Much for Seniors to Cheer, Big Pharma to Jeer, in Senate Rx Deal
News of a deal between Senators Joe Manchin and Chuck Schumer
Manchin Pulls the Football Away from Schumer – and Medicare
Senator Joe Manchin has once again pulled the proverbial football away from Chuck Schumer just before the kick. After negotiating with the Senate Majority Leader over a pared-back version of the Build Back Better bill, Sen. Manchin has once again withdrawn his support - not for the entire plan, but for key components that would have helped seniors. He declared on Thursday that he would not support any new tax provisions. One of these provisions would have closed a loophole, compelling the wealthy to pay a 3.8% investment tax. The revenue would have been directed to the Medicare Part A trust fund, which is currently projected to run dry in 2028.
Schumer-Manchin Negotiations May Yield Some Wins for Seniors
The negotiations between Senate Majority Leader Chuck Schumer and Senator Joe Manchin (D-WV) over a new budget reconciliation deal have been great fodder for political journalists, but they are also incredibly important to American seniors. Senators Schumer and Manchin are haggling over a pared-down version of the Build Back Better legislation, which the West Virginia Senator effectively killed earlier this year, designed to pass with only Democratic votes via the reconciliation process. The new package reportedly retains some crucial items for older Americans: prescription drug pricing reform and Medicare solvency.
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