U.S. President Barack Obama speaks at the University of Cape Town Sunday, June 30, 2013, in Cape Town, South Africa.WASHINGTON - The Obama administration says it's delaying a major part of the president's health care overhaul law, the requirement that medium and large companies offer coverage.
In an announcement late Tuesday from the Treasury Department, the administration said it has heard requests from business groups for additional time to comply and will grant another year.
The health law requires companies with 50 or more workers to offer affordable coverage to their employees or face potentially large fines if just one worker ends up getting taxpayer-subsidized insurance.