Intrade betting individual mandate will be ruled unconstitutional
With the Supreme Court set to make its ruling on Obamacare on Thursday, the prediction market on Intrade has placed its bet, reporting there is a high probability that the individual mandate will be struck down.
As of Wednesday night, “the world’s leading prediction market” reports there is a 72.8 percent chance the individual mandate will be ruled unconstitutional — a ruling that would deliver a devastating blow to the Obama administration.
Oral arguments for Obamacare were delivered to the Supreme Court in late March, and the high court has waited until its last day before recess to deliver the highly anticipated decision. On Thursday, the court will render its opinion, announcing one of three potential outcomes: 1) Obamacare is unconstitutional, 2) The individual mandate is unconstitutional, or 3) Obamacare is constitutional.
President Barack Obama championed the Affordable Care Act when it was enacted two years ago, and it has already been implemented in several states.
“If the court does not strike down the entire law, the House will move to repeal what’s left of it,” Speaker of the House John Boehner told Fox News on Wednesday.
If the Supreme Court decides to not repeal Obamacare, or just repeal the individual mandate, Republican lawmakers have vowed to take action against whatever is left. However, Democrats plan to protect what they can of the act.
If Obamacare stands, presumptive Republican nominee Mitt Romney plans to continue to fight against it.
“If it is deemed to stand,” Romney said, “then I’ll tell you one thing: Then we’ll have to have a president — and I’m that one —that’s going to get rid of ObamaCare.”