The federal government tried to say that when they wrote “Exchange established by the State,” they meant established by the individual states or by the federal government. The Court ruled that in the context of the Obamacare law, that reading doesn’t make much sense. The law has to be read as meaning what it says (as written) not as the Obama administration wishes to interpret it after the fact. If the ruling stands, the people receiving subsidies will have to pay for the full cost of their Obamacare premiums rather than having a portion covered by taxpayers. How much were the subsidies worth? Approximately $36.1 billion.

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