President Barack Obama is expected to announce a fix for people outraged at the cancellation of their health insurance plans because they do not meet the guidelines under Obamacare.
The White House announced Obama will speak on the Patient Protection and Affordable Care Act at 11:35 a.m.
The president is expected to announce that those policyholders will be allowed to keep their plan for one year.
The move to let insurers reinstate these policies could stop the runaway train of controversy after Obama had promised the American public: “If you like your plan, you can keep your plan.”
However, policies that do not meet new federal guidelines would not be grandfathered in under Obamacare, if the policy has been changed since Obamacare was passed in March 2010. Now the president is expected to change that.
"The president will offer a proposal today is my understanding," House Minority Leader Nancy Pelosi, D-Calif., said Thursday morning at the Washington Ideas Forum.
The announcement comes one day before the House of Representatives would vote on a GOP bill that would allow the same thing.
A handful of Democrats who are up for reelection are supporting various bills to reinstate many of the canceled policies, taking much of the heat from that “keep your plan” sound byte. If many Americans keep their old policies, however, pricing in the exchanges will rise.