October 5, 2022

CBO says Dems’ latest drug pricing legislation would increase prices

Democrats, in a last-ditch effort to pass legislation they can use for bragging purposes to amp up their shrinking base, are reportedly way off the mark with regard to recent drug price legislation.

According to the Daily Caller, the Congressional Budget Office (CBO) on Thursday revealed that the Democrats’ latest drug pricing legislation, which they claim will save Americans money, will actually raise the price of prescription drugs in its initial phase.

Axios noted: “The primary driver of the increases would be a cap preventing prices for existing drugs from rising more than inflation. That provision has received bipartisan support in the past.”

The outlet added: “But the measure that allows Medicare to directly negotiate prices with manufacturers — which is highly partisan and controversial — would to a lesser extent also contribute to higher launch prices, CBO said.”

That aside, even if the legislation does pass and is signed by the president, many believe it’s not much of a difference-maker in the upcoming election, as the price changes won’t take effect until sometime in 2025.

Regardless, Democrats are clearly scrambling to come up with anything they can label as a “win” for the party.

Sen. Joe Manchin (D-WV), who was once a moderate Democratic senator, had originally stalled the bill until the party finally got to him last week and somehow forced him to drop his moderate status.

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