Tim Kaine actually said...

That's a classic legal strategy when a reason is asserted that makes no sense, it's called a pretext.

Kaine explains the concept of pretext in legislative proposals.

11/07/2023

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That is correct.

Reinsurance costs something, but it also brings down the Federal Government's obligation.

Then when you get to the high claim side, by providing reinsurance, what you are doing is you are providing a backstop.

And so the backstop ends up having a double benefit.