• With: Ben Nelson

    This is a rush transcript from "Your World," December 4, 2013. This copy may not be in its final form and may be updated.

    NEIL CAVUTO, HOST: Well, it's not just young people. As John pointed out, President Obama is also trying to convince a number of state insurance commissioners, in fact, all of them, to get on board with a plan to extend those canceled plans, at least for a year.

    Ben Nelson, of course, former Democratic senator who supported the health care law, now he probably has a more importance function these days as the head of the National Association of Insurance Commissioners. They all recently met with the president, or at least key people, yourself included.

    You were telling me it's split among...

    (CROSSTALK)

    BEN NELSON, D-FORMER U.S. SENATOR: Well, there are 23 states where the commissioners and/or the legislatures and the governor have decided to go along with the president's recommendation or his suggestion that the coverage be extended.

    And 23 states have decided that they either don't have the authority or it would be inappropriate based on what laws have been passed in their state, because, in some instances, they passed a law saying that people had to get in to the plan, and so they are getting into the plan as...

    (CROSSTALK)

    CAVUTO: They would be breaking their own law.

    NELSON: They would be breaking their own law.

    CAVUTO: So for those 23, not -- the others are undecided, I guess.

    What happens to the folks in that state who the president said, well, you can stay on your plan for another year? They can't, right?

    NELSON: They can. They can stay on their plan.

    And what that does, it raises serious questions about the actuarial content of that plan. Where you have mostly young people or where you have people with health care conditions, once you get an adverse selection pool going, that will adversely impact rates.

    And there are all kinds of questions, technical questions we won't go into about whether you keep the rate as it is for this year or whether you will adjust the rate for next year, and how long does this go on?

    (CROSSTALK)

    CAVUTO: Did you envision any of this when you voted for this?

    NELSON: I don't think anybody could have.

    (CROSSTALK)

    CAVUTO: I mean, it's a lot worse than you thought, right?

    (CROSSTALK)

    NELSON: Well, let me put it this way. I think the rollout created unnecessary confusion when you look back, and it's been difficult correcting that.

    (CROSSTALK)

    CAVUTO: But when you were crunching the numbers back then, Senator...

    NELSON: Yes.

    CAVUTO: ... and voting on this, did any of your colleagues say, you know, truth be told, when the president's saying you can keep your doctor and all that, there's no way, there's no way?

    NELSON: Sure, we said it.

    CAVUTO: You did?

    NELSON: Sure.

    CAVUTO: Did you say it to him?

    NELSON: We said it to the appropriate people.

    (CROSSTALK)

    CAVUTO: Did they tell him?

    NELSON: I don't know.

    He says that he was aware of part of it, and he's given his own explanation. I don't think so.

    CAVUTO: Do you think he lied?

    NELSON: No.

    I'm not -- I'm not going to go into saying anything about the president of the United States. You know, he has his own explanation. We understand that. And he's -- he's given it. What I do know is that there were several of us who did say that that would be a very difficult promise to keep.

    CAVUTO: Well, what do you think it's going end to up then?