Contrary to the D.C. Circuit decision today, the 4th Circuit upholds the Obamacare federal exchange subsidy. Maybe the Obama admin knew about the opinion, which would explain why it was so confident subsidies would flow pending court cases.

This all but guarantees the Supreme Court will take the case since there is a split in the Circuits.

From the opinion intro (emphasis added):

The plaintiffs-appellants bring this suit challenging the validity of an Internal Revenue Service (“IRS”) final rule implementing the premium tax credit provision of the Patient Protection and Affordable Care Act (the “ACA” or “Act”). The final rule interprets the ACA as authorizing the IRS to grant tax credits to individuals who purchase health insurance on both state-run insurance “Exchanges” and federally-facilitated “Exchanges” created and operated by the Department of Health and Human Services (“HHS”). The plaintiffs contend that the IRS’s interpretation is contrary to the language of the statute, which, they assert, authorizes tax credits only for individuals who purchase insurance on state-run Exchanges. For reasons explained below, we find that the applicable statutory language is ambiguous and subject to multiple interpretations. Applying deference to the IRS’s determination, however, we uphold the rule as a permissible exercise of the agency’s discretion. We thus affirm the judgment of the district court.

Obamacare Federal Exchange Subsidy Ruling – 4th Circuit