WASHINGTON, DC - Today, U.S. Senator Jack Reed (D-RI) released the following statement:

"I applaud President Obama for fostering a bipartisan discussion on health insurance reform. Everyone agrees that the status quo is unsustainable. It was encouraging to see there was bipartisan agreement on the need to reform the system and that many of the ideas championed today by both Democrats and Republicans are already incorporated in the Senate bill.

"We need to ensure Rhode Islanders have access to affordable health care and prevent excessive rate hikes on those who already have health insurance.

"There simply isn't enough competition in the current health insurance market. Health insurance reform will increase competition and subject insurance companies to greater scrutiny when they try to raise rates. We will also offer tax credits to families to purchase insurance and to businesses that provide their employees with health coverage.

"I strongly disagree with those who advocate that we just "start over." Republicans had eight years to offer health reform proposals and they never even got started. Americans can no longer afford the status quo."