Democrats will be quick to jump on this as good news, but let’s keep a few things in mind here.

First of all, the bill in question doesn’t include a public option. It’s the version from the Senate Finance Committee, which voted down two attempts to include a government-run option. Liberals in both the House and Senate  vowed to oppose any legislation that doesn’t include such a provision, and no health care reform legislation will pass without their support.

Second, the legislation includes a mandate for coverage. If Americans don’t purchase the insurance policy the government wants, they’ll be fined or even jailed. I’m not quite sure how Joe and Jane Citizen will respond to a new law that forces them to purchase the policy Max Baucus wants or throws them in prison.

Finally, it can’t be stressed enough. This is one version of the proposal and it’s unpopular with the powerful liberal caucuses in both chambers of Congress. It still needs to be merged with the very liberal proposal from the Senate Health, Education, Labor and Pensions Committee and the very liberal proposals from the House of Representatives.

With liberals vowing to vote against the sort of legislation the CBO scored today, we’re not looking at the final cost of ObamaCare. We’re looking at the cost of the most moderate version of the legislation — a version guaranteed not to pass through Congress. You can bet your bottom dollar that the final proposal from both chambers will include a significantly higher price tag and government-run option.

Update: Another thing to keep in mind. The CBO report is a preliminary report ONLY. The Baucus version still hasn’t been put into legislative language, which means we still don’t know what it’ll actually cost or accomplish.

More: Michelle Malkin.