As the White House health care summit got underway, President Obama tied the need for reform to the nation's economic woes, calling it not just a "moral imperative; it's a fiscal imperative."

"If we want to create jobs and rebuild our economy, and get our federal budget under control, then we have to address the crushing cost of health care this year, in this Administration," Obama told lawmakers and so-called "stakeholders" gathered in the East Room. "Making investments in reform now, investments that will dramatically lower costs, won't add to our budget deficits in the long-term - rather, it is one of the best ways, in fact maybe the only way, to reduce those long term costs."

Acknowledging that past efforts have failed, Obama said that the time is ripe for action now because "the call for reform is coming from the bottom up," and from "all across the spectrum." He said that those involved in this discussion won't always "see eye to eye," but he outlined several areas where he said there is agreement, most notably the idea that those who have insurance they are happy with should keep it.

"Every voice has to be heard. Every idea must be considered. Every option must be on the table -- there should be no sacred cows," he said. The one option off the table is the "status quo."

"Those who seek to block any reform at any cost will not prevail this time around," he added. "I didn't come here to Washington to work for those interests. I came to work for the American people - the folks I met on the campaign trail, the people I hear from every day in the White House."

Participants in the summit are now in five separate breakout sessions to discuss finer details of any potential reform effort. Obama will then reconvene the groups in the East Room for a Q&A session.