Obama to propose insurance price controls

President Obama is set to announce proposals to give the federal government more control of health insurance prices.

A White House official told the press of the coming move Sunday night, suggesting it was a proposal to help win over support for health care overhaul, Politico said.

The proposal would give the federal government the ability to block excessive rate increases to health insurance companies, the New York Times said.

The proposal will come along with the package Obama is set to release that helps bridge the gap between the Senate and House health care bills, said the New York Times. Price controls are not included in either current bill, but the move comes amid populist anger over recent insurance increases in California that have reached up to 39 percent.

A health care summit is being held Thursday and Obama plans to release his proposals early, Politico reported, in an apparent move to put pressure on Republicans to show they have their own solutions to the current problem.

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