Washington (CNN) -- The Obama administration raised the stakes in the health care debate Monday, releasing a new blueprint that seeks to bridge the gap between measures passed by the Senate and House of Representatives last year.





If enacted, the president's sweeping compromise plan would constitute the biggest expansion of federal health care guarantees since the enactment of Medicare and Medicaid more than four decades ago. The White House said it would extend coverage to 31 million Americans.





Among other things, the White House said it would expand Medicare prescription drug coverage, increase federal subsidies to help people buy insurance and give the federal government new authority to block excessive rate hikes by health insurance companies.





It increases the threshold -- relative to the Senate bill -- under which a tax on high-end health insurance plans would kick in.





As with both the House and Senate plans, it includes significant reductions in Medicare spending in part through changes in payments made under the Medicare Advantage program.





President Obama's plan does not include a government-run public health insurance option, an idea strongly backed by liberal Democrats but fiercely opposed by both Republicans and key Democratic moderates.





It also eliminates a deeply unpopular provision in the Senate bill worked in by Sen. Ben Nelson, D-Nebraska, that would exempt his Midwestern state from paying increased Medicaid expenses.





Administration officials said Obama's measure would cut the deficit by $100 billion over the next 10 years. They estimate the total cost of the bill to be $950 billion in the next decade.





The Senate bill would cost an estimated $871 billion, according to the nonpartisan Congressional Budget Office, while the more expansive House plan has been estimated to cost more than $1 trillion.





The release of Obama's plan sets the stage for a critical televised health care summit Thursday with top congressional Republicans. The White House is trying to pressure GOP leaders to present a detailed alternative proposal in advance of the meeting.





"We view this as the opening bid for the health meeting" on Thursday, White House communications director Dan Pfeiffer told reporters.





"We took our best shot at bridging the differences" between the House and Senate bills. "It is our hope the Republicans will come together around [their] plan and post it online" before the meeting.





President's health care blueprint





Pfeiffer said Obama will come to Thursday's meeting "with an open mind." The president's willing to back decent Republican ideas if the two sides can have an "honest, open, substantive discussion" in which "both parties can get off their talking points," he said.





GOP leaders have indicated they will attend the meeting but have urged Democrats to scrap the Senate and House bills completely.





They characterized Obama's proposal Monday as setting the stage for a meeting that will amount to little more than political posturing.





"The president has crippled the credibility of this week's summit by proposing the same massive government takeover of health care based on a partisan bill the American people have already rejected," said House Minority Leader John Boehner, R-Ohio.





"This new Democrats-only backroom deal doubles down on the same failed approach that will drive up premiums, destroy jobs, raise taxes and slash Medicare benefits. This week's summit clearly has all the makings of a Democratic infomercial."





Senate Minority Leader Mitch McConnell, R-Kentucky, released a statement calling the plan "disappointing that Democrats in Washington either aren't listening or are completely ignoring what Americans across the country have been saying."





White House press secretary Robert Gibbs dismissed the GOP criticisms, arguing that Republican leaders had asked for this week's meeting for months.





"If they're not the party of no, Thursday's the perfect venue to be the party of yes," Gibbs said.





Highlights of Obama's proposal





Under Obama's plan:





• The health and human services secretary would work with a seven-member board of doctors, economists and consumer and insurance representatives to review premium hikes. This Health Insurance Rate Authority would provide an annual report to recommend to states whether
Where are they bridging the gap? Who claims "Health care summit has "all the makings of a Democratic infomercial""? What does the Administration plan to seek? What does the Administration plan seek? What does the plan seek to block? Whose plan does not include public option? What does Obama's plan not  include?
between measures passed by the Senate and House of Representatives last year. House Minority Leader John Boehner, to bridge the gap between measures passed by the Senate and House of Representatives bridge the gap between measures passed by the Senate and House of Representatives excessive rate hikes by health insurance companies. President Obama's a government-run public health insurance option,
question: Where are they bridging the gap?, answer: between measures passed by the Senate and House of Representatives last year. | question: Who claims "Health care summit has "all the makings of a Democratic infomercial""?, answer: House Minority Leader John Boehner, | question: What does the Administration plan to seek?, answer: to bridge the gap between measures passed by the Senate and House of Representatives | question: What does the Administration plan seek?, answer: bridge the gap between measures passed by the Senate and House of Representatives | question: What does the plan seek to block?, answer: excessive rate hikes by health insurance companies. | question: Whose plan does not include public option?, answer: President Obama's | question: What does Obama's plan not  include?, answer: a government-run public health insurance option,