U.S. President Barack Obama on Monday put forward a nearly $1 trillion, 10-year compromise that would allow the government to deny or roll back insurance premium increases. The announcement, which was posted on the White House Web site, disclosed that the plan would provide coverage to more than 31 million Americans now uninsured without adding to the federal deficit. It comes just four days before Obama's televised health care summit with Democrats and Republicans. The announcement comes as Obama and lawmakers are working to pass comprehensive health care reform. The new White House plan would give the federal government the power to regulate the health insurance industry much like a public utility. The Health and Human Services Department - in conjunction with state authorities - would be able to deny egregious premium increases, limit them or demand rebates for consumers. Obama, who deferred to Congress on the specifics for more than a year, has finally put forward a detailed plan of his own. The plan largely follows the bill passed by Senate Democrats on Christmas Eve, with changes intended to make it acceptable to their House counterparts. It would require most Americans to carry health insurance coverage, with federal subsidies to help many afford the premiums. Insurance companies would be barred from denying coverage to people with medical problems or charging them more.
