BREAKING: U.S. House Passes Obamacare 219-212

With SEIU purple being the most-common theme of attire this evening in Washington, the U.S. House of Representatives voted 219-212 a little while ago to pass so-called health care reform.

All Republican lawmakers and 34 Democrat lawmakers voted against "reconciliation" with the Senate version of HCR.

From the Associated Press:

Summoned to success by President Barack Obama, the Democratic-controlled Congress approved historic legislation Sunday night extending health care to tens of millions of uninsured Americans and cracking down on insurance company abuses, a climactic chapter in the century-long quest for near universal coverage.

Widely viewed as dead two months ago, the Senate-passed bill cleared the House on a 219-212 vote, with Republicans unanimous in opposition.

Congressional officials said they expected Obama to sign the bill as early as Tuesday.

As Investor's Business Daily notes:

If ObamaCare becomes permanent, no one will suffer more than U.S. businesses. They'll face higher taxes, more regulations and a higher cost of capital. But don't take our word for it. Go ask Caterpillar.

The heavy-equipment giant reckons its insurance costs will go up 20%, or $100 million, the first year after the health care system is overhauled, and may go even higher. Multiply that by literally tens of thousands of companies nationwide, large and small, and you can see how costs will soar.

"We can ill-afford cost increases that place us at a disadvantage versus our global competitors," said Greg Folley, a Caterpillar vice president. "We are disappointed that efforts at reform have not addressed the cost concerns we've raised throughout the year."

[snip]

Because of these taxes and other faults in the plan, a group of 130 economists last Thursday sent President Obama a letter imploring him not to sign the bill, saying that it would be a job-killer.

"In our view," the economists wrote, "the health care bill contains a number of provisions that will eliminate jobs, reduce hours and wages, and limit future job creation."

Health reform's taxes and huge new costs will lead to semi-permanent stagnation in the U.S. economy, marked by higher unemployment and lower standards of living. [Emphasis added.]

As the bill becomes more widely read in the days ahead, we will bring you consolidated updates, as well as keeping you updated on LaborUnionReport.com.

-------------------"I bring reason to your ears, and, in language as plain as ABC, hold up truth to your eyes." Thomas Paine, December 23, 1776

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