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The US Supreme Court has approved President Barack Obama's Healthcare Reform Act. The Supreme Court said that the federal government is entitled to raise taxes to force all Americans to buy private health insurance, or face fines, The Telegraph reports. "It is reasonable to construe what Congress has done as increasing taxes on those who have a certain amount of income, but choose to go without health insurance. Such legislation is within Congress's power to tax," Chief Justice John Roberts said. According to reports, most of the law is due to come into force in 2014. The law, by compelling the young and healthy to buy health insurance, aims to reduce premiums for all and subsidize coverage for the poorest. It also aims to ban insurance firms from turning away new customers who have existing health problems. The endorsement of "Obamacare" boosted morale between Obama and his allies following months of speculation that the law was likely to be struck down. Speaking at the White House, Obama called the court's decision a victory for the country. "Whatever the politics, today's decision was a victory for people all over this country, whose lives will be more secure," Obama said. "The highest court in the land has now spoken. We will continue to implement this law," he added. Following the apex court order, Mitt Romney, Republican presidential nominee, immediately pledged to 'repeal and replace' Obama's reforms and 'defeat the liberal agenda'.

US Supreme Court approves Obama's controversial Healthcare Act