House Democrats unveiled the new health care bill today. Speaker of the House Nancy Pelosi said that the $894 bill will provide “universal quality affordable health care for all Americans.”

In a written statement, President Obama said, “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.”

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.”

The bill, while not adding additional debt to the deficit, would insure 36 million more Americans in the next 10 years. Pelosi said that this bill would cover 96 percent of all Americans. That is more than the Senate bill currently being negotiated, which would cover an estimated 29 million additional people.