Obama lauds House healthcare bill

WASHINGTON, Oct. 29 (UPI) -- The introduction of a healthcare reform bill in the U.S. House marks another critical step in reforming the U.S. healthcare system, President Barack Obama said.

House Speaker Nancy Pelosi of California and other Democratic leaders Thursday announced the chamber's version of healthcare reform, which the speaker said met Obama's mandate of costing less than $900 billion and be revenue neutral over a 10-year period.

"The House legislation includes critical reforms to the insurance industry, so that Americans will no longer have to worry that they will be denied coverage, or that their coverage will be dropped or watered down when they need it most," Obama said in a statement. "I'm also pleased that the bill includes a public option offered in an exchange. As I've said throughout this process, a public option that competes with private insurers is the best way to ensure choice and competition that are so badly needed in today's market."

Obama said the House bill also meets two of his requirements -- it is paid for and will reduce the deficit.

"While we know there will may more steps and much spirited debate before a bill reaches my desk, I congratulate the House on their work so far," Obama said. "I'm confident that members will continue to work together to deliver meaningful reform for America's families and businesses."