It was this latter problem that aroused the ire of Sen. Rubio. The Congressional Budget Office had assumed that Obamacare’s risk corridors would be deficit-neutral. But if the majority of insurers underpriced their products, believing that they were due for a taxpayer-financed cushion, the risk corridors could end up costing billions of dollars.
Rubio was the first to publicly raise concerns
Staffers at the Senate Budget Committee and the House Energy and Commerce Committee had been sniffing around Obamacare’s risk corridors in the spring and summer of 2013. But Sen. Rubio was the first to publicly raise concerns about the issue. In a November 2013 op-ed in the Wall Street Journal, Rubio wrote, “While risk corridors can protect taxpayers when they are budget-neutral, ObamaCare’s risk corridors are designed in such an open-ended manner that the president’s action now exposes taxpayers to a bailout of the health-insurance industry if and when the law fails.” Simultaneously, Rubio announced that he was introducing a bill, “The Obamacare Bailout Prevention Act,” to repeal Obamacare’s risk corridors.
Rubio’s hell-raising about Obamacare’s risk corridors was well covered at the time. No one disputes that Rubio was the first to raise concerns about risk corridors, nor that he was the first to introduce legislation to address their fiscal problems.