Biden's $7 billion price tag on plan to limit fallout from drug pricing changes

A plan from the Biden-Harris administration to lower insurance premium prices for seniors could cost more than $7 billion next year and $21 billion through 2027, according to a new report from the Congressional Budget Office.

Republican lawmakers say the program to subsidize Medicare Part D prescription drug plans, announced this summer by the Centers for Medicare and Medicaid Services, is an attempt by Democrats to hide the rising costs of healthcare during the 2024 election.