Well in name only that is……

The AP is reporting on the much anticipated CBO report on the costs of the Baucus Health Reform bill……..

The Congressional Budget Office added that the measure would reduce federal deficits by $81 billion over a decade and probably lead to “continued reductions in federal budget deficits” in the years beyond.

The report paves the way for the Senate Finance Committee to vote as early as Friday on the legislation, which is largely in line with President Barack Obama‘s call for the most sweeping overhaul of the nation’s health care system in a half-century.

A win for the insurance industry…..it will cost less than predicted…..and will give the industry millions of new customersa to screw at every turn.  Baucus said of the bill:

“This legislation, I believe, is a smart investment on our federal balance sheet. It’s an even smarter investment for American families, businesses and our economy,”

A smart investment?  For whom?  These guys are more concerned about the balance sheet and while they figure and smile more Americans die or go into bankruptcy.

The measure would require that millions of Americans purchase private insurance for the first time, and would set up a new marketplace where policies would be available.

Federal subsidies would be available to millions of lower-income individuals and families to help defray the cost of coverage that would otherwise be out of their reach. The alternative to government-sold health care, a proposal for nonprofit co-ops that would compete with private companies, was judged largely ineffective by budget officials. Such arrangements “seem unlikely to establish a significant medical presence in many areas of the country,” they wrote.

The legislation also would ban current insurance industry practices that deny coverage on the basis of pre-existing medical conditions, and restrict companies’ ability to charge vastly higher premiums on the basis of age, gender or other factors.

But how will the health bill be budget neutral?

The reform would be paid for through a variety of tax increases and spending cuts, including savings of hundreds of billions of dollars from Medicare, the federal health care program for seniors.  (Watch for a future post on this piece of crap).