Members of the U.S. Senate Finance Committee said their proposal to reform the nation’s health care can cost under $1 trillion and is “fully paid for,” stumbling blocks facing other such reform efforts.

Sen. Max Baucus (D-Mont.) said in a statement June 25 the committee is continuing its efforts to craft a health reform bill providing lower costs and quality, affordable coverage for all Americans.  Based on information from the Congressional Budget Office, he said, the price tag for the committee’s recommendations “would cost under $1 trillion and are fully paid for,” the senator said in a statement.

“Based on these developments, I’m even more confident in our ability to move forward,” Baucus said. “And as I’ve said before, we will not put out a mark until we are sure we have it right.”

The Congressional Budget Office recently sent a letter to Sen. Ted Kennedy (D-Mass), indicating that the Affordable Health Choices Act reform bill proposed by his Senate Committee on Health, Education, Labor and Pensions would cost $1 trillion, a figure that many critics see as too expensive given the current economy.

As for progress on their own legislation, Baucus and Senate Finance Committee members Sens. Chuck Grassley (R-Iowa), Orrin Hatch (R-Utah), Jeff Bingaman (D-N.M.), Kent Conrad (D-N.D.), Olympia Snowe (R-Maine), Mike Enzi (R-Wyo.) released a statement calling such reform efforts “a tremendous challenge, but it’s a challenge we simply have to face.”

“The issues facing reform are difficult and complex, but over the past several months, we’ve made progress toward workable solutions,” the statement said. “As we have been for the last several weeks, we are committed to continuing our work toward a bipartisan bill that will lower costs and ensure quality, affordable care for every American.”

An early draft of the proposal, obtained by several media outlets, indicate the plan could require health insurance for most U.S. residents, authorize expanded Medicaid coverage and create consumer-owned cooperative plans rather than a government plan sought by other reform efforts.