Obama applauds healthcare progress

The White House just issued a statement this morning reacting to word of a deal with hospitals to help finance a healthcare overhaul.

"I am pleased by the progress we're making on health care reform and still believe, as I've said before, that one of the best ways to bring down costs, provide more choices, and assure quality is a public option that will force the insurance companies to compete and keep them honest. I look forward to a final product that achieves these very important goals," said the statement from President Obama, who is in Moscow for day two of his first Russian summit.

Administration and industry officials told several news organizations late Monday that after talks involving the White House and key Senate Democrats, the nation's hospitals were on the verge of signing off on a deal to reduce their anticipated payments from Medicare and Medicaid by about $155 billion over the next decade.

The government could use that money to help provide health coverage to millions who now lack it. The cost of healthcare overhaul is projected at $1 trillion or more over the next decade.