The Supreme Court announced today they will take up the legal challenge to the health care law. [via memeorandum]:

The high court agreed to hear two major questions: whether the law's key provision is unconstitutional, and if so, whether the entire law, with its 450 sections, must be scrapped.

USA Today reports the court will issue a decision next summer, and SCOTUSBlog thinks the 5 1/2 hours set aside for oral arguments may be a modern record.

As the Chamber pointed out in its amicus brief in support of review, the uncertainty surrounding the law hurts businesses' ability to plan for the future and to make informed decisions concerning investment in growth and hiring.

Although the Chamber didn’t take a position on the constitutionality of the mandate, the Chamber urged the Court to decide what other parts of the law must fall if the mandate is struck down as unconstitutional.

The Chamber’s executive vice president for Government Affairs, Bruce Josten, explained in a statement last month, “Without the individual mandate, the rest of the law would encourage consumers to apply for health insurance on the way to the emergency room.”

What would be the result? Consumers would undoubtedly face higher premiums, some insurers would be forced out of the market, and employers would be burdened with even greater health care costs.

As Lily Fu Claffee, the Chamber’s general counsel, said, "The sooner the fate of the law can be resolved, the better for the American economy."