Obama: Public plan would

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If insurance companies do provide good insurancse totheir customers, then they should have nothing to fear from a government-ruh competitor, he said. “They should be able to compete,” he If the public plan is able to reduc e administrativecosts significantly, private insurers shoulfd take note and see if they can do the same. “Theres shouldn’t be any objectionn to that,” Obama said. The public plan should be required tocollect premiums, not be “simplu eating off the taxpayer trough,” he added.
Healtgh insurers and many businesd groups contend a public plan wouldc have an unfair advantage becauseit wouldn’t be subjectg to all the rules imposed on private insurerxs and likely would pay health providersw less for their services. This couldf crowd out many private insurers and lead providerx to charge private insurers more to make up for the lost incomew from thepublic plan, they contend.
When asked whether includinf a public plan in health care reformwas non-negotiable, the presidengt said, “We are still early in this “We have not drawn a line in the sand, other than reform has to control costs, and it has to provide relief to people who don’t have healthj insurance or are underinsured.” Obama also was aske what he thought about the performance of Federal Reserve Chairmanb Ben Bernanke, given the fact his financial regulator y reform plan proposes expanding the Fed’s “I think he has done a very good job undedr very difficult circumstances,” Obama said.
All regulators fell short of doing what was needed to prevenf thefinancial crisis, but the Fed “probabluy performed better than most,” he said. Sincs the financial crisis erupted, Bernankwe has “performed very well,” Obamq said.