House Democrats Unveil $1.06 Trillion Health Care Bill

Speaker of the House Nancy Pelosi, D-Calif., today unveiled the House Democrats' broad new $1.055 trillion health care bill, saying it would provide "universal quality affordable health care for all Americans."

President Obama praised the bill, saying it would benefit small businesses and that those participating in a government-run health care plan could save a quarter of their premiums by 2016.

VIDEO: Democrats Health Care Proposal Wil Cost $894 Billion
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"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. And the House bill clearly meets two of the fundamental criteria I have set out: It is fully paid for and will reduce the deficit in the long term," the president said in a written statement.

VIDEO: House health care reform bill
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When Pelosi unveiled the "Affordable Health Care for America Act" today, House Democrats circulated a bill summary saying it would cost $894 billion, allowing Pelosi to say the bill, "meets President Obama's call to keep the cost under $900 billion over 10 years."

But the total cost of the bill actually is $1.055 trillion.

How did they get the lower number?

They took the $1.055 trillion total cost and subtracted the amount of money that was estimated to come in from people and companies that pay fines for not having or not providing health insurance (more than $160 billion), giving a new "net" cost of $894 billion.

ABC News video of Nancy Pelosi unveiling House health care bill.
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By using that method of accounting, the "net" cost of a bill that passed the Senate Finance Committee is $518 billion over 10 years. The actual cost of the Finance bill, as widely reported and cited by Senate Finance Committee Chairman Max Baucus, D-Mont., was $829 billion.

Pelosi has said she wants to see debate begin on the bill by next week, with a vote before Veterans Day. Some congressional aides say Democrats may not move on a full vote until they have assured there will be ample votes to pass the legislation on the House floor. The bill still has a long way to go before it makes its way to Obama's desk. The House legislation would have to merge with Senate legislation and key differences remain, especially on the type of public option plan that should be included.

ABC News video of Rep. John Boehner reacting to House health care bill.
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This is a "historic moment for our nation and our families," said Pelosi, speaking on the steps at the West Front of the Capitol building. "The drive for health care reform is moving forward."

Congress is "on the cusp of delivering on the promise of making affordable, quality health insurance available to every American -- and laying the foundation for a brighter future for generations to come," she added.

The legislation would insure 36 million more Americans in the next 10 years, covering 96 percent of all Americans, Pelosi said. That is more than the Senate bill currently being negotiated, which would cover an estimated 29 million additional people.

Video of ABC News Top Line
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The speaker also said the bill would not add a dime to the deficit, an important factor considering Obama has said he will not sign any legislation which does so.

According to the Congressional Budget Office (CBO), the bill would cut the deficit by about $30 million in the first 10 years.

"What a day for Americans and what a day for our people," House Majority Leader Steny Hoyer, D-Md., said. "Today, we are one step further on one long, hard road."

The proposed legislation would also expand Medicaid coverage and provide more support to low-income citizens.

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