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.
