Obama Administration Planning To Circumvent Congress To Bail Out Health Insurers
Plan defies congressional prohibition on use of taxpayer funds for risk corridors program
Washington, DC– FreedomWorks today blasted the Obama administration for its plan to bail out health insurance plans that have lost money participating in ObamaCare. The plan, which was described in the Washington Post Thursday, circumvents the congressional prohibition on taxpayer dollars being used for ObamaCare’s risk corridors program.
The Delbrook Resource Opportunities Master Fund LP declined 4.2% in September, bringing the fund's year-to-date performance to 25.4%, according to a copy of the firm's September investor update, which ValueWalk has been able to review. Q3 2021 hedge fund letters, conferences and more The commodities-focused hedge fund has had a strong year of the back Read More
“Congress clearly did not intend for the Obama administration to use any taxpayer funds to bail out insurers. But as we’ve seen, time and time again, this administration has nothing but contempt for the constitutional separation of powers and the rule of law,” said FreedomWorks CEO Adam Brandon. “Remember, the risk corridors program wasn’t supposed to cost taxpayers a dime. But because insurers are losing billions of dollars from their participation in ObamaCare, taxpayers may be left to pick up the tab.”
According to the Washington Post report, the Department of Justice is considering a settlement with health insurance companies that “could end up offering payments to about 175 health plans” on the ObamaCare exchanges. The funds may come from the Treasury Department’s Judgment Fund, described as “an obscure…fund intended to cover federal legal claims.”
“It doesn’t end with the bailout of the risk corridors program either,” Brandon said. “The Department of Health and Human Services has only paid $500 million of the $5 billion it owes to taxpayers through ObamaCare’s reinsurance program, again, in clear defiance of federal law.”
“Health insurance premiums are rising and consumers are bearing the costs of all the broken promises of ObamaCare, and all the Obama administration appears to care about is taking care of their crony friends in the insurance industry,” Brandon added.
FreedomWorks aims to educate, build, and mobilize the largest network of activists advocating the principles of smaller government, lower taxes, free markets, personal liberty and the rule of law. For more information, please visit www.FreedomWorks.org or contact Jason Pye at [email protected]