Here we go again! Chuck Schumer introduces a NEW reconciliation package that will allow Medicare to influence prescription drug prices in a bid to finally get Joe Manchin to back Biden’s spending proposal
- Sen. Chuck Schumer is submitting language Wednesday to the Senate parliamentarian for a bill that would allow Medicare to influence prescription drug prices
- The move kicks off another attempt by Senate Democrats to pass a reconciliation package before the November midterms
- The bill resurrects components of President Joe Biden’s Build Back Better legislation, which Sen. Joe Manchin killed in December
- The presciption drug bill has Manchin’s support and he’s in talks with Schumer to include climate and tax reform provisions
- Last week, Senate Minority Leader Mitch McConnell said if Democrats pursue a reconciliation bill he would kill the bipartisan semiconductor legislation
Senate Majority Leader Chuck Schumer is submitting language Wednesday to the Senate parliamentarian for a bill that would allow Medicare to influence prescription drug prices.
The prescription drug portion has the support of West Virginia‘s moderate Democratic Sen. Joe Manchin, who tanked Build Back Better in December.
Senate Majority Leader Chuck Schumer (left) is submitting language Wednesday to the Senate parliamentarian for a bill that would allow Medicare to influence prescription drug prices – which moderate Democratic West Virginia Sen. Joe Manchin (right) has signed on to
Schumer and Manchin are also discussing other parts of Build Back Better that could get the West Virginian’s support – including climate change and tax reform pieces, Politico Playbook reported – but nothing else has gotten Manchin’s buy-in.
The package is being informally nicknamed ‘Build Back Manchin,’ Punchbowl News said.
The site reported some details about the language including that if passed, Medicare could start negotiating prescription drug prcies as early as next year.
Additionally, Patients out-of-pocket costs would be capped at $2,000 a year, and they could make monthly payments, and there would be an ‘inflation rebate’ to cover ‘arbitrary and unjustified price increases on products.’
The government would force drug companies to make up the differences if prices spiked higher than the inflation rate.
And there would be a ‘premium stabilization policy,’ to push down annual premium increases.
‘The bill changes that dynamic by incentivizing manufacturers and insurers to keep drug prices down, and puts them on the hook for higher drug prices and spending,’ a description of the legislation says, Punchbowl reported.
Senate Minority Leader Mitch McConnell vowed last week to derail the United States Innovation and Competition Act, which builds up the semiconductor industry to better compete with China, if Democrats again pursued a reconciliation package
Schumer’s move is potentially jeopardizing the bipartisan the $52 billion investment in the semiconductor industry, which proponents want so the U.S. can be more competitive against China.
Senate Minority Leader Mitch McConnell vowed last week to derail USICA – the United States Innovation and Competition Act – if Democrats pursue a reconciliation bill again.
‘Let me be perfectly clear: there will be no bipartisan USICA as long as Democrats are pursuing a partisan reconciliation bill,’ McConnell tweeted late Thursday afternoon.
White House press secretary Karine Jean-Pierre called McConnell’s threat ‘shocking’ and ‘outrageous,’ in a statement issued shortly thereafter.
The Democrats can use reconciliation on certain spending bills, which goes around the Senate filibuster, meaning they only need the party’s 50 senators, and Vice President Kamala Harris serving as a tie-breaker.