WASHINGTON ( CNN ) -- House Democrats unveiled their revised 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 . President Obama has urged Congress to work quickly on creating a health care reform bill . Democratic House leaders said the measure , titled `` America 's Affordable Health Choices Act , '' met the requirements set by President Obama for health care reform by lowering costs to 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 . '' Rep. Henry Waxman , D-California , said the bill is intended to repair a `` dysfunctional '' health care system that is draining the U.S. economy while leaving 46 million Americans without health insurance . `` We are going to accomplish what many people felt would n't happen in our lifetime , '' he said . But House Republicans slammed the Democrats ' bill and pledged to try to amend it as three House committees begin considering the legislation later this week . Rep. Roy Blunt , R-Missouri , said the bill `` without any question will kill jobs , will limit access to health care , will raise taxes and will lead to a government takeover of health care . '' Blunt said he will offer an amendment requiring all elected federal officials , including Obama and Vice President Joe Biden , to enroll in the new public insurance option . Republicans and some fiscally conservative Democrats also question the cost of health care reform . An earlier draft of the House Democrats ' bill carried a price tag of $ 1 trillion over 10 years . The Congressional Budget Office said the revised house bill also would cost $ 1 trillion . However , a senior Democratic House committee staffer said the CBO analysis only covered costs without factoring in cost-saving measures worth $ 500 billion over 10 years or the revenue from tax surcharges on wealthy Americans , estimated to raise more than $ 500 billion over a decade . According to the CBO , the bill would cover 97 percent of Americans by 2015 . The bill includes tax surcharges on Americans in the top 1.2 percent of income . It proposes a 5.4 percent surtax on couples earning more than $ 1 million , a 1.5 percent surtax on couples with income between $ 500,000 and $ 1 million , and a 1 percent surtax on joint incomes over $ 350,000 or individual income over $ 280,000 . Anticipating Republican complaints that the tax surcharges would harm small business owners who report their income as personal , Democratic sponsors said the measure would affect less than 5 percent of all small business owners . Specific provisions of the bill include : . -- A Health Insurance Exchange providing individuals and small business with choices for coverage , including a government-funded public option . -- No more coverage exclusion for pre-existing conditions . -- Affordability credits for low- and moderate-income individuals and families , available to those with incomes up to 400 percent of the federal poverty level , or $ 43,000 for individuals and $ 88,000 for a family of four . -- Limits on annual out-of-pocket spending . -- Expanded Medicaid coverage to individuals and families with incomes at or below 133 percent of the federal poverty level . -- Required participation by individuals , with a penalty of 2.5 percent of adjusted gross income for non-compliance . -- Requirement that businesses with payrolls exceeding $ 250,000 provide their employees with health coverage or contribute up to 8 percent of their payroll on their behalf . -- A series of measures intended to reduce costs of Medicaid , Medicare and other existing systems . A statement Tuesday from the U.S. Chamber of Commerce and other business groups opposed some of the bill 's proposals , calling for market forces and employer autonomy instead of mandated participation by businesses . `` Exempting some micro-businesses will not prevent this provision from killing many jobs , '' the statement said . The House bill now goes to three committees for debate and revision before consideration by the full chamber . The Senate also is considering health reform measures that contain some of the House bill provisions . Obama has said he wants both chambers to pass their respective proposals before Congress goes on its August recess as part of a timetable to get a final bill to his desk by the end of the year . House Republican Whip Eric Cantor of Virginia argued that the current economic conditions mean Congress should take its time on a major overhaul of the health care system . `` There 's no need for us to be rushing into passing legislation before the end of this month at the potential cost of , really , millions of jobs , '' Cantor said Tuesday . A CNN-Opinion Research Corp. survey released July 1 found that a slim majority -- 51 percent -- support Obama 's health care plans , but most worry that their costs would go up , and only one in five think their families would be better off . CNN 's Deirdre Walsh contributed to this story .
It offers government-funded health insurance option and taxes wealthy . Leaders say it meets Obama 's requirements on health care reform . GOP , some fiscally conservative Democrats oppose components .