U.S. House unveils health care reform proposal

WASHINGTON (CNN) - The House announced its version of health care reform Tuesday, offering a proposal that includes a government-funded health insurance option, requires both individuals and employers to participate, and taxes the wealthy to help cover costs.

House leaders said the measure, titled "America's Affordable Health Choices Act" meets the requirements of President Barack Obama for health care reform by lowering costs for consumers and businesses, letting people keep their current plan if desired, and preventing denial of coverage due to pre-existing medical conditions.

"The House proposal will begin the process of fixing what's broken about our health care system, reducing costs for all, building on what works, and covering an estimated 97 percent of all Americans," Obama said in a written statement. "And by emphasizing prevention and wellness, it will also help improve the quality of health care for every American."