The speech to Congress is seen as so important that it could make or break his presidency.
With Mr Obama's poll numbers slipping and public support for his health care overhaul eroding almost by the day, Senator Max Baucus, a fellow Democrat, drew up a compromise plan designed to appeal to centrists across the political divide.
Republicans have vigirously opposed a mooted extra tax burden on highers earners to pay for medical insurance for the poor. Under the new plan, non-profit co-operatives would be set up to compete with private health insurance companies.
This would replace the idea of introducing a so-called "public option" of government-run insurance, which is favoured by liberals.
The Baucus plan would cost about $900 billion (£550 billion) over 10 years - $100 billion less that the $1 trillion price tag on a previous House of Representatives proposal.
This would partly be achieved by raising $180 billion from taxing insurance companies that offer the most expensive packages.
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