Susie Madrak, in her blog at Crooks and Liars, cites key parts of the Rolling Stone article:

W]hat has not been reported until now is that McCaughey’s writing was influenced by Phillip Morris, the world’s largest tobacco company, as part of a secret campaign to scuttle Clinton’s health care reform. (The measure would have been funded by a huge increase in tobacco taxes.) In an internal company memo from March 1994, the tobacco giant detailed its strategy to derail Hillarycare through an alliance with conservative think tanks, front groups and media outlets. Integral to the company’s strategy, the memo observed, was an effort to “work on the development of favorable pieces” with “friendly contacts in the media.” The memo, prepared by a Phillip Morris executive, mentions only one author by name:

“Worked off-the-record with Manhattan [Editor's note: At the time, McCaughey was a fellow at the Manhattan Institute] and writer Betsy McCaughey as part of the input to the three-part expose in The New Republic on what the Clinton plan means to you. The first part detailed specifics of the plan.”

McCaughey served as lieutenant governor of New York from 1995 to 1998, under Republican Governor George Pataki. She recently resigned from the board of directors of Cantel Medical Corporation, saying she didn’t want her involvement with the firm to color her credibility on the health care reform debate. But many observers say the resignation was in reaction to an unfavorable appearance on Comedy Central’s The Daily Show.