Obama hailed the developments in the Senate Finance Committee as a milestone, and said in a written statement, “we are now closer than ever before to finally passing reform that will offer security to those who have coverage and affordable insurance to those who don’t.”

The legislation was built on the wreckage of failed bipartisan negotiations among six members of the committee, and tilted at several points to appeal to Democratic moderates more than liberals. Baucus said that was the only strategy that could succeed in gaining 60 votes in the Senate, needed to overcome a threatened Republican filibuster.

As a result, it lacks a provision to permit the government to sell insurance in competition with private industry. Instead, it allows non-profit cooperatives to fill that role.

This is most embarrassing legislative debacle since Tom Delay held the Medicare Part D vote open for three hours. I’ve never seen anything like it in the Upper House. It’s revolting.