Reid speaking now - Opt-out public option is in the bill

Public option source of great discussion.

I've always been a strong supporter.

Not a silver bullet. Important way to assure competition and level the playing field.

Concluded, with support of WH, Dodd and Baucus, best way to move forward is have a public option with opt out.

Intend to include it in the bill.

Strong consensus to move forward. Sending bill in a few hours to CBO.

Lower cost, preserve choice, create competition, improve quality care.

States will have until 2014 to opt out.

Have 60 votes? As soon as back from CBO, I believe we'll clearly have the support of the caucus.

PO is fairest way to go, versus trigger.

Reid: Snowe doesn't want a public option at all, I hope she'll see the wisdom.

There will be a co-op in this bill. (Huh?)

Reid: Legislation is for the poor and middle class. (WRONG. It should be for everyone - all of us are just as screwed if we get really sick and our insurance cuts us off, if we hit a lifetime limit, if we can't afford our prescription drugs because Blue Cross only gives us $1500 a year and MS drugs cost $2000 a month (I know because a colleague's wife has MS).

Reid's prepared remarks, after the jump...

The last two weeks have been a great opportunity to work with the White House, Senators Baucus and Dodd, and members of our Caucus on this critical issue of reforming our health insurance system.

We have had productive, meaningful discussions about how to craft the strongest bill that can gain the 60 votes necessary to move forward in the Senate.

I feel good about progress we have made within our caucus and with the White House, and we are all optimistic about reform because of the unprecedented momentum that exists.

I am well aware that the issue of the public option has been a source of great discussion in recent weeks. I have always been a strong supporter of the public option.

While the public option is not a silver bullet, I believe it is an important way to ensure competition and to level the playing field for patients.

As we’ve gone through this process, I’ve concluded, with the support of the White House and Senators Baucus and Dodd, that the best way forward is to include a public option with an opt-out provision for states.

Under this concept, states will be able to determine whether the public option works well for them and will have the ability to opt-out.

I believe that a public option can achieve the goal of bringing meaningful reform to our broken system. It will protect consumers, keep insurers honest and ensure competition and that’s why we intend to include it on the bill that will be submitted to the Senate for consideration.

We have spent countless hours over the last few days in consultation with Senators who have shown a genuine desire to see reform succeed, and I believe there is strong consensus to move forward in this direction.

Today’s developments bring us another step closer to achieving our goal of passing a bill this year that lowers costs, preserves choice, creates competition and improves quality of care.

I’m happy to answer a few questions before I have to leave for a meeting.