Obama praises effort to contain health costs

May 11, 2009 10:14:09 AM PDT
President Barack Obama has praised health industry groups for coming forward with an offer to reduce the growth of spending by $2 trillion a year to overhaul the system. Obama appeared at the White House with an array of industry figures, including union representatives, and called it the occasion "historic."

Industry figures pledged that they would voluntarily slow their rate increases over the next 10 years.

Obama said the step the industry took Monday must be carried out as part of "a broader effort" to change the health care system, keep costs under control and provide health insurance for the some 46 million Americans who do not now have it.

He said, "I will not rest until the dream of health care reform is achieved in the United States of America."

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