The proposed bill from Senate Finance Committee Chairman Max Baucus to overhaul the health-care system is out and it is projected to cost $856 billion over 10 years. (Here’s a rundown from the WSJ .) As many had speculated, this bill — unlike the one from the House — doesn’t include a government insurance plan to compete with private insurers, and instead includes a proposal for nonprofit health insurance co-ops. It does include a mandate that individuals purchase insurance, though lower-income individuals would receive federal subsidies

to help pay for it. The bill also includes language that prohibits insurers from excluding sick patients, which President Obama has been touting as a critical element to the health-care overhaul. Baucus Bonus: In his own words, Baucus makes a case for his proposal in an op-ed piece in today’s WSJ. He pledges that the plan would pay for “every cent of new spending without using additional tax dollars.”

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Baucus Bill Unveiled: No Government Insurance Option