The US Senate Finance Committee has passed a bill to overhaul the country’s healthcare system, advancing President Barack Obama’s $829bn healthcare agenda for the next decade.

According to reports, the bill would offer new subsidies to provide health coverage to millions of Americans, including people who are already ill.

It will also reduce payments to healthcare providers such as hospitals by more than $400bn in the next ten years.

The insurance industry has opposed the bill saying it would raise the cost of premiums while organised labour feels that the bill does not address workers’ issues completely.