After nearly a year of debate and ahead of his televised health care summit later this week, President Obama released his own version of health care reform legislation today.

The White House says its bill is largely modeled on a measure that passed the Senate on Christmas Eve, but it would eliminate or change some of the more controversial provisions that it contained. It would also give the Department of Health and Human Services new powers to deny, or roll back, insurance premium increases.

President Barack Obama is hoping to revive the health reform effort before that summit with this measure that is estimated to cost $950 billion over 10 years. Insurance groups are slamming the plan, saying government controls on their premiums will put them out of business.

The Associated Press reports that the president's insurance rate proposal would give the federal Health and Human Services Department and state authorities the power to deny substantial premium increases, limit them, or demand rebates for consumers.

An insurance premium is what insurers charge policy holders for active coverage, and is sometimes based on gender and age. Insurers have recently been increasing their premiums at rates as high as 39 percent.

Later in the day, five Senate Republicans - led by Massachusetts' recently-elected Scott Brown - broke with their party to advance a Democratic jobs bill.  The unusual bipartisan vote prevented a Republican filibuster and makes the package likely to pass after a floor debate.  The $15 billion legislation aims to spur job creation largely through small-business tax credits.