$849 billion health care bill unveiled

A 2074 page document--the proposed legislation--would extend insurance to nearly 31 million Americans.

The bill is also expected to reduce a national deficit of as much as $127bn (£76bn) over a decade and nearly $650bn (£389bn) in the 10 years after that.

"Tonight begins the last leg of this journey," Reid said, as he announced details of the measure late on Wednesday.

"This is our chance to end a journey that began more than 60 years ago when President Truman said every man should have the peace of mind of having health insurance," Assistant Majority Leader Richard J. Durbin (D-Ill.) said after Democrats met at the Capitol to discuss the bill.

Final vote needs 60-vote majority
The debate on the bill is expected to be fiery and it will conclude only if the majority leader is able to fetch a 60-vote majority in the Senate including the support of all 58 Democrats and two independents in the Senate.

Afterwards, the Senate bill would be reconciled with the House bill for a final vote to convert the overhaul efforts into a law.

If approved by both the chambers, the bill would be signed into law by President Barack Obama.

Republicans’ criticism before the debate
The Republicans have criticized the overhaul efforts by labeling it as an attempt towards government control of the healthcare system.

To block the bill from becoming a reality, the Republicans are planning to force the Democrats to read aloud the entire bill on the senate floor.

Republican Senate leader Mitch McConnell said the bill had "been behind closed doors for weeks" and that the forthcoming debate would not be "short", as reported by the Associated Press.

"Higher premiums, tax increases and Medicare cuts to pay for more government. The American people know that is not reform," he said.

Highlights of the bill
The Senate bill particularly favors the uninsured individuals who are likely to be the biggest winners if this proposed legislation is approved.

Under the terms of the bill U.S. Senate Majority Leader Harry Reid, all the Americans will be required to buy insurance, failing which they will have to face a penalty of $750 per person.

Likewise, all the insurance companies will be required to provide coverage to the individuals regardless of their status.

Large employers would be required to provide health benefits to the staff or cover the cost of insuring for all those who are eligible for federal assistance.

Under the bill, subsidies would be offered to all those who cannot benefit from work by expanding Medicaid, the federal-state health-insurance program for the poor.

It also includes stringent requirements for the rich individuals and people with generous health-insurance benefits, who would have to pay higher and new taxes respectively.

If approved in the Senate, the bill will overhaul the American health care system.