Unplugged: Moderate Dem Talks About Health Care

Cooper stressed the bill's importance, saying that it is "more important than a war and peace vote" because "everyone's on the battlefield" when it comes to health care.

"If we do nothing, America literally risks bankruptcy," Cooper said. "This isn't optional reform; we've got to do something because the status quo is unsustainable."

The bill proposed by the House would cost $1.5 trillion over the next 10 years, and concerns about cost make Cooper apprehensive about the legislation. He says bringing in money from small business owners isn't necessary, since there is enough "waste" in the current system to pay for the program.

"Pouring more money into a broken system isn't a really good idea," Cooper said. "There's so much waste in the health care system that we don't really need to go outside the health care system."

Despite initial efforts by the Blue Dog Coalition to stall the bill's release, Cooper says it is thoroughly feasible that a good piece of legislation be passed by August 1.

"A lot of folks don't do their homework until they have to and that's what you're finding with Congress right now," Cooper said. "Without a deadline, we wouldn't really be doing our homework."

Cooper also talked about the bill's proposed tax on millionaires, the advantages of the reform, and said that he wouldn't want to take Sarah Palin up on her offer to campaign for moderate and conservative Republicans and Democrats.

Watch the full episode of Washington Unplugged above.