One factor helping to prevent a death spiral is O

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One factor helping to prevent a death spiral is ObamaCare's tax credits, which cushion the impact of premium increases on consumers.

“What we're likely to see is more of a market correction than any kind of death spiral,” Levitt said. “There are enough people enrolled at this point that the market is sustainable. The premiums were just too low.”

Dr. Mandy Cohen, the chief operating officer of the Centers for Medicare and Medicaid Services (CMS), said in an interview that there is “absolutely not” a risk of a death spiral or collapse in the ObamaCare marketplaces.

While acknowledging that “companies are needing to adjust” to the new system, she pointed to the 12.7 million people who signed up this year, 5 million of whom were new customers, as a sign of success.

It's also worth noting that the Congressional Budget Office projected 10 million paying enrollees by the end of 2016. The current 12.7 million number gives the program a healthy buffer zone, and it at least appears on the surface as if enrollment will wind up handily topping the CBO's previously reduced and conservative enrollment estimate.

“What brings us the most confidence about the long term stability and health of the marketplace is its growth,” Cohen said.

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