In recent weeks, the Department of Health and Human Services released new regulations that pave the way for a tax-payer bailout for insurance companies that lost money on ObamaCare.
Originally, the Obama administration promised its so-called “risk corridors”–a program to shift money from profit-making insurers to underperforming insurers to keep down premiums–would be temporary. On Friday, however, HHS said despite the fact that it expects there will be sufficient funds available, “in the unlikely event of a shortfall for the 2015 program year… [the Department of Health and Human Services] will use other sources of funding for the risk corridor payment” and that additional funding would “be subject to the availability of appropriations.”
The accounting rules for the program have been altered in such a way that billions of additional taxpayer dollars could be put at risk, say Republicans on the Senate Budget Committee.
On last night’s “Special Report,” Fox News Chief National Correspondent Jim Angle discussed the growing controversy. Angle reported that the Republicans are crying foul over the administration’s plan to divert funds for an insurance bailout, something they say the administration doesn’t have the power to do.
“Republicans on the Senate Budget Committee argue that would require a separate appropriation from congress, but given the administration’s relations with congress, that would be difficult to come by – setting up yet another legal dispute over what the administration can and can’t do on its own,” Angle concluded.