Key Health Measures Make Cut Of Surprise Spending Package Deal
Sens. Chuck Schumer and Joe Manchin have reached agreement on a long-stalled economic package to raise taxes and address domestic spending goals. Health items include prescription drug pricing reforms that would allow Medicare to negotiate prices and cap out-of-pocket costs at $2,000. Tax credits that help lower health insurance costs would also be extended another three years.
The New York Times:
Manchin, In A Reversal, Agrees To Climate And Tax Package
Senator Joe Manchin III of West Virginia, a key centrist Democrat, announced on Wednesday that he had agreed to include hundreds of billions of dollars for climate and energy programs and tax increases in a package to subsidize health care and lower the cost of prescription drugs, less than two weeks after abruptly upending hopes for such an agreement this summer. The package would set aside $369 billion for climate and energy proposals, the most ambitious climate action ever taken by Congress, and raise an estimated $451 billion in new tax revenue over a decade, while cutting federal spending on prescription drugs by $288 billion, according to a summary circulated Wednesday evening. (Cochrane, 7/27)
The Washington Post:
Manchin Says He Has Reached Deal With Schumer On Economy, Climate Bill
On health care, meanwhile, Schumer secured Manchin’s support for a three-year extension of tax credits that help lower health insurance costs for roughly 13 million Americans. Without congressional action, these individuals would have seen premium increases next year on plans purchased through insurance exchanges — a financial headache for families and a political conundrum for Democrats sensitive to price hikes. The deal also would allow Medicare for the first time to negotiate the price of drugs, a policy Democrats have campaigned on for years. And it further includes a $2,000 annual cap for seniors on their out-of-pocket spending for prescription drugs. (Romm, Stein, Roubein and Joselow, 7/27)
Politico:
What's In The Manchin-Schumer Deal
Here’s what’s in the agreement, with estimates from the Joint Committee on Taxation and the Congressional Budget Office: Total raised: $739 billion. $313 billion — The legislation will raise revenues in part by imposing a corporate minimum tax of 15 percent. $288 billion — The agreement calls for prescription drug pricing reform, which will allow Medicare to negotiate drug prices. Out-of-pocket costs will be capped at $2,000, the agreement summary says. ... (Ward, 7/27)
Roll Call:
Health Care Budget Bill To Face Open-Ended 'Vote-A-Rama'
The Senate may be preparing to take up a single-issue, health care budget package under the jurisdiction of a single committee — Finance. But the nature of the budget reconciliation process means the bill will be open for amendment on virtually any topic the original legislation was intended to address, from climate change to taxes to child care. (Krawzak, 7/27)
