Lucas L. Johnson Ii
Health Care reform bill could cost Tenn. $735M
NASHVILLE, Tenn. — Tennessee Gov. Phil Bredesen said Tuesday a health care reform proposal in the U.S. Senate could cost the state more than $730 million.
Bredesen spoke to reporters during a teleconference from New York where he met with all three national credit ratings agencies about the state’s bonding rate.
However, the governor ended up discussing the health care issue when asked how the proposed legislation would affect Tennessee.
The $900-billion, 10-year measure seeks to expand health insurance coverage, impose new taxes and fees, and make major changes to Medicare and Medicaid.
Bredesen estimated the proposal would cost the state about $735 million over roughly five years, with a “range of about $570 million at the low end to $1.2 billion at the upper end.”
However, he said those figures could soon change.
Senate Finance Committee Chairman Max Baucus, D-Mont., had hoped for a final vote by his panel on Tuesday, but a cost analysis from the Congressional Budget Office isn’t ready yet. Committee aides said Wednesday would be the earliest finance members can vote.
“It is devilishly hard to put numbers on it,” Bredesen said. “We’re all chasing a moving target.”
In the case of the state’s bond rating, the governor seemed a little more certain.
He said the agencies were impressed with the multiyear budgeting plan the state proposed to handle stimulus money. They were also pleased with the state’s selling of bonds for infrastructure improvements at the new Volkswagen and Hemlock Semiconductor plants being built in Chattanooga and Clarksville, and to complete building projects on college campuses and bridges.
Currently, Fitch Ratings, Standard & Poor’s and Moody’s Investors Service rate Tennessee at one notch below their top-tier bond rating.
Bredesen said he asked for the highest bond rating.
“I say on the whole, Tennessee is riding pretty good with them right now,” said the governor, adding that he hopes to get a rating next month. “We’ve managed our way through this downturn. I’m hoping for a good result.”
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