House Passes $1 Trillion U.S. Health-Care Overhaul Legislation (Kristin Jensen and James Rowley)

Nov. 8 (Bloomberg) -- The U.S. House approved the most far- reaching changes to the nation’s health-care system in four decades, voting to require all Americans to get coverage and to subject insurers to new restrictions and new competition from a government program.

The House voted 220-215 last night to approve the measure, which would cost more than $1 trillion over 10 years. Just one Republican, Representative Joseph Cao of Louisiana, backed the plan, and 39 Democrats broke ranks to oppose it.

Lawmakers hailed the step as a historic follow-on to the 1965 creation of the Medicare program for the elderly and disabled. They said the bill would cover 36 million uninsured Americans and curb costs. New rules would prevent insurers from denying coverage to people with preexisting conditions, and seniors would get help obtaining preventive care and medicine.

“The House of Representatives passed a bill that would finally make real the promise of quality, affordable health care for the American people,” President Barack Obama said in a statement after the vote. He urged the Senate to act as well to get him legislation to sign by the end of the year.

READ MORE: Bloomberg