Apr 01 2014
Washington, D.C. – U.S. Senator Marco Rubio (R-FL) today introduced The ObamaCare Taxpayer Bailout Protection Act, legislation to hold the Administration accountable by ensuring ObamaCare’s risk-corridor provision remains budget neutral, which would prevent taxpayer dollars from being used to bailout insurance companies.
This is Rubio’s latest attempt to protect taxpayers from an ObamaCare bailout after introducing The ObamaCare Taxpayer Bailout Prevention Act in November.
Under ObamaCare’s section 1342, risk corridors were established for the law’s first three years as a safety net for insurers who experience financial losses, needlessly exposing taxpayers to funding a bailout of insurance companies. Earlier this month, the Obama administration announced a new rule “to operate the risk corridors program in a budget neutral manner.” Rubio’s bill holds the Administration accountable by requiring that ObamaCare’s risk corridors ensure budget neutrality.
“From rising health care costs to loss of coverage, millions of Americans have already been hurt by ObamaCare. We cannot allow a taxpayer-funded bailout to be the American people’s next hardship,” said Rubio. “The Administration’s excessive delays and revisions of ObamaCare cannot transform the law into a success, and taxpayers cannot be expected to foot the bill for Washington’s mistakes when the law fails.
“This provision holds the Administration to its word and takes a common sense approach to guaranteeing taxpayers are protected from further paying for a reckless and irresponsible law that should never have been passed in the first place,” added Rubio.
A PDF of the legislation is available here.