Trump will end ObamaCare subsidy payments
President Trump will halt subsidy payments to insurers who sell coverage under Obamacare — a move that would deal a critical blow to the program, the White House confirmed Thursday night.
“Based on guidance from the Department of Justice, the Department of Health and Human Services has concluded that there is no appropriation for cost-sharing reduction payments to insurance companies under Obamacare,” the White House said in a statement.
Trump has decided to end the payments — which cost about $7 billion this year — after the GOP failed numerous efforts to repeal Obamacare on Capitol Hill.
Earlier on Thursday, the president signed an executive he said was a step toward “saving the American people from the nightmare of Obamacare.”
The Congressional Budget Office said in August that stopping the cost-sharing reduction payments would drive up federal marketplace subsidy costs, raise premiums, cause more insurers to withdraw from the marketplaces, and increase the number of uninsured.