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Saturday, March 12, 2016

Failed ObamaCare co-ops have not repaid $1.2B in federal loans, docs say

The dozen failed ObamaCare cooperatives have not repaid any of the $1.2 billion in federal loans they received and still owe more than $1 billion in additional liabilities, according to recent financial statements cited Thursday at a congressional hearing.

“We shouldn’t hold our breath on repayment,” Sen. Rob Portman, R-Ohio, chairman of the Senate Permanent Subcommittee on Investigations, said in his opening statement at the hearing.

“In some states, these losses will be absorbed by other insurance companies—which means, by the policyholders of other insurance companies who have to pay increased … premiums,” he said. “In other states, doctors, hospitals and individual patients stand to suffer large out-of-pocket losses due to the co-op failures—as our report details.”

“Once the co-ops got going in 2014, things went south in a hurry—both in terms of financial losses and enrollment figures that wildly deviated from the co-ops’ own projections,” Portman said. “Despite getting regular reports that the co-ops were hemorrhaging cash, HHS [the Department of Health and Human Services] took essentially no corrective action for over a year.”



Anonymous said...

And this people is how your government gets in bed with big business and screw you as the middle class tax paying American people. They get wealthy you get screwed

Anonymous said...

And how much did Moochelle's college roommate make on that scam?

Anonymous said...

No problem we taxpayers got it.

Anonymous said...

This entire thing has made me never vote democrat again. After seeing what hogan has done in md so far it has served me well to vote for the other side. The days of voting for a democrat just because I am one are over.

Anonymous said...

U.S. government BIGGEST PONZIE SCHEME going. Where else can you make s person give up almost 40% of every dollar they make right off the top to just give it away to any and all people they wish