The Congressional Budget Office has released an analysis of the Biden administration’s newly announced Medicare prescription drug premiums, estimating the new program could cost taxpayers more than $21 billion over three years if implemented.
The analysis comes after House Ways and Means Committee Chairman Jason Smith, R-Mo., House Budget Committee Chairman Jodey Arrington, R-Texas, and Senate Budget Committee Ranking Member Chuck Grassley, R-Iowa, sent a letter to Director Phillip Swagel of the CBO questioning the budgetary impact of this new demonstration program.