A health reform bill with a strong public option has been agreed upon by all three committees in the House of Representatives and will be debated on after the 4th of July recess.  The Senate is reportedly still discussing what to do and how to solve the problems posed and although it has not taken the public option off the table is unlikely to include it in any form other than co-ops since it requires heft bipartisan support (due to the filibuster option that Republicans have).  Ultimately, however it is likely that Obama will use a good deal of his political capital to get a watered down public option on his desk by the end of the year to preserve the positive image of the Democratic party that he has built.  At the end of the day, it is the repercussions of such a bill that are of more interest than anything else.  In terms of the economy as a whole, we have discussed most of the major effects of a public health care option.  We stated that although the bill will likely save/create plenty of jobs and will lead to more money in the hands of consumers so they can spend, it has a short term negative effect since it increases the deficit.  If progressives can find a way to pay for the majority of the spending that the bill entails, the only other major impact the bill will have will be on the stock market itself.    In this realm, the long run impact will be a more rapid economic recovery because of improved jobs and spending numbers that will undoubtably boost investor confidence.  However, if there is one important thing to worry about it is private insurers.  Their stocks will almost certainly go down since employers will be likely to opt for the cheaper government run health care instead of private corporations and the competition could spell trouble for some of the weaker insurers.  Take this all with a grain of salt, however since there are still plenty of details yet to be hammered out with respect to the health bill, its financing, its passage, and the presence or prevalence of government and a public option.