Uh, more headroom for entitlement programs in general?
I see France at 10%, not 12%,http://fr.wikipedia.org/wiki/Budget_de_l'État_français but even at the latter number, that 6% difference (280 bn) would pay for a quarter of Medicare+Medicaid. With Medicaid costs set to expand by 12% under Obamacare next year (by 50 bn) eventually leading to 50% reduction in uninsured by 2024, having that kind of room in the budget would easily allow for universal coverage.
I cede the point, made above, that dollar-for-dollar US healthcare spending is less effective, but dispute that health care reform is entirely about making it more efficient. Decreasing the amount of uninsured has been at least as important an issue in the debate.