The CBO said the Senate bill would extend coverage to more than 30 million Americans who lack it. It also imposes new regulations to curb abuses of the insurance industry, and the president noted one last-minute addition would impose penalties on companies that "arbitrarily jack up prices" in advance of the legislation taking effect.
CBO analysts also said the legislation would cut federal deficits by $132 billion over 10 years and possibly much more in the subsequent decade.
At its core, the legislation would create a new insurance exchange where consumers could shop for affordable coverage that complied with new federal guidelines. Most Americans would be required to purchase insurance, with federal subsidies available to help defray the cost for lower and middle income individuals and families.