November 5, 2009 House expected to pass historic health care overhaul legislation this weekend Play video

(NECN: Washington) - The House is in its final push toward a historic vote on President Obama's remake of the U.S. health care system.

A debate and vote are expected Saturday on the 10-year, $1.2 trillion bill that would extend coverage to 96% of Americans, require employers to insure their employees and bar such insurance company practices as dropping coverage for sick people.

House Speaker Nancy Pelosi, D-California, says "we're on our path, we're very excited about it."

Action is slower on the other side of the Capitol, where senators are awaiting an analysis from the Congressional Budget Office on legislation written by Senate Majority Leader Harry Reid and others. The timeline there appears likely to spill into next year.

The House effort is getting a big boost from the AARP, which was set to endorse the bill, something that proved a crucial stamp of approval when then-President George W. Bush pushed the Medicare prescription drug benefit through a closely divided Congress in 2003.

The House bill would provide government subsidies beginning in 2013 to extend coverage to millions who now lack it. Self-employed people and small businesses could buy coverage through the new exchanges, either from a private insurer or a new government plan that would compete. All the plans sold through the exchange would have to follow basic consumer protection rules.

Seniors in traditional Medicare would get improved preventive benefits. Also, the

prescription coverage gap known as the "doughnut hole" would be gradually closed. However, seniors signed up for private insurance plans through Medicare could lose some benefits, as the bill scales back extra payments that the plans have been getting.

In addition to raising money by cutting payments to hospitals and other medical providers, the House bill boosts taxes on upper-income earners.

Meanwhile, the CBO released an analysis of the House GOP bill that found it would reduce the number of uninsured by just 3 million in 2019. By comparison, the more expansive Democratic bill would gain coverage for 36 million.

While the Democrats' bill would cover 96 percent of eligible Americans, the Republican alternative would cover 83 percent - roughly comparable to current levels. The budget office said the Republican plan would reduce federal deficits by $68 billion over the 10-year period and push down premiums for privately insured people.

*Material from The Associated Press used in this report*