On Wednesday the U.S. Senate released its version of the U.S. healthcare overhaul that has recently been advocated by President <name>Barack Obama</name>.

The U.S. Senate Finance Committee released an 18-page summary of the 223-page bill that will, according to Senate Finance Committee Chairman Senator <name>Baucus</name>, cost US$856 billion over 10 years. The Congressional Budget Office estimates that the bill will cost US$774 billion over 10 years and will cover 94% of Americans. The Senate version was orchestrated by Senator <name>Baucus</name>, a Democrat from Montana. The bill was released without any Republican support from the committee. However, today, the bill received support from a bi-partisan group of Senators including the Republican Senator from Maine, <name>Olympia Snowe</name> and Independent <name>Joe Liberman</name>. If the bill's passage is determined along party lines, Democrats will need at least one Republican Senator to avoid a possible filibuster in the Senate.

The bill will reportedly be paid for by US$850 billion in spending reduction, taxes and fees to include reduction in Medicare benefits. The Senate Finance Committee is the last approval authority before the Senate or House bills can be considered for floor debate.