In a climactic vote after a year of wrenching debate, the House of Representatives on Sunday approved a Senate bill overhauling the U.S. health-care system, handing President Barack Obama a key victory on the most significant social-policy legislation in decades. House lawmakers voted 219-212 to approve the reform bill, a wide-ranging measure aimed at extending insurance coverage to about 32 million Americans. The legislation costs $940 billion over 10 years. Congressional analysts estimate it will cut the deficit by $138 billion during that period.
No House Republicans voted for the Senate bill, which now goes to Obama for signature. Thirty-four Democrats also voted against it. In brief remarks at the White House, Obama called the bill “a victory for the American people.” “We proved that we are still a people capable of doing big things, and tackling our biggest challenges,” Obama said Sunday night. He thanked members who voted for the bill, saying the vote wasn’t easy, “but it was the right vote.” Democrats are already widely expected to lose seats during the November elections.
House lawmakers also approved a separate “reconciliation” bill, which amends the Senate bill by extending subsidies to buy insurance and imposes a Medicare tax on unearned income, among other things. The vote on that measure was 220-211.
The overhaul got an 11th-hour boost late Sunday afternoon, when anti-abortion Democrats announced a deal with the White House. To allay the concerns of those lawmakers, Obama pledged to sign an executive order reaffirming that no federal money would be used for abortions. The overhaul is paid for with billions of dollars in cuts to Medicare and new taxes, including on high-value health plans.
Visit Wall Street Grand LLC and read their other reports on Energy, Agriculture, Gold, Silver, the economy, and other market moving reports. Join today to be part of the best free investment newsletter on the web providing market moving news to the investment community: www.wallstreetgrand.com.
Disclaimer:
Wall Street Grand has not been compensated in any manner for this press release. Please read our full disclaimer by using this link: http://www.wallstreetgrand.com/disclosure.html.