WASHINGTON, D.C. -- The Senate Finance Committee voted 14 -9 Tuesday to approve landmark legislation that would expand health care coverage and control costs.

Among those voting in favor of the "Baucus" bill was Maine Republican Olympia Snowe.

"When history calls, history calls," Snowe said.

President Barack Obama told reporters at the White House, "I never count chickens before they hatch, but this is obviously another step forward in bringing about a better deal for the American people."

Republicans say a substantial portion of the bill's tax increases will be borne by the very people the president vowed to protect -- individuals making less than $200,000 and couples making less than $250,000. Democrats say the taxes will be borne by insurance and pharmaceutical companies, hospitals, home health care firms and medical device manufacturers.

The policy director of Colorado's Business Health Forum told 7NEWS that Coloradans spend about $30 billion a year on health care. Americans spend about $2.3 trillion.

"That's unsustainable," said Teresa Tuschhoff. "At some point in time the amount of money in the system has to come down and it's going to take some sacrifice by everyone to do it."

Tuschhoff said, "Individuals, businesses, the providers, the insurers, everybody is going to have to give up something at some point to compromise and have some shared responsibility to create a sustainable health care system."

"We're delighted to see the Baucus bill pass," said Dede de Percin, head of the Colorado Consumer Health Coalition. "The impact on the average Coloradan will be good for a number of reasons. It's going to help more people stay on private insurance."

While some groups have fleshed out the financial impact of the House bill passed several weeks ago, they have yet to do so on this proposal -- opting instead to wait and see how this proposal is melded together with another Senate proposal in the Health committee.

"President Obama has said repeatedly that the financing for health care will be budget neutral," de Percin said. "He has said it will not increase budget deficits."