Legislators say they are close to CHIP deal

Republicans and Democrats in Congress have said they are close to approving a long-term funding deal for the Children's Health Insurance Program, which could come as soon as next week, according to The Hill.

CHIP provides insurance for nearly 9 million low-income children across the nation. Funding for the program expired in September, though Congress approved a short-term spending package in December.

The Congressional Budget Office recently revised their estimate on the cost of long-term funding for CHIP, saying it would take $800 million to finance the program for five years instead of the previously estimated $8 billion.

Lawmakers in the House Energy and Commerce Committee previously fought over how to pay for CHIP, but Committee Chairman Greg Walden, R-Ore., said the reduced cost estimate would eliminate many roadblocks.

Senate Majority Whip John Cornyn, R-Texas, said CHIP funding is "highly likely to happen on or about the 19th [of January] when the current continuing resolution expires," according to The Dallas Morning News.

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