Trump's health insurance cut will raise premiums

The Trump administration has announced it will stop making payments for those health care subsidies that reduce the out of pocket costs for low-income Americans on Obamacare.

In 24 hours, President Trump doing unilaterally what Congress couldn't do in months.  Late last night, the White Hosue said insurance payments it had been making for months were unlawful and did not have Congressional funding, and would be stopped immediately.  

The Non-Partisan Congressional Budget Office estimated ending those payments would mean a 20% increase in premiums by 2018, 25% by 2020 and increase the federal deficit.  

Austan Goolsbee, Former Chair for President Obama on the Council of Economic Advisers, says, "This is crazy town. This is a decision that is opposed by every major medical organization, the doctors, the nurses, the hospitals."

Senators on Capitol Hill are still working on a bipartisan solution to stabilize the insurance marketplace and authorize those payments.  What's unclear is whether the President would sign it.  


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