President Obama Address 10-03-09

[1:27] ..." insurance they have at their current job. I hear about it from small business owners who want to grow their companies and hire more people but they can't because they can barely afford to ensure the employees"...

[3:28] ..." required to cover their employees. But many that do will receive a tax credit to help them pay for. If -- small business chooses not to provide coverage its employees will receive tax credits to help them purchase health insurance on the -- through the insurance exchange. And no matter how you get your insurance insurance companies will no longer be allowed to deny her coverage because pre existing condition. There will be able to drop your coverage if you get too sick or lose your job or change jobs. And will limit the amount your insurance company can force you to pay out of your own pocket. My now the urgency of these reforms is abundantly clear. And after a long hours of thoughtful deliberation and tough negotiation. The Senate Finance Committee. The final congressional committee involved in shaping health care legislation. Has finished the process of crafting their reform proposal. As we move forward in the coming"...

[0:00]" Took office eight months ago our nation was in the midst of an economic crisis unlike any we'd seen in generations. -- is confident that our economy would recover we knew that employment is often the last thing to come back after a recession. Our task is to do everything we possibly can to accelerate that process. We certainly made progress on this front since the period last winter when we were losing an average of 700000 jobs each month. But yesterday's report on September job losses was a sobering reminder of that progress comes in fits and starts. And that we will need to grind out this recovery step by step. That's why I'm working closely what my economic team to explore additional options to promote job creation. And I won't let up until those who seek jobs confined until businesses that seek capital and credit comprised. And until all responsible homeowners can stay in their homes. It won't be. You'll require us to laying new foundation for our economy. One that gives our workers' skills and education they need to compete that invests in renewable energy in the jobs of the future. And that makes health care affordable for families and businesses. Particularly small businesses many of which have been overwhelmed. By rising health care costs. This is something I hear about from ought to resign meet people who've got a good idea and the expertise and determination to build it into thriving business. But many can't take that leap because they can't afford to lose to help insurance they have at their current job. I hear about it from small business owners who want to grow their companies and hire more people but they can't because they can barely afford to ensure the employees they have. One small business owner wrote to me that health care cost are and I quote stifling my business growth. He said that the money you want to use research and development. And to expand its operations. Has instead been thrown into the pockets of health care insurance carriers. These small businesses are the mom and pop stores and restaurants beauty shops and construction companies that support families and sustain communities. -- the small startups with big ideas hoping to be the next Google or apple or HP. Altogether they create roughly half of all new jobs. And right now they are paying up to 18% more for the very same insurance plans as larger businesses. Because they're higher administrative costs and less bargaining power. Many have been forced to cut benefits or drop coverage. Some of -- jobs or shut their doors entirely. And recent studies show that we fail to act now employers will pay 6% more to insure their employees next year. And more than twice as much over the next decade. Rising health care costs are undermining our businesses exploding deficits and costing our nation more jobs with each passing month. So we know that reforming our health insurance system will be a critical step in rebuilding our economy so that -- entrepreneur horse can pursue the American dream again. And are small businesses can grow and expand and create new jobs again. That's precisely what the reform legislation before congress right now will do. Under these proposals small businesses will be able to purchase health insurance through an insurance exchange. A marketplace where they can compare the price quality and services of a wide variety of plants. Many of which will provide better coverage at lower cost -- the plans but they have now. 95% of small businesses won't be required to cover their employees. But many that do will receive a tax credit to help them pay for. If -- small business chooses not to provide coverage its employees will receive tax credits to help them purchase health insurance on the -- through the insurance exchange. And no matter how you get your insurance insurance companies will no longer be allowed to deny her coverage because pre existing condition. There will be able to drop your coverage if you get too sick or lose your job or change jobs. And will limit the amount your insurance company can force you to pay out of your own pocket. My now the urgency of these reforms is abundantly clear. And after a long hours of thoughtful deliberation and tough negotiation. The Senate Finance Committee. The final congressional committee involved in shaping health care legislation. Has finished the process of crafting their reform proposal. As we move forward in the coming weeks I understand that members of congress from both parties want to engage in a vigorous debate and contribute their own ideas. And I welcome those contributions. Are welcome any sincere attempts to improve legislation before it reaches my desk. But what I will not accept our attempts to stall or drag our feet -- will not accept partisan efforts to block perform at any cost. Instead I expect us to move forward without a spirit of stability. The seriousness of purpose. And a willingness to compromise -- characterizes our democratic process and it's very past. If we do that. I'm confident that we will pass reform this year and help ensure that our entrepreneur words our businesses and our economy can thrive in the years ahead."