Obama says the Affordable Care Act works but has affordability ‘growing pains’

President Obama said Thursday that the Affordable Care Act is working, but he acknowledged that “growing pains” are causing some Americans to be hurt by escalating insurance prices in marketplaces created under the law.

The president said rising premiums and diminished competition in ACA insurance exchanges in some states are especially problematic for people who do not qualify for federal subsidies that the law provides. He proposed that his successor in the White House and the next Congress provide larger tax credits to encourage young adults to buy coverage through the marketplaces and raise the income thresholds to make the subsidies available to more middle-class families.