Millions Losing Health Plans Under Obamacare. Did President Mislead? (+Video)

It turns out that at least 7 million Americans will not be able to keep their current health insurance plans under Obamacare, news reports say, despite Obama's assurances that they would.

Despite President Obama’s assurances to the contrary, millions of Americans are discovering that they will not be able to keep their current health insurance when the Affordable Care Act takes full effect next year.

Reports Tuesday from CBS and NBC News document this development. According to CBS, US insurance firms have sent health policy cancellation notices to more than 2 million people, with 800,000 in New Jersey alone.

NBC estimates that 50 to 75 percent of the 14 million Americans who purchase their health insurance as individuals on the open market can expect a cancellation letter, as their policies don’t meet standards mandated by the ACA.