scott cohn for us, thank you. the white house made aggressive moves on health care last night striking dual blows against the signature law. late last night the administration confirmed it would halt federal payments for cost sharing subsidies for lowering out of pocket costs for customers which helped millions with a lower income afford coverage. the subsidies total about 7 billion in this year alone. it is yet another example of how the previous administration abused taxpayer dollars and skirted the law to prop up a broken system, it was said. the congressional budget office said in the short-term, health care premiums would spike and insurers would exit the market along with an increase to the deficit hours earlier. allows alternative plans to bypass obamacare requirements.
paid so-called cost sharing subsidies who lowered out of pocket costs for examiners. the subsidies total about $7 billion this year. in a statement the white house said the bailout of the insurance companies through these unlawful payments is yet another example of how the previous administration abused taxpayer dollars and skirt adlah to prop up a broken system. the congressional budget office has said that ending the subsidies would cause in the short term health care premium toss spike and that insurers would exit the market and there would be an increase to the deficit. democratic leaders, chuck schumer and nancy pelosi issued a joint statement that called the move a spiteful act of vast, pointless sabotage leveled at working families in the middle class and every corner of america. okay. let s go to casy for a second here.
some fixes. it does need those cost sharing subsidies. i wonder if there will ever be a bipartisan proposal. john mccain said i believe we can do better working together, republicans and democrats and have not yet really tried. will there ever be a bipartisan proposal, do you think? there was a real effort in that direction and then it was put aside because of this effort to kill obamacare. you know, maybe that can be revived. i think there are some people on both sides who really do want to repair and improve obamacare. let s move on, shall we? i want to talk about north korea, because at the u.n.g.a. this week president trump calling kim jong-un a rocket man on a suicide mission for himself and then in your op-ed in the new york times you wrote the following. you said if there were an award for united nations hutzpah, the competition would be tough, but the melds might go to trump for warning that if necessary we will have no choice but to totally destroy north korea.
health care expert thought it was aweful and would harm the health of the american public. one of the things i fear is that now president trump is going to try to undermine obamacare not through the legislative process so much but by not providing the cost sharing subsidies which would hugely undermine it by isn t that happening somewhat now? especially with the rhetoric. and every time president trump talks about how it s going to die under its own weighted, you know, the image i think of is somebody who is stepping on the oxygen hose of the patient and saying, oh, look, the poor patient is dying. it s because you re stepping on the oxygen hose. and i hear people say that and if you actually read up on it and you look at the fact checks, it s not collapsing under its own weight. absolutely not. there are a number of different factors. huge problems. it certainly has difficulties, but it has actually been stabilizing, but it does i mean, it does need
will there be any movement during this break? yes. the administration has to decide by august 21st if they are going to pay insurance companies to participate in the market places, obamacare market places with cost sharing subsidies. if they don t, the markets may not stay stable. once recess is over, congress only has until september 29 to raise the debt ceiling and october 1st to fund the government or else it shuts down. shannon. all right, peter doocy, thank you very much. now to the latest on the north korean matter as the country s largest ally issues a warning to the united states. there s news from china. greg palcott reporting tphraoeufrb london. what is china saying today, greg? it remains a war of words between north korea and the united states, but some key players are already picking sides. yes, in fact, china, a neighbor of north korea, an ally of north