(Bloomberg) — President Barack Obama’s use of federal loans to bankroll untested businesses is sparking controversy again, this time over a $6 billion program to create nonprofit competitors to commercial health insurers.
Darrell Issa, the California Republican who heads the House Oversight Committee, says five of 24 health co-ops that received $2 billion in loans under the Affordable Care Act may not survive because of financial or regulatory shortcomings. Citing reviews of the companies last year by Deloitte Consulting LLP, Issa called the loans a “costly gamble of taxpayer money.”
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