Senate panel backs healthcare reform

A key U.S. Senate committee endorsed a sweeping healthcare overhaul on Tuesday, gaining the support of an influential Republican and delivering President Barack Obama a victory on his top domestic priority.

The Democratic-controlled Senate Finance Committee approved the measure on a 14-9 vote, with Senator Olympia Snowe becoming the first Republican in Congress to back a healthcare reform bill.

“Today we reached a critical milestone in our effort to reform our healthcare system,” Obama said after the vote, warning there were still big challenges ahead for healthcare reform.

The bill, the last of five pending health measures to clear a committee in Congress, will be merged with the Senate health panel’s version in the next few weeks for a full Senate debate and floor votes.

Snowe, who had been courted by Obama and his fellow Democrats, said she still had reservations about the overhaul and could not guarantee her continued support as it advances.

“My vote today is my vote today. It doesn’t forecast what my vote will be tomorrow,” Snowe said.

Health insurer companies stocks fell on fears reform was gaining steam and would hurt profits if it passed. The S&P Managed Health Care index of large health insurers was down 1.9 percent.

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