Legislation that would reauthorize SCHIP over the next 4 ½ years passed the House of Representatives by a margin of 289 to 139 votes today (Wednesday). HR 2 would provide an additional $32.3 billion in funding to the program, increasing enrollment from 6.7 million to nearly 11 million children.

The Senate Finance Committee will consider similar legislation in a hearing tomorrow at 11:15 am.

Early action on SCHIP seems likely for a number of reasons. First the program's temporary reauthorization expires March 31. Second, as the Washington Post notes, the economic crisis has left many parents struggling to find insurance for their children. As our colleague Joanne Kenen noted in a post earlier today, this increased need has comes at a time when states are already struggling to meet or pulling back on existing commitments. Finally as some pundits have pointed out, passing SCHIP reauthorization would provide an early victory for the new Obama administration, serving as a down payment on further health reform.

Check back for future updates.