This Washington Post editorial is good on it today:

Likewise, the president’s suggestion for a “fiscal trigger” strikes us as contrived. Mr. Obama announced a mechanism by which the president would have to certify, before the measure goes into effect in 2013, that the planned expansion of coverage remains fully paid for. If not, additional savings would have to be found, or spending scaled back. This doesn’t seem like a major means of restraint — especially when the president’s Office of Management and Budget would do the calculating. The real need for a trigger mechanism arises once the plan goes into effect. How can the brakes be put on if planned savings don’t materialize or if costs are higher than anticipated?
On that score, a new study of the projected costs of the House version of reform offers some chilling numbers. During the second 10 years in which the measure would be in effect, the Lewin Group study found, the expanded coverage would add more than $1 trillion to the deficit. In that case, the cure would be worse than the disease. It is essential, in the coming weeks, that the president hew to his promise that whatever plan emerges won’t make the country’s dire fiscal situation even worse.