Update – The text of the House bill can be seen here. (10:56 AM Eastern)

Today at 10:30 AM on the west front of the Capitol, the House Democratic leadership will unveil its compromise comprehensive health care bill, the product of the Tri-Committee bill merged with a series of deficit-friendly changes designed to gain the necessary votes for passage.

Keep checking The Power of A for details on the legislation, but a few details have been obtained by the media.  The bill will contain a public option with rates negotiated by the insurer; the public option will not have the Medicare reimbursement rate that was sought by the liberal members of the caucus.  In terms of budget scoring, the bill is expected to run a surplus in the first five years, then a deficit in the subsequent five making the legislation budget neutral for the first ten years.  The major pay-for is a surtax on high-income households, with singles making over $500,000 and couples making over $1 million being the new income floor for the tax.  The bill also has a 2.5% tax on medical device manufacturers and cuts Medicare spending.

Also today the White House will host a small business health care event with the U.S. Chamber of Commerce, the National Federation of Independent Business (NFIB), and other associations and small businesses.  The goal is to highlight the need for health care reform in the small business sector, and how the community needs reform to continue providing insurance for its employees.  A paper that summarizes the president’s talking points can be seen here.

The Power of A will have an analysis of the House bill once it becomes available.

Quick Hits

The American League of Lobbyists (ALL) sends a letter (subscription) to the White House defending registered lobbyists serving on federal councils and advisory boards… The Senate reaches a preliminary agreement to extend the homebuyers tax credit… Google Voices argues it does not need the same regulation as telecoms (subscription).