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Democrats reach deal to lower pharmaceutical drug costs

Kyrsten Sinema
Posted at 6:54 PM, Nov 02, 2021
and last updated 2021-11-02 21:54:12-04

WASHINGTON — Democrats say they have sealed a deal to lower pharmaceutical drug costs for most older Americans as part of President Joe Biden’s sweeping $1.75 trillion domestic proposal.

The plan would cap out-of-pocket Medicare costs to $2,000 and lower insulin prices, according to Senate Majority Leader Chuck Schumer, who announced it Tuesday.

Another deal is emerging to do away with the $10,000 limit on state and local tax deductions that hits high-tax states. Democrats are hoping to finish a final draft of the overall package soon, with House votes possible Thursday.

Biden said in overseas remarks he believes Democratic Sen. Joe Manchin will vote for it.

Earlier Tuesday, amid ongoing negotiations, Sen. Kyrsten Sinema's Office released the following statement.

“After Senator Sinema reached earlier agreement with President Biden to include historic Medicare drug negotiation in the reconciliation package - policies that were omitted from the initial framework at the request of members of the U.S. House - Speaker Pelosi reached out to Senator Sinema this past weekend to continue negotiations," read a statement issued by John LaMomba, Sen. Sinema's communications director.

"The Senator welcomes a new agreement on a historic, transformative Medicare drug negotiation plan that will reduce out-of-pocket costs for seniors - ensuring drug prices cannot rise faster than inflation - save taxpayer dollars, and protect innovation to ensure Arizonans and Americans continue to have access to life-saving medications, and new cures and therapeutics. We also thank Representatives Peters and Schrader for their hard work securing this historic agreement."