Trump Forced to Cover Obama’s Unpaid Bills
Obama left the presidency less than 7 months ago, and President Trump needs to pick up the tab.
Apparently, creditors declined Obama’s credit card.
There isn’t even a tiny sliver of the government that Obama didn’t screw up during his tenure. However, his biggest debacle was undoubtedly Obamacare. The main reason it hasn’t already been repealed and replaced is the shear magnitude of the mess. Obamacare’s scale makes Katrina look like an ocean breeze.
Now, more fallout from Obamacare has surfaced. As predicted, insurance companies pulled out of Obamacare because they were left holding the bag. They lost billions.
Now some of those companies are saying the Federal government owes millions in payments to a program that was supposed to stabilize Obamacare.
According to Politico:
Health insurers have filed nearly two dozen lawsuits claiming the government owes them payments from a program meant to blunt their losses in the Obamacare marketplaces. That raises the prospect that the Trump administration will have to bankroll a program the GOP has pilloried as an insurer bailout.
Insurers are owed more than $8 billion in payments, and the tab is likely to grow.
“[The Obama administration] repeatedly assured us it was there and it would be a clear obligation of the government,” said Tom Policelli, CEO of Minuteman Health, which is among the insurers suing the government over the shortfall. “Even the federal government is subject to the rules.”
The fiscal hit to the feds could be huge if the insurers win.
President Donald Trump, meanwhile, has threatened to pull billions in funding from a separate Obamacare subsidy program he’s labeled a “bailout” for insurers.
The courts have so far split on whether the government must pay risk corridor funding since the first lawsuits were filed last year. In November, Land of Lincoln Health, a now-defunct nonprofit startup in Illinois, lost its case in the Court of Federal Claims seeking more than $70 million. But in April, Oregon-based Moda Health was awarded more than $200 million.
In addition to the lies about keeping doctors and policies, Obamacare played games with doctor’s pay.
The legislation added a federal provision to allow the government to hold off a few months before paying for doctor visits. Surely, the doctors all appreciate holding the bag for Uncle Sam.
One by one, the co-ops Obamacare created went belly-up. In fact, back in January we wrote about the end of the Illinois co-op. At the time, only 7 of the 16 original co-ops were still standing. Now that number is around 3. As we pointed out back then:
Obama’s record: 7-16. If he were a coach, they would have fired him mid-season.
And you can bet they would have burned the playbook.
Further, taxpayers lost out on more than $1.7 billion in funds they will never recover.
To repeal Obamacare does the taxpayers of America a huge favor. Not only will we get better healthcare, we will save a fortune.