The information contained in this brief was drawn from  Speaker Pelosi’s press conference, The New York Times, and congressional fact sheets.

The $894 billion health care reform package put forth today House speaker, Nancy Pelosi seeks to provide insurance to up to 36 million people "by broadly expanding Medicaid, the state-federal insurance program for the poor, and by offering subsidies to moderate-income Americans to buy insurance either from private carriers or a new government-run plan," reports the New York Times.

According to the Congressional Budget Office, the bill would reduce future federal deficits by about $30 million over the next 10 years, meeting President Obama’s demand that the health legislation not add “one dime” to the nation’s indebtedness.

The Times also says that in its size and scope, the House bill is very similar to a measure under development by the Senate majority leader, Harry Reid of Nevada, who is seeking to combine bills passed by two committees.

A fact sheet from Speaker Pelosi’s office underscores the following about the bill:

According to a preliminary analysis from the Congressional Budget Office, the legislation:

1. Meets President Obama’s Cost Test of $900 Billion for coverage.  The legislation’s coverage cost will be $894 billion over 10 years, fully paid for.
2. Cuts the Deficit. The legislation cuts the deficit by about $30 billion in the first ten-years (2010 – 2019).   CBO has indicated that in the period of 2016-2019, savings and revenues will grow significantly faster than coverage costs. 
3. Reins in wasteful Medicare costs while improving benefits for seniors.  The legislation reduces annual growth in Medicare expenditures by 1.3 percentage points per year.
4. Expands health coverage.  The legislation expands health insurance coverage to 36 million Americans, which helps guarantee that 96 percent of Americans will be covered.

Crucial differences exist between the current House and Senate bills.

• The House bill, for instance, would impose a new income surtax on individuals earning more than $500,000 and couples earning more than $1 million — a so-called millionaire’s tax.
• The Senate would impose a tax on high-cost insurance policies, a move that experts say could help lower long-term health care costs by giving employers, employees and private insurers incentive to reduce expenditures.

Both the House and Senate versions of the legislation would severely tighten restrictions on health insurance by barring the denial of coverage based on pre-existing medical conditions.

Other aspects of the bill discussed during the press conference unveiling the bill include extended coverage for young people under their parent’s health insurance plans.