Pelosi sets Medicare showdown on drug costs and new benefits
Leading Democratic committee chairmen said the
“These significant investments are made possible as a result of our promise to finally empower the federal government to negotiate lower drug prices for the American people,” Reps.
While the bill is expected to pass the Democratic-controlled House, it has no chance in the Republican-run
President
The legislation from Pelosi, D-
The budget office says that could result in price cuts of 40% to 55% for pharmacy drugs subject to negotiations. The bill would allow private insurance plans to also get Medicare's price.
As a hammer to force companies to negotiate, Pelosi would impose steep sales taxes on the medications at issue. Overall, budget analysts estimated the legislation would cut industry revenues by
Updated estimates from the budget office are expected before the bill goes to the House floor next Wednesday or Thursday.
Trump is backing a competing bill in the
Both the
A
In the middle of an impeachment, chances of a deal between Pelosi, Trump and congressional lawmakers of both parties appear slim.
Though Medicare is very popular among seniors, it has always had gaps in coverage. Dental, vision and hearing are seen as the biggest. Many seniors pay out-of-pocket for hearing aids, dentures and eyeglasses. Others rely on limited benefits offered through private Medicare Advantage plans.
Separately, a government report out Thursday found that prices for prescription drugs bought at the pharmacy edged down by 1% last year, the first such drop since the 1970s.
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