Luján: New CBO Data Shows Republicans’ Budget Betrayal Handed Big Drug Companies a $8.8 Billion Victory While American Seniors Left to Pay the Price
Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.) issued the following statement after the release of a report by the nonpartisan Congressional Budget Office (CBO) showing that Medicare will lose $8.8 billion in savings over the next decade due to prescription drug pricing measures in the GOP Budget Betrayal:
“Not only will millions of Americans lose their health care under the Republican Budget Betrayal, but it will also strip Medicare of more than $8 billion in savings over the next decade. That means higher costs for seniors and bigger profits for drug companies.
“Instead of empowering Medicare to negotiate lower prices for the prescription drugs our seniors depend on, the Republican Budget Betrayal creates a loophole that lets drug companies charge exorbitant prices. Seniors shouldn’t be forced to pay more for life-saving medicines while massive corporations get even richer.”
The GOP Budget Betrayal allows major pharmaceutical companies to impose new restrictions on when and which prescription drugs for which Medicare can negotiate prices. Many of the drugs exempted under this loophole are among the most profitable on the market and are used to treat serious illnesses, including cancer and high blood pressure. As a result, seniors who rely on these medications may experience longer waits for affordable treatments or may be unable to access them altogether.
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