Stuffed inside the Democrats’ Obamacare law passed (with no Republican votes) is a provision that will reimburse insurance companies up to 80% of their losses due to Obamacare.
Melissa Francis reported the provision on FOX News in 2014:
“Marco Rubio has been out highlighting the fact that there is this ‘risk corridor’ where written into this law that nobody read is this idea that is insurance companies have 3% higher costs than they estimated as a result of who’s in these pools, they can recoup 50% of that money from the government, from you and me. 8% higher than what they estimated, they can recoup 80% !… This bailout of the insurance companies is the next big thing we’ll all be talking about.”
And, here we thought Democrats hated insurance companies.
The Obama administration quietly adjusted key provisions of Obamacare to make billions available to the insurance industry late last week.
On Thursday a federal judge ruled Obamacare funding was unconstitutional.
The LA Times reported:
A federal judge ruled for House Republicans on Thursday in their suit against President Obama and declared his administration is unconstitutionally spending money to reimburse health insurers without obtaining an appropriation from Congress.
The judge’s ruling, though a setback for the administration, was put on hold immediately and stands a good chance of being overturned on appeal.
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But the 38-page opinion highlights the repeated complaint from Republicans that Obama and his administration have ignored constitutional limits on their authority.
The Constitution says “No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law,” said Judge Rosemary Collyer, yet the administration has continued to pay billions to insurers for their extra cost of providing coverage for low-income Americans.
“Paying out Sec. 1402 reimbursements without an appropriation thus violates the Constitution,” she wrote. “Congress is the only source for such an appropriation, and no public money can be spent without one.”
