Nancy Pelosi: New health-care bill is historic moment

WASHINGTON (AP) — After months of struggle, House Democrats unveiled sweeping legislation today to extend health-care coverage to millions who lack it and create a new option of government-run insurance. A vote is likely next week on the plan patterned closely on President Barack Obama's own.

Speaking on the steps of the U.S. Capitol, Speaker Nancy Pelosi said Congress was "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."

Officials said the measure, once fully phased in over several years, would extend coverage to 96 percent of Americans. Its principal mechanism is creation of a new government-regulated insurance "exchange" where private companies could sell policies in competition with the government. Federal subsidies would be available to millions of lower-income individuals and families to help them afford the policies.

The ceremony marked a pivotal moment in Democrats' yearlong attempt to answer Obama's call for legislation to remake the nation's health-care system by extending insurance, ending industry practices such as denying coverage on the basis of pre-existing medical conditions, and slowing the growth of medical spending nationwide.