As Hunter says, there isn't meaningful reform without a public option. More than that, reform without a public option is actually likely to make things worse, pouring even more money into the corrupt insurance industry and giving them even more political power.
And someone should inform Baucus that if he wants to get a good CBO score he just needs to include a robust public option. But saving money is less important that keeping insurance companies happy, so that's not going to happen.