WASHINGTON, DC -- Today, after Senate Democrats unveiled the Patient Protection and Affordable Care Act, new legislation to reform health insurance practices, U.S. Senator Jack Reed (D-RI), a senior member of the Health, Education, Labor and Pensions (HELP) Committee, praised the bill for reducing the deficit, keeping down health care costs, and expanding access to affordable insurance to more Americans.

The non-partisan Congressional Budget Office (CBO) reviewed the proposal and estimates the legislation would cut the deficit by $130 billion over the next ten years, and expand health insurance coverage to 94 percent of the American people. CBO also estimated that if the bill becomes law deficits would be reduced by an additional $650 billion in the following decade.

Reed issued the following statement:

"I commend Majority Leader Harry Reid for moving forward with a health insurance reform proposal that reduces the deficit, protects consumers, and is budget neutral. This is a market-based approach that will help control health care spending and improve the scope of health care coverage choices for all Americans.

"The CBO score confirms that this fiscally responsible plan will help lower health insurance costs in the future and cut the deficit by $130 billion.

"By passing comprehensive, cost-effective health insurance reform, 31 million more Americans will have access to quality, affordable health coverage. We will also strengthen employer-sponsored health insurance and help reduce health insurance costs for small businesses.

"Previous generations have tried to pass meaningful health care reform but have been beaten back by special interests. In the weeks ahead we can expect to hear more inflammatory rhetoric and bogus claims from opponents who want to block the hope of reform for another generation.

"This debate is not just about health insurance, it is about who we are as a nation.

"Today, we are one step closer to ensuring all Americans can have access to quality, affordable coverage and can't be denied health coverage because they are between jobs or have a pre-existing condition."