October 29, 2009 09:59 PM UTC

Public Option, Er, "Exchange," Goes Public

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• by: Colorado Pols

From MSNBC:

After months of struggle, House Democrats rolled out sweeping legislation Thursday to extend health care coverage to millions who lack it and create a new option of government-run insurance. A vote is likely next week on the plan largely tailored to President Barack Obama’s liking.

Speaking on the steps of the Capitol, Speaker Nancy Pelosi said Congress was at a “historic moment” with lawmakers “on the cusp of delivering on the promise of making affordable, quality health insurance available to every American.”

Officials said the measure, once fully phased-in over several years, would extend coverage to 96 percent of Americans. Its principal mechanism for universal coverage is creation of a new government-regulated insurance “exchange” where private companies would sell policies in competition with the government. Federal subsidies would be available to millions of lower-income individuals and families to help them afford the policies, and to small businesses as an incentive to offer coverage to their workers.