Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Health care overhaul: $634 billion

Proposed budget includes 'reserve fund' rather than a detailed plan, Obama official says.

EMAIL  |   PRINT  |   SHARE  |   RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

WASHINGTON (CNN) -- Two White House officials told CNN Wednesday that the proposed budget to be released Thursday will include a $634 billion health care "reserve fund," which is intended to help pay to overhaul the nation's health care system.

One of the officials said the administration sees health care as key to the nation's fiscal health and called the fund a down payment on President Barack Obama's effort to reform health care.

Money for the reserve fund is expected to come from limiting tax breaks for the wealthy and tightening payments to insurers, hospitals and physicians.

OMB Director Peter Orszag told CNN on Tuesday that a massive overhaul of the health care system can be achieved this year and that it should provide "universal coverage."

"We're going to try to avoid the mistakes of the past and not lay down a fully detailed plan, rather work constructively with Congress," he added. To top of page

They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
Black Friday 2015 in pictures Shoppers around the country braved the crowds to get their hands on the best Black Friday deals. More
Driving the ultimate in '50s Mercedes-Benz style The SC was the car that re-introduced Mercedes-Benz as a global luxury car icon. More
Driving the world's first car Driving a replica of the 1886 Benz Patent Motorwagen, the first internal combustion automobile. More