Schumer: Health measure is 'biggest cost-cutting bill we've ever had'

Sen. Charles Schumer (D-N.Y.) said Thursday that the new Senate healthcare bill is "the biggest cost-cutting bill we've ever had."

During an appearance on MSNBC's "Morning Joe," Schumer noted $500 billion in cuts, adding, "Conservatives should be rallying to that."

Democrats on both sides of the Capitol are seeking to cut Medicare by about $500 billion, but maintain the reductions will not hamper quality of care.

The Congressional Budget Office estimates the new Senate bill would spend $849 billion over 10 years while reducing the federal deficit by $127 billion over that same period.

Schumer expressed confidence Democrats would enact healthcare reform, noting that Senate majority Leader Harry Reid (D-Nev.) has a good, working relationship with Sen. Joe Lieberman (I-Conn.), who opposes a public option.

He added, "I think next year is going to be a very good year for Democrats."