Senate Majority Leader Harry Reid and other Democrats unveiled the senate’s healthcare plan known as the Patient Protection and Affordable Care Act to the public on Wednesday on Capital Hill. The proposed 2,074-page senate healthcare bill would overhaul the existing healthcare system while reducing the federal budget deficit. 

Senator Reid said the price tag would be $849 billion over 10 years. However, the bill would still reduce the estimated budget deficits by $127 billion over the next decade because the price tag would be offset by new taxes and reductions in government spending.

The bill would impose new regulations on insurers and cover additional 31 million Americans who do not have health insurance. The bill would cover up to 94% of eligible Americans.

The bill has a government-run insurance plan, or public option, while allowing states to opt out. 

Senator Reid said, “We all know that this legislation is tremendously important. Why? Because it saves lives, it saves money.”

However, the Senate bill and House bill differs in significant ways.

The Senate bill would not allow federal money for abortions. However, the plan does say that each state must provide at least one insurance plan that covers abortion and one that does not cover abortion. 

Also, the bill would increase the Medicare payroll tax on high-income people and would implement a new tax on high-cost health plans offered by companies to their employees. 

The Medicare payroll tax would rise for couples who earn above $250,000 a year and individuals who earn more than $100,000 a year. The proposed tax increase would generate $54 billion over 10 years.

Senator Richard J. Durbin, the No. 2 Democrat, said an important procedural vote to begin debate on the healthcare legislation would most likely to start on Saturday, before they leave for Thanksgiving break.