Without an extension, funding for the Children's Health Insurance Program would be exhausted by the end of September, leaving nearly nine million children without health insurance. (Photo: Shutterstock)

The Senate Finance Committee has arrived at a deal to extend the funding for the Children’s Health Insurance Program by five years.

The New York Times reports that Senator Orrin G. Hatch, R-UT, chairman of the committee, and ranking member Ron Wyden, D-OR, announced the deal to keep the program from running out of federal funds. The current funding would be exhausted by the end of September, leaving nearly nine million children without health insurance. The program is designed to help families that can’t afford other coverage but make too much to qualify for Medicaid.

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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.

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