Obama praises sweeping healthcare bill

Obama said the measure, approved Thursday morning by the Health, Education, Labor and Pensions Committee, would pave the way for Congress to enact a reform package that would reduce healthcare costs and cover 97 percent of Americans, without increasing the deficit.

"Today, the Senate HELP committee has produced legislation that lowers costs, protects choice of doctors and plans, and assures quality and affordable healthcare for Americans," Obama said in a statement.

He said a Congressional Budget Office review has concluded the healthcare reform bill would cost less and cover more Americans than originally estimated.

The Senate bill, Obama said, would prevent insurance companies from denying coverage because of pre-existing conditions, ensure people get alternative coverage if they lose jobs or get sick, and provide "one-stop shopping" for families and small businesses seeking coverage.

The public health option would reduce healthcare costs by increasing competition, providing more choices and "keeping the insurance companies honest," the president said.

The Senate measure also stresses preventive care, Obama said.

The measure imposes an annual $750 per employee fee on companies that do not offer full-time employees "adequate coverage," Sen. Christopher Dodd's office said Thursday.

In a letter Wednesday to fellow committee members, the Connecticut Democrat wrote: "No issue is more important to our constituents -- or to our economy -- than healthcare reform … . Inaction is not an option. The status quo isn't just unacceptable, it's unsustainable."