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Keyword: bailout

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  • Budget Chief Is Choice as New Health Secretary

    04/10/2014 4:27:29 PM PDT · by Nachum · 21 replies
    New York Times ^ | 4/10/14 | Michael D. Shear
    Washington - Even when Sylvia Mathews Burwell was in her early 30s, friends speculated that she might return to her native Hinton, W.Va., and run for governor someday. After all, she had been a Rhodes scholar, and her mother — who later became mayor of Hinton, pop. 2,600 — had driven her daughter’s interest in politics. So far that has not happened, but plenty of other things under two presidents have. On Friday, President Obama is to nominate Ms. Burwell, currently director of the White House Office of Management and Budget, to take over one of the largest and most...
  • Obamacare has 7.5 million sign ups, Kathleen Sebelius says

    04/10/2014 4:46:29 PM PDT · by Oldeconomybuyer · 12 replies
    CBS News ^ | April 10, 2014
    Enrollment for the president's health care law has grown to 7.5 million Americans, the Obama administration announced Thursday, handing President Barack Obama and the Democrats bigger coverage numbers to tout in the face of election-year attacks. Sebelius said she expects the figure to continue to grow. The original number already exceeded expectations, a surprise success after a disastrous roll-out and welcome news for Democrats who've been forced to defend their support for the unpopular law derided by critics as "Obamacare." Democratic senators took turns Thursday praising the robust sign-up numbers.
  • Eric Cantor tweets "Thank You" to Kathleen Sebelius

    04/10/2014 5:03:50 PM PDT · by gwgn02 · 51 replies
    Twitter ^ | 4/10/14 | Eric Cantor
    Eric Cantor ‏@GOPLeader 1h I thank Secretary Sebelius for her service. She had an impossible task: nobody can make Obamacare work.
  • BREAKING: White House Admits Democrats Will Lose the Senate

    04/10/2014 4:54:37 PM PDT · by cotton1706 · 41 replies ^ | 4/10/14 | Erick Erickson
    Put another way, Kathleen Sebelius has resigned and “Senior Administration Officials” are telling the media it is because of You do not have a celebration event last week to celebrate 7 million sign ups and have Sebelius there to get credit then this week throw her under the bus because of a screw up that happened last October. They have been standing with her since last October. They stood with her when the President’s polling was nosediving and throwing her under the bus could have stopped the bleeding. They are doing so now. Sebelius actually resigned last week and...
  • Did the EU Bail Out the US in December?

    02/20/2014 8:44:51 PM PST · by Tolerance Sucks Rocks · 3 replies
    Last Resistance ^ | February 19, 2014 | Michael Minkoff
    It’s Wednesday. So it’s time for more bad news. If you’ve been paying attention, you will have already noticed that the United States is headed toward a cliff of imminent destruction at astonishing speeds. Our financial situation is dire, our political situation is dismal, our international situation is tenuous, and our cultural situation is pathetic. It’s sad. I didn’t think my generation would live to see this, but it looks like America is past the point of no return in its drive toward complete collapse.The most recent sign of doom in the financial sector is the alarming news that China...
  • Did GM Delay Recall With Deadly Results? Problems Reported Years Ago

    02/14/2014 9:10:08 AM PST · by jazusamo · 30 replies
    NLPC ^ | February 14, 2014 | Mark Modica
    General Motors recently recalled close to a million vehicles for a deadly problem that resulted in six deaths. The models involved were Chevy Cobalts and Pontiac G5s from the 2005 through 2007 model years. The question is, why did NHTSA and GM wait so long to recall vehicles with a dangerous defect when the problems surfaced years ago? Scouring the internet reveals many reported stalling incidents for the models in question. My particular Google search went back to 2009 and unearthed disturbing evidence that GM did not properly address issues with faulty vehicles. While the vehicles were manufactured by...
  • GM’s Debt Rises as Earnings Disappoint; Warns on First Quarter

    02/06/2014 9:49:20 AM PST · by jazusamo · 23 replies
    NLPC ^ | February 6, 2014 | Mark Modica
    General Motors announced disappointing earnings results today and issued a warning that first quarter results will underwhelm as well. The reasons behind the earnings' miss are surely going to be explained away by pundits and proponents of the company still known as Government Motors to many. Sorting through the smoke and mirrors can lead to some important and simple explanations as to what is going on at GM. Before looking at the reasons why GM has drastically underperformed the broader markets since the Obama-orchestrated bankruptcy process of 2009, let's take a look at one of the most critical takeaways from...
  • Bankruptcy In The USSA: Detroit Bondholders About To Be GM'ed In Favor Of Pensioners

    01/31/2014 3:39:07 PM PST · by Rusty0604 · 16 replies
    zerohedge ^ | 01/31/2014 | Tyler Durden
    First, the Obama administration showed during the course of the GM and Chrysler bankruptcy proceedings, that when it comes to Most Preferred Voter classes, some unsecured creditors - namely labor unions, and the millions of votes they bring - are more equal than other unsecured creditors - namely bondholders, and the zero votes they bring. Five years later we are about to get a stark reminder that under the superpriority rule of a community organizer for whom "fairness" trumps contract law any day, it is now Detroit's turn to make a mockery of the recovery waterfall. As it turns out,...
  • Michigan Taxpayers Have Already Bailed Out Detroit - Again and again and again

    01/30/2014 7:11:07 PM PST · by MichCapCon · 8 replies
    Capitol Confidential ^ | 1/27/2014 | Jarrett Skorup
    Michigan Gov. Rick Snyder, House Speaker Jase Bolger and Senate Majority Leader Randy Richardville submitted a $350 million plan to benefit the City of Detroit. But the state has repeatedly given Motown extra cash and allowed special rules to help get the city out of repeated jams. When asked last month if extra state help was on the table, Detroit Emergency Manager Kevyn Orr responded: "No. It was made abundantly clear that a state bailout of Detroit's finances was not a possibility." The proposed deal, which would have to be agreed to by the full Legislature, signals an unfortunate about-face....
  • Obama/Barra Embrace Shows GM is Still Government Motors

    01/30/2014 1:49:56 PM PST · by jazusamo · 10 replies
    NLPC ^ | January 30, 2014 | Mark Modica
    The Obama Administration may have sold the last of the taxpayers' shares in General Motors, but it appears that politics will continue to play a powerful role in the management of the company. New GM CEO Mary Barra did not seem too concerned about appearances when she attended the State of the Union as Obama's guest. Her predecessor Dan Akerson in previous months had gone to great lengths to distance GM from the federal government. With President Obama praising Ms. Barra in front of the nation, the field is once again set for GM to take the stage during upcoming...
  • Bailing Out Health Insurers and Helping Obamacare

    01/19/2014 6:52:02 AM PST · by KeyLargo · 12 replies
    Weekly Standard ^ | Jan 13, 2014 | Jeffrey H. Anderson
    Bailing Out Health Insurers and Helping Obamacare Jeffrey H. Anderson January 13, 2014 Robert Laszewski—a prominent consultant to health insurance companies—recently wrote in a remarkably candid blog post that, while Obamacare is almost certain to cause insurance costs to skyrocket even higher than it already has, “insurers won’t be losing a lot of sleep over it.” How can this be? Because insurance companies won’t bear the cost of their own losses—at least not more than about a quarter of them. The other three-quarters will be borne by American taxpayers. For some reason, President Obama hasn’t talked about this particular feature...
  • Biden tells Ford chairman at Auto Show: ‘Thanks for saving our a$$’

    01/18/2014 4:08:54 AM PST · by Libloather · 22 replies
    Canada Free Press ^ | 1/17/14 | Dan Calabrese
    **SNIP** But a lot of people are having fun trying to decipher if there was something meaningful to be discerned here. Visiting the North American International Auto Show in Detroit, Biden said to Ford Motor Company Chairman William Clay Ford Jr., “Thanks for saving our #.” What? Now you might think it would be an auto executive saying to Biden, “Thanks for saving our #,” although Ford didn’t take the bailout money GM and Chrysler took (although Ford has accepted plenty of federal support in other forms, such as loans for green technology development).
  • Curious Timing for GM Dividend Announcement

    01/16/2014 1:58:52 PM PST · by jazusamo · 4 replies
    NLPC ^ | January 16, 2014 | Mark Modica
    The internet was ablaze Tuesday evening with stories presenting a perceived positive move by General Motors' outgoing government-appointed management. All hail! "General Motors to pay first dividend since 2008," trumpeted the headlines. GM shares immediately spiked up in after-hours trading with shares rising about $1.60 or 4% on the news. Unfortunately for those duped by the proclamation, GM followed the story hours later with a profit warning. For the time being, the bad news outweighed the good with GM shares reversing course and ending the day Wednesday with a loss of over one and a half percent on a day...
  • The Great Italian Auto Bailout — Courtesy of U.S. Taxpayers

    01/02/2014 6:00:05 AM PST · by Hoodat · 9 replies ^ | Jan 1, 2014 | John Berlau
    At the beginning of 2014, Detroit may be bankrupt, but they’re cheering the five-year-old U.S. auto bailout in Italy. That’s because after being the beneficiary of billions in U.S. taxpayer largesse, Fiat, the leading Italian auto company, is going to buy its final stake in Chrysler from that other big bailout recipient, the United Auto Workers (UAW). “Chrysler’s Now Fully an Italian Auto Company,” reads the Time magazine online headline. But wait a minute! Wasn’t the bailout supposed to be about saving the American auto industry? As Mark Beatty and wrote in The Daily Caller in November 2012, after presidential...
  • Obamacare Pork to UAW Rolled Out Without a Glitch

    12/26/2013 2:42:24 PM PST · by jazusamo · 9 replies
    NLPC ^ | December 23, 2013 | Mark Modica
    While the Obama Administration is still pumping resources and taxpayer money into the implementation of Obamacare, the initial disbursement of pork included in the bill was successfully doled out almost a full two years ago. And the main recipient of taxpayer largess was, once again, the UAW. The Obamacare pork came in the form of a program called the Early Retiree Reinsurance Program or ERRP. $5 billion of taxpayer money was allocated to help pay for healthcare costs to retirees between the age of 55 and 65 . Number one on the union-dominated list of recipients was the UAW, which...
  • The State we are and the State we can become (Ireland)

    12/18/2013 5:22:09 PM PST · by Lorianne · 3 replies
    Irish Times ^ | 13 December 2013 | Diarmaid Ferriter
    The humiliation of losing our sovereignty was palpable in 2010. Now is our best opportunity to inaugurate a new phase of Irish statehood ___ And yet, much was made of the description “the loss of sovereignty” in the context of that bailout being imposed in 2010. The despondency and humiliation was palpable, reflected memorably in an Irish Times editorial that invoked the 1916 Rising: “A bailout from the German chancellor with a few shillings of sympathy from the British chancellor on the side. There is the shame of it all. Having obtained our political independence from Britain to be the...
  • GM Spends $1.3 Billion to “Create or Retain” 1,000 Jobs

    12/18/2013 9:02:41 AM PST · by jazusamo · 22 replies
    NLPC ^ | December 18, 2013 | Mark Modica
    Just days after the US government announced their exit from General Motors, the company announced a move that sounds like it could have come directly out of the Obama Administration playbook. GM is boasting about "creating or retaining" roughly a thousand jobs at the cost of approximately $1.3 million per job in a move that could only be viewed as a positive from a political point of view. The heavy spending to preserve union jobs did not go unrecognized by the Obama-friendly UAW. UAW Vice President Joe Ashton stated: Today's announcement is a win for American workers. The UAW is...
  • Dana Milbank's Hack Journalism

    12/17/2013 1:54:46 PM PST · by jazusamo · 14 replies
    National Legal & Policy Center ^ | December 17, 2013 | Peter Flaherty
    Yesterday, I confronted outgoing General Motors CEO Dan Akerson, the speaker at a National Press Club luncheon. At a press conference beforehand, and through the first question at the conclusion of his remarks, I requested that GM repay taxpayers the $10 billion in direct GM bailout costs. Akerson's refusal dominated much of the media coverage of the event. This was clearly not the story line that Akerson intended. In short, we happily stepped all over his message that the bailout is a success and that GM is back. The USA Today/Detroit Free Press story is headlined. "GM's CEO rejects repaying...
  • Sorry Dan Akerson, GM Bailout is Failure

    12/16/2013 2:33:04 PM PST · by jazusamo · 11 replies
    NLPC ^ | December 16, 2013 | Peter Flaherty
    I made these remarks today at the National Press Club in Washington, DC before the luncheon speech of outgoing General Motors CEO Dan Akerson: President Obama justified the auto bailout by predicting it would make money for the taxpayer. With Treasury now selling its remaining shares, the direct loss is about $10 billion. So on its most fundamental level, the auto bailout is a failure. But that $10 billion figure dramatically understates the true cost. There were separate multibillion dollar bailouts of Ally Financial, formerly know as GMAC, and Delphi and other suppliers. There was cash for clunkers, the government...
  • GM Asked to Pay Back $10 Billion Bailout Costs

    12/16/2013 8:56:12 AM PST · by jazusamo · 19 replies
    NLPC ^ | December 16, 2013 | Staff
    Peter Flaherty, president of the National Legal and Policy Center (NLPC), today posed key questions to the General Motors leadership at a National Press Club press conference, including whether the company will repay to taxpayers the $10 billion direct cost of the GM bailout. News that the U.S. Treasury Department has sold its remaining stake and that Mary Barra will take over as GM's new CEO have put the spotlight on the company and its future. GM executives have pointed to GM's $26.8 billion in cash as evidence of its improved financial position. Analysts have raised the possibility that the...
  • ObamaCare’s Date with Destiny Approaches: Are we being set up for a bailout of insurance companies?

    12/12/2013 9:17:16 AM PST · by SeekAndFind · 30 replies
    FrontPage Mag ^ | 12/12/2013 | Arnold Ahlert
    Health and Human Services (HHS) Secretary Kathleen Sebelius, who remains as determined as ever to substitute Obama administration talking points for the truth, gave it her best effort in yesterday’s session before a House Energy and Commerce subcommittee. It was an underwhelming performance at best. As key dates approach and more facts about the government overhaul of the health care system emerge, it is becoming apparent that the ObamaCare scheme is headed for structural disaster — and will take tens of millions of Americans with it. [SNIP] All of the above, including anemic enrollment numbers for private insurance while Medicaid...
  • Citizens of Iceland Overthrow Government Over Bank Fraud

    12/11/2013 9:01:11 PM PST · by Tolerance Sucks Rocks · 34 replies
    Last Resistance ^ | December 10, 2013 | Michael Minkoff
    Consider a country where banking interests balloon debt by lending to people who cannot possibly pay back their loans. These toxic assets then threaten to destroy the national economy. Banking interests plead with the civil government to rescue them for the sake of the economy. The civil government bails them out with taxpayer money. Sound familiar? Well, that’s where the similarities end between the banking crisis in Iceland which began in 2008, and the banking crisis that occurred in the States a year earlier.Taxpayers in Iceland didn’t just sit back and allow the bail out. They thronged the streets banging...
  • GM Names Mary Barra as First Female CEO

    12/10/2013 7:32:00 AM PST · by jimbo123 · 40 replies
    Fox Business ^ | 12/10/13 | Matt Egan
    General Motors (GM) tapped products chief Mary Barra to become the auto maker's first female CEO, taking the keys from current chief Dan Akerson who will step down ahead of schedule in January. The promotion of Barra instantly makes her the most powerful woman in Detroit and one of the most influential in corporate America. The move comes just hours after the Treasury Department exited its ownership of GM following the auto bailouts of 2008 and 2009.
  • U.S. exits GM stake in $10 billon loss for taxpayers

    12/09/2013 7:41:48 PM PST · by Innovative · 30 replies
    Yahoo News/Reuters ^ | Dec 9, 2013 | Jason Lange
    The U.S. government sold its last shares of automaker General Motors Co (GM) on Monday, marking an end to a historic bailout of one of America's most storied companies. The sale leaves taxpayers short about $10 billion of the funds that the Treasury sank into the automaker in 2009. GM recorded a profit of $4.3 billion for the first nine months of this year. The bailout was hugely controversial. During the 2012 presidential campaign, Republican presidential candidate Mitt Romney called it "crony capitalism."
  • Obama claims "GM has now repaid every taxpayer dollar my Administration committed to its rescue...."

    12/09/2013 3:59:25 PM PST · by Askwhy5times · 38 replies
    Bluegrass Pundit ^ | Bluegrass Pundit
    Couldn't we just as easily say "GM has now repaid every taxpayer dollar the previous Administration committed to its rescue, plus billions invested by my Administration?" Via When I took office, the American auto industry – the heartbeat of American manufacturing – was on the verge of collapse.  Two of the Big Three – GM and Chrysler – were on the brink of failure, threatening to take suppliers, distributors and entire communities down with them.  In the midst of what was already the worst recession since the Great Depression, another one million Americans were in danger of losing their...
  • GM's Balance Sheet Not as Healthy as it Looks

    12/09/2013 2:48:05 PM PST · by jazusamo · 12 replies
    NLPC ^ | December 9, 2013 | Mark Modica
    One of the major architects of the General Motors bankruptcy process, Harry Wilson, recently gave a very optimistic outlook for GM future share price. Mr. Wilson was a member of President Obama's Auto Task Force, and was an instrumental player in seeing that UAW interests were put ahead of other creditors, like old GM bondholders. Automotive News now reports that Mr. Wilson feels that GM may be a target for activists because of their "huge" cash hoard. According to the piece: "Any company that isn't efficient about capital allocation is a target for activists," said Wilson, who is now a...
  • Two-Thirds Oppose Any ObamaCare Insurer Bailout

    12/06/2013 4:37:35 AM PST · by IBD editorial writer · 19 replies
    Investor's Business Daily ^ | 12/5/2013 | John Merline
    The public overwhelmingly opposes any ObamaCare bailout of the insurance industry, the latest IBD/TIPP Poll found, even as the Obama administration is paving the way to do just that. The survey found that 65% oppose a federal bailout of insurance companies that find their profits hit because not enough young, healthy people sign up for ObamaCare plans. Opposition is widespread, the poll of 907 adults found, with 51% of Democrats, 71% of Republicans and 76% of independents against it. It's opposed by every age and demographic group as well. Although few people knew about it until recently, the health law...
  • How Obama wants to sweeten the bailout for insurers under Obamacare

    12/05/2013 2:18:09 AM PST · by Cincinatus' Wife · 14 replies
    Washington Examiner ^ | Philip Klein
    "....Starting in January, insurers will be forced to offer coverage to individuals suffering from pre-existing conditions. When drafting the legislation, lawmakers wanted to make sure that individual insurers didn’t worry about getting stuck with a disproportionate share of very sick enrollees with high medical costs. If that were to happen, it could motivate insurers to attempt to manipulate plan offerings so as to “cherry pick” the healthier participants. So lawmakers included several provisions to guard against this possibility, one being the risk corridors. A simple way of explaining the risk corridors program is that it requires insurers to estimate their...
  • Taxpayers Pay The Cost Of Poor Policy In GM Bailout

    11/26/2013 9:52:52 AM PST · by SeekAndFind · 7 replies
    IBD ^ | 11/26/2013
    Federal Meddling: Remember the promise that taxpayers would get back every dollar taken from them and dumped into the General Motors bailout? The promise is coming up about $10 billion short. All told, GM ended up with some $50 billion in direct cash, loans and bankruptcy aid. The bailout began with $13.4 billion from President Bush's Troubled Asset Relief Program and was topped off with another $30.1 billion in May 2009. The Obama administration provided a full $36 billion of the total. The beleaguered American taxpayer was supposed to be paid back in full, but that won't be happening. Last...
  • GOP blasts union 'bailout' under O-Care

    11/26/2013 8:49:48 AM PST · by Libloather · 15 replies
    The Hill ^ | 11/25/13 | Elise Viebeck
    A top Senate Republican is blasting regulations he argues will exempt unions' multi-employer health plans from a key tax under ObamaCare. Senate Republican Conference Chairman John Thune (S.D.) pointed to a section of a 255-page regulatory filing and said it would amount to a "bailout" for the labor moment, which has grown increasingly dissatisfied with the new healthcare law. "Despite endorsing ObamaCare and working fervently to get it passed, unions are now experiencing the ugly reality of this law, and they want out. This exemption is crony capitalism at its worst," said Thune, who is behind a bill to block...
  • Taxpayers Tally Losses as Treasury Exits GM Stake

    11/24/2013 5:19:33 PM PST · by jazusamo · 13 replies
    NLPC ^ | November 24, 2013 | Mark Modica
    It appears the time has finally come for the Obama Administration to end taxpayers' forced investment in General Motors. Reports continue to roll in that Treasury is expected to sell its remaining stake by year-end . Of course, the news will be trumpeted as a great success by those responsible for the heist that cost taxpayers (along with creditors and shareholders of old GM) billions of dollars. The final figures confirming how taxpayers fared will have to wait for the closing tally, but the estimated loss to those who footed the GM bailout bill is in the $10 billion...
  • Obamacare Bailout Sought as Effort Planned to Bypass Site

    11/21/2013 6:28:04 AM PST · by Qbert · 8 replies
    Bloomberg | Nov 20, 2013 | Alex Nussbaum
    Bloomberg, link only:
  • Senators push bill to prevent insurance industry 'bailout' over ObamaCare

    11/20/2013 3:06:45 PM PST · by tobyhill · 17 replies
    fox news ^ | 11/20/2013 | fox news
    Warning that the latest ObamaCare "fix" could compel the federal government to bail out insurance companies, Republican senators have introduced a bill to prevent taxpayer funds from being used to prop up the industry. Sen. Marco Rubio, R-Fla., along with a half-dozen other Republican senators, introduced the "ObamaCare Taxpayer Bailout Prevention Act" on Tuesday. It would strip a provision in the Affordable Care Act pertaining to so-called "risk corridors," which could allow the government to pay insurance companies to offset financial losses. Rubio calls it a "blank check" for the industry. "The idea that the federal government should be bailing...
  • Obamacare may need a taxpayer bailout: Ex-HHS head

    11/19/2013 7:53:41 AM PST · by Red in Blue PA · 53 replies
    The rollout of Obamacare has been "absolutely chaotic," said Tommy Thompson, who served as U.S. Health and Human Services secretary under George W. Bush. But worse, he added, the new law is flawed and needs dramatic changes. "It's actuarially unsound," the former Republican governor of Wisconsin said on CNBC's "Squawk Box" on Tuesday. "If you don't have the healthy young people involved, ... Obamacare cannot function. It's going to require a huge infusion of tax dollars or huge cuts." One of the cornerstones of the new health-care law is that healthy young people will pay for medical insurance that they...
  • Breaking: DEMOCRATS to REIMBURSE Insurance Companies Up to 80% on O-Care Losses (Video)

    11/18/2013 3:26:41 PM PST · by servo1969 · 110 replies
    The Gateway Pundit ^ | 11-18-2013 | Jim Hoft
    This must have been one of those backroom deals we heard so much about… Stuffed inside the Obamacare law passed by Democrats (with no Republican votes) is a provision that will reimburse insurance companies up to 80% of their losses due to Obamacare. Melissa Francis reported on FOX News: “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...
  • Insurers might get bigger payments (Risk Corridor Bailout)

    11/15/2013 2:05:07 PM PST · by jimbo123 · 9 replies
    The Hill ^ | 11/15/13 | Elise Viebeck
    Health insurance companies could see higher government payments because of President Obama's administrative move to address the criticism over canceled health plans. White House spokesman Jay Carney suggested Friday that federal health officials would raise payments to insurance companies should the policy shift bring on unexpected costs. "If the costs are higher, then [the Department of Health and Human Services] can mitigate those costs with insurers," Carney said at a briefing.
  • CMS letter to state regulators on ObamaCare “fix” hints at “risk corridor” bailout for insurers

    11/15/2013 1:55:18 PM PST · by jimbo123 · 4 replies
    Hotair ^ | 11/15/13 | ALLAHPUNDIT
    Excellent catch by Chris Jacobs at Heritage. If you read the post about Rubio’s anti-bailout bill, you already know what “risk corridor” means. -snip- So are insurance company executives, of course; they’re meeting with Obama today to express their “concern.” So here’s a pot-sweetener for them from CMS in the nick of time: If they decide to un-cancel some plans and end up taking a beating financially from the adverse selection that results, Uncle Sam will be there to make everything right. I must have read three dozen blog posts yesterday wondering how O would be able to keep insurers...
  • Barack Obama says he's 'brainstorming' with insurers

    11/15/2013 1:44:41 PM PST · by jimbo123 · 55 replies
    Politico ^ | 11/15/13 | REID J. EPSTEIN
    President Barack Obama said he and health care executives will be “brainstorming” ways to fix his troubled health care law at a Roosevelt Room meeting Friday afternoon. -snip- The meeting comes a day after Obama announced health care plans that don’t meet Affordable Care Act standards could still be sold to existing individual market customers. Obama said he and other White House officials would be asking the executives for their input on how best to implement the law.
  • Rubio bill would repeal Obamacare’s insurer bailout

    11/15/2013 11:24:01 AM PST · by The Old Hoosier · 11 replies
    Conservative Intel ^ | 11/15/13 | David Freddoso
    The basic idea that for the first three years of Obamacare, the Treasury has committed to protecting against an industry-wide death spiral — and that could well occur if insurance customers continue to avoid the Obamacare exchanges...This is well worth a vote, because it will highlight the bailout provision, which most Americans aren’t aware of at all...
  • Rubio presses to repeal Obamacare provision allowing insurance industry 'bailout'

    11/15/2013 11:23:05 AM PST · by jimbo123 · 4 replies
    Wash Examiner ^ | 11/15/13 | DAVID M. DRUCKER
    Obamacare includes a provision that allows the federal government to funnel taxpayer dollars to insurers that face the prospect of losing too much money under the new health care law, and conservative critics want to repeal it. Sen. Marco Rubio, R-Fla., said the provision could amount to a bailout of the insurance industry, which stands to lose if the troubled Obamacare exchanges fail to enroll enough people to make the system financially viable. -snip- Rubio's office was circulating the bill, first reported by Politico, to other senators on Friday. “I expect we'll introduce [it] as soon as possible next week,”...
  • Rubio to introduce bill that would repeal “risk corridor” a.k.a. bailout provisions of ObamaCare

    11/15/2013 11:18:24 AM PST · by jimbo123 · 17 replies
    Hotair ^ | 11/15/13 | ALLAHPUNDIT
    Goooood politics. I’m 90 percent sure it won’t pass, but last week I would have told you I was 100 percent sure. At the rate O and his boondoggle are melting down on the Hill, there’s no down side to trying to force Democrats to vote on all sorts of bills that would chip away at parts of O-Care. Worst-case scenario: They fail but with some Democratic support, which means a rolling PR disaster for the White House and a very small margin of error going forward lest the Democratic turncoats in Congress start thinking maybe it’d be better to...
  • What do insurance companies think about health care 'fix'? [Video]

    11/15/2013 10:24:48 AM PST · by Maceman · 13 replies
    In this morning's interview Former Cigna exec seems to be cautiously optimistic about Obama's "fix" and the future of Obamacare.
  • State insurers head: Obama fix could sink health law

    11/15/2013 8:03:25 AM PST · by Cincinatus' Wife · 21 replies
    The Hill ^ | November 15, 2013 | Jonathan Easley
    President Obama’s decision to let insurers offer limited plans that do not meet ObamaCare’s requirements could sink the entire healthcare law, the head of the group representing state insurance commissioners said Friday. “It threatens the solvency of the system and it threatens to spike the cost to policyholders across the board,” said Jim Donelon, president of the National Association of Insurance Commissioners (NAIC). Donelon argued on CNN that the White House proposal is not logistically feasible and would be an administrative nightmare. He said premium prices have been set based on assumptions about what plans would be available. “The problem...
  • POLITICO Playbook (Rubio seeks to repeal "Risk Corridor" bailout provision from ACA)

    11/15/2013 6:51:46 AM PST · by jimbo123 · 13 replies
    Politico ^ | 11/15/13 | Mike Allen
    EXCLUSIVE: Sen. Marco Rubio plans to introduce legislation next week to repeal the Affordable Care Act’s “risk corridor” provision, which would give government payments to health plans with higher than expected costs. A Rubio aide: “The President's announcement … increases the likelihood of a federal bailout of insurance companies … Rubio will introduce legislation … that will ensure the Obama Administration doesn't have unaccountable blank check-writing authority … [T]he current law gives the HHS Secretary broad authority in this area with no Congressional approval/oversight. Our legislation will … protect … taxpayers from potentially having to bail out the insurance industry.”
  • Obama health law fix may cost government money (Taxpayer bailout via Risk Corridor slush fund)

    11/15/2013 6:37:01 AM PST · by jimbo123 · 10 replies
    SF Chronicle ^ | 11/14/13 | Kathleen Pender
    President Obama's decision to let people keep their existing health insurance policies through 2014, if their health insurance company continues to offer them, could end up costing the federal government money under the so-called risk corridor provision of the Affordable Care Act. -snip- It is too late to change the premiums that have been approved for 2014 to account for changes in the risk pool, says Cori Uccello, senior health fellow with the American Academy of Actuaries. However, under the risk corridor provision, "if insurers' losses exceed a certain percentage, the government will pay part of that loss." -snip- In...
  • Obama to meet with insurers Friday on Obamacare fix (Obama begs insurance companies to bail him out)

    11/15/2013 6:08:39 AM PST · by tobyhill · 93 replies
    reuters ^ | 11/15/2013 | staff
    President Barack Obama will meet on Friday with insurance industry executives to discuss changes that he has proposed to his signature healthcare law to address the outcry over insurance policy cancellations, a White House official said. The meeting comes a day after the president, under fire for the botched rollout of his top domestic policy achievement, announced he would allow individuals to keep insurance policies that were being canceled under the 2010 Affordable Care Act, widely known as Obamacare. The health law has stumbled in its early phases, first because the website designed to sign up consumers malfunctioned, and then...
  • Rove: Administration Offering Insurers 'Bribe' to Reinstate Plans

    11/14/2013 7:32:51 PM PST · by jimbo123 · 8 replies
    Newsmax ^ | 11/14/13 | Greg Richter
    The Obama administration is offering a "thinly described illegal bribe" to entice insurance companies to reinstate plans they have canceled, GOP operative Karl Rove says. Appearing Thursday on Fox News Channel's "On the Record with Greta Van Susteren," Rove held up a three-page letter sent out Thursday by Centers for Medicare and Medicaid Services explaining that the "risk corridor program" would be expanded to help companies "ameliorate unanticipated changes in premium revenue." The problem, Rove said, is that the risk corridor program applies only to "qualified plans" under the Affordable Care Act – not to grandfathered plans. "What they're saying...
  • Obama Proposal Worries Insurers and Regulators

    11/14/2013 7:19:30 PM PST · by Oldeconomybuyer · 15 replies
    New York Times ^ | November 14, 2013 | Bt Reed Abelson
    President Obama’s effort to quiet a political uproar by suggesting on Thursday that consumers should be allowed to keep their current health plans met significant resistance from many insurers and state regulators, who said they had not been consulted in advance about the proposal, doubted it could work and feared it might seriously damage the new insurance marketplace. After the president announced the proposed changes, insurance regulators participated in a heated conference call, according to one regulator, where many expressed deep unhappiness about the proposal. Some on the call felt “the president kind of threw us under the bus today,”...
  • WHITE HOUSE SAYS WILL EXAMINE "RISK CORRIDOR" (Did Reuters pull O-Care insurance co bailout story?)

    11/14/2013 5:14:21 PM PST · by jimbo123 · 8 replies
    Chicago Tribune ^ | 11:04 a.m. CST, November 14, 2013 | Reuters
  • Mitch McConnell criticized for taking money from firm tied to health website

    11/14/2013 4:53:28 PM PST · by jimbo123 · 12 replies
    Lexington Herald Leader ^ | 11/14/13 | JOHN CHEVES
    U.S. Senate Minority Leader Mitch McConnell is a vocal critic of President Barack Obama's Affordable Care Act and its glitch-stricken website,, repeatedly calling for repeal of the law "root and branch." "At this point, senators from both parties can agree: is a rolling disaster. Every day seems to bring more, newer comic calamity," McConnell, R-Ky., said Oct. 29 in a Senate floor speech. "The only thing the website seems to be good for right now is creating punch lines for late-night comedians." However, since 2011, McConnell has accepted more than $75,000 in political donations from health care giant...