The FINANCIAL -- WASHINGTON, The U.S. House of Representatives approved on November 8 the healthcare reform bill, seen by President Barack Obama as a top domestic priority.

The bill, which is designed to extend medical insurance to millions of Americans, was passed by a narrow 220-215 vote and is now to be approved by the Senate. At the moment, about 47 million people, or one sixth of the country's population, have no medical insurance.

The bill, if passed, will oblige all Americans to obtain health insurance or pay a fine, while the majority of employers, with the exemption of some small businesses, would have to provide insurance coverage to their staff. It would also bar companies from refusing medical insurance to people with the so-called pre-existing conditions or to charge more from people with unfavorable medical record.

The draft, seen as a major overhaul of healthcare system in decades, would also enable the government to sell insurance in competition with private firms.

The reform has been criticized for its costs of some $900 billion in the next decade. Obama, however, says it would have no negative impact on the country's economy.

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