Updated at 10:53 a.m. Eastern
Senate Finance Committee Chairman Max Baucus has released his long-awaited health overhaul bill, moving forward with a landmark, $856 billion bill even though no Republicans are on board.
The measure would make major changes to the nation's $2.5 trillion health care system including requiring all individuals to purchase health care or pay a fine. It also would bar insurance company practices like charging more to people with grave health problems.
A press release from Baucus says the bill would cost roughly $856 billion over the next 10 years.
"This is a unique moment in history where we can finally reach an objective so many of us have sought for so long," Baucus said. "The Finance Committee has carefully worked through the details of health care reform to ensure this package works for patients, for health care providers and for our economy."
Consumers would be able to shop for and compare insurance plans in a new purchasing exchange. Medicaid would be expanded, and caps would be placed on patients' yearly health care costs. The plan would be paid for with $507 billion in cuts to government health programs and $349 billion in new taxes and fees.
The bill fails to fulfill President Barack Obama's aim of creating a new government-run insurance plan - or option - to compete with the private market. It proposes instead a system of nonprofit member owned cooperatives, somewhat akin to electric co-ops that exist in many places around the country. That was one of many concessions meant to win over Republicans.
Baucus is still holding out hope for GOP support when his committee actually votes on the bill, probably as early as next week.
The bill represents the most moderate health care proposal in Congress so far, compared to legislation approved by three committees in the House and the Senate's health panel.
Democratic leaders are aiming for votes in the full House and Senate this fall.
The Senate Finance Committee chairman insisted Tuesday that he'll keep negotiating with the three Republicans and two fellow Democrats who've been in closed-door talks with him for months on the bill. Baucus, D-Mont., said he hopes that by the time the committee votes on the bill, as early as next week, Republicans will be there.
This is the last of five health care bills, reports CBS News correspondent Nancy Cordes, who notes that Baucus's plan has taken so many months longer to release because it is the only bill born out of hundreds of hours of bipartisan negotiations. And as a result it looks much different than the other proposals.
But for now, despite numerous gestures to Republicans,. Mr. Obama also hoped for bipartisan support behind plans for reshaping the nation's $2.5 trillion health care system to hold down costs and cover the uninsured.
"The door's always open - always hoping that somebody, all six, will be on the bill," Baucus told reporters Tuesday evening after the latest meeting of his so-called Gang of Six senators. "We're just going to keep the door open, keep working, keep discussing."
Many of the details in the Baucus' bill were already known. Unlike more liberal versions passed by three committees in the House and by the Senate's Health Committee, it shunned liberals' call for the government to sell insurance and relied instead on co-ops to offer coverage in competition with private industry.
Baucus' approach includes a requirement for individuals to buy insurance, with financial penalties for those who don't. Rather than a mandate for larger businesses to provide coverage for employees, they would be required to defray the cost of any government subsidies for which their employees would qualify.
Baucus has been working for months with his committee's top Republican, Sen. Chuck Grassley of Iowa, along with GOP Sens. Mike Enzi of Wyoming and Olympia Snowe of Maine. In the end, Democrats believe Snowe may be the only one to support the bill, though she wasn't committing to that Tuesday night.
"Hopefully at some point through the committee process we can reach an agreement," she said.
Enzi said he was not yet ready to declare his position. Grassley applauded Baucus' effort at bipartisanship, but contended that Senate Democratic leaders and the White House had imposed an "artificial deadline" on the negotiators and that Democratic leaders "haven't made a commitment to back a broad bipartisan bill through the entire process."
"It looks like we're being pushed aside by the Democratic leadership so the Senate can move forward on a bill that, up to this point, does not meet the shared goals for affordable, accessible health coverage that we set forth when this process began," Grassley said in a statement.
He cited Republican concerns over cost, taxpayer funding for abortion services, medical malpractice lawsuits and subsidies for illegal immigrants in any health care bill.
"We've been clear from the start that we're willing to stay at the table," Grassley added. "There's no reason not to keep working until we get it right."
Even as he's failed to win over Republicans, Baucus also faces opposition from liberals on his committee. Some of them want a public plan in place of co-ops, and several have also expressed concerns about whether Baucus, in his effort to keep his bill's price tag down, has done enough to make health coverage affordable for working-class and low-income Americans.
"The way it is now there is no way I can vote for the package," Sen. Jay Rockefeller, D-W.Va., said Tuesday on a conference call with reporters, becoming the first Finance Committee Democrat to voice outright opposition.
Release of Baucus' bill sets the stage for what could be a lengthy and contentious drafting and voting session to begin next week, with numerous amendments expected both from the right and from the left. Following that, Democratic leaders in the House and the Senate are aiming for floor action in the fall.