US President, Barack Obama has criticised American insurance firms of trying to challenge his attempt to overhaul America's health care system.

In a weekly radio address, the President stated that his opponents are conjuring up lies about his plan to extend coverage to the 47 million Americans who do not have health insurance.

He said: "The history is clear - every time we come close to passing health insurance reform, the special interests with a stake in the status quo use their influence and political allies to scare and mislead the American people."

Despite the number of critics campaigning against the health care reform, Mr Obama vowed that Americans will "finally be able to afford insurance."

He said: "Everyone will have the security and stability that's missing today."

He added: "For all the chatter and the noise out there, what every American needs to know is this: If you don't have health insurance, you will finally have quality, affordable options once we pass reform.

"If you do have health insurance, we will make sure that no insurance company or government bureaucrat gets between you and the care that you need. And we will deliver this in a fiscally responsible way."