WASHINGTON, November 8 (RIA Novosti) - U.S. President Barack Obama said on Sunday he hoped to sign a sweeping healthcare reform bill approved by the House of Representatives by the end of this year.

"Thanks to the hard work of the House, we are just two steps away from achieving health insurance reform in America. Now the United States Senate must follow suit and pass its version of the legislation. I am absolutely confident it will, and I look forward to signing comprehensive health insurance reform into law by the end of the year," the White House quoted Obama as saying.

The bill, which is designed to extend medical insurance to millions of Americans, was passed by a narrow 220-215 vote in the House of Representatives on Sunday and is now to be approved by the Senate. At the moment, about 47 million people, or one sixth of the country's population, have no medical insurance.

The bill, if passed, will oblige all Americans to obtain health insurance or pay a fine, while the majority of employers, with the exemption of some small businesses, would have to provide insurance coverage to their staff. It would also bar companies from refusing medical insurance to people with the so-called pre-existing conditions or to charge more from people with unfavorable medical record.

The draft, seen as a major overhaul of healthcare system in decades, would also enable the government to sell insurance in competition with private firms.

The reform has been criticized for its costs of some $900 billion in the next decade. Obama, however, says it would have no negative impact on the country's economy.