President Barack Obama signed the Health Care and Education Reconciliation Act of 2010 on Wednesday. The law is the companion to the Patient Protection and Affordable Care Act that he signed into law on March 23.
According to House Speaker Nancy Pelosi (D-Calif.), the two new laws will make healthcare coverage available to 32 million uninsured Americans and establish healthcare exchanges where consumers can purchase healthcare insurance at a lower rate. She said the new laws would "hold health insurance companies accountable."
The laws represent "remarkable progress for the American people," she said.
"Health insurance reform is fiscally responsible for the budgets of America's families and the federal budget," Pelosi said. "It strengthens Medicare and improves benefits for our seniors. It will create millions of jobs and strengthen our economic security by keeping America competitive and igniting innovation and entrepreneurship."
Democratic National Committee Chairman Tim Kaine said the legislation "is further proof that Democrats are the party of results."
"This is what the American people want, and it's why voters trust Democrats to move our country forward," he said.
Americans for Responsible Health Care disagree. On Tuesday the group announced it is launching a nationwide campaign to repeal, replace and reform the laws.
"This cannot stand," said Jeff Cohen, a spokesman for the group. "Despite strong, consistent and vocal opposition from millions and millions of Americans from every part of the country and every walk of life, the leaders we entrusted to protect our Constitution turned their backs on the people and our rights and instead voted with Washington's liberal elite ruling class.
The group aims to collect 10 million signatures to repeal the law, according to Cohen.