required to carry coverage -- and insurers would be forbidden from turning down people with health problems, or from charging them more.

Democrats are following a complicated two-track legislative strategy for passing the bill. First, the House will have to approve a Senate bill that many of its Democratic members object to. Then both chambers will quickly pass a package of fixes agreed to in negotiations with the White House.

Since the House will vote first, Hoyer said lawmakers are seeking assurances from their Senate counterparts that they have enough votes to pass the follow-up measure as well.

Reuters; Wall Street Journal; AP.