Biden's first bailout bill alone will trigger a $36 billion cut to Medicare next year.
The Statutory Pay-As-You-Go Act of 2010 (Statutory PAYGO) requires OMB to make public and continuously update scorecards that provide important information to Congress and the public indicating whether automatic cuts to mandatory programs, such as Medicare, will occur at the end of a session of Congress. Such cuts are the consequence of unpaid spending legislation that has been enacted.
The U.S. House Committee on Energy and Commerce Committee deadlocked on a vote to approve legislation that would put the federal government in charge of drug prices. The tie vote means the measure does not advance out of this committee for now, and dramatically reduces the likelihood of the bill becoming law later this year.
“The president’s plan is a government takeover of health care that would cause drug rationing, give Washington more control over pharmaceutical innovation, and empower bureaucrats to second-guess doctors’ clinical judgments."
“We know what unprecedented government interference and unfettered spending does to the economy. Look at the cost of gas or groceries. Do we want to inflict that damage on our health care system? The same system that accomplished life-saving scientific, technological, and logistical feats during the COVID-19 pandemic."