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Speaker Pelosi and Henry Waxman just made the announcement to reporters. From Huffpo

But evidently the house bill is complete and ready to be voted on by August to meet the president's timeline. It mentions that taxes would be increased on the rich to pay for it and that employers and individuals would be required to purhcase it. It also says insurers could not be exluded for pre-existing conditions.

Sorry for the short diary, there just isn't much more information available yet.

UPDATE I
Huffington post article does mention public option,not explicitly by name but by description HT to NU FAN for pointing it out

House Democrats readied legislation Tuesday that imposes penalties on employers who fail to provide health insurance for their workers and on individuals who refuse to buy it, part of a sweeping effort to overhaul the nation's health care system.

The bill, to be debated in committee beginning later this week, would require insurance companies to offer coverage, without exceptions or higher premiums in cases of pre-existing medical conditions. It also would allow the government to sell insurance in competition with private firms, a provision that has sparked objections from Republicans and even some Democrats

Update II
Have renamed Breaking back into title as it is still a breaking story.

Originally posted to Phil In Denver on Tue Jul 14, 2009 at 12:52 PM PDT.

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