Small business applauds health industry leaders pledge to save at Least $2 trillion over ten years

Healthcare cost containment is a top priority for small business. Our research shows that escalating healthcare coverage costs are the No. 1 concern of small business owners. Today's pledge by health industry leaders to reduce the growth of healthcare spending and save $2 trillion over the next 10 years is an unprecedented commitment to work together for the benefit of all Americans.

In order to achieve these savings, other elements of comprehensive reform are needed especially insurance reform and a health insurance connector or exchange for small business and individuals.

Comprehensive healthcare reform is essential for economic recovery in the US. Small business historically has led the economic recovery out of recessions. This sector also provides 79% of net new jobs in our country. For small business to flourish and continue to play these roles, healthcare costs must be addressed.

Today's vow by insurance, pharmaceutical, hospital, physician, union, and other leaders to cut the growth of health spending by 1.5 percent annually is a major step. We congratulate them on reaching this agreement to be presented at today's meeting hosted by President Barack Obama, who is stressing the importance of this key element of healthcare reform.

We know these savings are achievable and we will hold the healthcare industry accountable for meeting these targets. The future of our economy depends on it.