Pelosi: Congress Must Reopen Medicare Drug Bill to Hold Down Costs and Give Seniors the True Benefits They Deserve
Washington, D.C. -- House Democratic Leader Nancy Pelosi released the following statement today on the White House's newest budget figures, which revealed that the Medicare prescription drug law will cost $1.2 trillion over the next decade:
"An ethical cloud has hung over the Medicare law since it was passed in the dark of night more than a year ago. The Bush Administration misrepresented to the Congress and the American people the true cost of the bill, which we now find out will cost a staggering $1.2 trillion. That is three times more than the Administration claimed when Congress voted on it.
"For that price, seniors should have at least gotten a real prescription drug benefit, rather than the paltry benefits in the bill advanced primarily by House Republicans. The law was larded up with billions of dollars for a slush fund for HMOs and windfall profits for the big drug companies.
"Congress must have oversight hearings on this broken Medicare prescription drug law and reopen it to hold down costs and give seniors the true benefits they deserve. We should move immediately to lower the costs of this bill by requiring the government to use the purchasing power of millions of seniors to negotiate lower drug costs. And we should allow the safe reimportation of drugs from Canada and elsewhere."