President Barack Obama will on Thursday announce the creation of a $634bn healthcare reserve fund that would help pay for his plans to provide universal insurance partly by raising taxes on the wealthiest Americans.
The move follows Mr Obama’s announcement in his speech to Congress on Tuesday night that he would make a “substantial down payment” on the future expansion of healthcare. Mr Obama also strongly hinted he would unveil plans to set up a cap and trade system for carbon emissions in Thursday’s budget.
