Why Obamacare Will Lose .A lower court’s ruling could help the Supreme Court weaken Obamacare’s subsidies.

The National Journal reports:

The Supreme Court will hear oral arguments next month in King v. Burwell, the conservative-led lawsuit that will determine the future of the Affordable Care Act

Here's why the Obama administration will lose.

The central issue in King is the formula for calculating Obamacare's premium subsidies. The law says the payments are tied to coverage through an Exchange "established by the State." The challengers say that line means subsidies are only available in states that set up their own marketplaces—not in the 34 states that punted the task to the federal government.

"The fear is going to be that the court is going to read these four words in isolation," said Abbe Gluck, a law professor at Yale University who sides with the Obama administration in the case.

Four words.