Statement on the Public Option Deficit Reduction Act

Washington, DC (January 15, 2013) — Today Rep. Jan Schakowsky, along with Rep. Henry Waxman and 43 House Members, introduced H.R. 261 the Public Option Deficit Reduction Act. This bill would offer the choice of a publicly-run health insurance plan, an option that would save more than $100 billion over 10 years.

"Obamacare is already helping millions of Americans get the health care they need, but it can be made even better. The Public Option Deficit Reduction Act will give health care consumers more choice and lower their premiums. "It would provide premiums that are 5% to 7% lower than private insurance plans. According to the non-partisan Congressional Budget Office, it would decrease the federal budget deficit by $104 billion over 10 years. And, by providing a lower-cost alternative to private insurance, it would put pressure on all insurers to lower their premiums in order to compete.

"American health consumers deserve a publicly-accountable, transparent, and lower-cost option. The bill we are introducing today would provide that choice and lower the federal deficit at the same time. We cannot let for-profit insurance companies continue to prevent American consumers and American taxpayers from benefitting from passage of the public option. I will work hard to make sure it is not just part of the debate about controlling health care costs but also part of the enacted solution," said Rep. Schakowsky.

"As Congress looks to reduce the deficit, it is important to remember the one policy that could save billions of dollars is the public option. I hope that my colleagues will take a fresh look at this in the months ahead," said Rep. Henry Waxman.

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