Senate Finance Committee Approves Sen. Baucus' Health Care Bill

"We clearly have more to do," Wyden said, but he voted yes to the bill.

Sen. Chuck Schumer, D-N.Y., said he will try to change the bill on the Senate floor.

"Again, we must have a public option," he said, later adding, "This is not a perfect bill. It needs further changes."

The bipartisan CBO estimated the Senate Finance Committee bill would cost $829 billion over 10 years and reduce the deficit by $81 billion in the same time period. If the bill were to become law, CBO estimates that 94 percent of Americans and legal residents would have health insurance.

Today, Elmendorf said the CBO did not have the time to assess the bill's impact on people who are privately insured and that the total impact on national health care costs is still blurry.

The biggest issue on which the bill is different than other Democratic plans is in the lack of a public option. Baucus' bill instead calls for the creation of nonprofit health care insurance cooperatives as an alternative.

However, the CBO analysis suggested that co-ops aren't much of an alternative to what is currently being offered.

"The proposed co-ops had very little effect on the estimates," the CBO report said, because "they seem unlikely to establish a significant market presence in many areas of the country or to noticeably affect federal subsidy payments."

Another thorny point is the proposed taxes on high-value "Cadillac" plans. Baucus' bill would reap in $201 billion from this new excise tax, according to the CBO, but many Democrats oppose the plan, saying it unfairly hits unions that have negotiated generous health care plans in exchange for lower wages.

One point of agreement in all plans is that Americans would be required to carry health insurance. The plans, however, defer in the types and amounts of subsidies that would be provided to low-income citizens to get coverage.

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