Senate Finance Committee expected to pass health care bill

The bill, called the "Baucus bill" named after committee chair Max Baucus, D-Mont., is expected to pass in today's vote, with all 13 Democrats backing it. Of the 10 Republicans on the committee, only Sen. Olympia Snow, R-Maine is supporting the bill, despite some criticism she has expressed. Her decision to vote "yes" was revealed today.

The expected approval of the bill will mark the biggest step forward for President Obama's health care reform efforts to date.

Republicans are concerned that this bill will cost more than claimed and regulate more than claimed. Some are even urging lawmakers to start completely over. The health industry recently released a report arguing that the legislation would lead to large increases in health insurance premiums.

The Finance Committee is the last of five congressional panels to act on a health reform bill. Today's vote will put the health overhaul in the United States closer to a reality than it has been in decades. The last time such a big healthcare bill has come this far was Theodore Roosevelt's proposed universal health care during the 1912 presidential campaign.

Baucus' bill includes protections for consumers such as copay and deductible limits, and the reliance on federal subsidies to help lower-income families purchase coverage. Insurance companies would have to take those who approach them for coverage, and people could "shop" for insurance through exchanges, which would be marketplaces within states.

Medicaid would be expanded, and while employers would not be required to cover their employees, but would have to pay a penalty for each worker who sought insurance with government subsidies. The Baucus bill, unlike others in Congress, would not allow the government to sell insurance to compete with private companies.

Some last-minute changes were made to the bill, as well, increasing the generosity of the government subsidies and softening the penalties for those who did not adhere to the proposed mandate for everyone to buy insurance.

Of course, after the expected passage of the bill today, there will still be a lot of work to do before it reaches President Obama's desk. The bill will need to be blended with a more liberal version that was passed by the Health, Education, Labor and Pensions Committee. Once a final bill is created, it will be sent to the House and Senate floors for passage.

Though President Obama is meeting with Prime Minister Jose Rodriguez Zapatero of Spain today, he will be keeping a close eye on the Finance Committee's meeting.