WASHINGTON, (Reuters) – Democrats in the U.S. House  of Representatives unveiled a sweeping healthcare overhaul yesterday that would transform the insurance market, create a  government-run insurance plan and levy new taxes on the rich.

Weeks of closed-door talks to merge three House healthcare  plans produced a 1,990-page bill that drew cheers from  President Barack Obama but sparked an immediate fight with  Republicans over its cost and size.

“Today we are about to deliver on the promise of making  affordable, quality health care available for all Americans,”  House Speaker Nancy Pelosi said in a ceremony on the steps of  the U.S. Capitol.

The bill’s release was another step forward in Obama’s  drive for a healthcare overhaul that reins in costs, reforms  the insurance industry and expands coverage to many of the 46  million uninsured living in the United States.

Obama has made reform of the $2.5 trillion healthcare  industry, which constitutes one-sixth of the economy, his top  domestic priority.

The bill was met with unanimous opposition from Republicans  and grumbling from some Democrats. Party liberals had sought a  stronger public insurance option and party moderates want  assurances that federal funds will not be used to pay for  abortions under the measure.

The legislation could be debated in the House as soon as  next week. The Senate is putting together its own version, and  the House and Senate bills eventually must be combined before  being sent to Obama for his signature.

The nonpartisan Congressional Budget Office said the  measure would cost a net $894 billion over 10 years — just  below Obama’s target of $900 billion — and reduce the deficit  by $104 billion over the same period.